Nestlé Pakistan sees 10% decline in profit after tax

MG News | February 13, 2025 at 02:00 PM GMT+05:00

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February 13, 2025 (MLN): Nestlé Pakistan Limited (PSX: NESTLE) reported a 10.22% decline in profit after tax, amounting to Rs14.81 billion (EPS: Rs326.53) for the year ended December 31, 2024, compared to Rs16.49bn (EPS: Rs363.68) in the previous year.

The company’s Board of Directors has authorized a final cash dividend of Rs30 per share (300%), in addition to the Rs136 per share interim cash dividend already paid during 2024.

The company’s top line fell by 3.69% to Rs193.21bn from Rs200.61bn in 2023, while the cost of goods sold declined by 4.75%.

However, the gross profit saw a slight dip of 1.75% to Rs69.52bn.

Distribution and selling expenses surged 10.47% to Rs32.97bn, and administrative expenses also rose by 10.13% to Rs7.00bn, putting further pressure on profitability.

Consequently, the operating profit declined by 14.48% to Rs29.55bn.

Other income increased by 23.25% to Rs615.61 million, but finance costs eased by 1.13% to Rs2.59bn.

Other expenses also dropped significantly by 38.80% to Rs2.07bn, providing some relief.

The company’s profit before taxation stood at Rs25.28bn, marking a 12.78% decline, while income tax expenses were reduced by 16.17% to Rs10.47bn.

This resulted in an overall profit drop of 10.22% compared to the previous year.

Financial Result For The YearEnded December 31,2024
Description	Dec-24	Dec-23	%Change
Revenue from contracts with customers	193,205,756	200,605,005	-3.69%
Cost of goods sold	(123,681,762)	(129,845,135)	-4.75%
Gross profit	69,523,994	70,759,870	-1.75%
Distribution and selling expenses	(32,973,536)	(29,849,578)	10.47%
Administration expenses	(7,001,233)	(6,356,994)	10.13%
Operating profit	29,549,225	34,553,298	-14.48%
Finance cost	(2,589,499)	(2,623853)	-1.13%
Other expenses	(2,071,201)	(3,384,073)	-38.80%
Other income	615,611	499,497	23.25%
Profit before final tax, minimum tax differential, and income tax	25,504,136	29,044,869	-12.19%
Final tax	(24,785)	(59,748)	-58.52%
Minimum tax differential	(199,104)	-	#VALUE!
Profit before income tax	25,280,247	28,985,121	-12.78%
Income tax	(10,472,276)	(12,492,322)	-16.17%
Profit after taxation	14,807,971	16,492,799	-10.22%
Earnings per share - basic and diluted (Rupees)	326.53	363.68	-10.22%

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