TOMCL quarterly profit surges 3x

By MG News | Category Q32024 | October 29, 2024 at 03:45 PM GMT+05:00

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October 29, 2024 (MLN): The Organic Meat Company Limited's (PSX: TOMCL) first-quarter profit surged 228.6% to Rs170.61 million [EPS: Rs1.15] during the quarter ending September 2024 as its revenue rose.

That compares to a profit of Rs51.92m [EPS: Rs0.35] recorded in the same period last year (SPLY).

Revenue increased 45.7% to Rs3.34bn as compared to Rs2.29bn in SPLY. Gross profit jumped 46.0% to Rs393.55m in Q1 FY25.

The gross margins remained largely stable at 11.8%.

Other income also surged 88.0% to stand at Rs34.76m in Q1 FY25 as compared to Rs18.49m in SPLY.

On the expense side, the company's administrative expenses rose 82.6% from a year ago to Rs54.98m, while selling and distribution expenses fell 14.0% to Rs97.4m.

The company’s finance cost contracted by 26.5% and stood at Rs45.89m as compared to Rs62.42m in SPLY.

On the tax front, the company paid a higher tax worth Rs51.92m against an expense paid worth Rs23.47m in the corresponding period of last year, a rise of 121.2%.

This translates to an effective tax rate of 23.3% as compared to 31.1% in SPLY.

Unconsolidated (un-audited) Financial Results for quarter ended September 30, 2024 (Rupees in '000)
	Sep 24	Sep 23	% Change
Sales	3,340,691	2,292,232	45.74%
Cost of sales	(2,947,144)	(2,022,723)	45.70%
Gross Profit/ (loss)	393,547	269,509	46.02%
Administrative Expenses	(54,983)	(30,107)	82.62%
Selling And Distribution Expenses	(97,403)	(113,313)	-14.04%
Other Gains / (Losses)	(7,500)	-	-
Other Income	34,762	18,489	88.02%
Other Operating Expenses	-	(6,758)	-
Finance Cost	(45,893)	(62,421)	-26.48%
Profit/ (loss) before taxation	222,529	75,398	195.14%
Taxation	(51,923)	(23,474)	121.19%
Net profit/ (loss) for the period	170,606	51,924	228.57%
Basic earnings/ (loss) per share	1.15	0.35	-

Amount in thousand except for EPS

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