Security Paper earns Rs386m in Q3, up 6%

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By MG News | October 21, 2024 at 03:01 PM GMT+05:00

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October 21, 2024 (MLN): Security Paper Limited (PSX: SEPL) recorded an increase of 5.8% YoY in its earnings with its profit after tax clocking in at Rs386.19 million [EPS: Rs6.52] for the third quarter, compared to a profit of Rs365.19m [EPS: Rs6.16] reported in Q3 CY23.

According to the profit and loss account, the company's top line expanded by 19.1% to Rs2.06bn as compared to Rs1.73bn in SPLY.

The cost of sales rose by 19.1% but the greater growth in sales resulted in the gross profit to rise by 19.1% to Rs576.56m in Q3 CY24.

During the period under review, other income slipped 5.8% to stand at Rs245.48m in Q3 CY24 as compared to Rs260.53m in SPLY.

On the expense side, the company's administrative expenses rose 22.9% YoY to Rs123.72m, while operating expenses increased 10.2% YoY to Rs50.41m.

The company’s finance cost deflated by 80.7% and stood at Rs0.47m as compared to Rs2.45m in SPLY.

On the tax front, the company paid a higher tax worth Rs261.26m against the Rs230.44m paid in the corresponding period of last year, depicting a rise of 13.4%.

Unconsolidated (un-audited) Financial Results for quarter ended September 30, 2024 (Rupees in '000)
  Sep 24 Sep 23 % Change
Sales 2,059,137 1,728,559 19.12%
Cost of sales (1,482,579) (1,244,563) 19.12%
Gross Profit/ (loss) 576,558 483,996 19.12%
Administrative Expenses (123,715) (100,707) 22.85%
Other Income 245,484 260,532 -5.78%
Other Operating Expenses (50,406) (45,743) 10.19%
Finance Cost (472) (2,449) -80.73%
Profit/ (loss) before taxation 647,449 595,629 8.70%
Final tax / levies (261,262) (230,439) 13.38%
Net profit/ (loss) for the period 386,187 365,190 5.75%
Basic earnings/ (loss) per share 6.52 6.16 -

Amount in thousand except for EPS

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