GLAXO’s earnings take a hit, down 78% in 2023

By MG News | March 26, 2024 at 02:06 PM GMT+05:00

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March 26, 2024 (MLN): GlaxoSmithKline (Pakistan) Limited (PSX: GLAXO) recorded a significant fall of 78.32% YoY in its profits in 2023, reporting after-tax profits of Rs533.95 million [EPS: Rs1.68], compared to a profit of Rs2.46 billion [EPS: Rs7.73] in the previous year.

Going by the results, the company's top line marked an increase of 18.7% YoY to Rs49.66bn as compared to Rs41.84bn in 2022.

However, the cost of sales also rose by 33.6% YoY, worsening the gross profit by 51.9% YoY to Rs3.5bn in 2023.

The gross margins fell to 7.05% as compared to 17.40% in SPLY.

During the review year, other income expanded by 35.5% YoY to stand at Rs5.76bn in 2023 as compared to Rs4.26bn in the previous year.

On the expense side, the company observed an increase in selling and distribution expenses by 30.0% YoY while reducing other expenses by 55.7% YoY to clock in at Rs5.03bn and Rs190.51m respectively during the review period.

The company’s finance charges deflated by 91.2% YoY and stood at Rs63m as compared to Rs716.26m in 2022.

On the tax front, the company paid a lower tax worth Rs1.64bn against the Rs2.64bn paid in the corresponding period of last year, depicting a fall of 37.8% YoY.

Unconsolidated (un-audited) Financial Results for year ended December 31, 2023 (Rupees in '000)
	Dec 23	Dec 22	% Change
Sales - Net	49,661,277	41,841,585	18.69%
Cost of sales	(46,157,995)	(34,559,889)	33.56%
Gross Profit / (Loss)	3,503,282	7,281,696	-51.89%
Selling and distribution expenses	(5,025,366)	(3,865,808)	30.00%
Administrative expenses	(1,810,940)	(1,419,387)	27.59%
Other income	5,763,831	4,255,247	35.45%
Other operating expenses	(190,511)	(429,851)	-55.68%
Finance charges	(62,996)	(716,256)	-91.20%
Profit before taxation	2,177,300	5,105,641	-57.36%
Taxation	(1,643,347)	(2,642,749)	-37.82%
Net profit / (loss) for the period	533,953	2,462,892	-78.32%
Basic earnings/ (loss) per share	29.86	7.73	-

Amount in thousand except for EPS

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