TOWL declares Rs8 dividend despite 77% profit drop in FY24

MG News | September 26, 2024 at 03:15 PM GMT+05:00
September 26, 2024 (MLN): Towellers Limited (PSX: TOWL) witnessed a major setback in FY24 as its earnings plummeted by 76.57% to Rs559.5 million [EPS: Rs32.91], compared to the bottom line of Rs2.39bn [EPS: Rs140.49] in the previous fiscal year.
Nonetheless, TOWL rewarded its shareholders a final cash dividend of Rs8 per share for the year ended June 30, 2024.
According to the company's profit and loss account, its top line increased by 11.1% to Rs12.31bn as compared to Rs11.09bn in FY23.
As the growth in sales was not significant enough to cover TOWL's rising costs, the gross profit worsened by 60.8% to Rs1.23bn in FY24..
The gross margins worsened to 10% as compared to 28.3% in SPLY.
TOWL faced additional drains as its subheads under the expense section saw a notable rise.
The company's administrative expenses rose 9.1% YoY to Rs398.49m, while distribution costs surged 15.8% YoY to Rs345.93m.
On the other hand, other operating expenses fell 40.6% YoY to Rs109.11m.
Providing slight support, other income increased 35.1% to stand at Rs457.68m in FY24 as compared to Rs338.88m in SPLY.
The company’s finance cost also slid by 42.2% and stood at Rs31.1m as compared to Rs53.85m in SPLY.
On the tax front, the company paid a higher tax worth Rs245.66m against the Rs191.78m paid in the corresponding period of last year, depicting a rise of 28.1%.
Consequently, the rise in costs of sales, operating expenses, and significantly higher tax expenditures resulted in declining earnings for the company.
Unconsolidated (un-audited) Financial Results for year ended June 30, 2024 (Rupees in '000) | |||
---|---|---|---|
Jun 24 | Jun 23 | % Change | |
Sales | 12,314,921 | 11,086,916 | 11.08% |
Cost of sales | (11,082,813) | (7,944,316) | 39.51% |
Gross Profit/ (loss) | 1,232,108 | 3,142,600 | -60.79% |
Administrative Expenses | (398,493) | (365,248) | 9.10% |
Distribution cost | (345,925) | (298,705) | 15.81% |
Other Income | 457,680 | 338,877 | 35.06% |
Other Operating Expenses | (109,105) | (183,558) | -40.56% |
Finance Cost | (31,102) | (53,848) | -42.24% |
Profit/ (loss) before taxation | 805,163 | 2,580,119 | -68.79% |
Final tax / levies | (245,661) | (191,781) | 28.09% |
Net profit/ (loss) for the period | 559,502 | 2,388,338 | -76.57% |
Basic earnings/ (loss) per share | 32.91 | 140.49 | - |
Amount in thousand except for EPS
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