Nestlé Pakistan sees 10% decline in profit after tax
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MG News | February 13, 2025 at 02:00 PM GMT+05:00
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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