Symmetry Group’s consolidated profits soar 2.6x to Rs37.8m

MG News | April 30, 2024 at 11:21 AM GMT+05:00

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April 30, 2024 (MLN): Symmetry Group Limited (PSX: SYM) recorded a consolidated profit after tax of Rs37.79 million [EPS: Rs0.13], up 2.6x YoY compared to a profit of Rs14.52m [EPS: Rs0.07] in the same period last year (SPLY).

Going by the results, the company's top line dipped 1.3% YoY to Rs132.89m as compared to Rs134.61m in SPLY.

However, the cost of sales fell significantly by 40.6% YoY, improving the gross profit by 51.6% YoY to Rs86.98m in Q1 2024.

The gross margins increased to 65.46% as compared to 42.64% in SPLY.

During the period under review, other income expanded over 5x YoY to stand at Rs5.84m in Q1 2024 as compared to Rs1.16m in SPLY.

The company’s finance cost went up by 4.4x YoY and stood at Rs3.46m as compared to Rs0.64m in SPLY, mainly due to higher interest rates.

On the tax front, the company paid a higher tax worth Rs9.61m against the Rs8.7m paid in the corresponding period of last year, depicting an increase of 10.5% YoY.

Unconsolidated (un-audited) Financial Results for quarter ended March 31, 2024 (Rupees in '000)
	Mar 24	Mar 23	% Change
Sales	132,891	134,612	-1.28%
Cost of sales	(45,907)	(77,217)	-40.55%
Gross Profit/ (loss)	86,984	57,395	51.55%
Administrative Expenses	(41,959)	(34,692)	20.95%
Other Income	5,836	1,158	404.01%
Finance Cost	(3,463)	(645)	437.33%
Profit/ (loss) before taxation	47,398	23,216	104.16%
Taxation	(9,613)	(8,700)	10.49%
Net profit/ (loss) for the period	37,785	14,516	160.30%
Basic earnings/ (loss) per share	0.13	0.07	-

Amount in thousand except for EPS

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