Stylers International profits take a knock, drop 28% YoY

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MG News | February 26, 2025 at 02:46 PM GMT+05:00

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February 26, 2025 (MLN): Stylers International Limited (PSX: STYLERS) released its profit and loss statement for the half-year ended December 31, 2024, reporting a profit after tax of Rs509.69 million [EPS: Rs1.05], down from Rs706.67mn [EPS: Rs1.63] in the same period last year (SPLY), reflecting a 27.87% YoY decline.

The company’s revenue showed significant growth, with net sales rising by 66.38% YoY to Rs10.06 billion from Rs6.05bn in SPLY.

However, the cost of sales also increased sharply by 79.28% YoY to Rs8.32bn, which limited the gross profit growth to 23.82% YoY, standing at Rs1.74bn in H2FY25.

The company faced a substantial rise in distribution costs, which surged by 109.60% YoY to Rs501.85mn, while administrative expenses also saw an 18.40% YoY increase, reaching Rs271.11mn.

On the other hand, other expenses fell by 47.90% YoY to Rs80.65mn, providing some relief.

Other income, however, declined by 25.13% YoY to Rs114.49mn compared to Rs152.93mn in SPLY.

Meanwhile, financial and other charges increased by 57.81% YoY, reaching Rs181.04mn, primarily due to higher borrowing costs.

Despite a 7.07% YoY increase in operating profit, which stood at Rs1bn, the taxation expense surged significantly by 860.49% YoY to Rs311.61mn, which adversely impacted the bottom line.

As a result, the profit before income tax grew by 11.12% YoY to Rs821.30mn.

However, the significant rise in taxation led to a net profit after tax decline of 27.87% YoY.

Consequently, the earnings per share (EPS) dropped from Rs1.63 in SPLY to Rs1.05 in H2FY25, reflecting a decrease of 35.58%.

Profit and Loss For The Half Year Ended December 31, 2024 (Rupees in '000)
  Dec-24 Dec-23 %Change
Sales - net 10,063,514 6,048,502 66.38%
Cost of sales (8,322,058) (4,642,062) 79.28%
Gross profit 1,741,456 1,406,440 23.82%
Distribution cost (501,846) (239,434) 109.60%
Administrative expenses (271,110) (228,974) 18.40%
Other expense (80,650) (154,803) -47.90%
Other income 114,494 152,932 -25.13%
Total expenses (excluding finance cost) (739,112) (470,279) 57.16%
Operating profit 1,002,344 936,161 7.07%
Financial and other charges (181,043) (114,725) 57.81%
Profit before levy and income tax 821,301 821,436 -0.02%
Levy - (82,322)  
Profit before income tax 821,301 739,114 11.12%
Taxation (311,613) (32,443) 860.49%
Profit after taxation for the period 509,688 706,671 -27.87%
Earnings per share - basic and diluted 1.05 1.63 -35.58%

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