Security Paper earns Rs386m in Q3, up 6%

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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