November 03, 2023 (MLN): Security Paper Limited (PSX: SEPL) has revealed its profit and loss statement for the 1QFY24, as per which the company’s profitability increased significantly by 74.12% YoY to Rs365.19 million [EPS: 6.16], compared to the profit of Rs209.73m [EPS: 3.54] reported in the Same Period Last year (SPLY).
Going by the results, the company’s top line soared by 46.06% YoY to Rs1.73bn as compared to Rs1.18bn in SPLY.
The company’s cost of sales rose by 37.95% YoY to Rs1.24bn. However, due to a higher increase in sales, the gross profit improved significantly by 72.11% YoY to Rs484m.
Security Papers Limited’s strategic focus on increasing sales volume and diversifying its customer base has yielded significant results.
Sales volume for 1QFY24 reached 1,128 tonnes, an increase from 961 tonnes in 1QFY23. This expansion aligns with its commitment to diversify its client portfolio.
On the expense side, the company observed an increase in administrative expenses by 11.43% YoY and other expenses by 18.46% YoY to clock in at Rs100.71m and Rs45.74m respectively during the review period.
The profit and loss statement further shows that SEPL’s other income jumped by 61.11% YoY to stand at Rs260.53m in 1QFY24 as compared to Rs161.72m in SPLY.
On the tax front, the company paid a higher tax worth Rs230.44m against the Rs102.89m paid in the corresponding period of last year, depicting an increase of 2.24x YoY.
SEPL Chairman Aftab Manzoor expressed enthusiasm about the financial results, stating, “Our strategic vision and relentless focus on innovation and diversification have yielded impressive outcomes as SEPL achieved a remarkable increase in EPS of Rs. 2.62 in 1QFY24 vs 1QFY23.”
The company’s strong performance is a testament to its commitment to progress and strategic initiatives aimed at delivering value to shareholders and customers.
Moving forward, SEPL will be collaborating with a European security paper company to further enhance its operational capabilities to ensure continued growth and competitiveness.
| Condensed Interim Financial Results for the Quarter ended 30 September 2023 (Rupees in ‘000) | |||
|---|---|---|---|
| Sep 23 | Sep 22 | % Change | |
| Sales | 1,728,559 | 1,183,436 | 46.06% |
| Cost of sales | (1,244,563) | (902,216) | 37.95% |
| Gross Profit | 483,996 | 281,220 | 72.11% |
| Administrative expenses | (100,707) | (90,373) | 11.43% |
| Other Income | 260,532 | 161,715 | 61.11% |
| Other expenses | (45,743) | (38,614) | 18.46% |
| Finance cost | (2,449) | (1,327) | 84.55% |
| Profit before tax | 595,629 | 312,621 | 90.53% |
| Taxation | (230,439) | (102,890) | 123.97% |
| Net profit for the period | 365,190 | 209,731 | 74.12% |
| Basic and diluted earnings/ (loss) per share | 6.16 | 3.54 | – |
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Posted on: 2023-11-03T10:56:14+05:00
