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.
| Unconsolidated (un-audited) Financial Results for half year ended 31 December, 2023 (Rupees in '000) | |||
|---|---|---|---|
| Dec 23 | Dec 22 | % Change | |
| Sales | 40,107,966 | 34,661,358 | 15.71% |
| Cost of sales | (33,917,856) | (29,958,792) | 13.22% |
| Gross Profit | 6,190,111 | 4,702,566 | 31.63% |
| Administrative Expenses | (435,621) | (359,647) | 21.12% |
| Selling And Distribution Expenses | (1,146,516) | (1,180,107) | -2.85% |
| Other Income | 1,706,268 | 1,138,047 | 49.93% |
| Other Operating Expenses | (173,515) | (167,588) | 3.54% |
| Finance Cost | (3,249,569) | (1,800,502) | 80.48% |
| Profit before taxation | 2,891,157 | 2,332,770 | 23.94% |
| Taxation | (839,651) | (562,392) | 49.30% |
| Net profit for the period | 2,051,506 | 1,770,378 | 15.88% |
| Basic earnings/ (loss) per share | 94.58 | 81.62 | – |
Amount in thousand except for EPS
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Posted on: 2024-02-26T13:09:14+05:00
