INIL’s profit drops almost half in 1HFY25 to Rs231.72mn

MG News | January 31, 2025 at 10:00 AM GMT+05:00
January 31, 2025 (MLN): International Industries Limited (PSX: INIL) reported a significant decline in profitability for the half-year ended December 31, 2024 (1HFY25), with a profit after tax of Rs231.72 million, marking a sharp 90.64% decrease compared to Rs2.47 billion in the same period last year.
According to the company’s unconsolidated (unaudited) financial results, INIL’s earnings per share (EPS) also declined from Rs10.76 to a negative Rs0.01 per share.
The company’s revenue from contracts with customers stood at Rs43.7bn, reflecting a 19.57% drop from Rs54.3bn reported in 1HFY24.
The decline in revenue was accompanied by a 14.25% reduction in the cost of sales, which amounted to Rs39.87bn, compared to Rs46.5bn last year.
Consequently, the company’s gross profit fell by 51.15% to Rs3.82bn, compared to Rs7.83bn in the corresponding period of the previous year.
Operating profit declined sharply by 68.96% to Rs1.74bn from Rs5,62bn.
This was driven by lower revenues, despite a reduction in selling and distribution expenses by 2.51% and administrative expenses by 5%.
The reversal of loss allowance on trade debts provided some relief, amounting to Rs14.9mn compared to a charge of Rs49.05mn last year.
Finance costs saw a decline of 24.55%, reaching Rs907.52mn from Rs1.2bn in the previous period.
Other operating charges dropped significantly by 79.27% to Rs95.61mn from Rs461.21mn.
Meanwhile, other income increased by 11.76% to Rs117.89mn, up from Rs105.48mn.
However, the share of loss in equity-accounted investees stood at Rs32.62mn, reversing from a profit of Rs58.08mn in the prior period.
Profit before income tax stood at Rs826.71mn, a stark 79.93% decline from Rs4.11bn recorded in the same period last year.
The company’s income tax expense decreased by 63.84%, amounting to Rs594.9mn compared to Rs1.64bn in 1HFY24.
Consolidated (un-audited) Financial Results for December 31, 2024 (1HFY25) (Rupees in '000) | December 31, 2024 | December 31, 2023 | %Change |
Revenue from contracts with customers | 43,704,110 | 54,337,907 | -19.57% |
Cost of sales | (39,878,587) | (46,506,334) | -14.25% |
Gross profit | 3,825,523 | 7,831,573 | -51.15% |
Selling and distribution expenses | (1,640,300) | (1,682,587) | -2.51% |
Administrative expenses | (455,532) | (479,494) | -5.00% |
Reversal / (charge) of loss allowance on trade debts | 14,901 | (49,055) | |
Operating profit | 1,744,592 | 5,620,437 | -68.96% |
Finance cost | (907,525) | (1,202,843) | -24.55% |
Other operating charges | (95,619) | (461,210) | -79.27% |
Other income / (loss) | 117,893 | 105,483 | 11.76% |
Share of (loss) / profit in equity accounted investee | (32,628) | 58,081 | |
Profit before income tax | 826,713 | 4,119,948 | -79.93% |
Income tax expense | (594,990) | (1,645,502) | -63.84% |
Profit after tax for the period | 231,723 | 2,474,446 | -90.64% |
(Loss) / earnings per share - basic and diluted | (0.01) | 10.76 |
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