Abbott Pakistan’s quarterly earnings leap with revenue growth

MG News | October 25, 2024 at 03:35 PM GMT+05:00

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October 25, 2024 (MLN): Abbot Laboratories (Pakistan) Limited (PSX: ABOT) reported its third-quarter earnings, wherein the profit after tax clocked in at Rs1.81 billion [EPS: Rs18.48].

This shows a massive improvement as in the same quarter last year, the company earned just Rs6.67m [EPS: Rs0.07].

An analysis of the profit and loss statement reveals that robust revenue growth, coupled with minimal changes in selling costs, contributed to this exceptional performance.

ABOT's top line expanded 24.2% to Rs17.36bn as compared to Rs13.98bn in SPLY.

The cost of sales rose by a modest 1.1%, which, along with sales growth, boosted gross profit by 129.6% to Rs5.76bn in Q3 CY24.

The gross margins improved to 33.2% as compared to 18% in SPLY.

During the period under review, other income deflated by 51.6% to stand at Rs83m in Q3 CY24 as compared to Rs171.53m in SPLY.

On the expense side, the company's administration expenses rose 16.6% YoY to Rs300.48m, distribution and selling expenses increased 16.4% YoY to Rs2.4bn, while other operating expenses surged 1300.3% YoY to Rs281.01m.

The company’s finance cost deflated by 15.6% and stood at Rs5.99m as compared to Rs7.09m in SPLY.

On the tax front, the company paid a higher tax worth Rs1.04bn against the Rs323.1m paid in the corresponding period of last year, depicting an increase of 222.7%.

Unconsolidated (un-audited) Financial Results for quarter ended September 30, 2024 (Rupees in '000)
	Sep 24	Sep 23	% Change
Sales	17,364,546	13,981,908	24.19%
Cost of sales	(11,603,412)	(11,472,137)	1.14%
Gross Profit/ (loss)	5,761,134	2,509,771	129.55%
Administration expenses	(300,482)	(257,801)	16.56%
Distribution and selling expenses	(2,404,851)	(2,066,577)	16.37%
Other Income	83,003	171,533	-51.61%
Other Operating Expenses	(281,009)	(20,068)	1300.28%
Finance costs	(5,988)	(7,092)	-15.57%
Profit/ (loss) before taxation	2,851,807	329,766	764.80%
Final tax / levies	(1,042,664)	(323,095)	222.71%
Net profit/ (loss) for the period	1,809,143	6,671	27019.52%
Basic earnings/ (loss) per share	18.48	0.07	-

Amount in thousand except for EPS

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