Searle's profit plunges by 52.76% YoY in 3QCY23

News Image

MG News | October 27, 2023 at 03:30 PM GMT+05:00

0:00

October 27, 2023 (MLN): The Searle Company Limited (PSX: SEARL) 's profitability fell significantly by 52.76% YoY in the 3QCY23, clocking in its profit after tax at Rs137.96m [EPS: 0.31], compared to the Rs292m [EPS: 0.68] reported in the Same Period Last Year (SPLY).

Going by the results, the company's top line soared by 32.25% YoY to Rs10.86bn as compared to Rs8.21bn in SPLY.

The cost of sales also rose by 36.74% YoY to Rs6.71bn in 3QCY23.

As the sales increase was greater than proportionate to the increase in cost to sell, the gross profit improved by 25.59% YoY to Rs4.15bn during the review period.

On the expense side, the company observed an increase in Distribution expenses by 26.54% YoY and administrative expenses by 21.32% YoY to clock in at Rs2.15bn and Rs420.61m respectively during the review period.

The profit and loss statement further shows that other income contracted by 40.82% YoY to stand at Rs28.65m in 3QCY23 as compared to Rs48.41m in SPLY.

The company’s finance costs soared by 55.29% YoY and stood at Rs1.23bn as compared to Rs793.47m in 3QCY22, mainly due to higher interest rates.

On the tax front, the company paid a lower tax worth Rs203.39m against the Rs183.35m paid in the corresponding period of last year, depicting a fall of 10.94% YoY.

Consolidated Condensed Interim Financial Results for the Quarter ended 30 September 2023 (Rupees in '000)
  Sep 23 Sep 22 % Change
Sales 10,862,095 8,213,147 32.25%
Cost of sales (6,710,537) (4,907,555) 36.74%
Gross Profit 4,151,558 3,305,592 25.59%
Distribution expenses (2,146,081) (1,695,970) 26.54%
Administrative expenses  (420,605) (346,695) 21.32%
Other Income 28,650 48,412 (40.82%)
Other operating expenses (39,996) (42,516) (5.93%)
Finance cost (1,232,174) (793,470) 55.29%
Profit before tax 341,352 475,353 (28.19%)
Taxation (203,394) (183,345) 10.94%
Net profit for the period 137,958 292,008 (52.76%)
Basic and diluted earnings/ (loss) per share  0.31 0.68 -

 

SEARL and KSE-100 YTD Performance

Copyright Mettis Link News

Related News

Name Price/Vol %Chg/NChg
KSE100 135,462.95
73.40M
0.87%
1163.19
ALLSHR 84,649.77
309.21M
0.75%
631.61
KSE30 41,177.71
34.33M
0.89%
363.42
KMI30 193,741.83
35.85M
0.60%
1152.66
KMIALLSHR 56,368.04
138.85M
0.53%
295.79
BKTi 37,510.51
6.30M
1.46%
538.76
OGTi 28,272.81
1.58M
0.12%
32.53
Symbol Bid/Ask High/Low
Name Last High/Low Chg/%Chg
BITCOIN FUTURES 122,650.00 122,945.00
118,675.00
4120.00
3.48%
BRENT CRUDE 70.49 70.86
70.36
0.13
0.18%
RICHARDS BAY COAL MONTHLY 97.50 0.00
0.00
1.10
1.14%
ROTTERDAM COAL MONTHLY 108.75 108.75
108.75
0.40
0.37%
USD RBD PALM OLEIN 998.50 998.50
998.50
0.00
0.00%
CRUDE OIL - WTI 68.55 68.95
68.41
0.10
0.15%
SUGAR #11 WORLD 16.56 16.60
16.20
0.30
1.85%

Chart of the Day


Latest News
July 14, 2025 at 10:46 AM GMT+05:00

Bitcoin overtakes Amazon in global asset rankings


July 14, 2025 at 10:24 AM GMT+05:00

Bitcoin surges past $121,000 for first time


July 14, 2025 at 10:00 AM GMT+05:00

Dewan Cement installs 6 MW solar energy system


July 14, 2025 at 09:39 AM GMT+05:00

Petrol prices likely to rise by Rs3–5 from July 16


July 14, 2025 at 09:26 AM GMT+05:00

Indus Motor Company



Top 5 things to watch in this week

Pakistan Stock Movers
Name Last Chg/%Chg
Name Last Chg/%Chg