SGF reports 64% drop in quarterly earnings

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By MG News | 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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