SGF reports 64% drop in quarterly earnings

By MG News | Category Equity | August 26, 2024 at 10:19 AM GMT+05:00

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August 26, 2024 (MLN): Service GlobalFootwear Limited (PSX: SGF) earnings during the quarter ended June 30, 2024, fell over 64% to Rs65.13 million [EPS: Rs0.32] compared to a profit of Rs181.03m [EPS: Rs0.89] recorded in the same period last year (SPLY).

According to the results, the company's top line fell by 1.8% to Rs3.77bn compared to Rs3.84bn in SPLY.

On the other hand, the cost of sales rose by 7.3%, which further worsened the gross profit by 31.9% to Rs602.4m in Q2 2024.

The gross margins worsened to 16% as compared to 23.1% in SPLY.

On the expense side, the company's administrative expenses and selling and distribution expenses rose by 17.6% and 11.4% YoY, respectively.

Meanwhile, other operating expenses fell 81.2% YoY to Rs4.53m.

During the period under review, other income also went down by 51.8% to stand at Rs108.08m in Q2 2024 as compared to Rs224.08m in SPLY, further worsening SGF's situation.

Conversely, the company's inflow through Equity Accounted Investee recorded a massive surge of 466.85%, rising to Rs230.16m in Q2 2024.

The company’s finance cost marked a decline of 40.4% and stood at Rs174.42m as compared to Rs292.65m in SPLY.

On the tax front, the company paid a higher tax worth Rs174.1m against the Rs93.92m paid in the corresponding period of last year, depicting an increase of 85.4%.

Consolidated (un-audited) Financial Results for quarter ended June 30, 2024 (Rupees in '000)
	Jun 24	Jun 23	% Change
Sales	3,767,488	3,835,012	-1.76%
Cost of sales	(3,165,084)	(2,950,225)	7.28%
Gross Profit/ (loss)	602,404	884,787	-31.92%
Administrative Expenses	(181,816)	(154,607)	17.60%
Selling And Distribution Expenses	(354,145)	(317,820)	11.43%
Share of Profit/(Loss) of Equity Accounted Investee - Net of Tax	230,159	40,603	466.85%
Other Income	108,078	224,080	-51.77%
Other Operating Expenses	(4,527)	(24,036)	-81.17%
Finance Cost	(174,424)	(292,650)	-40.40%
Profit/ (loss) before taxation	239,230	274,951	-12.99%
Taxation	(174,102)	(93,920)	85.37%
Net profit/ (loss) for the period	65,128	181,031	-64.02%
Basic earnings/ (loss) per share	0.32	0.89	-

Amount in thousand except for EPS

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