Sazgar quarterly profit surges over six times

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MG News | October 28, 2024 at 09:43 AM GMT+05:00

October 28, 2024 (MLN): Sazgar Engineering Works Limited (PSX: SAZEW) recorded a net profit of Rs4.22 billion [EPS: Rs69.77] during the quarter ending September 2024, up 540.4% from the profit of Rs658.54 million [EPS: Rs10.89] in the same period last year (SPLY).

Its shares jumped almost 6% during intraday trade Monday.

Along with the results, the company announced an interim cash dividend for the quarter ended September 30, 2024 at Rs10 per share i.e. 100%.

The company's revenue surged by 227.3% to Rs26.33bn as compared to Rs8.04bn in SPLY. Gross profit jumped 404.5% to Rs7.62bn in Q1 FY25.

The gross margins improved to 28.9% as compared to 18.8% in SPLY.

During the period under review, other income also went up by 406.7% to stand at Rs403.39m in Q1 FY25 as compared to Rs79.61m in SPLY.

On the expense side, the company's administrative expenses rose 65.3% from a year ago to Rs122.98m, selling and distribution expenses rose 155.1% to Rs740.06m, and other operating expenses rose 504.9% to Rs488.03m.

The company’s finance cost skyrocketed by 61.6% and stood at Rs57.46m as compared to Rs35.56m in SPLY, mainly due to higher interest rates.

On the tax front, the company paid a higher tax worth Rs2.4bn against Rs450.83m paid in the corresponding period of last year, an increase of 431.9%.

This translates to an effective tax rate of 36.2% as compared to 40.6% in SPLY.

Unconsolidated (un-audited) Financial Results for quarter ended September 30, 2024 (Rupees in '000)
  Sep 24 Sep 23 % Change
Sales 26,331,994 8,044,264 227.34%
Cost of sales (18,711,357) (6,533,693) 186.38%
Gross Profit/ (loss) 7,620,637 1,510,572 404.49%
Administrative Expenses (122,983) (74,417) 65.26%
Selling And Distribution Expenses (740,056) (290,163) 155.05%
Other Income 403,389 79,606 406.73%
Other Operating Expenses (488,035) (80,675) 504.94%
Finance Cost (57,455) (35,555) 61.59%
Profit/ (loss) before taxation 6,615,498 1,109,368 496.33%
Taxation (2,398,025) (450,831) 431.91%
Net profit/ (loss) for the period 4,217,473 658,537 540.43%
Basic earnings/ (loss) per share 69.77 10.89 -

Amount in thousand except for EPS

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