Tri-Pack Films sees strong 18% revenue growth

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MG News | February 14, 2025 at 10:50 AM GMT+05:00

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February 14, 2025 (MLN): Tri-Pack Films Limited (PSX: TRIPF) has reported its financial results for the year ended December 31, 2024, with an 18.03% year-on-year (YoY) increase in revenue, reaching Rs29.41 billion compared to Rs24.92bn in the previous year.

However, despite the top-line growth, the company posted a net loss of Rs431.45 million, a stark contrast to the profit of Rs979.12mn recorded in 2023.

The decline in profitability was primarily driven by a significant 22.59% YoY rise in the cost of sales, which stood at Rs25.64bn.

As a result, the gross profit declined by 5.77% to Rs3.77bn from Rs4bn in the previous year.

Additionally, operating expenses surged, with distribution costs rising by 14.35% and administrative expenses increasing by 21.35%, bringing total operating expenses to Rs1.77bn, up 17.33% YoY.

On the income side, other income increased by 12.44% to Rs262.05mn, but total other income declined by 19.36% to Rs2.23bn.

Meanwhile, the company reported a massive 154.34% surge in finance costs, which reached Rs2.52bn compared to Rs990.54mn in the prior year.

This sharp increase in finance costs, along with higher levies of Rs185.62mn (up 539.87% YoY), contributed to the company’s loss before taxation of Rs475.34mn, compared to a profit before taxation of Rs1.68bn in 2023.

The company recorded a tax credit of Rs43.89mn for the year, compared to a tax expense of Rs699.36mn in the previous period.

However, this was not enough to offset the losses, resulting in a total comprehensive loss of Rs414.44mn, compared to an income of Rs958.81mn in the previous year.

Earnings per share (EPS) dropped significantly to a negative Rs11.12 from Rs25.24 in 2023, reflecting the challenging financial year for the company amid rising costs, higher levies, and increased finance expenses.

Financial Results For The Period Ended December 31, 2024
Particulars 2024 (Rupees in '000) 2023 (Restated) (Rupees in '000) %Change
Revenue from contracts with customers 29,413,004 24,919,167 18.03%
Cost of sales (25,643,589) (20,919,019) 22.59%
Gross profit 3,769,415 4,000,148 -5.77%
Distribution costs (988,590) (864,552) 14.35%
Administrative expenses (777,552) (640,734) 21.35%
Total Operating Expenses (1,766,142) (1,505,286) 17.33%
Operating Profit 2,003,273 2,494,862 -19.70%
(Charge) / Reversal for expected credit loss (35,689) 37,145 -196.08%
Other income 262,045 233,044 12.44%
Total Other Income 2,229,629 2,765,051 -19.36%
Other expenses - (147,223)  
Finance cost - net (2,519,344) (990,541) 154.34%
(Loss) / Profit before levies and income tax (289,715) 1,708,287 -116.96%
Levies (185,620) (29,009) 539.87%
(Loss) / Profit before income tax (475,335) 1,678,478 -128.32%
Income tax 43,889 (699,360) -106.28%
(Loss) / Profit for the year (431,446) 979,118 -144.06%
Other comprehensive income / (loss) for the year      
Remeasurement of staff retirement benefits 17,010 (20,307) -183.76%
Total comprehensive (loss) / income for the year (414,436) 958,811 -143.22%
(Loss) / Earnings per share - basic and diluted (Rupees) (11.12) 25.24 -144.06%

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