Hum Network earns Rs2.6bn in FY24
MG News | October 04, 2024 at 03:30 PM GMT+05:00
October 04, 2024 (MLN): Hum Network Limited (HUMNL) net profit rose 21.5% to Rs2.61 billion [EPS: Rs2.3] in the financial year 2024, compared to a profit of Rs2.15bn [EPS: Rs1.9] earned last year.
The company's top line rose by 21.7% to Rs8.31bn as compared to Rs6.83bn in FY23.
Cost of sales also rose by 12.5% but was lesser than proportionate to sales rise, which improved the gross profit by 32.4% to Rs4.18bn in FY24.
The gross margins rose slightly to 50.3% as compared to 46.3% last year.
During the period under review, other income marked a decline of 34.0% to stand at Rs410.62m in FY24 as compared to Rs621.87m last year.
On the expense side, the company's administrative expenses rose 11.8% from a year ago to Rs990.12m, and selling and distribution expenses rose 28.3% to Rs525.22m.
The company’s finance cost decreased by 22.6% and stood at Rs35.64m as compared to Rs46.06m in FY23.
On the tax front, the company paid a higher tax worth Rs316.48m against the Rs290.58m paid in the corresponding period of last year, depicting an increase of 8.9%.
This translates to an effective tax rate of 10.8% as compared to 11.9% in FY23.
| Unconsolidated (un-audited) Financial Results for year ended June 30, 2024 (Rupees in '000) | |||
|---|---|---|---|
| Jun 24 | Jun 23 | % Change | |
| Sales | 8,307,666 | 6,825,586 | 21.71% |
| Cost of sales | (4,125,173) | (3,666,799) | 12.50% |
| Gross Profit/ (loss) | 4,182,493 | 3,158,788 | 32.41% |
| Administrative Expenses | (990,120) | (885,354) | 11.83% |
| Selling And Distribution Expenses | (525,217) | (409,428) | 28.28% |
| Other Income | 410,619 | 621,870 | -33.97% |
| Other Operating Expenses | (115,061) | - | - |
| Finance Cost | (35,641) | (46,059) | -22.62% |
| Profit/ (loss) before taxation | 2,927,073 | 2,439,817 | 19.97% |
| Taxation | (316,481) | (290,578) | 8.91% |
| Net profit/ (loss) for the period | 2,610,592 | 2,149,239 | 21.47% |
| Basic earnings/ (loss) per share | 2.30 | 1.90 | - |
Amount in thousand except for EPS
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