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Ceylon Cold Stores PLC (CCS.N0000) showed a robust performance for the three months ended 30th June 2024, with notable improvements across key financial metrics. Revenue and gross profit both saw significant increases, driven by higher sales volumes and effective cost management. Operating profit also rose markedly due to better control of expenses and higher other operating income. The company managed to reduce its net finance costs, contributing to a substantial rise in profit before tax and net profit. Earnings per share reflected this profitability boost. Despite a decrease in total assets, primarily from lower current assets, the company's liabilities also decreased, leading to an improved net asset value and a stronger equity position. Cash flow from operating activities declined, but higher capital expenditures and dividend payments were managed effectively. The share price showed a positive trend, indicating increased market confidence and investor interest. Overall, Ceylon Cold Stores PLC demonstrated strong financial health and performance during this period.
- Revenue Growth: Increased by 10%, from LKR 34,594.3 million in 2023 to LKR 38,085.0 million in 2024, driven by higher sales volumes and possibly increased prices of goods
- Gross Profit: Increased by 40%, rising from LKR 3,880.0 million in 2023 to LKR 5,442.1 million in 2024
- Operating Profit: Increased by 69%, from LKR 1,377.5 million in 2023 to LKR 2,327.6 million in 2024.
- Net Finance Cost: Decreased by 38%, from LKR 962.1 million in 2023 to LKR 596.4 million in 2024, due to a significant decrease in finance costs from reduced borrowing costs or lower levels of interest-bearing debt.
- Profit Before Tax: Increased by 317%, from LKR 415.3 million in 2023 to LKR 1,731.2 million in 2024,
- Tax Expense: Increased by 497%, from LKR 93.2 million in 2023 to LKR 556.3 million in 2024, due to higher tax liabilities from the significant rise in profit before tax.
- Net Profit: Increased by 265%, from LKR 322.2 million in 2023 to LKR 1,174.9 million in 2024, due to increased revenue, improved gross and operating profits, and reduced net finance costs, despite the higher tax expense.
- Earnings per Share (EPS): Increased from LKR 0.34 in 2023 to LKR 1.24 in 2024
Read Full Report: https://lankabizz.net/product/ceylon-cold-stores-plc-1q-2024-25/
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