Sitara Chemical quarterly profit falls 23%

MG News | October 29, 2024 at 10:10 AM GMT+05:00

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October 29, 2024 (MLN): Sitara Chemical Industries Limited (PSX: SITC) posted a net profit of Rs155.33 million [EPS: Rs7.25] during the quarter ending September 2024, down 23.0% from the profit of Rs201.72m [EPS: Rs9.41] in the same period last year (SPLY).

The company's revenue remained largely unchanged at Rs7.61bn compared to SPLY. Meanwhile, gross profit fell 1.1% to Rs1.17bn in Q1 FY25.

The gross margins worsened to 15.4% as compared to 15.6% in SPLY.

During the period under review, other income expanded by 29.9% to stand at Rs73.87m in Q1 FY25 as compared to Rs56.86m in SPLY.

On the expense side, the company's administrative expenses rose 10.3% from a year ago to Rs289.62m, selling and distribution expenses fell 5.4% to Rs128.21m, and other operating expenses fell 32.5% to Rs15.19m.

The company’s finance cost soared by 17.3% and stood at Rs607.79m as compared to Rs518.08m in SPLY, mainly due to higher interest rates.

On the tax front, the company paid a lower tax worth Rs49.62m against an expense paid worth Rs101.2m in the corresponding period of last year, a decrease of 51.0%.

This translates to an effective tax rate of 24.2% as compared to 33.4% in SPLY.

Unconsolidated (un-audited) Financial Results for quarter ended September 30, 2024 (Rupees in '000)
	Sep 24	Sep 23	% Change
Sales	7,607,083	7,613,221	-0.08%
Cost of sales	(6,435,202)	(6,428,472)	0.10%
Gross Profit/ (loss)	1,171,881	1,184,749	-1.09%
Administrative Expenses	(289,622)	(262,597)	10.29%
Selling And Distribution Expenses	(128,207)	(135,512)	-5.39%
Other Income	73,866	56,862	29.90%
Other Operating Expenses	(15,189)	(22,502)	-32.50%
Finance Cost	(607,785)	(518,080)	17.31%
Profit/ (loss) before taxation	204,944	302,920	-32.34%
Taxation	(49,619)	(101,198)	-50.97%
Net profit/ (loss) for the period	155,325	201,722	-23.00%
Basic earnings/ (loss) per share	7.25	9.41	-

Amount in thousand except for EPS

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