Atlas Honda's profit more than doubles to Rs3.5bn
MG News | July 30, 2024 at 12:36 PM GMT+05:00
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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