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ICL’s Q2 profit plunges by 66% YoY

ICL’s Q2 profit plunges by 66% YoY
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February 21, 2024 (MLN): Ittehad Chemical Limited (PSX: ICL) earned a profit after tax of Rs207.74 million [EPS: Rs2.08] in the second quarter of fiscal year 2024, a decline from the profit of Rs617.88m [EPS: Rs6.18] recorded in the same period last year (SPLY).

Going by the results, the company's top line shrank 13.48% YoY to Rs5.54bn as compared to Rs6.41bn in SPLY.

The cost of sales also fell 4.79% YoY but was lesser than proportionate to sales decline, which worsened the gross profit by 39.19% YoY to Rs984.37m in 2QFY24.

The gross margins plummeted to 17.76% as compared to 25.26% in SPLY.

However, during the review period, other income surged by 3.83x YoY to stand at Rs79.71m in 2QFY24 as compared to Rs20.79m in SPLY.

On the expense side, the company observed a decrease in selling and distribution expenses by 26.96% YoY and other expenses by 67.66% YoY to clock in at Rs326.6m and Rs30.24m respectively during the review period.

Meanwhile, the company’s finance costs went up by 20.97% YoY and stood at Rs224.54m as compared to Rs185.62m in SPLY, mainly due to higher interest rates.

On the tax front, the company paid a lower tax worth Rs186.72m against the Rs229.92m paid in the corresponding period of last year, depicting a fall of 18.79% YoY.

Consolidated (un-audited) Financial Results for quarter ended 31 December, 2023 (Rupees in '000)
  Dec 23 Dec 22 % Change
Sales 5,543,819 6,407,554 -13.48%
Cost of sales (4,559,452) (4,788,784) -4.79%
Gross Profit 984,367 1,618,770 -39.19%
Selling and distribution expenses (326,595) (447,157) -26.96%
General and administrative expenses (88,247) (65,510) 34.71%
Other Income 79,713 20,794 283.35%
Other operating expenses (30,236) (93,485) -67.66%
Finance cost (224,541) (185,617) 20.97%
Profit before taxation 394,461 847,795 -53.47%
Taxation (186,718) (229,917) -18.79%
Net profit for the period 207,743 617,878 -66.38%
Basic earnings/ (loss) per share 2.08 6.18

Amount in thousand except for EPS

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Posted on: 2024-02-21T15:23:45+05:00