National Foods sees over 7% growth in half-year profit
MG News | February 25, 2025 at 08:51 AM GMT+05:00
February 25, 2025 (MLN): National Foods Limited (PSX: NATF) posted a profit after tax of Rs1.61 billion for the half-year ended December 31, 2024, reflecting a 7.32% increase compared to Rs1.50 billion in the same period last year.
The company has declared an interim cash dividend of Rs2 per share (40%).
The company’s revenue surged 17.76% to Rs47.26bn, compared to Rs40.13bn in the same period last year, driven by strong sales performance.
Despite an 18.49% increase in the cost of sales, the gross profit grew by 15.84% to Rs12.79bn.
However, the company faced higher operating costs, with selling and distribution expenses rising by 15.26%, administrative expenses increasing 27.36%, and finance costs jumping 29.76% due to higher interest rates.
On the tax front, total taxes increased by 35.24%, amounting to Rs93.42mn compared to Rs69.08mn in the corresponding period last year.
The company's earnings per share (EPS) stood at Rs4.67, reflecting a 7.11% increase from Rs4.36 last year.
Despite a strong operational performance, the company’s total comprehensive income declined by 5.30% due to foreign exchange translation losses of Rs270.85mn
| Consolidated Profit and Loss For The Half Year Ended December 31, 2024 | |||
| Dec-24 | Dec-23 | %Change | |
| Sales - net | 47,256,470 | 40,129,537 | 17.76% |
| Cost of sales | (34,469,778) | (29,091,104) | 18.49% |
| Gross profit | 12,786,692 | 11,038,433 | 15.84% |
| Selling and distribution costs | (6,823,038) | (5,919,921) | 15.26% |
| Impairment loss on trade debts | (16,658) | (20,898) | -20.25% |
| Administrative expenses | (2,458,177) | (1,930,104) | 27.36% |
| Operating profit | 3,487,819 | 3,167,510 | 10.11% |
| Other expenses | (43,066) | (41,056) | 4.89% |
| Other income | 237,524 | 97,223 | 144.31% |
| Finance costs | (1,413,785) | (1,089,529) | 29.76% |
| Profit before tax, minimum tax differential, and income tax | 2,268,492 | 2,134,148 | 6.29% |
| Final taxes | (4,179) | (16,239) | -74.27% |
| Minimum tax | (89,242) | (52,841) | 68.89% |
| Total taxes | (93,421) | (69,080) | 35.24% |
| Profit before income tax | 2,175,071 | 2,065,068 | 5.33% |
| Income tax | (565,634) | (565,393) | 0.04% |
| Profit for the period | 1,609,436 | 1,499,675 | 7.32% |
| Other comprehensive income for the period | |||
| Foreign operations - Exchange differences on translation of foreign operations | (270,847) | (86,244) | 214.05% |
| Total comprehensive income for the period | 1,338,589 | 1,413,431 | -5.30% |
| Profit attributable to: | #DIV/0! | ||
| Owners of the Holding Company | 1,088,628 | 1,016,888 | 7.05% |
| Non-controlling interest | 520,808 | 482,787 | 7.88% |
| Total comprehensive income attributable to: | |||
| Owners of the Holding Company | 917,914 | 925,944 | -0.87% |
| Non-controlling interest | 420,675 | 487,487 | -13.71% |
| Earnings per share (basic and diluted) (Rupees) | 4.67 | 4.36 | 7.11% |
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