Supernet earns Rs241m

MG News | October 09, 2024 at 09:29 AM GMT+05:00

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October 09, 2024 (MLN): Supernet Limited (PSX: GEMSPNL) posted a 28.1% higher consolidated profit after tax of Rs241.29 million [EPS: Rs1.93] in financial year 2024 as its sales surged.

That compares to a profit of Rs188.32m [EPS: Rs1.50] recorded last year.

The company's revenue soared 116.9% to Rs8.5 billion as compared to Rs3.92bn in FY23. Gross profit increased by 24.2% to Rs1.4bn.

The gross margins, however, worsened to 16.49% as compared to 28.78% last year.

Other income marked an increase of 7.6% to stand at Rs26.55m in FY24 as compared to Rs24.68m in FY23.

On the expense side, the company's administrative & other expenses rose 24.8% from last year to Rs640.63m, while distribution costs rose 10.6% to Rs225.21m.

The company’s finance cost also went up by 17.8% to Rs51.32m as compared to Rs43.57m in FY23.

On the tax front, the company paid a significantly higher tax worth Rs145.61m against the Rs26.65m paid last year, depicting an increase of 446.5%.

That translates to an effective tax rate of 37.6% as against 12.4% last year.

Consolidated (un-audited) Financial Results for year ended June 30, 2024 (Rupees in '000)
	Jun 24	Jun 23	% Change
Sales	8,502,287	3,919,991	116.90%
Cost of sales	(7,100,668)	(2,791,861)	154.33%
Gross profit/ (loss)	1,401,619	1,128,130	24.24%
Administrative & other expenses	(640,634)	(513,144)	24.84%
Distribution costs	(225,208)	(203,663)	10.58%
Exchange loss	(44,948)	(111,044)	-59.52%
Levy	(79,156)	(66,419)	19.18%
Other income	26,546	24,680	7.56%
Finance cost	(51,318)	(43,573)	17.77%
Profit/ (loss) before taxation	386,901	214,967	79.98%
Taxation	(145,612)	(26,645)	446.49%
Net profit/ (loss) for the period	241,289	188,322	28.13%
Basic earnings/ (loss) per share	1.93	1.50	-

Amount in thousand except for EPS

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