Mughal Steel sees over 70% drop in nine-month profit
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MG News | April 29, 2025 at 02:25 PM GMT+05:00
April 29, 2025 (MLN): Mughal Iron and Steel Industries Limited (PSX: MUGHAL) reported a consolidated profit of Rs412.4 million [EPS: Rs1.23] for the nine-month period ended March 31, 2025, reflecting a sharp year-on-year (YoY) decline of 70.36% compared to Rs1.39 billion [EPS: Rs4.15] in the same period last year (SPLY).
Despite a slight 1.02% YoY decrease in gross sales to Rs75.7bn from Rs76.49bn, the company’s gross profit dropped by 8.79% YoY to Rs5.87bn, driven by a smaller 0.66% decline in the cost of sales, which stood at Rs60.3bn.
Sales and marketing expenses rose notably by 42.42% YoY to Rs180.26m, while administrative and other expenses increased by 7.83% YoY to Rs671.43m.
Other charges fell significantly by 76.33% YoY to Rs42.52m. Meanwhile, the reversal in expected credit losses (ECL) declined 37.49% YoY to Rs28.13m.
Other income declined sharply by 50.05% YoY to Rs86.73m. Finance costs remained elevated at Rs4.59bn, showing only a slight 2.16% reduction from the previous year.
While profit before tax jumped 78.87% YoY to Rs1.03bn mainly due to a reversal in levy-related charges higher taxation of Rs614.55m significantly impacted the bottom line, resulting in a final net profit of Rs412.4m, with EPS falling steeply to Rs1.23 from Rs4.15 in SPLY.
| Consolidated Profit and Loss For The Nine Months Ended March 31, 2025 (Rupees '000) | |||
| Category | Mar-25 | Mar-24 | %Change |
| Gross Sales | 75,704,940 | 76,487,203 | -1.02% |
| Sales Tax | (9,487,794) | (9,327,418) | 1.72% |
| Net Sales Before Commission | 66,217,146 | 67,159,784 | -1.40% |
| Commission | (49,010) | (26,138) | 87.50% |
| Net Sales | 66,168,136 | 67,133,646 | -1.44% |
| Cost of Sales | (60,299,561) | (60,699,280) | -0.66% |
| Gross Profit | 5,868,575 | 6,434,366 | -8.79% |
| Sales & Marketing Expenses | (180,261) | (126,574) | 42.42% |
| Expenses | (671,435) | (622,696) | 7.83% |
| Other Charges | (42,521) | (179,607) | -76.33% |
| Allowance for Expected Credit Losses - ECL Reversal / (Charge) | 28,134 | 45,006 | -37.49% |
| Other Income | 86,732 | 173,635 | -50.05% |
| Finance Cost | (4,590,967) | (4,692,180) | -2.16% |
| Profit / (Loss) Before Levies and Taxation | 498,255 | 1,031,409 | -51.69% |
| Levies | 528,690 | (457,273) | |
| Profit / (Loss) Before Taxation | 1,026,946 | 574,136 | 78.87% |
| Taxation | (614,550) | 817,350 | |
| Profit for the Period | 412,397 | 1,391,486 | -70.36% |
| Share of Profit / (Loss) Attributable To: | |||
| - Equity Holders of the Holding Company | 413,557 | 1,391,486 | -70.28% |
| Basic and Diluted Earnings Per Share (Rupees) | 1.23 | 4.15 | -70.36% |
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