Service Industries reports 76% profit decline in 2024

MG News | March 26, 2025 at 09:45 AM GMT+05:00

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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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