EXIDE Pakistan's Q3 2024 profit drops to Rs54.05mn
MG News | January 30, 2025 at 10:15 AM GMT+05:00
January 30, 2025 (MLN): Exide Pakistan Limited (PSX: EXIDE) has reported a significant decline in profitability for the third quarter ended December 31, 2024, with profit after taxation dropping to Rs54.05 million from Rs152.66mn in Q3 2023, a steep 64.6% decline.
According to the company’s unconsolidated (unaudited) financial results, EXIDE posted a turnover of Rs4.85 billion in Q3 2024, marking a 23% decrease compared to Rs6.29bn in the corresponding period last year.
The cost of goods sold also fell by 25.07% to Rs3.99bn from Rs5.32bn in Q3 2023, resulting in a gross profit of Rs862.26mn, an 11.66% decline from the previous year’s Rs976.13mn.
Despite the reduction in revenue, the company faced a notable increase in operating expenses.
The distribution cost surged by 23.21% to Rs530.77mn, while administrative expenses rose by 13.61% to Rs64.62mn.
This led to a total operating expense increase of 22.09%, reaching Rs595.39mn in Q3 2024 compared to Rs487.66mn in Q3 2023.
As a result, EXIDE's operating profit fell sharply by 45.36% to Rs266.88mn, down from Rs488.47mn in the same quarter last year.
Adding to the challenges, the company recorded a substantial 97.76% drop in other operating income, which declined to Rs143,000 from Rs6.38mn in Q3 2023.
Financial charges also decreased by 26.71% to Rs172.54mn, while other operating charges dropped by 22.75% to Rs7.08mn.
Ultimately, EXIDE’s profit before taxation plummeted by 65.07%, falling to Rs87.40mn from Rs250.25mn in the previous year’s third quarter.
Following a reduced tax provision of Rs33.36mn compared to Rs97.60mn in Q3 2023.
This downturn also impacted EXIDE’s earnings per share (EPS), which dropped from Rs19.65 in Q3 2023 to Rs6.96 in Q3 2024.
| Unconsolidated (un-audited) Financial Results for December 31, 2024 (Q3 2024) (Rupees in '000) | For the 3rd Quarter ended December 31, 2024 | For the 3rd Quarter ended December 31, 2023 | %Change |
| Turnover | 4,847,676 | 6,295,301 | -23% |
| Cost of goods sold | (3,985,413) | (5,319,175) | -25.07% |
| Gross profit | 862,263 | 976,126 | -11.66% |
| Distribution cost | 530,768 | 430,778 | 23.21% |
| Administrative expenses | 64,617 | 56,878 | 13.61% |
| Total Operating expenses | (595,385) | (487,656) | 22.09% |
| Operating profit/(loss) | 266,878 | 488,470 | -45.36% |
| Other operating income | 143 | 6,379 | -97.76% |
| Financial charges | 172,539 | 235,434 | -26.71% |
| Other operating charges | 7,078 | 9,162 | -22.75% |
| Profit/(Loss) before taxation | 87,404 | 250,253 | -65.07% |
| Provision for taxation | (33,356) | (97,598) | -65.82% |
| Profit/(Loss) after taxation | 54,048 | 152,655 | -64.6% |
| Earnings/(Loss) per share | 6.96 | 19.65 |
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