Searle’s profits skyrocket, rising 8x

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MG News | February 28, 2025 at 05:09 PM GMT+05:00

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February 28, 2025 (MLN): The Searle Company Limited (PSX: SEARL) reported a profit of Rs69.35 million for the year ended December 31, 2024, reflecting a significant 713.62% increase compared to Rs8.52m in the previous year.

This surge was primarily driven by a 154% rise in profit from continuing operations, which stood at Rs764.75m, up from Rs301.08m in 2023.

Revenue from contracts with customers saw a slight decline of 3.83% to Rs14.99bn, compared to Rs15.59bn in the previous year, while cost of sales decreased by 7.33% to Rs7.8bn.

As a result, gross profit remained relatively stable at Rs7.19bn.

On the expense side, finance costs dropped by 23.09% to Rs1.4bn, contributing to the overall improvement in profitability.

However, discontinued operations posted a net loss of Rs695.4m, marking a 137.7% decline from last year’s Rs292.56m.

Meanwhile, other income declined by 39.61% to Rs81.02m, whereas other operating expenses fell 33.04% to Rs28.1m.

Basic and diluted earnings per share from continuing operations rose 150.85% to Rs1.48, while losses from discontinued operations widened to Rs1.41 per share from Rs0.05 in the previous year.

Consolidated Financial Results For The Year Ended December 31, 2024 (Rs. in '000)
Particulars Dec-24 Dec-23 %Change
Revenue from contracts with customers 14,994,862 15,591,299 -3.83%
Cost of sales (7,802,510) (8,419,526) -7.33%
Gross profit 7,192,352 7,171,773 0.29%
Distribution costs (3,974,792) (3,998,298) -0.59%
Administrative expenses (897,856) (864,047) 3.91%
Other operating expenses (28,101) (41,967) -33.04%
Other income 81,022 134,159 -39.61%
Profit from operations 2,372,952 2,401,620 -1.19%
Finance cost (1,402,107) (1,823,156) -23.09%
Profit before levies and income tax 970,818 578,464 67.83%
Levies - minimum tax and final tax (29,846) -  
Profit before income tax 940,872 578,464 62.65%
Income tax expense (176,119) (277,382) -36.51%
Profit from continuing operations 764,753 301,082 154.00%
Discontinued operations:      
Profit / (loss) from discontinued operations - net of tax (695,400) (292,558) 137.70%
Profit for the period 69,353 8,524 713.62%
Other comprehensive income      
Total comprehensive income for the period 69,353 8,524 713.62%
Total comprehensive income for the period is attributable to:      
Owners of the Parent Company - continuing operations 755,048 278,926 170.70%
Owners of the Parent Company - discontinued operations (717,891) (265,087) 170.81%
Non-controlling interests - continuing operations 7,705 22,156 -65.22%
Non-controlling interests - discontinued operations 21,491 (27,417) -178.39%
Total 31,196 (5,315) -686.94%
Basic & diluted earnings per share      
From continuing operations 1.48 0.59 150.85%
From discontinued operations (1.41) 0.05 -

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