Abbott Laboratories’ profit plunges 91% in 2023

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

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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

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