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
