SLGL’s profit remains steady at Rs114m

MG News | August 05, 2024 at 10:15 AM GMT+05:00

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August 05, 2024 (MLN): Secure Logistics Group Limited's (PSX: SLGL) net profit remained largely unchanged at Rs114.06 million [EPS: Rs0.42] during the second quarter of 2024 despite a notable jump in gross margins.

That compares to a profit of Rs113.04m [EPS: Rs0.68] in the same period last year (SPLY).

Going by the results, the company's top line inched up 3.9% YoY to Rs524.45m as compared to Rs504.8m in SPLY.

Moreover, the cost of sales fell by 3.0% YoY, improving the gross profit by 24.0% YoY to Rs159.7m in Q2 2024.

The gross margins improved to 30.45% as compared to 25.51% in SPLY.

However, other income fell 56.6% YoY to Rs2.44m in Q2 2024 as compared to Rs5.62m in SPLY.

On the expense side, the company's administrative expenses rose 58.7% YoY to Rs36.96m.

The company’s finance cost also inflated by 49.2% YoY and stood at Rs93.41m as compared to Rs62.59m in SPLY, mainly due to higher interest rates.

On the tax front, the company paid a higher tax worth Rs21.77m against the Rs13.08m paid in the corresponding period of last year, depicting an increase of 66.5% YoY.

Unconsolidated (un-audited) Financial Results for quarter ended June 30, 2024 (Rupees in '000)
	Jun 24	Jun 23	% Change
Sales	524,446	504,795	3.89%
Cost of sales	(364,747)	(376,034)	-3.00%
Gross profit/ (loss)	159,699	128,761	24.03%
Administrative expenses	(36,958)	(23,287)	58.71%
Expected credit losses	(314)	-	-
Share of profit from subsidiary	104,374	77,614	34.48%
Other income	2,442	5,623	-56.58%
Finance cost	(93,407)	(62,594)	49.23%
Profit/ (loss) before taxation	135,836	126,118	7.71%
Taxation	(21,774)	(13,077)	66.50%
Net profit/ (loss) for the period	114,061	113,040	0.90%
Basic earnings/ (loss) per share	0.42	0.68	-

Amount in thousand except for EPS

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