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.
| Condensed Interim Financial Results for half year ended 31 December, 2023 (Rupees in '000) | |||
|---|---|---|---|
| Dec 23 | Dec 22 | % Change | |
| Sales | 3,049,794 | 3,026,143 | 0.78% |
| Cost of sales | (2,466,566) | (2,517,390) | -2.02% |
| Gross Profit | 583,229 | 508,753 | 14.64% |
| Sales and distribution expenses | (29,173) | (22,324) | 30.68% |
| Administrative expenses | (162,285) | (125,810) | 28.99% |
| Other Income | 62,778 | 25,191 | 149.20% |
| Other expenses | (34,291) | (22,385) | 53.19% |
| Finance cost | (53,111) | (73,363) | -27.61% |
| Profit before taxation | 367,145 | 290,061 | 26.58% |
| Taxation | (132,515) | (89,588) | 47.92% |
| Net profit for the period | 234,630 | 200,473 | 17.04% |
| Basic earnings/ (loss) per share | 1.22 | 1.00 | – |
Amount in thousand except for EPS
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Posted on: 2024-02-19T15:22:59+05:00
