Service Industries's Q2 profit soars by 190% to Rs2.04bn

MG News | August 26, 2024 at 11:09 AM GMT+05:00

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August 26, 2024 (MLN): Service Industries Limited (PSX: SRVI) reported a profit of Rs2.04 billion [EPS: Rs30.09] for the quarter ended June 30, 2024, a remarkable increase of over 190% compared to Rs700.21 million [EPS: Rs11.88] in Q2 2023.

Going by the results, the company's top line went up by 31.1% to Rs31.6bn as compared to Rs24.11bn in SPLY.

The cost of sales also rose by 24.3%, but the greater increase in sales led to a 54.6% improvement in gross profit, which reached Rs8.29bn in Q2 2024.

Accordingly, the gross margins improved to 26.2% as compared to 22.3% in SPLY.

On the expense side, the company saw a 29% YoY increase in administrative expenses, reaching Rs882.3m. Selling and distribution expenses rose by 28% YoY to Rs2.14bn, while other operating expenses surged by 81.8% YoY to Rs232.33 million.

During the period under review, other income contributed to the increase in profit, growing by 40.8% to Rs296.72m in Q2 2024, compared to Rs210.7m in the same period last year.

The company’s finance cost decreased by 2.4% and stood at Rs1.82bn as compared to Rs1.87bn in SPLY.

On the tax front, the company paid a higher tax worth Rs1.51bn against the Rs402.81m paid in the corresponding period of last year, depicting an increase of 274.6%.

Consolidated (un-audited) Financial Results for quarter ended June 30, 2024 (Rupees in '000)
	Jun 24	Jun 23	% Change
Sales	31,597,074	24,110,146	31.05%
Cost of sales	(23,302,946)	(18,745,023)	24.32%
Gross Profit/ (loss)	8,294,128	5,365,123	54.59%
Administrative Expenses	(882,391)	(684,231)	28.96%
Selling And Distribution Expenses	(2,135,316)	(1,668,113)	28.01%
Share of Profit/(Loss) of Equity Accounted Investee - Net of Tax	12,100	14,641	-17.36%
Other Income	296,720	210,704	40.82%
Other Operating Expenses	(232,333)	(127,765)	81.84%
Finance Cost	(1,821,945)	(1,866,116)	-2.37%
Profit/ (loss) before taxation	3,544,464	1,103,023	221.34%
Taxation	(1,508,846)	(402,814)	274.58%
Net profit/ (loss) for the period	2,035,618	700,209	190.72%
Basic earnings/ (loss) per share	30.09	11.88	-

Amount in thousand except for EPS

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