Hum Network earns Rs2.6bn in FY24

MG News | October 04, 2024 at 03:30 PM GMT+05:00

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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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