National Foods profit slumps 41% in FY24

MG News | September 06, 2024 at 09:09 AM GMT+05:00

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September 06, 2024 (MLN): National Foods Limited (PSX: NATF) recorded a profit after tax of Rs1.27 billion [EPS: Rs5.44] in the fiscal year 2023-24, down 41.0% compared to the profit of Rs2.15bn [EPS: Rs9.23] last year.

In the April-June quarter, the company made a profit of Rs281.4 million, up 24% from last year.

Along with the results, the company announced a final cash dividend for the year ending June 2024 of Rs 5 per share i.e. 100%.

This is in addition to the interim dividend already paid at Rs1.5 per share i.e. 15% during the year.

Going by the results, the company's revenue rose 26.3% to Rs37.38bn as compared to Rs29.6bn in SPLY.

The cost of sales also rose by 31.9% but was lesser than proportionate to sales rise, which improved the gross profit by 15.6% to Rs11.84bn in Q4 FY24.

The gross margins, however, fell to 31.7% as compared to 34.6% in SPLY.

During the period under review, other income slipped 63.9% to stand at Rs319.3m in Q4 FY24 as compared to Rs884.47m in SPLY.

On the expense side, the company's administrative expenses rose 34.5% from a year ago to Rs2.57bn, selling and distribution expenses rose 13.6% to Rs6.41bn, and other operating expenses fell 19.5% to Rs223.67m.

The company’s finance cost surged by 152.3% and stood at Rs1.57bn as compared to Rs621.39m in SPLY, mainly due to higher interest rates.

On the tax front, the company paid a lower tax worth Rs118.81m against the Rs505.53m paid in the corresponding period of last year, depicting a fall of 76.5%.

This translates to an effective tax rate of 8.6% as compared to 19.0% in SPLY.

Unconsolidated (un-audited) Financial Results for year ended June 30, 2024 (Rupees in '000)
	Jun 24	Jun 23	% Change
Sales	37,377,245	29,602,876	26.26%
Cost of sales	(25,541,297)	(19,360,522)	31.92%
Gross Profit/ (loss)	11,835,948	10,242,354	15.56%
Administrative Expenses	(2,570,002)	(1,910,177)	34.54%
Selling And Distribution Expenses	(6,409,750)	(5,642,096)	13.61%
Provision Reversed / (Charged)	3,289	(18,198)	-
Other Income	319,295	884,472	-63.90%
Other Operating Expenses	(223,669)	(277,976)	-19.54%
Finance Cost	(1,567,732)	(621,391)	152.29%
Profit/ (loss) before taxation	1,387,379	2,656,988	-47.78%
Taxation	(118,811)	(505,527)	-76.50%
Net profit/ (loss) for the period	1,268,568	2,151,461	-41.04%
Basic earnings/ (loss) per share	5.44	9.23	-

Amount in thousand except for EPS

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