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Sapphire Textile Mills earns Rs2bn in 6MFY24

Sapphire Textile Mills earns Rs2bn in 6MFY24
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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