TOMCL quarterly profit surges 3x
MG News | October 29, 2024 at 03:45 PM GMT+05:00
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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