AGP Q3 profit increases 35%

MG News | October 29, 2024 at 03:50 PM GMT+05:00

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October 29, 2024 (MLN): AGP Limited (PSX: AGP) earned a net profit of Rs549.75 million [EPS: Rs1.96] during the quarter ending September 2024, up 35.0% from the profit of Rs407.18m [EPS: Rs1.45] in the same period last year (SPLY).

The company's revenue marked an increase of 20.8% to Rs4.49bn as compared to Rs3.72bn in SPLY.

The cost of sales also rose by 11.9% but was less than proportionate to sales rise, which improved the gross profit by 31.1% to Rs2.27bn in Q3 CY24.

The gross margins rose to 50.6% as compared to 46.6% in SPLY.

During the period under review, other income decreased 7.2% to stand at Rs14.69m in Q3 CY24 as compared to Rs15.83m in SPLY.

On the expense side, the company's administrative expenses rose 65.8% from a year ago to Rs156.79m, selling and distribution expenses rose 20.9% to Rs996.68m, and other operating expenses rose 33.5% to Rs75.53m.

The company’s finance cost fell by 0.6% and stood at Rs217.36m as compared to Rs218.74m in SPLY.

On the tax front, the company paid a higher tax worth Rs287.89m against an expense paid worth Rs145.23m in the corresponding period of last year, a rise of 98.2%.

This translates to an effective tax rate of 34.4% as compared to 26.3% in SPLY.

Unconsolidated (un-audited) Financial Results for quarter ended September 30, 2024 (Rupees in '000)
	Sep 24	Sep 23	% Change
Sales	4,489,043	3,715,294	20.83%
Cost of sales	(2,219,729)	(1,984,372)	11.86%
Gross Profit/ (loss)	2,269,314	1,730,922	31.10%
Administrative Expenses	(156,792)	(94,598)	65.75%
Selling And Distribution Expenses	(996,677)	(824,409)	20.90%
Other Income	14,685	15,825	-7.20%
Other Operating Expenses	(75,532)	(56,598)	33.45%
Finance Cost	(217,356)	(218,735)	-0.63%
Profit/ (loss) before taxation	837,642	552,407	51.63%
Taxation	(287,889)	(145,225)	98.24%
Net profit/ (loss) for the period	549,753	407,182	35.01%
Basic earnings/ (loss) per share	1.96	1.45	-

Amount in thousand except for EPS

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