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

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

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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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