Atlas Honda sees impressive 94% YoY earnings surge in MY23-24, declares dividend
MG News | April 30, 2024 at 12:43 PM GMT+05:00
April 30, 2024 (MLN): Atlas Honda Limited (PSX: ATLH)'s earnings witnessed a substantial boost of around 94% YoY during the year ended March 31, 2024 (MY2023-2024), reporting a profit after tax of Rs9.71 billion [EPS: Rs78.24] compared to a profit of Rs5.01bn [EPS: Rs40.33] in the same year last year.
The Board of Directors has also declared a final cash dividend for the year ended March 31, 2024 at Rs30 per share i.e. 300%.
This is in addition to the interim dividend already paid at Rs. 17 per share i.e. 170%. This takes the total cash dividend for the year ended March 31, 2024, to Rs47 per share i.e. 470%.
The company's top line increased by 17.6% YoY to Rs159.29bn as compared to Rs135.49bn in SPLY.
Driven by this sales boost, gross profit improved by 26.4% YoY to Rs12.23bn in MY23-24.
Furthermore, this improvement resulted in the gross margins increasing to 7.68%, compared to 7.14% in the same period last year (SPLY).
On the expense side, the company observed a rise in Administrative Expenses by 24.7% YoY and Selling And Distribution Expenses by 20.44% YoY to clock in at Rs1.07bn and Rs3.65bn respectively during the review period.
On the other hand, other expenses of Atlas Honda were reduced significantly by 66% YoY to Rs735.29m.
Earnings received an additional boost as other income rose by 98.9% year-over-year (YoY) to reach Rs9.06bn in MY23-24, compared to Rs4.56bn in MY22-23.
The company’s finance cost rose by 34.3% YoY and stood at Rs102.1m as compared to Rs76.03m in SPLY, mainly due to higher interest rates.
On the tax front, the company paid a higher tax worth Rs6.03bn against the Rs3.1bn paid in the corresponding period of last year, depicting a rise of 94.6% YoY.
| Unconsolidated (un-audited) Financial Results for the year ended March 31, 2024 (Rupees in '000) | |||
|---|---|---|---|
| Mar 24 | Mar 23 | % Change | |
| Sales | 159,292,229 | 135,485,652 | 17.57% |
| Cost of sales | (147,065,100) | (125,813,871) | 16.89% |
| Gross Profit/ (loss) | 12,227,129 | 9,671,781 | 26.42% |
| Administrative Expenses | (1,073,333) | (860,548) | 24.73% |
| Selling And Distribution Expenses | (3,651,933) | (3,032,096) | 20.44% |
| Share Of Profit / (Loss) | 12,475 | 322 | 3774.22% |
| Other Income | 9,061,152 | 4,556,670 | 98.85% |
| Other Operating Expenses | (735,293) | (2,156,059) | -65.90% |
| Finance Cost | (102,099) | (76,027) | 34.29% |
| Profit/ (loss) before taxation | 15,738,098 | 8,104,043 | 94.20% |
| Taxation | (6,030,053) | (3,098,888) | 94.59% |
| Net profit/ (loss) for the period | 9,708,045 | 5,005,155 | 93.96% |
| Basic earnings/ (loss) per share | 78.24 | 40.33 | - |
Amount in thousand except for EPS
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