Zil third quarter profit plummets

MG News | October 21, 2024 at 02:56 PM GMT+05:00

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October 21, 2024 (MLN): ZIL Limited's (PSX: ZIL) net profit plummeted 83.1% in the third quarter of 2024 as its expenses surged.

The company posted a profit after tax of Rs13.76 million [EPS: Rs2.25] during the quarter ending September 2024, compared to a profit of Rs81.36m [EPS: Rs13.29] in the same period last year (SPLY).

The company's revenue rose 3.4% to Rs1.7bn as compared to Rs1.64bn in SPLY. Gross profit improved by 0.4% to Rs493.79m in Q3 2024.

The gross margins, however, fell slightly to 29.1% as compared to 30.0% in SPLY.

During the period under review, other income slid by 1.8% to stand at Rs4.96m in Q3 2024 as compared to Rs5.05m in SPLY.

On the expense side, the company's administrative expenses rose 8.1% from last year to Rs98.67m, while selling and distribution expenses surged 88.6% to Rs331.26m.

The company’s finance cost decreased 9.6% and stood at Rs29.08m as compared to Rs32.16m in SPLY.

On the tax front, the company paid a lower tax worth Rs22.49m against the Rs90.77m paid in the corresponding period of last year, depicting a fall of 75.2%.

However, this translates to an effective tax rate of 62.0% as compared to 52.7% in SPLY.

Unconsolidated (un-audited) Financial Results for quarter ended September 30, 2024 (Rupees in '000)
	Sep 24	Sep 23	% Change
Sales	1,697,124	1,641,464	3.39%
Cost of sales	(1,203,333)	(1,149,386)	4.69%
Gross Profit/ (loss)	493,791	492,078	0.35%
Administrative Expenses	(98,671)	(91,274)	8.10%
Selling And Distribution Expenses	(331,256)	(175,605)	88.64%
Other Income	4,957	5,048	-1.80%
Other Operating Expenses	(3,503)	(25,949)	-86.50%
Finance Cost	(29,078)	(32,163)	-9.59%
Profit/ (loss) before taxation	36,240	172,135	-78.95%
Taxation	(22,485)	(90,773)	-75.23%
Net profit/ (loss) for the period	13,755	81,362	-83.09%
Basic earnings/ (loss) per share	2.25	13.29	-

Amount in thousand except for EPS

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