In a robust performance, Murree Brewery Company Limited has recorded a significant 84% increase in its profits for the first nine months of fiscal year 2023-24. The company’s after-tax profit soared to Rs 1.79 billion, up from Rs 973 million in the corresponding period of the previous fiscal year.
The impressive financial results were disclosed to the Pakistan Stock Exchange (PSX) on Monday, reflecting a substantial rise in the earnings per share (EPS), which escalated from Rs 35.16 to Rs 64.74.
In light of these results, the board of directors, which convened on April 20, 2024, has recommended an interim cash dividend of Rs 10 per share for the nine months ended March 31, 2024. This dividend comes in addition to the Rs 15.5 per share already paid earlier in the fiscal year, marking a generous return to shareholders amidst the company’s strong financial performance.
The financial statements reveal that Murree Brewery’s net turnover surged to Rs 16.04 billion during the period from July 2023 to March 2024, up from Rs 13.16 billion in the same period last year. This growth in revenue underscores the company’s successful expansion and operational strategies in a competitive market.
Despite the increase in net sales, the cost of sales also rose to Rs 11.98 billion, compared to Rs 10.47 billion in the previous fiscal year. Nevertheless, the company managed to increase its gross profit significantly, which stood at Rs 4.06 billion, up from Rs 2.69 billion in the corresponding period of the last fiscal year.
One notable area of efficiency has been in selling and distribution expenses, which declined to Rs 896 million from Rs 1.01 billion over the same period of the previous fiscal year. This reduction has contributed to the overall profitability despite a rise in administrative expenses, which increased slightly from Rs 463 million to Rs 518 million.
Murree Brewery, one of Pakistan’s oldest and most prominent beverage manufacturers, has shown resilience and strategic acumen in navigating the challenges of the market. The company’s robust performance is indicative of effective management and a successful adaptation to the evolving consumer preferences and market dynamics.
Industry analysts attribute Murree Brewery’s profitability to several factors, including innovative product offerings, efficient cost management, and a strong distribution network that ensures widespread availability of its products across the country. Additionally, the company has benefited from a favorable market environment and increased consumer spending on leisure and luxury products post-pandemic.
The positive trend in Murree Brewery’s financials not only enhances its standing in the stock market but also boosts investor confidence in the company’s management and business model. As Murree Brewery continues to expand its product lines and explore new markets, stakeholders are optimistic about its growth trajectory and its role in shaping the beverage industry in Pakistan.
Looking forward, Murree Brewery is positioned to maintain its growth momentum through strategic investments and continued focus on innovation and quality, setting a strong precedent for performance in the competitive beverage industry of Pakistan.
