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%.
| Unconsolidated (un-audited) Financial Results for quarter ended June 30, 2024 (Rupees in '000) | |||
|---|---|---|---|
| Jun 24 | Jun 23 | % Change | |
| Sales | 8,043,836 | 10,577,842 | -23.96% |
| Cost of sales | (6,214,475) | (8,718,176) | -28.72% |
| Gross Profit/ (loss) | 1,829,361 | 1,859,666 | -1.63% |
| Administrative Expenses | (339,698) | (210,500) | 61.38% |
| Selling And Distribution Expenses | (16,259) | (93,053) | -82.53% |
| Other Gains / (Losses) | 0 | 0 | -% |
| Share Of Profit / (Loss) | 0 | 0 | -% |
| Provision Reversed / (Charged) | 0 | 0 | -% |
| Other Income | 192,342 | 209,540 | -8.21% |
| Other Operating Expenses | (110,561) | (129,531) | -14.65% |
| Finance Cost | (108,285) | (316,994) | -65.84% |
| Profit/ (loss) before income tax | 1,445,064 | 1,318,594 | 9.59% |
| Taxation | (565,133) | (745,973) | -24.24% |
| Net profit/ (loss) for the period | 879,931 | 572,621 | 53.67% |
| Basic earnings/ (loss) per share | 1.57 | (0.13) | – |
Amount in thousand except for EPS
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Posted on: 2024-08-27T11:01:36+05:00
