Ismail Industries reports 52% drop in nine-month profit

MG News | April 23, 2025 at 04:14 PM GMT+05:00

0:00

April 23, 2025 (MLN): Ismail Industries Limited (PSX: ISIL) has posted a profit after tax of Rs2.4 billion for the nine-month period ended March 31, 2025, down significantly by 52.35% compared to Rs5.04bn in the same period last year.

Despite registering a modest 2.35% increase in net sales, which stood at Rs94.25bn, up from Rs92.09bn in the corresponding period of 2024, the company faced considerable pressure on its profitability.

Gross profit declined by 3.79% to Rs18.2bn, primarily due to a 3.93% increase in the cost of sales.

The bottom line was further impacted by a sharp rise in operating expenses.

Selling and distribution expenses surged 25.08% to Rs7.87bn, while administrative expenses jumped 28.92% to Rs1.56bn.

Consequently, the company’s operating profit declined by 23.17% year-on-year to Rs8.77bn.

Other income also witnessed a downturn, falling by 22.93% to Rs919 million, while finance cost saw a slight decrease of 5.43% to Rs5.62bn.

However, the company received support from its associated company, with share of profit rising 58.6% to Rs694 million.

Pre-tax profit dropped by 34.14% to Rs4.14bn, and with a higher tax expense up 196.09% to Rs581m the net earnings were further constrained.

Levies and minimum tax also rose to Rs1.15bn, contributing to the overall reduction in profitability.

CONDENSED INTERIM STATEMENT OF PROFIT OR LOSS for the period of nine months
Particulars	Mar-25	Mar-24	%Change
Sales - gross	107,790,249,092	102,843,401,027	4.81%
Sales returns and discounts	(2,793,067,930)	(2,353,480,361)	18.68%
Export rebate	23,059,368	13,948,378	65.32%
Sales tax	(10,765,261,984)	(8,410,497,639)	28.00%
Sales - net	94,254,978,546	92,093,371,405	2.35%
Cost of sales	(76,055,390,124)	(73,176,285,954)	3.93%
Gross profit	18,199,588,422	18,917,085,954	-3.79%
Selling and distribution expenses	(7,870,357,084)	(6,292,400,963)	25.08%
Administrative expenses	(1,558,765,405)	(1,209,086,767)	28.92%
Operating profit	8,770,465,858	11,415,598,224	-23.17%
Other operating expenses	(624,138,162)	(818,829,528)	-23.78%
Other income	919,433,437	1,193,006,594	-22.93%
Finance cost	(5,622,887,814)	(5,945,842,113)	-5.43%
Share of profit from associated company - net	694,445,743	437,867,945	58.60%
Profit before levies and taxation	4,137,319,062	6,281,801,122	-34.14%
Levies - Minimum and final tax	(1,154,160,648)	(1,043,937,392)	10.56%
Taxation	(580,744,280)	(196,135,598)	196.09%
Profit after levies and taxation	2,402,414,134	5,041,728,132	-52.35%
Profit for the period attributable to:
— Shareholders of the Holding Company	2,797,847,348	5,082,839,362	-44.96%
— Non-controlling interest	(395,433,214)	(41,111,230)	861.86%
Profit for the period	2,402,414,134	5,041,728,132	-52.35%
Other comprehensive income:
— Share of other comprehensive income from associated company	162,745,188	336,735,378	-51.67%
— Unrealised loss on remeasurement of investments	(28,950,250)	(3,637,763)	695.83%
Other comprehensive income for the period - net of tax	133,794,933	332,761,653	-59.79%
Total comprehensive income for the period	2,536,209,067	5,374,489,785	-52.81%
Total comprehensive income attributable to:
— Shareholders of the Holding Company	2,931,642,281	5,415,601,013	-45.87%
— Non-controlling interest	(395,433,214)	(41,111,230)	861.86%
Earnings per share - basic & diluted	42.16	7.6	454.74%

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