MUREB profit surges over twofold in FY24, declares Rs15 DPS

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%.

Amount in thousand except for EPS

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