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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Posted on: 2024-08-26T11:09:07+05:00
