Nishat Chunian swings back to profit with Rs260m earnings
MG News | February 26, 2025 at 01:36 PM GMT+05:00
February 26, 2025 (MLN): Nishat Chunian Limited (PSX: NCL) returned to profitability, reporting a net profit of Rs259.59 million [EPS: Rs1.08] for the half-year ended December 31, 2024, compared to a loss of Rs385.11mn [LPS: Rs1.60] in the same period last year (SPLY).
The company has declared an interim cash dividend of Rs1 per share, equivalent to 10%.
The company’s revenue stood at Rs44.02bn, witnessing a slight decline of 0.97% YoY.
Despite this, gross profit came in at Rs4.58bn, reflecting a 17.6% decline due to an increase in the cost of sales, which rose by 1.41% YoY to Rs39.44bn.
On the expense side, administrative expenses increased by 22.42% to Rs292.25mn, and other operating expenses surged by 41.44% to Rs88.31mn.
However, the distribution cost saw a slight decline of 4.91% to Rs1.03bn.
Notably, other operating income surged significantly by 158.65% to Rs408.89mn, cushioning the impact of rising expenses.
The company also benefited from a decline in finance costs, which dropped by 33.07% YoY to Rs2.76bn, mainly due to lower borrowing costs.
As a result, profit before taxation turned positive at Rs272.78mn, compared to a loss of Rs380.49mn in SPLY.
Tax expenses increased by 185.76% YoY to Rs13.19mn, but the company still managed to post a net profit, marking a turnaround from last year’s losses.
| Consolidated Profit and Loss For The Half Year Ended December 31, 2024 | |||
| Particulars | Dec-24 | Dec-23 | %Change |
| Revenue | 44,024,461,923 | 44,453,556,254 | -0.97% |
| Cost of Sales | (39,442,285,515) | (38,892,813,855) | 1.41% |
| Gross Profit | 4,582,176,408 | 5,560,742,399 | -17.60% |
| Distribution Cost | (1,036,675,443) | (1,090,223,033) | -4.91% |
| Administrative Expenses | (292,255,777) | (238,738,126) | 22.42% |
| Other Operating Expenses | (88,316,847) | (62,441,554) | 41.44% |
| Total Operating Expenses | (1,417,248,067) | (1,391,402,713) | 1.86% |
| Operating Profit | 3,164,928,341 | 4,169,339,686 | -24.09% |
| Other Operating Income | 408,897,641 | 158,088,594 | 158.65% |
| Profit from Operations | 3,573,825,982 | 4,327,428,280 | -17.41% |
| Finance Cost | (2,761,983,022) | (4,126,602,338) | -33.07% |
| Profit Before Levy and Taxation | 811,842,960 | 200,825,942 | 304.25% |
| Levy | (539,057,912) | (581,321,056) | -7.27% |
| Profit Before Taxation | 272,785,048 | (380,495,114) | -171.69% |
| Taxation | (13,194,793) | (4,617,412) | 185.76% |
| Profit After Taxation | 259,590,255 | (385,112,526) | -167.41% |
| (Loss) / Profit Attributable To: | |||
| Equity Holders of the Holding Co. | 259,590,255 | (385,112,526) | -167.41% |
| Non-Controlling Interest | - | - | |
| Total Profit/(Loss) | 259,590,255 | -385,112,526 | -167.41% |
| (Loss) / Profit Per Share | 1.08 | (1.6) | -167.50% |
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