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RPL’s profit soars 17.9% in Q3 fueled by tax credit

Roshan Packages takes bull by horns with vertical integration
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October 30, 2024 (MLN): Roshan Packages Limited (PSX: RPL) experienced a rise of 17.9% YoY in its profits, earning a profit after tax of Rs125.91 million [EPS: Rs0.89], compared to a profit of Rs106.77m [EPS: Rs0.75] in the same period last year (SPLY).

Going by the results, the company's top line dropped 23.9% to Rs2.37bn as compared to Rs3.11bn in SPLY.

The cost of sales fell by 23% but as the drop in sales was larger higher, the gross profit worsened by 32% to Rs198.82m in Q3 CY24.

Hence, despite weak sales and lower other income, RPL managed to report a higher profit due to tax credits and reduced finance costs.

During the period under review, other income slipped 18.7% to stand at Rs48.22m in Q3 CY24 as compared to Rs59.29m in SPLY.

On the expense side, the company's administration expenses rose 19.3% YoY to Rs71.2m.

Meanwhile, distribution and selling expenses fell 10.1% YoY to Rs28.91m, and other operating expenses dropped 56.1% YoY to Rs5.1m.

The company’s finance cost contracted by 56.4% and stood at Rs38.4m as compared to Rs87.99m in SPLY.

Unconsolidated (un-audited) Financial Results for quarter ended September 30, 2024 (Rupees in '000)
  Sep 24 Sep 23 % Change
Sales 2,369,115 3,111,236 -23.85%
Cost of sales (2,170,297) (2,818,974) -23.01%
Gross Profit/ (loss) 198,818 292,262 -31.97%
Administration expenses (71,200) (59,702) 19.26%
Distribution and selling expenses (28,909) (32,165) -10.12%
Other Income 48,219 59,293 -18.68%
Other Operating Expenses (5,102) (11,620) -56.09%
Finance cost (38,396) (87,987) -56.36%
Profit/ (loss) before taxation 103,430 160,081 -35.39%
Final tax / levies 22,482 (53,313)
Net profit/ (loss) for the period 125,912 106,768 17.93%
Basic earnings/ (loss) per share 0.89 0.75

Amount in thousand except for EPS

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Posted on: 2024-10-30T17:02:32+05:00