September 28, 2023 (MLN): The Searle Company Limited (PSX: SEARL) saw its net profit plummet by 82.9% YoY to Rs413.05 million [EPS: Rs0.8] in FY23, a sharp contrast to the Rs2.42 billion [EPS: Rs7.54] it earned in the previous year.
Going by the results, the company's top line grew by 13.34% YoY to Rs33.9bn as compared to Rs29.91bn in FY22.
The cost of sales also rose by 23.1% YoY, accordingly, the gross profit remained almost flat at Rs13.23bn in FY23.
During the year, other income decreased by 34.93% YoY to stand at Rs279.69m as compared to Rs429.86m in FY22.
On the expense side, the company observed a rise in distribution costs by 16.39% YoY while other expenses fell by 57.34% YoY to clock in at Rs7.03bn and Rs128.09m respectively during the review period.
The company’s finance costs expanded by 79.21% YoY and stood at Rs3.79bn as compared to Rs2.12bn in FY23, mainly due to higher interest rates.
On the tax front, the company paid a lower tax worth Rs731.07m against the Rs1.25bn paid in the corresponding period of last year, depicting a fall of 41.30% YoY.
| Consolidated (un-audited) Financial Results for year ended 30 June, 2023 (Rupees in '000) | |||
|---|---|---|---|
| June 23 | June 22 | % Change | |
| Sales | 33,898,125 | 29,909,659 | 13.34% |
| Cost of sales | (20,669,774) | (16,790,417) | 23.10% |
| Gross Profit | 13,228,351 | 13,119,242 | 0.83% |
| Distribution costs | (7,029,895) | (6,039,995) | 16.39% |
| Administrative expenses | (1,413,156) | (1,431,122) | -1.26% |
| Other Income | 279,691 | 429,862 | -34.93% |
| Other expenses | (128,087) | (300,278) | -57.34% |
| Finance cost | (3,792,780) | (2,116,362) | 79.21% |
| Profit before taxation | 1,144,124 | 3,661,347 | -68.75% |
| Taxation | (731,071) | (1,245,493) | -41.30% |
| Net profit for the period | 413,053 | 2,415,854 | -82.90% |
| Basic earnings/ (loss) per share | 0.80 | 7.54 | – |
Amount in thousand except for EPS
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Posted on:2023-09-28T15:14:31+05:00
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