THALL’s profit falls 31% in second quarter

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

0:00

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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