TPL Trakker’s profits rise almost threefold in 1HFY24

February 26, 2024 (MLN): TPL Trakker Limited (PSX: TPLT) saw a substantial 2.9x YoY increase in its unconsolidated profits in the first half of FY24.

The company achieved a profit after tax of Rs77 million [EPS: Rs0.41], compared to a profit of Rs26.35m [EPS: Rs0.14] in the same period last year (SPLY).

Going by the results, the company's top line expanded by 13.40% YoY to Rs1.27 billion as compared to Rs1.12bn in SPLY.

Moreover, the cost of sales fell by 1.25% YoY, improving the gross profit by 39.13% YoY to Rs565.69m in 1HFY24.

The gross margins improved to 44.51% as compared to 36.28% in SPLY.

During the period under review, other income fell by 22.58% YoY to stand at Rs128.44m in 1HFY24 as compared to Rs165.9m in SPLY.

On the expense side, the company observed an increase in administrative expenses by 19.02% YoY and other expenses by 12.64% YoY to clock in at Rs215.84m and Rs43.08m respectively during the review period.

The company’s finance cost inched up by 3.06% YoY and stood at Rs262.35m as compared to Rs254.56m in SPLY, mainly due to higher interest rates.

On the tax front, the company paid a higher tax worth Rs39.27m against the Rs13.15m paid in the corresponding period of last year, marking a nearly threefold increase YoY.

Amount in thousand except for EPS

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