SLGL reports strong 70% profit growth for FY 2024

MG News | April 07, 2025 at 10:43 AM GMT+05:00

0:00

April 07, 2025 (MLN): Secure Logistics Group Limited (PSX: SLGL) has posted its financial results for the year ended December 31, 2024, reporting a robust 69.7% YoY growth in profit after tax, reaching Rs600.68 million [EPS: Rs2.43] as compared to Rs353.87m [EPS: Rs2.13] in the previous year.

The company’s top line increased by 15.1% YoY to Rs1.80 billion, up from Rs1.57bn in 2023.

Meanwhile, the cost of services rose by 12.0% YoY, which was lower than the revenue growth, thereby improving the gross profit by 24.4% YoY to Rs488.62m.

The improved cost efficiency led to better gross margins for the year.

Administrative expenses decreased by 4.2% YoY, aiding the operating profit which surged by 45.7% YoY to Rs328.13m compared to Rs225.28m last year.

The company's finance cost dropped by 15.7% YoY, coming in at Rs165.44m, while expected credit losses slightly declined to Rs0.7m.

A noteworthy contribution came from the company’s share of profit from associate, which jumped by 40.6% YoY to Rs408.34m.

However, other income dropped sharply by 58.5% YoY, totaling Rs5.36m compared to Rs12.91m a year ago.

Overall, profit before income tax rose by an impressive 73.2% YoY to Rs573.71m.

The company recorded levies of Rs1.98m, significantly higher than the Rs0.38m recorded in 2023, showing a 426.7% increase.

On the taxation front, the company paid Rs26.97m, reflecting a 19.1% YoY increase from the previous year.

Financial Results for the Period Ended December 31, 2024
Particulars	Dec-24	Dec-23	%Change
Revenue - net	1,803,631,846	1,566,828,798	15.11%
Cost of services	(1,315,015,219)	(1,174,067,441)	12.01%
Gross profit	488,616,627	392,761,357	24.41%
Administrative expenses	(160,483,983)	(167,484,051)	-4.18%
Operating profit for the year	328,132,644	225,277,306	45.66%
Finance costs	(165,440,845)	(196,170,763)	-15.66%
Expected credit losses	(697,956)	(742,180)	-5.96%
Share of profit from associate	408,337,678	290,334,040	40.64%
Other income	5,356,040	12,909,061	-58.51%
Profit for the year before levies and tax	575,687,561	331,607,464	73.61%
Levies	(1,978,722)	(375,674)	426.71%
Profit for the year before income tax	573,708,839	331,231,790	73.20%
Taxation	26,967,116	22,642,772	19.10%
Profit for the year after taxation	600,675,955	353,874,562	69.74%
Basic and diluted earnings per share	2.43	2.13	14.08%

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