SGF's profit increases by 24.9% to Rs431.1m in 1HCY23

MG News | August 11, 2023 at 12:35 PM GMT+05:00

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August 11, 2023 (MLN): Service GlobalFootwear Limited (PSX: SGF) has reported its earnings for the half year ended June 30, 2023, which showed that the profitability of the company increased by 24.09% YoY, with a profit after tax of Rs431.1 million [EPS: Rs2.09] in 1HCY23 as compared to a profit of Rs347.4m [EPS: Rs1.69] in the same period last year (SPLY).

Going by the results, the company's top line rose by 53.76% YoY to Rs7.42bn in 1HCY23 as compared to Rs4.83bn in SPLY.

The cost of sales rose by 52.12% YoY but was lesser than proportionate to sales increase, which improved the gross profit by 60.04% YoY to Rs1.6bn in 1HCY23.

However, during the review period, other income grew by 6.07% YoY to stand at Rs430.29m in 1HCY23 as compared to Rs405.65m in SPLY.

On the expense side, the company observed an increase in distribution costs by 20.57% YoY and other expenses by 24.66% YoY to clock in at Rs538.72m and Rs39.59m respectively during the review period.

The company’s finance costs soared by 3.59x YoY and stood at Rs504.47m as compared to Rs140.41m in 1HCY22, mainly due to higher interest rates.

On the tax front, the company paid a higher tax worth Rs254.24m against the Rs168.6m paid in the corresponding period of last year, depicting a rise of 50.80% YoY.

Consolidated (un-audited) Financial Results for half year ended 30 June, 2023 (Rupees in '000)
	June 23	June 22	% Change
Sales	7,422,739	4,827,631	53.76%
Cost of sales	(5,827,491)	(3,830,825)	52.12%
Gross Profit	1,595,248	996,806	60.04%
Administrative expenses	(300,020)	(233,217)	28.64%
Distribution Costs	(538,720)	(446,829)	20.57%
Other Income	430,285	405,645	6.07%
Other expenses	(39,586)	(31,754)	24.66%
Finance cost	(504,467)	(140,414)	259.27%
Profit/(Loss) from Associate	42,595	(34,241)	-
Profit before taxation	685,335	515,996	32.82%
Taxation	(254,240)	(168,596)	50.80%
Net profit for the period	431,095	347,400	24.09%
Basic and diluted earnings/ (loss) per share	2.09	1.69	-

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