Sapphire Textile Mills earns Rs2bn in 6MFY24

February 26, 2024 (MLN): Sapphire Textile Mills Limited (PSX: SAPT) unveiled its profit and loss statement for the six months ended December 31, 2023, wherein the unconsolidated profit after tax clocked in at Rs2.05 billion [EPS: Rs94.58] compared to a profit of Rs1.77bn [EPS: Rs81.62] in the same period last year (SPLY).

Going by the results, the company's top line inflated by 15.71% YoY to Rs40.11bn as compared to Rs34.66bn in SPLY.

The cost of sales also rose 13.22% YoY but was lesser than proportionate to sales increase, which improved the gross profit by 31.63% YoY to Rs6.19bn in 1HFY24.

The gross margins improved to 15.43% as compared to 13.57% in SPLY.

During the review period, other income rose by 49.93% YoY to stand at Rs1.71bn in 1HFY24 as compared to Rs1.14bn in SPLY.

On the expense side, the company observed an increase in administrative expenses by 21.12% YoY and other expenses by 3.54% YoY to clock in at Rs435.62m and Rs173.52m respectively during the review period.

The company’s finance cost grew by 80.48% YoY and stood at Rs3.25bn as compared to Rs1.8bn in SPLY, mainly due to higher interest rates.

On the tax front, the company paid a higher tax worth Rs839.65m against the Rs562.39m paid in the corresponding period of last year, depicting a rise of 49.30% YoY.

Amount in thousand except for EPS

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