Service Industries Limited (PSX: SRVI) reported a profit of Rs2.04 billion [EPS: Rs30.09] for the quarter ending June 30, 2024, marking a significant 190% increase from Rs700.21 million [EPS: Rs11.88] in Q2 2023.
The company’s revenue surged by 31.1% to Rs31.6 billion, compared to Rs24.11 billion in the same period last year.
Although the cost of sales rose by 24.3%, the substantial increase in sales drove a 54.6% boost in gross profit, which reached Rs8.29 billion in Q2 2024. Gross margins improved to 26.2%, up from 22.3% in the previous year.
On the expense side, administrative expenses grew by 29% year-on-year to Rs882.3 million, while selling and distribution expenses increased by 28% to Rs2.14 billion. Other operating expenses saw a sharp rise of 81.8% to Rs232.33 million.
Other income also contributed positively, rising by 40.8% to Rs296.72 million from Rs210.7 million a year earlier.
The company’s finance costs decreased by 2.4% to Rs1.82 billion, down from Rs1.87 billion in the same period last year.
Tax expenses surged by 274.6%, totaling Rs1.51 billion compared to Rs402.81 million in the corresponding period last year.
