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TREET’s profit surge over 66% in 3QFY24 on stronger other income

TREET's profit surge over 66% in 3QFY24 on stronger other income
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April 23, 2024 (MLN): Treet Corporation Limited (PSX: TREET) revealed its earnings for the quarter ended March 31, 2024 (3QFY24), wherein the profit after tax clocked in at Rs138.64 million [EPS: Rs0.55], reflecting a rise of 66.65% YoY compared to a profit of Rs83.2m [EPS: Rs0.37] in the same period last year (SPLY).

Going by the results, the company's top line ticked up by 3.95% YoY to Rs6.55 billion in 3QFY24 as compared to Rs6.3bn in SPLY.

The cost of sales also expanded by 5.19% YoY, but due to the rise in sales outweighing this increase, the gross profit inched up by 0.22% YoY to Rs1.57 billion in 3QFY24.

On the expense side, the company observed an increase in Distribution and marketing expenses by 3.37% YoY and other expenses by 84.88% YoY to clock in at Rs538.44m and Rs1.43m respectively during the review period.

Likewise, TREET's administrative costs increased by over 47% YoY this quarter and were recorded at Rs323.53m.

The company's profits were primarily driven by a significant positive other income of Rs95.27M, compared to a loss of Rs105.25M incurred in 3QFY24.

The finance section shows that costs expanded by 29.48% YoY and stood at Rs591.35m as compared to Rs456.72m in 3QFY23, mainly due to higher interest rates.

On the tax front, the company paid a higher tax worth Rs114.62m against the Rs149.36m paid in the corresponding period of last year, depicting a rise of 23.26% YoY.

Consolidated (un-audited) Financial Results for Quarter ended 31 March 2024 (Rupees in '000)
  March 24 March 23 % Change
Revenue from contracts with customers – net 6,552,056 6,303,094 3.95%
Cost of sales (4,977,406) (4,731,977) 5.19%
Gross Profit 1,574,650 1,571,117 0.22%
Distribution and marketing expenses (538,437) (520,894) 3.37%
Administrative expenses (323,531) (219,952) 47.09%
Share of net profit / (loss) of an Associate 38,088 (26,268)
Other Income 95,273 (105,249)
Other expenses (1,434) (9,481) -84.88%
Finance expenses (591,348) (456,719) 29.48%
Profit before taxation 253,261 232,554 8.90%
Taxation (114,619) (149,358) -23.26%
Net profit for the period 138,642 83,196 66.65%
EPS 0.55 0.37

Amount in thousand except for EPS

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Posted on: 2024-04-23T16:39:41+05:00