AGP Q3 profit increases 35%
MG News | October 29, 2024 at 03:50 PM GMT+05:00
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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