April 25, 2024 (MLN): Thal Limited (PSX: THALL) recorded an increase of 2.85x YoY in its profits in nine months of fiscal year 2024, with the company's after-tax profits rising to Rs7.13 billion [EPS: Rs80.42], compared to a profit of Rs2.5bn [EPS: Rs26.75] in the same period last year (SPLY).
Going by the consolidated results, the company's top line dipped by 19.8% YoY to Rs20.74bn as compared to Rs25.87bn in SPLY.
The cost of sales also fell by 17.2% YoY but was not enough to offset the sales decline, which worsened the gross profit by 39.1% YoY to Rs1.9bn in 9MFY24.
The gross margins fell to 9.18% as compared to 12.08% in SPLY.
THe increase in conosliated profits was largely owed to a significant rise in the share of profits from associates, worth Rs6.47bn in 9MFY24.
During the review period, other income expanded by 43.2% YoY to stand at Rs3.94bn in 9MFY24 as compared to Rs2.75bn in SPLY.
On the expense side, the company observed a fall in distribution and selling expenses by 9.7% YoY and other charges by 93.6% YoY to clock in at Rs566.6m and Rs40.65m respectively during the review period.
The company’s finance cost, however, skyrocketed by 2.14x YoY and stood at Rs797.5m as compared to Rs372.6m in SPLY, mainly due to higher interest rates.
On the tax front, the company paid a higher tax worth Rs2.42bn against the Rs1.29bn paid in the corresponding period of last year, depicting a rise of 87.4% YoY.
| Consolidated (un-audited) Financial Results for nine months ended March 31, 2024 (Rupees in '000) | |||
|---|---|---|---|
| Mar 24 | Mar 23 | % Change | |
| Sales – Net | 20,742,982 | 25,872,183 | -19.83% |
| Cost of sales | (18,838,718) | (22,745,675) | -17.18% |
| Gross Profit / (Loss) | 1,904,264 | 3,126,508 | -39.09% |
| Distribution and selling expenses | (566,601) | (627,521) | -9.71% |
| Administrative expenses | (1,366,541) | (1,275,508) | 7.14% |
| Share of net profit of associates – after tax | 6,466,037 | 817,759 | 690.70% |
| Other Income | 3,944,904 | 2,753,968 | 43.24% |
| Other charges | (40,647) | (633,536) | -93.58% |
| Finance Cost | (797,502) | (372,601) | 114.04% |
| Profit/ (Loss) before taxation | 9,543,914 | 3,789,069 | 151.88% |
| Taxation | (2,417,093) | (1,290,135) | 87.35% |
| Net profit / (loss) for the period | 7,126,821 | 2,498,934 | 185.19% |
| Basic earnings/ (loss) per share | 80.42 | 26.75 | – |
Amount in thousand except for EPS
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Posted on: 2024-04-25T10:33:15+05:00
