Service Industries's Q2 profit soars by 190% to Rs2.04bn
MG News | August 26, 2024 at 11:09 AM GMT+05:00
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
Copyright Mettis Link News
Related News
| Name | Price/Vol | %Chg/NChg |
|---|---|---|
| KSE100 | 173,636.08 181.93M | -0.97% -1692.74 |
| ALLSHR | 105,405.30 676.68M | -0.97% -1037.53 |
| KSE30 | 51,703.16 52.86M | -1.13% -591.67 |
| KMI30 | 247,520.68 78.50M | -1.09% -2718.46 |
| KMIALLSHR | 68,206.03 357.76M | -0.93% -638.20 |
| BKTi | 48,438.84 22.06M | -1.29% -634.09 |
| OGTi | 35,173.31 6.44M | -1.67% -596.49 |
| Symbol | Bid/Ask | High/Low |
|---|
| Name | Last | High/Low | Chg/%Chg |
|---|---|---|---|
| BITCOIN FUTURES | 79,305.00 | 80,800.00 78,870.00 | -750.00 -0.94% |
| BRENT CRUDE | 97.31 | 98.06 95.97 | 1.03 1.07% |
| RICHARDS BAY COAL MONTHLY | 126.75 | 0.00 0.00 | -0.75 -0.59% |
| ROTTERDAM COAL MONTHLY | 140.00 | 140.00 140.00 | 1.75 1.27% |
| USD RBD PALM OLEIN | 1,228.00 | 1,228.00 1,228.00 | 0.00 0.00% |
| CRUDE OIL - WTI | 92.75 | 93.29 90.87 | 1.27 1.39% |
| SUGAR #11 WORLD | 18.02 | 18.48 17.92 | -0.05 -0.28% |
Chart of the Day
Latest News
Top 5 things to watch in this week
Pakistan Stock Movers
| Name | Last | Chg/%Chg |
|---|
| Name | Last | Chg/%Chg |
|---|
Pakistan Total Debt and Liabilities