SEARL posts 26 rise in nine-month profits

MG News | April 28, 2021 at 11:24 PM GMT+05:00

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April 28, 2021 (MLN): Searle company Limited (SEARL) has announced its 9MFY21 financial results today, where the company reported a consolidated profit of Rs2.21bn (EPS: Rs 8.98) i.e. 26% higher than the net profits of Rs1.76bn (EPS: Rs7.18) in 9MFY20.

As per the financial statement issued to PSX, the company’s revenue went up by 32.4% YoY to Rs20bn courtesy of OBS portfolio consolidation in view of Insight Securities. However, the gross margin fell to 46.13% from 48% due to the addition of low margin products of the OBS portfolio and delay in price revision, the report added.

During the period under review, the distribution and administrative expenses rose by 10% YoY and 16% YoY, respectively. While finance costs surged more than 2x YoY due to the undertaking of debt to fund the OBS acquisition and a rising working capital cycle which affected cash flows, said Yusra B. Farhan, Research Analyst at Intermarket Securities said.

Along with the result, the company announced the registration of its two new facilities from the U.S Food and Drug Administration duly verified by Registrar Corp, Virginia, USA. This registration will enable the company to export its consumer products, dietary and nutritional supplements to the USA market.

Consolidated Statement of Profit or Loss for the Nine months ended March 31st, 2021 ('000 Rupees)
	Mar-21	Mar-20	% Change
Revenue	19,994,186	15,102,987	32.39%
Cost of sales	(10,770,550)	(7,864,456)	36.95%
Gross profit	9,223,636	7,238,531	27.42%
Distribution costs	(3,845,249)	(3,497,023)	9.96%
Administrative expenses	(1,034,709)	(888,816)	16.41%
Other operating expenses	(250,118)	(193,992)	28.93%
Other income	305,562	371,861	-17.83%
Profit from operations	4,399,122	3,030,561	45.16%
Finance cost	(1,267,642)	(503,661)	151.69%
Profit before income tax	3,131,480	2,526,900	23.93%
Income tax expense	(918,776)	(768,893)	19.49%
Profit for the period	2,212,704	1,758,007	25.86%
Basic and diluted earnings per share (Rupees)	8.98	7.18	25.07%

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