May 10, 2024 (MLN): Secure Logistics Group Limited (PSX: SLGL) revealed its profitability for the year ended December 2023, wherein the profit after tax rose 26.4% YoY to Rs368 million [EPS: Rs2.21].
This compares with a profit of Rs291.13m [EPS: Rs1.75] in the previous year.
Going by the results, the company's top line grew by 22.5% YoY to Rs2.04bn as compared to Rs1.67bn in 2022.
The cost of sales rose by 12.2% YoY but was lesser than proportionate to sales rise, which improved the gross profit by 41.3% YoY to Rs835.97m in 2023.
The gross margins improved to 40.88% as compared to 35.45% in SPLY.
During the period under review, other income went down by 39.1% YoY to stand at Rs15m in 2023 as compared to Rs24.64m in 2022.
The company’s finance cost expanded by 50.8% YoY and stood at Rs211.02m as compared to Rs139.97m in 2022, mainly due to higher interest rates.
On the tax front, the company paid a lower tax worth Rs25.53m against the Rs27.58m paid in the corresponding period of last year, depicting a fall of 7.4% YoY.
To note, SLGL was listed on the Pakistan Stock Exchange (PSX) in April, and has released the financial released on PSX for the first time.
Consolidated (un-audited) Financial Results for year ended December 31, 2023 (Rupees in '000)
