PCAL declares 10% bonus shares, profit plummets 71% in FY24

News Image

MG News | August 16, 2024 at 04:40 PM GMT+05:00

0:00

August 16, 2024 (MLN): Pakistan Cables Limited (PSX: PCAL) reported a profit after tax of Rs208.86 million [EPS: Rs4.22] for the year ended June 30, 2024, plummeting by 71.14% YoY compared to a profit of Rs723.65 million [EPS: Rs14.62] for the same period last year.

In addition to the result, it has been recommended by the Board of Directors to issue Bonus Shares for the year ended June 30, 2024 in the proportion of 10 Shares for every 100 shares held i.e. 10%.

The financial statement shows that the company's top line grew 20.9% YoY to Rs26.17bn as compared to Rs21.65bn in SPLY.

The cost of sales also rose by 23.5% YoY but was lesser than proportionate to sales rise, which improved the gross profit by 5.7% YoY to Rs3.36bn in FY24.

However, the gross margins worsened to 12.9% as compared to 14.7% in SPLY.

On the expense side, the company's marketing, selling, and distribution costs increased by 23.6% year-over-year to Rs997.01m, while administrative expenses rose by 2.3% year-over-year to Rs367.61m.

Conversely, other operating expenses fell 2.3% YoY to Rs42.36m.

During the period under review, other income also dropped 5% YoY to stand at Rs141.49m in FY24 as compared to Rs148.93m in FY23, further worsening the company's financial situation.

The company’s finance costs also impacted negatively as it surged 82.1% YoY to Rs1.74bn mainly due to higher interest rates.

On the tax front, the company paid a lower tax worth Rs82.18m against the Rs396.05m paid in the corresponding period of last year, depicting a decrease of 79.3% YoY.

Unconsolidated (un-audited) Financial Results for quarter ended June 30, 2024 (Rupees in '000)
  Jun 24 Jun 23 % Change
Sales 26,167,037 21,652,953 20.85%
Cost of sales (22,803,640) (18,469,291) 23.47%
Gross Profit/ (loss) 3,363,397 3,183,662 5.65%
Marketing, selling and distribution costs (997,014) (807,002) 23.55%
Administrative expenses (367,607) (359,289) 2.32%
Impairment (loss) / reversal on trade debts (52,034) 1,049 -%
Share of profit from associate under the equity basis of accounting 0 4,777 -100.00%
Levies – final tax (17,394) (10,718) 62.29%
Other Income 141,493 148,925 -4.99%
Other Operating Expenses (42,355) (87,520) -51.61%
Finance Cost (1,737,453) (954,185) 82.09%
Profit/ (loss) before taxation 291,033 1,119,699 -74.01%
Taxation (82,175) (396,048) -79.25%
Net profit/ (loss) for the period 208,858 723,651 -71.14%
Basic earnings/ (loss) per share 4.22 14.62 -

Amount in thousand except for EPS

Copyright Mettis Link News

Related News

Name Price/Vol %Chg/NChg
KSE100 138,412.25
167.69M
0.32%
447.43
ALLSHR 85,702.96
423.92M
0.15%
131.52
KSE30 42,254.84
82.09M
0.43%
180.24
KMI30 194,109.59
84.37M
0.15%
281.36
KMIALLSHR 56,713.67
217.03M
0.03%
16.37
BKTi 37,831.34
13.04M
1.62%
603.62
OGTi 27,440.63
3.93M
-0.09%
-23.70
Symbol Bid/Ask High/Low
Name Last High/Low Chg/%Chg
BITCOIN FUTURES 118,705.00 119,440.00
118,225.00
410.00
0.35%
BRENT CRUDE 72.50 73.17
71.75
-0.01
-0.01%
RICHARDS BAY COAL MONTHLY 96.50 0.00
0.00
2.20
2.33%
ROTTERDAM COAL MONTHLY 104.50 104.50
104.50
-0.30
-0.29%
USD RBD PALM OLEIN 998.50 998.50
998.50
0.00
0.00%
CRUDE OIL - WTI 69.17 69.79
68.45
-0.04
-0.06%
SUGAR #11 WORLD 16.42 16.58
16.40
-0.17
-1.02%

Chart of the Day


Latest News
July 30, 2025 at 05:17 PM GMT+05:00

Pakistan consumer confidence falls to 40.1 points in July


July 30, 2025 at 05:03 PM GMT+05:00

PKR rises by 10 paisa against USD


July 30, 2025 at 04:11 PM GMT+05:00

PSX Closing Bell: You Can’t Always Get What You Want


July 30, 2025 at 03:47 PM GMT+05:00

CCP resolves 223 cases, recovers Rs360m



Top 5 things to watch in this week

Pakistan Stock Movers
Name Last Chg/%Chg
Name Last Chg/%Chg