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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Posted on: 2024-02-22T12:55:54+05:00
