Searle’s profits skyrocket, rising 8x

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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