AGTL reports around 36% profit growth in 2024

MG News | March 21, 2025 at 09:36 AM GMT+05:00
March 21, 2025 (MLN): Al-Ghazi Tractors Limited (PSX: AGTL) unveiled its profit and loss statement for 2024, reporting a profit after tax of Rs3.54 billion [EPS: Rs61.11], compared to Rs2.61bn [EPS: Rs45.06] in the same period last year (SPLY), reflecting a 35.63% year-on-year (YoY) increase.
The revenue from contracts with customers remained stable, increasing 0.09% YoY to Rs34.57bn from Rs34.54bn in SPLY.
Meanwhile, the cost of sales decreased by 7.04% YoY to Rs26.14bn, resulting in a 31.32% rise in gross profit, which stood at Rs8.43bn.
On the expense side, distribution expenses surged by 87.61% YoY to Rs804.79 million, while administrative expenses rose 35.68% YoY to Rs1.47bn.
Other income fell 43.65% YoY to Rs315.63m, whereas other expenses dropped by 24.73% YoY to Rs323.53m.
The company's finance costs increased by 25.36% YoY, reaching Rs446.77m.
Consequently, profit before taxation and levy stood at Rs5.71bn, marking a 21.80% increase from Rs4.69 bn in the previous year.
Despite an 86.90% YoY rise in levy-final tax, the profit before taxation increased by 21.78% YoY to Rs5.71bn.
The company’s income tax expense rose by 4.34% YoY to Rs2.16bn, ultimately resulting in a net profit growth of 35.63% YoY.
Financial Results for the Year Ended December 31, 2024 (Rupees in thousand) | |||
Description | Dec-24 | Dec-23 | %Change |
Revenue from contracts with customers | 34,574,430 | 34,543,545 | 0.09% |
Cost of sales | (26,139,744) | (28,120,477) | -7.04% |
Gross profit | 8,434,686 | 6,423,068 | 31.32% |
Distribution expenses | (804,790) | (428,974) | 87.61% |
Administrative expenses | (1,466,521) | (1,080,879) | 35.68% |
Other income | 315,630 | 560,091 | -43.65% |
Other expenses | (323,530) | (429,812) | -24.73% |
Finance costs | (446,775) | (356,402) | 25.36% |
Profit before taxation and levy | 5,708,700 | 4,687,092 | 21.80% |
Levy - final tax | (2,226) | (1,191) | 86.90% |
Profit before taxation | 5,706,474 | 4,685,901 | 21.78% |
Income tax expense | (2,164,199) | (2,074,129) | 4.34% |
Profit for the year | 3,542,275 | 2,611,772 | 35.63% |
Earnings per share (Rupees) - Basic & diluted | 61.11 | 45.06 | 35.62% |
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