Atlas Battery’s profits run out of charge, drop 39%

MG News | February 25, 2025 at 03:04 PM GMT+05:00

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February 25, 2025 (MLN): Atlas Battery Limited (PSX: ATBA) reported a 39.5% decline in net profit to Rs165.41 million [EPS: Rs4.72] for the half-year ended December 31, 2024, compared to Rs273.43mn [EPS: Rs7.81] in the same period last year.

The company’s revenue fell by 6.18% YoY to Rs17 billion due to lower sales, while the cost of sales also declined by 6.04% to Rs14.92bn.

As a result, gross profit decreased by 7.18% to Rs2.08bn.

Administrative expenses rose 12.07% to Rs313.75mn, and distribution costs increased 15.16% to Rs738.57mn, adding to the pressure on earnings.

Meanwhile, other income grew by 17.72% YoY to Rs49.83mn, providing some relief.

The company’s finance cost fell by 24.88% to Rs605.85mn, but profit before income tax still dropped by 27.66% to Rs338.69mn.

Levies surged by 153.06% YoY, reaching Rs87.66mn.

On the tax front, total income tax declined by 11.04% to Rs173.28mn, primarily due to a 32.11% reduction in current tax payments.

Financial Results For The Half Year Ended December 31, 2024 (Rupees '000)
Item	Dec-24	Dec-23	%Change
Sales - net	17,005,832	18,126,981	-6.18%
Cost of Sales	(14,915,906)	(15,875,384)	-6.04%
Gross Profit	2,089,926	2,251,597	-7.18%
Distribution Cost	(738,565)	(641,315)	15.16%
Administrative Expenses	(313,746)	(279,959)	12.07%
Other Income	49,828	42,328	17.72%
Other Expenses	(55,245)	(63,321)	-12.75%
Profit from Operations	1,032,198	1,309,330	-21.17%
Finance Cost	(605,850)	(806,478)	-24.88%
Profit Before Income Tax & Levies	426,348	502,852	-15.21%
Levies	(87,656)	(34,639)	153.06%
(Loss)/Profit Before Income Tax	338,692	468,213	-27.66%
Income Tax
- Current Tax (for the period)	(176,643)	(260,198)	-32.11%
- Current Tax (prior years)	(2,512)	(3,317)	-24.27%
- Deferred Tax	5,872	68,728	-91.46%
Total Income Tax	(173,283)	(194,787)	-11.04%
(Loss)/Profit for the Period	165,409	273,426	-39.51%
Other Comprehensive Income	-	-
Total Comprehensive (Loss)/Income	165,409	273,426	-39.51%
(Loss)/Earnings Per Share (EPS) - Basic & Diluted (Rupees)	4.72	7.81	-39.56%

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