PHDL earns Rs447m in FY24

MG News | October 07, 2024 at 10:03 AM GMT+05:00

0:00

October 07, 2024 (MLN): Pakistan Hotels Developers Limited (PSX: PHDL) recorded a profit after tax of Rs446.88 million [EPS: Rs24.83] in financial year 2024 as against a profit of Rs44.13m [EPS: Rs2.45] last year.

Moreover, after accounting for items that may be reclassified to statements of profit or loss, which includes fair value adjustment on assets held for sale, the total comprehensive income for FY24 stood at Rs4.83 billion compared to Rs43.56m last year.

Going by the results, the company's revenue grew by 30.3% to Rs728.52m as compared to Rs559.04m in FY23. Gross profit rose 44.3% to Rs351.18m in FY24.

The gross margins improved to 48.2% as compared to 43.5% last year.

During the period under review, the company's other income jumped significantly to Rs187.5m.

On the expense side, administrative expenses rose 16.4% from a year ago to Rs219.24m, while other operating expenses surged 1,088.5% to Rs21.69m.

On the tax front, the company received a tax credit worth Rs149.12m against a tax expense of Rs14.68m paid last year.

Unconsolidated (un-audited) Financial Results for year ended June 30, 2024 (Rupees in '000)
	Jun 24	Jun 23	% Change
Sales	728,524	559,042	30.32%
Cost of sales	(377,341)	(315,738)	19.51%
Gross Profit/ (loss)	351,183	243,304	44.34%
Administrative Expenses	(219,243)	(188,406)	16.37%
Other Income	187,503	5,734	3170.02%
Other Operating Expenses	(21,690)	(1,825)	1088.49%
Profit/ (loss) before taxation	297,753	58,807	406.32%
Taxation	149,124	(14,678)	-
Net profit/ (loss) for the period	446,877	44,129	912.66%
Items that may be reclassified to statements of profit or loss	4,386,698	(571)	-
Total comprehensive income for the period	4,833,575	43,558	10,996.87%
Basic earnings/ (loss) per share	24.83	2.45	-

Amount in thousand except for EPS

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