Service Industries reports 76% profit decline in 2024
MG News | March 26, 2025 at 09:45 AM GMT+05:00
March 26, 2025 (MLN): Service Industries Limited (PSX: SRVI) reported a profit after tax of Rs324.42 million [EPS: Rs6.90] for the year ended December 31, 2024, marking a sharp decline of 75.83% compared to Rs1.34 billion [EPS: Rs28.56] in 2023.
The company has declared a final cash dividend of Rs15 per share, reflecting a 150% payout.
The company’s revenue plunged by 70.16% to Rs16.64bn from Rs55.74bn in the previous year, primarily due to lower sales.
The cost of sales also decreased by 61.73% to Rs16.09bn, leading to a gross profit of Rs543.78m, reflecting a significant 96.03% drop from Rs13.69bn in 2023.
On the expense side, distribution costs and administrative expenses fell by 91.03% and 73.90%, respectively, amounting to Rs416.44m and Rs545.69m.
Other expenses also declined by 80.92% to Rs50.3m.
However, other income saw a remarkable 431.19% increase to Rs3.31bn, providing some relief to the company’s financials.
Profit from operations dropped by 61.20% to Rs2.84bn from Rs7.32bn in the prior year.
Finance costs decreased by 56.75% to Rs2.17bn, reflecting lower borrowing expenses.
The company’s profit before taxation stood at Rs643.79m, down by 69.89% from Rs2.14bn in 2023, while taxation also fell by 59.86% to Rs319.37m
| Financial Results for the Year Ended December 31, 2024 (Rupees '000') | |||
| Particulars | Dec-24 | Dec-23 | %Change |
| REVENUE - net | 16,636,187 | 55,744,034 | -70.16% |
| COST OF SALES | (16,092,411) | (42,053,764) | -61.73% |
| GROSS PROFIT | 543,776 | 13,690,270 | -96.03% |
| DISTRIBUTION COST | (416,437) | (4,643,023) | -91.03% |
| ADMINISTRATIVE EXPENSES | (545,692) | (2,091,125) | -73.90% |
| OTHER EXPENSES | (50,296) | (263,574) | -80.92% |
| TOTAL EXPENSES | (1,012,425) | (6,997,722) | -85.53% |
| OTHER INCOME | 3,307,048 | 622,573 | 431.19% |
| PROFIT FROM OPERATIONS | 2,838,399 | 7,315,121 | -61.20% |
| FINANCE COST | (2,171,578) | (5,020,990) | -56.75% |
| SHARE OF NET PROFIT OF ASSOCIATE | - | 63,752 | |
| PROFIT BEFORE LEVY AND TAXATION | 666,821 | 2,357,883 | -71.72% |
| LEVY | (23,033) | (220,045) | -89.53% |
| PROFIT BEFORE TAXATION | 643,788 | 2,137,838 | -69.89% |
| TAXATION | (319,367) | (795,702) | -59.86% |
| PROFIT AFTER TAXATION | 324,421 | 1,342,136 | -75.83% |
| EARNINGS PER SHARE - BASIC AND DILUTED (RUPEES) | 6.9 | 28.56 | -75.84% |
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