SPEL reports Rs234m profit in 1HFY24, up 17% YoY

February 19, 2024 (MLN): Synthetic Products Enterprises Limited (PSX: SPEL) experienced a rise of 17.04% YoY in its earnings for 1HFY24, clocking in its profit after tax at Rs234.63 million [EPS: Rs1.22], compared to a profit of Rs200.47m [EPS: Rs1] in the same period last year (SPLY).

Going by the results, the company's top line went up by 0.78% YoY to Rs3.05bn as compared to Rs3.03bn in SPLY.

On the other hand, the cost of sales fell by 2.02% YoY due to which the gross profit of the company improved by 14.64% YoY to Rs583.23m in 1HFY24.

On the expense side, the company observed an increase in Sales and distribution expenses by 30.68% YoY and other expenses by 53.19% YoY to clock in at Rs29.17m and Rs34.29m respectively during the review period.

Similarly, SPEL's administrative expenses ticked higher at Rs162.29m, around 29% more than the expenses reported in 1HFY23.

The company's profit witnessed a further boost as other income soared by 2.49x YoY to stand at Rs62.78m in 1HFY24 as compared to Rs25.19m in SPLY.

The company’s finance costs fell by 27.61% YoY and stood at Rs53.11m as compared to Rs73.36m in 1HFY24, despite higher interest rates.

On the tax front, the company paid a higher tax worth Rs132.52m against the Rs89.59m paid in the corresponding period of last year, depicting an increase of 47.92% YoY.

Amount in thousand except for EPS

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