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Tariq Glass Industries doubles its profits in 1HFY24

Tariq Glass Industries doubles its profits in 1HFY24
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February 26, 2024 (MLN): Tariq Glass Industries Limited (PSX: TGL) saw a remarkable 2-fold increase in its profits year-over-year during the first half of fiscal year 2024, earning a profit after tax of Rs2.72 billion [EPS: Rs15.79], compared to a profit of Rs1.29bn [EPS: Rs7.49] in the same period last year (SPLY).

Going by the results, the company's top line inched up by 3.80% YoY to Rs14.44bn as compared to Rs13.91bn in SPLY.

Moreover, the cost of sales fell by 6.89% YoY, improving the gross profit by 51.82% YoY to Rs3.85bn in 1HFY24.

The gross margins improved to 26.64% as compared to 18.21% in SPLY.

During the review period, other income increased by 2.3x YoY to stand at Rs150.06m in 1HFY24 as compared to Rs64.89m in SPLY.

On the expense side, the company observed an increase in selling and distribution expenses by 23.25% YoY while other expenses fell by 19.30% YoY to clock in at Rs258.13m and Rs233.44m respectively during the review period.

The company’s finance cost surged by 71.82% YoY and stood at Rs233.35m as compared to Rs135.81m in SPLY, mainly due to higher interest rates.

On the tax front, the company paid a higher tax worth Rs1.21bn against the Rs448.28m paid in the corresponding period of last year, depicting a rise of 2.7x YoY.

Unconsolidated (un-audited) Financial Results for half year ended 31 December, 2023 (Rupees in '000)
  Dec 23 Dec 22 % Change
Sales 14,438,663 13,909,905 3.80%
Cost of sales (10,592,454) (11,376,559) -6.89%
Gross Profit 3,846,209 2,533,346 51.82%
Selling and distribution expenses (258,127) (209,437) 23.25%
Administrative expenses (245,152) (225,705) 8.62%
Bargain purchase gain 915,162
Share of loss of associate (9,534)
Other Income 150,065 64,890 131.26%
Other expenses (233,445) (289,263) -19.30%
Finance cost (233,352) (135,812) 71.82%
Profit before taxation 3,931,826 1,738,020 126.22%
Taxation (1,213,821) (448,277) 170.77%
Net profit for the period 2,718,005 1,289,742 110.74%
Basic earnings/ (loss) per share  15.79 7.49

Amount in thousand except for EPS

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Posted on: 2024-02-26T10:15:21+05:00