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

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

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Posted on: 2024-02-28T12:45:59+05:00