Abbott Laboratories’ profit plunges 91% in 2023

News Image

MG News | February 22, 2024 at 12:55 PM GMT+05:00

0:00

February 22, 2024 (MLN): Abbott Laboratories (Pakistan) Limited (PSX: ABOT) profit after tax plummeted to Rs261.78 million [EPS: Rs2.67] in 2023 compared to a profit of Rs3 billion [EPS: Rs30.69] in the previous year, depicting a decline of 91.3% YoY.

Going by the results, the company's top line rose by 12.62% YoY to Rs55.48bn as compared to Rs49.26bn in 2022.

The cost of sales also rose by 25.61% YoY, worsening the gross profit by 18.43% YoY to Rs11.85bn in 2023.

The gross margins worsened to 21.36% as compared to 29.49% in the previous year.

During the year, other income increased by 41.12% YoY to stand at Rs1.49bn in 2023 as compared to Rs1.06bn in the previous year.

On the expense side, the company observed a rise in selling and distribution expenses by 14.23% YoY and other charges by 12.26% YoY to clock in at Rs8.04bn and Rs1.64bn respectively during the review period.

The company’s finance costs marked a decline of 36.10% YoY and stood at Rs30.29m as compared to Rs47.4m in 2022.

On the tax front, the company paid a lower tax worth Rs2.33bn against the Rs3.14bn paid in the corresponding period of last year, depicting a decrease of 25.94% YoY.

However, in just the fourth quarter of 2023, the company recorded an earnings per share of Rs10.77, a 2.4x YoY rise.

Unconsolidated (un-audited) Financial Results for year ended 31 December, 2023 (Rupees in '000)
  Dec 23 Dec 22 % Change
Sales 55,475,270 49,257,722 12.62%
Cost of sales (43,626,803) (34,731,760) 25.61%
Gross Profit 11,848,467 14,525,962 -18.43%
Selling and distribution expenses (8,039,831) (7,038,482) 14.23%
Administrative expenses (1,037,593) (885,901) 17.12%
Other Income 1,493,286 1,058,174 41.12%
Other charges (1,644,317) (1,464,698) 12.26%
Finance cost (30,290) (47,400) -36.10%
Profit before taxation 2,589,722 6,147,655 -57.87%
Taxation (2,327,945) (3,143,469) -25.94%
Net profit for the period 261,777 3,004,186 -91.29%
Basic earnings/ (loss) per share 2.67 30.69 -

Amount in thousand except for EPS

Copyright Mettis Link News

Related News

Name Price/Vol %Chg/NChg
KSE100 157,083.08
46.87M
0.58%
905.26
ALLSHR 96,131.53
159.88M
0.52%
501.15
KSE30 47,908.88
43.64M
0.48%
230.41
KMI30 231,205.15
23.97M
0.66%
1522.93
KMIALLSHR 64,717.60
62.60M
0.55%
350.84
BKTi 42,243.71
26.38M
0.77%
320.91
OGTi 31,628.04
4.13M
-0.34%
-107.76
Symbol Bid/Ask High/Low
Name Last High/Low Chg/%Chg
BITCOIN FUTURES 118,085.00 118,295.00
116,115.00
2260.00
1.95%
BRENT CRUDE 67.82 68.01
67.50
-0.13
-0.19%
RICHARDS BAY COAL MONTHLY 84.00 0.00
0.00
-0.40
-0.47%
ROTTERDAM COAL MONTHLY 93.50 93.50
93.50
0.15
0.16%
USD RBD PALM OLEIN 1,106.50 1,106.50
1,106.50
0.00
0.00%
CRUDE OIL - WTI 63.56 63.82
63.24
-0.49
-0.77%
SUGAR #11 WORLD 16.23 16.59
16.23
-0.33
-1.99%

Chart of the Day


Latest News
September 18, 2025 at 09:27 AM GMT+05:00

NBP issues foreign exchange rates


September 18, 2025 at 09:16 AM GMT+05:00

MG Morning Breeze: Updates to Skim before Market


September 18, 2025 at 12:19 AM GMT+05:00

Pakistan, Saudi Arabia sign Strategic Mutual Defense Agreement


September 17, 2025 at 11:55 PM GMT+05:00

Fed delivers 25 basis-point rate cut



Top 5 things to watch in this week

Pakistan Stock Movers
Name Last Chg/%Chg
Name Last Chg/%Chg