Sapphire Textile Mills quarterly profit jumps 45%

October 30, 2024 (MLN): Sapphire Textile Mills Limited (PSX: SAPT) recorded a net profit of Rs1.03 billion [EPS: Rs47.65] during the quarter ending September 2024, up 45.0% from the profit of Rs712.58m [EPS: Rs32.85] in the same period last year (SPLY).

The company's revenue grew by 19.3% to Rs23.56bn as compared to Rs19.75bn in SPLY. Gross profit also rose 17.4% to Rs3.77bn in Q1 FY25.

The gross margins worsened to 16.0% as compared to 16.3% in SPLY.

During the period under review, other income contracted by 27.7% to stand at Rs325.26m in Q1 FY25 as compared to Rs450.02m in SPLY.

On the expense side, the company's administrative expenses rose 22.0% from a year ago to Rs266.79m, selling and distribution expenses rose 46.2% to Rs831.49m, and other operating expenses rose 56.8% to Rs105.22m.

The company’s finance cost fell by 27.0% and stood at Rs1.28bn as compared to Rs1.75bn in SPLY.

On the tax front, the company paid a higher tax worth Rs575.41m against an expense paid worth Rs337.81m in the corresponding period of last year, an increase of 70.3%.

This translates to an effective tax rate of 35.8% as compared to 32.2% in SPLY.

Amount in thousand except for EPS

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