Murree Brewery’s profit soars 95% in 1HFY24, announces Rs8 dividend

MG News | February 23, 2024 at 12:09 PM GMT+05:00

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February 23, 2024 (MLN): Murree Brewery Company Limited (PSX: MUREB) experienced a rise of 94.79% YoY in its profitability in 1HFY24, clocking in its profit after tax at Rs1.05 billion [EPS: Rs41.66], compared to a profit of Rs540.25 million [EPS: Rs19.53] in the same period last year (SPLY).

Along with the results, the company announced an interim cash dividend for the six months period ended December 31, 2023, at Rs8 per share.

This is in addition to the interim dividend already paid at Rs7.5 per share.

Going by the results, the company's top line increased by 30.66% YoY to Rs10.76bn as compared to Rs8.23bn in SPLY.

The cost of sales also rose by 22.70% YoY but was lesser than proportionate to sales increase, which improved the gross profit by 65.00% YoY to Rs2.56bn in 1HFY24.

The gross margins improved to 23.76% as compared to 18.81% in SPLY.

Moreover, during the review period, other income rose 43.50% YoY to stand at Rs42.06m in 1HFY24 as compared to Rs29.31m in SPLY.

On the expense side, the company observed a decrease in selling and distribution expenses by 7.91% YoY while other expenses surged by 3.2x YoY to clock in at Rs626.02m and Rs147.53m respectively during the review period.

The company’s net finance income rose by 22.31% YoY and stood at Rs268.44m as compared to Rs219.48m in SPLY.

On the tax front, the company paid a higher tax worth Rs697.65m against the Rs225.26m paid in the corresponding period of last year, depicting a rise of 3.1x YoY.

Unconsolidated (un-audited) Financial Results for six months ended 31 December, 2023 (Rupees in '000)
	Dec 23	Dec 22	% Change
Sales	10,759,514	8,234,976	30.66%
Cost of sales	(8,203,293)	(6,685,708)	22.70%
Gross Profit	2,556,221	1,549,268	65.00%
Selling and distribution expenses	(626,022)	(679,793)	-7.91%
Administrative expenses	(343,170)	(306,679)	11.90%
Other Income	42,064	29,312	43.50%
Other expenses	(147,530)	(46,079)	220.17%
Net finance income	268,444	219,478	22.31%
Profit before taxation	1,750,007	765,507	128.61%
Taxation	(697,651)	(225,255)	209.72%
Net profit for the period	1,052,356	540,252	94.79%
Basic earnings/ (loss) per share	41.66	19.53	-

Amount in thousand except for EPS

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