Sapphire Textile Mills quarterly profit jumps 45%
MG News | October 30, 2024 at 10:27 AM GMT+05:00
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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