Tariq Glass sees about 17% decline in 1HFY25 profit
MG News | February 21, 2025 at 03:08 PM GMT+05:00
February 21, 2025 (MLN): Tariq Glass Industries Limited (PSX: TGL)witnessed a 16.63% decline in net profit for the first half of the fiscal year 2025, posting Rs2.27 billion in profit after tax [EPS: Rs13.16], compared to Rs2.72bn [EPS: Rs15.79] in the same period last year (SPLY)
The Board of Directors of the Company has declared an interim cash dividend of 20% (i.e., Rs2 per share) for the financial year ending June 30, 2025.
Despite this, the company’s revenue grew by 13.84% YoY to Rs16.44bn, up from Rs14.44bn in SPLY.
However, the cost of revenue increased by 7.60% YoY, reaching Rs11.40bn, which impacted overall profitability.
As a result, the gross profit rose by 31.03% YoY to Rs5.04bn, while the gross margin improved from 26.64% in SPLY.
On the expense side, administrative expenses surged by 20.33% YoY, while selling and distribution expenses saw a slight 0.67% decline.
The operating profit increased by 34.27% YoY to Rs4.49bn, primarily due to higher revenues.
However, other income plummeted by 43.32% YoY to Rs85.06mn, and finance costs surged by 28.86% YoY to Rs300.81mn, reflecting a challenging macroeconomic environment.
Additionally, the company's share of loss from associates saw a substantial increase to Rs193.04mn, while other expenses also climbed 31.96% YoY.
Consequently, profit before tax dropped by 3.75% YoY to Rs3.77bn, with taxation rising 25.40% YoY to Rs1.51bn, further squeezing net earnings.
| Financial Results For The Half Year Ended Decmber 31, 2024 | |||
| Particulars | Dec-24 | Dec-23 | %Change |
| Revenue | 16,437,466,795 | 14,438,663,366 | 13.84% |
| Cost of Revenue | (11,397,624,023) | (10,592,453,975) | 7.60% |
| Gross Profit | 5,039,842,772 | 3,846,209,391 | 31.03% |
| Administrative Expenses | (294,979,325) | (245,152,122) | 20.33% |
| Selling & Distribution Expenses | (256,400,669) | (258,127,100) | -0.67% |
| Total Operating Expenses | (551,379,994) | (503,279,222) | 9.56% |
| Operating Profit | 4,488,462,778 | 3,342,930,169 | 34.27% |
| Other Income | 85,063,547 | 150,064,631 | -43.32% |
| Finance Cost | (300,812,061) | (233,444,594) | 28.86% |
| Bargain Purchase Gain | - | 915,162,011 | |
| Share of Loss of Associates - Net | (193,038,320) | (9,534,011) | 1924.73% |
| Other Expenses | (307,930,922) | (233,352,455) | 31.96% |
| Profit Before Levy & Taxation | 3,771,745,022 | 3,931,825,751 | -4.07% |
| Levy / Final Taxation | - | (13,163,333) | |
| Profit Before Taxation | 3,771,745,022 | 3,918,662,418 | -3.75% |
| Taxation | (1,505,618,205) | (1,200,657,906) | 25.40% |
| Net Profit for the Period | 2,266,126,817 | 2,718,004,512 | -16.63% |
| Earnings Per Share (EPS) - Basic & Diluted | 13.16 | 15.79 | -16.66% |
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