Abbott Pakistan’s quarterly earnings leap with revenue growth
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MG News | October 25, 2024 at 03:35 PM GMT+05:00
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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