Prema's profit plunges 72% in 1HFY24 despite higher revenue

News Image

MG News | February 28, 2024 at 12:45 PM GMT+05:00

0:00

February 28, 2024 (MLN): At-Tahur Limited (PSX: PREMA) revealed its earnings for six months ended December 31, 2023, wherein the profit after tax clocked in at Rs105.28 million [EPS: Rs0.48] compared to a profit of Rs373.15m [EPS: Rs1.71] in the same period last year (SPLY).

Going by the results, the company's top line rose 9.07% YoY to Rs5.06bn as compared to Rs4.64bn in SPLY.

However, the cost of sales also rose by 15.40% YoY, worsening the gross profit by 7.97% YoY to Rs1.16bn in 1HFY24.

The gross margins fell to 22.87% as compared to 27.11% in SPLY.

During the review period, other income expanded by 76.65% YoY to stand at Rs9.87m in 1HFY24 as compared to Rs5.59m in SPLY.

On the expense side, the company observed an increase in administrative and general expenses by 16.62% YoY and other expenses by 1.58% YoY to clock in at Rs154.14m and Rs374.7m respectively during the review period.

The company’s finance cost increased by 46.08% YoY and stood at Rs150.8m as compared to Rs103.24m in SPLY, mainly due to higher interest rates.

On the tax front, the company paid a higher tax worth Rs85.21m against the Rs13.06m paid in the corresponding period of last year, depicting a rise of 6.5x YoY.

Unconsolidated (un-audited) Financial Results for half year ended December 31, 2023 (Rupees in '000)
  Dec 23 Dec 22 % Change
Sales - Net 5,060,648 4,639,852 9.07%
Cost of sales (3,903,099) (3,382,122) 15.40%
Gross Profit / (Loss) 1,157,549 1,257,730 -7.97%
Administrative and general expenses (154,141) (132,179) 16.62%
Selling and marketing expenses (297,293) (272,814) 8.97%
Other Income 9,873 5,589 76.65%
Other Expenses (374,697) (368,887) 1.58%
Finance Cost (150,801) (103,235) 46.08%
Profit before taxation 190,490 386,204 -50.68%
Taxation (85,209) (13,059) 552.49%
Net profit / (loss) for the period 105,281 373,145 -71.79%
Basic earnings/ (loss) per share 0.48 1.71 -

Amount in thousand except for EPS

Copyright Mettis Link News

Related News

Name Price/Vol %Chg/NChg
KSE100 154,439.68
241.10M
-1.09%
-1701.56
ALLSHR 94,668.16
984.91M
-0.80%
-765.63
KSE30 47,119.91
93.25M
-1.26%
-600.63
KMI30 226,125.72
147.15M
-1.17%
-2674.34
KMIALLSHR 63,569.05
456.03M
-0.92%
-592.28
BKTi 41,622.83
56.72M
-1.28%
-538.80
OGTi 31,488.79
10.15M
-1.08%
-344.95
Symbol Bid/Ask High/Low
Name Last High/Low Chg/%Chg
BITCOIN FUTURES 116,850.00 117,320.00
114,850.00
1920.00
1.67%
BRENT CRUDE 66.88 68.17
65.71
0.51
0.77%
RICHARDS BAY COAL MONTHLY 84.00 84.00
84.00
-1.90
-2.21%
ROTTERDAM COAL MONTHLY 93.00 93.25
92.75
0.00
0.00%
USD RBD PALM OLEIN 1,106.50 1,106.50
1,106.50
0.00
0.00%
CRUDE OIL - WTI 62.60 63.98
61.69
0.23
0.37%
SUGAR #11 WORLD 15.81 15.87
15.67
-0.01
-0.06%

Chart of the Day


Latest News
September 14, 2025 at 07:11 AM GMT+05:00

Weekly Market Roundup


September 13, 2025 at 08:42 PM GMT+05:00

Key Pakistan Market Stats and Economic Indicators


September 13, 2025 at 05:13 PM GMT+05:00

Wheat prices break past official ceilings



Top 5 things to watch in this week

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