SLGL reports strong 70% profit growth for FY 2024
MG News | April 07, 2025 at 10:43 AM GMT+05:00
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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