MACPAC Films reports 93% decline in profit for H1 FY25

MG News | February 11, 2025 at 03:10 PM GMT+05:00

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February 11, 2025 (MLN): MACPAC Films Limited (PSX: MACFL) has announced a significant decline in its profit for the six months ended December 31, 2024, reporting a profit after taxation of Rs11.87 million, a 93.34% drop compared to Rs178.31mn for the same period last year.

The company’s performance during the period was impacted by a sharp decrease in gross profit, which fell by 43.43%, from Rs580.21mn in 2023 to Rs328.22mn in 2024.

The decrease in gross profit was largely due to a 12.45% increase in the cost of sales, which amounted to Rs2.6 billion, compared to Rs2.31bn in the same period last year.

Despite a slight increase in revenue from contracts with customers, which rose by 1.25% to Rs2.93bn, the company faced higher operating costs across various expense categories.

Administrative expenses rose by 17.95% to Rs175.59mn, and marketing and distribution expenses saw a significant jump of 31.43%, totaling Rs93.03mn.

Additionally, other operating expenses decreased by 87.79%, indicating some reduction in non-recurring costs.

As a result, operating profit plunged by 83.30%, from Rs346.53mn in 2023 to Rs57.88mn in 2024.

Finance costs decreased by 27.99%, amounting to Rs51.37mn, while other income also saw a decline of 21.26%, totaling Rs12.79mn.

The company’s profit before tax stood at Rs19.17mn, down 93.42% from last year’s Rs291.30mn.

Income tax expenses dropped by 93.54%, reaching Rs7.30mn.

Despite these challenges, MACFL has maintained positive earnings per share, though it also decreased to Rs0.20 from Rs3.01 in the previous year.

Condensed interim statement of profit and loss (Un-audited) for six months ended (Rupees)	31-Dec-24	31-Dec-23	%Change
Revenue from contracts with customers - net	2,931,045,449	2,894,807,113	1.25%
Cost of sales	(2,602,827,673)	(2,314,600,952)	12.45%
Gross profit	328,217,776	580,206,161	-43.43%
Administrative expenses	(175,588,821)	(148,866,543)	17.95%
Marketing and distribution expenses	(93,031,812)	(70,785,824)	31.43%
Other operating expenses	(1,712,572)	(14,022,320)	-87.79%
Operating profit	57,884,571	346,531,474	-83.30%
Finance costs	(51,374,786)	(71,344,146)	-27.99%
Other income	12,793,830	16,247,963	-21.26%
Profit before income tax and levy	19,303,624	291,435,291	-93.38%
Taxation - levy	(129,217)	(140,156)	-7.80%
Profit before tax	19,174,407	291,295,135	-93.42%
Income Tax	(7,303,799)	(112,989,319)	-93.54%
Profit after taxation	11,870,608	178,305,816	-93.34%
Earnings per share - basic and diluted	0.2	3.01

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