Roshan Packages profits surge 2.43x YoY, driven by revenue & cost efficiency
MG News | April 30, 2024 at 04:17 PM GMT+05:00
April 30, 2024 (MLN): Roshan Packages Limited (PSX: RPL) has concluded the quarter ended March 31, 2024, on a strong note, with profits surging over 2.43 times to stand at Rs109.19 million [EPS: Rs0.77], compared to a profit of Rs45.11m [EPS: Rs0.32] in the same period last year (SPLY).
The company's top line marked an increase of 12.6% YoY to Rs2.44bn as compared to Rs2.17bn in SPLY.
Fueled by substantial growth in sales that outpaced selling costs, the gross profit improved by 13.3% YoY to reach Rs279.1m in Q1 2024.
Resultantly, the gross margins improved to 11.44% as compared to 11.37% in SPLY.
RPL also efficiently managed its expenses, with administrative expenses falling by 10.8% YoY, and other expenses being nullified compared to Rs16.64 million in Q1 2023.
The selling and distribution expenses fell 23.9% YoY to Rs76.15bn, and other operating expenses fell 23.9% YoY to Rs0m.
Conversely, operating expenses surged to Rs7.34bn, up by 2.41x YoY compared to expenses worth Rs3.05bn in Q12023.
Further bolstering gains for the company, other income increased by 76% YoY to stand at Rs71.53bn in Q1 2024 as compared to Rs40.64bn in SPLY.
The company’s finance cost soared by 3.2% YoY and stood at Rs72.34bn as compared to Rs70.11bn in SPLY, mainly due to higher interest rates.
On the tax front, the company paid a lower tax worth Rs19.86bn against the Rs21.68bn paid in the corresponding period of last year, depicting a fall of 8.4% YoY.
| Unconsolidated (un-audited) Financial Results for quarter ended March 31, 2024 | |||
|---|---|---|---|
| Mar 24 | Mar 23 | % Change | |
| Sales | 2,438,657,303 | 2,166,790,222 | 12.55% |
| Cost of sales | (2,159,554,906) | (1,920,402,669) | 12.45% |
| Gross Profit/ (loss) | 279,102,397 | 246,387,553 | 13.28% |
| Administrative Expenses | (65,717,858) | (73,667,488) | -10.79% |
| Selling And Distribution Expenses | (76,152,610) | (100,125,383) | -23.94% |
| Other operating expenses | (7,366,463) | (3,052,825) | 141.30% |
| Other Income | 71,527,961 | 40,642,951 | 75.99% |
| Other Expenses | 0 | (16,644,358) | -100.00% |
| Finance Cost | (72,343,622) | (70,113,674) | 3.18% |
| Profit/ (loss) before taxation | 129,049,805 | 23,426,776 | 450.86% |
| Taxation | (19,859,683) | 21,680,331 | - |
| Net profit/ (loss) for the period | 109,190,122 | 45,107,107 | 142.07% |
| Basic earnings/ (loss) per share | 0.77 | 0.32 | - |
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