THALL’s profit falls 31% in second quarter

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By MG News | September 11, 2024 at 10:02 AM GMT+05:00

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September 11, 2024 (MLN): Thal Limited (PSX: THALL) posted a profit after tax of Rs757.51 million [EPS: Rs9.35] during the quarter ending June 2024, down 31.3% from a profit of Rs1.1 billion [EPS: Rs13.61] in the same period last year (SPLY).

Along with the results, the company announced a final cash dividend for the year ended June 2024 at Rs6 per share i.e. 120%.

This is in addition to interim dividend already paid at Rs2 per share i.e. 40%.

Going by the unconsolidated results, the company's sales revenue grew by 6.7% to Rs7.5bn as compared to Rs7.03bn in SPLY.

However, the cost of sales also rose by 11.8%, worsening the gross profit by 22.0% to Rs821.55m in Q4 FY24.

The gross margins fell to 11.0% as compared to 15.0% in SPLY.

During the period under review, other income contracted by 35.9% to stand at Rs880.6m in Q4 FY24 as compared to Rs1.37bn in SPLY.

On the expense side, the company's administrative expenses rose 14.3% from a year ago to Rs324.29m, selling and distribution expenses rose 38.7% to Rs232.32m, while other operating expenses fell 13.3% to Rs46.11m.

The company’s finance cost decreased by 17.1% and stood at Rs141.66m as compared to Rs170.77m in SPLY, likely due to a fall in borrowing costs.

On the tax front, the company paid a lower tax worth Rs200.27m against the Rs649.14m paid in the corresponding period of last year, depicting a fall of 69.2%.

This translates to an effective tax rate of 20.9% as compared to 37.0% in SPLY.

Unconsolidated (un-audited) Financial Results for quarter ended June 30, 2024 (Rupees in '000)
  Jun 24 Jun 23 % Change
Sales 7,500,205 7,028,945 6.70%
Cost of sales (6,678,652) (5,975,314) 11.77%
Gross Profit/ (loss) 821,553 1,053,631 -22.03%
Administrative Expenses (324,286) (283,610) 14.34%
Selling And Distribution Expenses (232,324) (167,484) 38.71%
Other Income 880,604 1,373,624 -35.89%
Other Operating Expenses (46,108) (53,173) -13.29%
Finance Cost (141,659) (170,774) -17.05%
Profit/ (loss) before taxation 957,780 1,752,214 -45.34%
Taxation (200,267) (649,136) -69.15%
Net profit/ (loss) for the period 757,513 1,103,078 -31.33%
Basic earnings/ (loss) per share 9.35 13.61 -

Amount in thousand except for EPS

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