MUREB profit surges over twofold in FY24, declares Rs15 DPS

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MG News | September 20, 2024 at 11:42 AM GMT+05:00

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September 20, 2024 (MLN): Murree Brewery Company Limited (PSX: MUREB) saw its profit in FY24 surge over twofold, reaching Rs2.62 billion [EPS: Rs 94.76], compared to Rs1.27bn [EPS: Rs 46.04] in the previous fiscal year.

Along with the results, the company announced a final cash dividend of Rs15 per share for the year ended June 2024.

This is in addition to Interim Dividends already paid at Rs25.5 per share.

According to the profit and loss statement, MUREB's top line grew 28% to Rs23.8bn as compared to Rs18.59bn in FY23.

The cost of sales also rose 20.7% but the growth in sales outpaced the rise in costs, which improved the gross profit by 59.4% to Rs5.59bn in FY24.

Accordingly, the gross margins improved to 23.5% as compared to 18.8% in FY23.

On the expense side, the company's administrative expenses rose 10.9% YoY to Rs687.19m, selling and distribution expenses rose 13.6% YoY to Rs1.31bn, and other operating expenses rose 85.0% YoY to Rs268.85m.

During the period under review, other income slipped 7.8% to stand at Rs106.65m in FY24 as compared to Rs115.72m in SPLY.

The company’s finance cost expanded by 71.8% and stood at Rs721.63m as compared to Rs420.09m in SPLY, mainly due to higher interest rates.

On the tax front, the company paid a higher tax worth Rs1.53bn against the Rs850.98m paid in the corresponding period of last year, depicting an increase of 80%.

Unconsolidated (un-audited) Financial Results for year ended June 30, 2024 (Rupees in '000)
  Jun 24 Jun 23 % Change
Sales 23,798,244 18,591,183 28.01%
Cost of sales (18,211,524) (15,087,084) 20.71%
Gross Profit/ (loss) 5,586,720 3,504,099 59.43%
Administrative Expenses (687,190) (619,455) 10.93%
Selling and distribution expenses (1,307,071) (1,150,385) 13.62%
Allowance for impairment loss on trade debts 1,211 (65) -
Other Income 106,647 115,717 -7.84%
Other Operating Expenses (268,852) (145,330) 84.99%
Net Finance Income 721,630 420,085 71.78%
Profit/ (loss) before taxation 4,153,095 2,124,666 95.47%
Final tax / levies (1,531,740) (850,976) 80.00%
Net profit/ (loss) for the period 2,621,355 1,273,690 105.81%
Basic earnings/ (loss) per share 94.76 46.04 -

Amount in thousand except for EPS

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