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

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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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