Abbott Pakistan’s quarterly earnings leap with revenue growth

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

Add Mettisglobal as a Trusted Source on Google

0:00

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

Copyright Mettis Link News

Related News

Name	Price/Vol	%Chg/NChg
KSE100	165,966.09 108.08M	-0.27% -453.63
ALLSHR	100,649.04 366.09M	-0.22% -222.88
KSE30	49,203.74 43.22M	-0.23% -112.91
KMI30	239,287.91 80.20M	-0.26% -619.69
KMIALLSHR	65,328.92 209.20M	-0.22% -144.76
BKTi	45,744.69 8.28M	-0.23% -104.59
OGTi	33,516.92 3.82M	-0.02% -6.09

Symbol	Bid/Ask	High/Low

Name	Last	High/Low	Chg/%Chg
BITCOIN FUTURES	82,810.00	83,200.00 80,700.00	1210.00 1.48%
BRENT CRUDE	108.51	109.65 106.82	-1.35 -1.23%
RICHARDS BAY COAL MONTHLY	128.50	0.00 0.00	-1.05 -0.81%
ROTTERDAM COAL MONTHLY	145.10	0.00 0.00	-0.55 -0.38%
USD RBD PALM OLEIN	1,167.50	1,167.50 1,167.50	0.00 0.00%
CRUDE OIL - WTI	98.31	99.24 96.72	-0.71 -0.72%
SUGAR #11 WORLD	20.62	20.95 20.54	-0.23 -1.10%