SRVI’s Q1 2024 profit surges to Rs733.4m

MG News | April 29, 2024 at 03:10 PM GMT+05:00

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April 29, 2024 (MLN): Service Industries Limited (PSX: SRVI) recorded a significant increase of 2.5x YoY in its profitability in the first quarter of 2024, clocking in its profit after tax at Rs733.36 million [EPS: Rs15.61], compared to a profit of Rs296m [EPS: Rs6.3] in the same period last year (SPLY).

Going by the results, the company's top line grew by 32.9% YoY to Rs15.09bn as compared to Rs11.35bn in SPLY.

The cost of sales also rose by 29.6% YoY but was lesser than proportionate to sales rise, which improved the gross profit by 43.7% YoY to Rs3.88bn in Q1 2024.

The gross margins improved to 25.71% as compared to 23.77% in SPLY.

During the period under review, other income rose 3.4x YoY to stand at Rs611.72m in Q1 2024 as compared to Rs182.32m in SPLY.

On the expense side, the company's administrative expenses rose 22.1% YoY to Rs536.11m, selling and distribution expenses rose 47.5% YoY to Rs1.4bn, and other operating expenses rose 47.5% YoY to Rs115.64m.

The company’s finance cost also rose by 40.0% YoY and stood at Rs1.33bn as compared to Rs948.4m in SPLY, mainly due to higher interest rates.

On the tax front, the company paid a higher tax worth Rs386.93m against the Rs209.84m paid in the corresponding period of last year, depicting an increase of 84.4% YoY.

Unconsolidated (un-audited) Financial Results for quarter ended March 31, 2024 (Rupees in '000)
	Mar 24	Mar 23	% Change
Sales	15,091,888	11,352,417	32.94%
Cost of sales	(11,212,307)	(8,653,403)	29.57%
Gross Profit/ (loss)	3,879,581	2,699,014	43.74%
Administrative Expenses	(536,112)	(439,182)	22.07%
Selling And Distribution Expenses	(1,398,058)	(947,755)	47.51%
Share Of Profit / (Loss)	6,143	16,872	-63.59%
Other Income	611,723	182,321	235.52%
Other Operating Expenses	(115,642)	(57,033)	102.76%
Finance Cost	(1,327,340)	(948,396)	39.96%
Profit/ (loss) before taxation	1,120,295	505,841	121.47%
Taxation	(386,932)	(209,843)	84.39%
Net profit/ (loss) for the period	733,363	295,998	147.76%
Basic earnings/ (loss) per share	15.61	6.30	-

Amount in thousand except for EPS

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