Hum Network records Rs679m profit in Q1 2024

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

0:00

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

Copyright Mettis Link News

Related News

Name	Price/Vol	%Chg/NChg
KSE100	151,707.52 244.73M	-0.79% -1200.45
ALLSHR	90,950.95 421.06M	-0.91% -834.89
KSE30	45,918.57 92.97M	-0.83% -386.29
KMI30	220,125.22 87.98M	-0.85% -1889.21
KMIALLSHR	59,363.52 256.09M	-1.02% -613.27
BKTi	41,297.63 25.33M	-0.60% -248.70
OGTi	31,189.41 18.57M	-2.53% -809.48

Symbol	Bid/Ask	High/Low

Name	Last	High/Low	Chg/%Chg
BITCOIN FUTURES	66,180.00	69,315.00 65,710.00	-2590.00 -3.77%
BRENT CRUDE	114.57	114.88 105.09	6.56 6.07%
RICHARDS BAY COAL MONTHLY	111.15	111.15 111.15	0.35 0.32%
ROTTERDAM COAL MONTHLY	122.70	125.00 122.70	-0.15 -0.12%
USD RBD PALM OLEIN	1,175.00	1,175.00 1,175.00	0.00 0.00%
CRUDE OIL - WTI	101.18	101.24 92.08	6.70 7.09%
SUGAR #11 WORLD	15.75	15.93 15.66	-0.12 -0.76%