Atlas Honda's profit more than doubles to Rs3.5bn

MG News | July 30, 2024 at 12:36 PM GMT+05:00

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July 30, 2024 (MLN): Atlas Honda Limited (PSX: ATLH) experienced a rise of 117.0% YoY in its profits during the second quarter of 2024, earning a profit after tax of Rs3.48 billion [EPS: Rs28.02].

That compares with a profit of Rs1.6bn [EPS: Rs12.91] in the same period last year (SPLY).

Going by the results, the company's top line grew 33.1% YoY to Rs47.42bn as compared to Rs35.62bn in SPLY.

The cost of sales rose by 26.9% YoY but was lesser than proportionate to sales rise, which improved the gross profit by 144.0% YoY to Rs4.61bn in Q2 2024.

The gross margins improved to 9.7% as compared to 5.3% in SPLY.

During the period under review, other income grew 19.9% YoY to stand at Rs2.43bn in Q2 2024 as compared to Rs2.03bn in SPLY.

On the expense side, the company's administrative expenses rose 9.0% YoY to Rs240m, selling and distribution expenses rose 26.1% YoY to Rs896.63m, and other operating expenses rose 26.1% YoY to Rs264.34m.

The company’s finance cost surged by 63.0% YoY and stood at Rs27.85m as compared to Rs17.08m in SPLY, mainly due to higher interest rates.

On the tax front, the company paid a higher tax worth Rs2.14bn against the Rs1.16bn paid in the corresponding period of last year, depicting an increase of 84.5% YoY.

Unconsolidated (un-audited) Financial Results for quarter ended June 30, 2024 (Rupees in '000)
	Jun 24	Jun 23	% Change
Sales	47,420,814	35,621,093	33.13%
Cost of sales	(42,814,704)	(33,733,078)	26.92%
Gross Profit/ (loss)	4,606,110	1,888,015	143.97%
Administrative Expenses	(239,997)	(220,190)	9.00%
Selling And Distribution Expenses	(896,627)	(711,162)	26.08%
Share Of Profit / (Loss)	10,757	2,748	291.45%
Other Income	2,429,666	2,026,892	19.87%
Other Operating Expenses	(264,339)	(206,502)	28.01%
Finance Cost	(27,845)	(17,079)	63.04%
Profit/ (loss) before taxation	5,617,725	2,762,722	103.34%
Taxation	(2,140,353)	(1,160,343)	84.46%
Net profit/ (loss) for the period	3,477,372	1,602,379	117.01%
Basic earnings/ (loss) per share	28.02	12.91	-

Amount in thousand except for EPS

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