Tri-Pack Films sees strong 18% revenue growth

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.

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