April 29, 2024 (MLN): Security Paper Limited (PSX: SEPL) experienced a massive jump in its earnings for the quarter ended March 31, 2024 (Q12024), reporting a profit after tax at Rs336.93 million [EPS: Rs5.69], compared to a profit of Rs94.84m [EPS: Rs2.13] in the same period last year (SPLY).
Going by the results, the company's top line surged by 67.1% YoY to Rs1.81bn as compared to Rs1.08bn in SPLY.
The cost of sales also increased by 31.4% YoY but the growth in sales was of a greater proportion, which improved the gross profit by 452.1% YoY to Rs506.93m in Q12024.
Accordingly, the gross margins improved to 28.00% as compared to 8.47% in SPLY.
On the expense side, the company observed a rise in Administrative Expenses by 75.2% YoY and other expenses by 42.1% YoY to clock in at Rs131.35m and Rs43.7m respectively during the review period.
The gains during the quarter were further blostered by the other income, which surged 52.7% YoY to stand at Rs244.02m in Q12024 as compared to Rs159.78m in the same period last year.
The company’s finance cost contracted by 67.7% YoY and stood at Rs1.02m as compared to Rs3.14m in SPLY, despite higher interest rates.
On the tax front, the company paid a higher tax worth Rs237.95m against the Rs3.19m paid in the corresponding period of last year.
| Unconsolidated (un-audited) Financial Results for quarter ended March 31, 2024 (Rupees in '000) | |||
|---|---|---|---|
| Mar 24 | Mar 23 | % Change | |
| Net Revenue | 1,810,488 | 1,083,705 | 67.06% |
| Cost of sales | (1,303,561) | (991,894) | 31.42% |
| Gross Profit/ (loss) | 506,927 | 91,811 | 452.14% |
| Administrative Expenses | (131,353) | (74,981) | 75.18% |
| Other Income | 244,024 | 159,776 | 52.73% |
| Other Operating Expenses | (43,702) | (75,439) | -42.07% |
| Finance Cost | (1,015) | (3,138) | -67.65% |
| Profit/ (loss) before taxation | 574,881 | 98,029 | 486.44% |
| Taxation | (237,954) | (3,191) | 7357.04% |
| Net profit/ (loss) for the period | 336,927 | 94,838 | 255.27% |
| Basic earnings/ (loss) per share | 5.69 | 2.13 | – |
Amount in thousand except for EPS
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Posted on: 2024-04-29T15:55:49+05:00
