Service Global Footwear Reports Mixed Financial Results for First Half of 2024

Lahore: Service Global Footwear Limited announced its financial results for the half year ended June 30, 2024. The company’s Board of Directors approved the separate and consolidated financial statements during a meeting on August 24, 2024, at their registered office in Lahore, confirming no distribution of cash dividends, bonus shares, or right shares.

According to information available from the Pakistan Stock Exchange (PSX), Service Global Footwear experienced varied financial performance. The company recorded a revenue of 8.29 billion rupees for the half year ended June 2024, compared to 7.41 billion rupees during the same period in 2023. The profit after taxation stood at 460.68 million rupees, showing an increase from the previous year’s 435.33 million rupees. However, the gross profit margin saw a decline, with 1.36 billion rupees reported this half year, down from 1.60 billion rupees a year ago.

The company also faced increased costs, with a notable rise in its cost of sales, which escalated to 6.92 billion rupees from 5.82 billion rupees in the previous year. Distribution and administrative expenses also saw an uptick, totaling 931.28 million rupees combined.

Earnings per share for the half year showed a slight increase, with basic earnings per share rising from 2.12 to 2.24 rupees. The consolidated financial results echoed a similar trend, with total revenue reaching 8.31 billion rupees and profit after taxation amounting to 417.05 million rupees, compared to the prior year’s 431.10 million rupees.

Service Global Footwear’s financial results indicate some challenges amid growing operational costs, yet the company managed to maintain a stable revenue stream and a modest increase in profits.

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