Towellers Limited records steep 46.95% YoY profit decline in 1HFY24

MG News | February 26, 2024 at 01:03 PM GMT+05:00
February 26, 2024 (MLN): Towellers Limited (PSX: TOWL) experienced a drop of 46.95% YoY in its earnings for 1HFY24, clocking in its profit after tax at Rs604.78 million [EPS: Rs35.58], compared to a profit of Rs1.14 billion [EPS: Rs67.07] in the same period last year (SPLY).
Going by the results, the company's top line surged by 17.67% YoY to Rs6.66bn as compared to Rs5.66bn in SPLY.
However, the cost of sales rose by a greater proportion to sales, which reduced the gross profit by 39.71% YoY to Rs917.39m in 1HFY24.
It is important to highlight that the gross margins of the company have worsened to 13.77% as compared to 26.88% in 1HFY23.
On the expense side, the company observed a rise in Distribution expenses by 0.88% YoY and other expenses by 35.07% YoY to clock in at Rs168.12m and Rs45.55m respectively during the review period.
Likewise, TOWL's administrative expenses registered a rise of 22.71% to stand at Rs183.77m in 1HFY24.
Although the company's other income surged 73.54% YoY toRs239.13m in 1HFY24, the growth failed to uplift the profit.
The company’s finance cost dropped 75.2% YoY and stood at Rs8.61m as compared to Rs34.7m in SPLY, despite higher interest rates.
On the tax front, the company paid a higher tax worth Rs145.7m against the Rs98.16m paid in the corresponding period of last year, depicting a rise of 48.43% YoY.
Condensed interim Financial Results for half year ended 31 December, 2023 (Rupees in '000) | |||
---|---|---|---|
Dec 23 | Dec 22 | % Change | |
Sales | 6,661,889 | 5,661,287 | 17.67% |
Cost of sales | (5,744,501) | (4,139,546) | 38.77% |
Gross Profit | 917,388 | 1,521,742 | -39.71% |
Distribution expenses | (168,116) | (166,646) | 0.88% |
Administrative expenses | (183,769) | (149,763) | 22.71% |
Other Income | 239,134 | 137,798 | 73.54% |
Other expenses | (45,546) | (70,145) | -35.07% |
Finance cost | (8,607) | (34,704) | -75.20% |
Profit before taxation | 750,484 | 1,238,282 | -39.39% |
Taxation | (145,702) | (98,160) | 48.43% |
Net profit for the period | 604,783 | 1,140,122 | -46.95% |
Basic earnings/ (loss) per share | 35.58 | 67.07 | - |
Amount in thousand except for EPS
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