Atlas Honda declares Rs32 dividend as profit surges 49%

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MG News | October 30, 2024 at 12:18 PM GMT+05:00

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October 30, 2024 (MLN): Atlas Honda Limited (PSX: ATLH) experienced a rise of 49.4% YoY in its quarterly earnings, with its profit after tax rising to Rs4.97 billion [EPS: Rs25.33], compared to the bottom line of Rs3.33bn [EPS: Rs15.77] in the same period last year (SPLY).

In view of the improved financial closure, the Board of Directors (BoD) has also recommended a cash dividend of Rs32 per share i.e. 320%

The company's sales improved 18.1% to Rs45.52bn as compared to Rs38.56bn in SPLY.

The cost of sales also increased, but sales growth outpaced it, leading to a 49.4% improvement in gross profit, reaching Rs3.65bnin Q3 CY24.

The gross margins improved to 8.0% as compared to 6.3% in SPLY.

During the period under review, other income also rose by 24.9% to stand at Rs2.79bn in Q3 CY24 as compared to Rs2.24bn in SPLY.

On the expense side, the company's administration expenses rose 32.9% YoY to Rs326.48m and distribution and selling expenses increased 20.6% YoY to Rs971.85m.

Conversely, other operating expenses fell 43.2% YoY to Rs98.78m.

The company’s finance cost expanded by 40.9% and stood at Rs27.57m as compared to Rs19.56m in SPLY, mainly due to higher interest rates.

On the tax front, the company paid a lower tax worth Rs68.86m against the Rs112.2m paid in the corresponding period of last year, depicting a fall of 38.6%.

In summary, higher sales, combined with additional income, significantly offset rising expenses and finance costs, resulting in a strong financial outcome.

Unconsolidated (un-audited) Financial Results for quarter ended September 30, 2024 (Rupees in '000)
  Sep 24 Sep 23 % Change
Sales 45,523,571 38,563,663 18.05%
Cost of sales (41,869,630) (36,118,375) 15.92%
Gross Profit/ (loss) 3,653,941 2,445,288 49.43%
Administration expenses (326,483) (245,658) 32.90%
Distribution and selling expenses (971,853) (806,207) 20.55%
Share of net profit of an Associate 17,158 3,229 431.37%
Other Income 2,792,573 2,235,783 24.90%
Other Operating Expenses (98,783) (174,045) -43.24%
Financial (charges) / income (27,567) (19,563) 40.91%
Profit/ (loss) before taxation 5,038,986 3,438,827 46.53%
Final tax / levies (68,859) (112,195) -38.63%
Net profit/ (loss) for the period 4,970,127 3,326,632 49.40%
Basic earnings/ (loss) per share 25.33 15.77 -

Amount in thousand except for EPS

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