Searle’s profits skyrocket, rising 8x
MG News | February 28, 2025 at 05:09 PM GMT+05:00
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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