Security Paper earns Rs386m in Q3, up 6%
MG News | October 21, 2024 at 03:01 PM GMT+05:00
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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