Hum Network records Rs679m profit in Q1 2024

MG News | April 29, 2024 at 03:42 PM GMT+05:00

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April 29, 2024 (MLN): Hum Network Limited (PSX: HUMNL) recorded a decline of 8.5% YoY in its earnings for the first quarter ended March 2024, earning a profit after tax of Rs678.85 million [EPS: Rs0.6] compared to a profit of Rs741.66m [EPS: Rs0.65] in the same period last year (SPLY).

Going by the results, the company's top line expanded by 32.3% YoY to Rs2.26bn as compared to Rs1.71bn in SPLY.

The cost of sales rose by 16.9% YoY but was lesser than proportionate to sales rise, which improved the gross profit by 50.9% YoY to Rs1.16bn in Q1 2024.

The gross margins improved to 51.51% as compared to 45.14% in SPLY.

On the expense side, the company's administrative expenses rose 10.8% YoY to Rs247.57m, while selling and distribution expenses rose 30.3% YoY to Rs152.88m.

The company’s finance cost fell by 18.1% YoY and stood at Rs8.47m as compared to Rs10.33m in SPLY.

On the tax front, the company paid a higher tax worth Rs70.59m against the Rs51.85m paid in the corresponding period of last year, depicting a rise of 36.2% YoY.

Unconsolidated (un-audited) Financial Results for quarter ended March 31, 2024 (Rupees in '000)
	Mar 24	Mar 23	% Change
Sales	2,260,857	1,709,597	32.25%
Cost of sales	(1,096,315)	(937,914)	16.89%
Gross Profit/ (loss)	1,164,542	771,683	50.91%
Administrative Expenses	(247,573)	(223,355)	10.84%
Selling And Distribution Expenses	(152,877)	(117,329)	30.30%
Other Income	(6,179)	372,844	-
Finance Cost	(8,467)	(10,332)	-18.06%
Profit/ (loss) before taxation	749,447	793,511	-5.55%
Taxation	(70,594)	(51,851)	36.15%
Net profit/ (loss) for the period	678,853	741,660	-8.47%
Basic earnings/ (loss) per share	0.60	0.65	-

Amount in thousand except for EPS

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