AGTL achieves 53.7% profit increase in Q2 CY24 driven by lower costs

August 27, 2024 (MLN): Al-Ghazi Tractors Limited (PSX: AGTL) recorded an increase of 53.7% YoY in its profits, with the company's after-tax profits rising to Rs879.93 million [EPS: Rs15.18] in Q2 CY24, compared to a profit of Rs572.62m [EPS: Rs9.88] in the same period last year (SPLY).

As per the results, the company's top line fell by 24.0% to Rs8.04bn as compared to Rs10.58bn in SPLY.

Although the cost of sales fell by 28.7%, the larger decline in sales led to a 1.6% decrease in gross profit, which totaled Rs1.83bn in Q2 2024.

Nonetheless, AGTL achieved a significantly higher profit as its finance costs, tax expenditure and operating expenses witnessed a modest drop.

On the expense side, the company's administrative expenses rose 61.4% YoY to Rs339.7m.

Meanwhile, selling and distribution expenses and other operating expenses both declined during the review period.

The company’s finance cost dipped by 65.8% and stood at Rs108.29m as compared to Rs316.99m in SPLY.

The other income section saw a drop of 8.2% to stand at Rs192.34m in Q2 2024 as compared to Rs209.54m in SPLY.

On the tax front, the company paid a lower tax worth Rs565.13m against the Rs745.97m paid in the corresponding period of last year, depicting a fall of 24.2%.

Amount in thousand except for EPS

Copyright Mettis Link News