Sapphire Textile Mills quarterly profit jumps 45%

By MG News | Category Q32024 | October 30, 2024 at 10:27 AM GMT+05:00

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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.

Unconsolidated (un-audited) Financial Results for quarter ended September 30, 2024 (Rupees in '000)
	Sep 24	Sep 23	% Change
Sales	23,559,078	19,747,025	19.30%
Cost of sales	(19,790,546)	(16,537,738)	19.67%
Gross Profit/ (loss)	3,768,532	3,209,287	17.43%
Administrative Expenses	(266,786)	(218,745)	21.96%
Selling And Distribution Expenses	(831,495)	(568,734)	46.20%
Other Income	325,256	450,017	-27.72%
Other Operating Expenses	(105,215)	(67,089)	56.83%
Finance Cost	(1,281,324)	(1,754,344)	-26.96%
Profit/ (loss) before taxation	1,608,968	1,050,391	53.18%
Taxation	(575,413)	(337,815)	70.33%
Net profit/ (loss) for the period	1,033,555	712,576	45.04%
Basic earnings/ (loss) per share	47.65	32.85	-

Amount in thousand except for EPS

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