Unilever Pakistan Foods Limited (PSX: UPFL) saw a big drop in its profits compared to last year. For the quarter ending on March 31, 2024, the company made a profit of Rs1.82 billion, which is 45.74% less than what it made in the same quarter last year. This means the company earned Rs285.87 for each share, down from Rs526.89 per share last year.
To give something back to its shareholders, the Board of Directors decided to give a first interim cash dividend of Rs143 for each ordinary share. This dividend will be given to shareholders based on how many shares they own by May 6, 2024.
The company’s revenue also went down by 17.9% compared to last year, reaching Rs8.76 billion. This drop happened because of high inflation, which made people spend less on things like instant noodles and more on essential items.
Because the sales went down more than the cost of making the products, the company’s gross profit decreased by 30.6% to Rs3.4 billion. This means the company made 38.9% less money on each product it sold.
The company’s expenses for things like distribution and administration also went down by 20.29%, reaching Rs1.48 billion in the review quarter.
On the positive side, Unilever’s other income went up by 26.7% to Rs656.09 million in the first quarter of 2024, compared to Rs517.8 million last year. This means the company made more money from sources other than selling its products.
