Tariq Glass sees about 17% decline in 1HFY25 profit

MG News | February 21, 2025 at 03:08 PM GMT+05:00

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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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