Unity Foods cooks up Rs830m profit despite sales slump

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MG News | February 25, 2025 at 09:35 AM GMT+05:00

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February 25, 2025 (MLN): Unity Foods Limited has posted a net profit of Rs830 million for the six months ended December 31, 2024, marking a turnaround from a loss of Rs471m in the same period last year.

The company's earnings per share (EPS) stood at Rs0.7, compared to a loss per share of Rs0.39 in the prior year.

The surge in profits is attributed to the other income, which jumped by 249.3% to Rs1.64 billion. This improvement contributed to a 33.5% increase in operating profit, which stood at Rs4.81bn compared to Rs3.61bn last year.

It is important to note that Unity Foods' net turnover declined by 24.7% year-on-year, falling to Rs34.90bn from Rs46.33bn, largely due to a 24.8% drop in gross sales and a 26.6% decrease in sales tax and discounts.

The cost of sales also fell by 27.5% to Rs30.01bn, slightly improving the gross profit, which remained stable at Rs4.89bn, down by just 0.4% from last year.

The company significantly cut selling and distribution expenses by 33.4% to Rs918m, while administrative expenses saw a modest decline of 3.7% to Rs666m.

Notably, other expenses, which were recorded at Rs295m in December 2023, turned into an expense of Rs137m in the latest period.

On the downside, finance costs rose 8.9% to Rs3.93bn, impacting the company's pre-tax earnings.

However, profit before taxation still managed to swing to a gain of Rs504m, compared to a loss of Rs422m last year.

A breakdown of net profit reveals that Rs504m came from continuing operations, while Rs326m was attributed to discontinued operations.

Consolidated (un-audited) Financial Results for the six months ended December 31, 2024 (Rupees in '000)
  Dec-24 Dec-23 % Change
Turnover - gross 37,932,887 50,463,841 -24.8
Less: sales tax / discount -3,029,341 -4,127,615 -26.6
Turnover - net 34,903,546 46,336,226 -24.7
Cost of sales -30,012,023 -41,422,817 -27.5
Gross profit 4,891,523 4,913,409 -0.4
Selling and distribution expenses -918,383 -1,378,530 -33.4
Administrative expenses -666,274 -692,132 -3.7
Other expenses -137,522 295,051 -
Total expenses -1,722,179 -1,775,611 -3.0
Other income 1,648,187 471,908 249.3
Operating profit 4,817,531 3,609,706 33.5
Finance cost -3,930,433 -3,610,414 8.9
Profit / (loss) before levies and taxation 887,098 -708 -
Levies -382,937 -421,540 -9.2
Profit / (loss) before taxation 504,161 -422,248 -
Net profit / (loss) from continuing operations 504,161 -422,248 -
Net profit / (loss) from discontinued operations 326,224 -49,179 -
Net profit / (loss) for the period 830,385 -471,427 -
Earning / (loss) per share - basic and diluted (Rupees) 0.7 -0.39 -

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