Searle’s earnings shrink by 82.9% YoY in FY23

September 28, 2023 (MLN): The Searle Company Limited (PSX: SEARL) saw its net profit plummet by 82.9% YoY to Rs413.05 million [EPS: Rs0.8] in FY23, a sharp contrast to the Rs2.42 billion [EPS: Rs7.54] it earned in the previous year.

Going by the results, the company's top line grew by 13.34% YoY to Rs33.9bn as compared to Rs29.91bn in FY22.

The cost of sales also rose by 23.1% YoY, accordingly, the gross profit remained almost flat at Rs13.23bn in FY23.

During the year, other income decreased by 34.93% YoY to stand at Rs279.69m as compared to Rs429.86m in FY22.

On the expense side, the company observed a rise in distribution costs by 16.39% YoY while other expenses fell by 57.34% YoY to clock in at Rs7.03bn and Rs128.09m respectively during the review period.

The company’s finance costs expanded by 79.21% YoY and stood at Rs3.79bn as compared to Rs2.12bn in FY23, mainly due to higher interest rates.

On the tax front, the company paid a lower tax worth Rs731.07m against the Rs1.25bn paid in the corresponding period of last year, depicting a fall of 41.30% YoY.

Amount in thousand except for EPS

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