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TPL Trakker’s profits rise almost threefold in 1HFY24

TPL Trakker greenlights talks for UAE conglomerate's stake in Trakker Middle East
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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.

Unconsolidated (un-audited) Financial Results for half year ended 31 December, 2023 (Rupees in '000)
  Dec 23 Dec 22 % Change
Sales 1,270,825 1,120,629 13.40%
Cost of sales (705,139) (714,043) -1.25%
Gross Profit 565,686 406,586 39.13%
Administrative Expenses (215,840) (181,350) 19.02%
Selling And Distribution Expenses (56,587) (58,834) -3.82%
Other Income 128,441 165,900 -22.58%
Other Expenses (43,080) (38,245) 12.64%
Finance Cost (262,346) (254,559) 3.06%
Profit before taxation 116,274 39,498 194.38%
Taxation (39,275) (13,150) 198.68%
Net profit for the period 76,999 26,349 192.23%
Basic earnings/ (loss) per share 0.41 0.14

Amount in thousand except for EPS

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Posted on: 2024-02-26T12:57:38+05:00