GLAXO’s profits surge 31% YoY in Q1 of 2024
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MG News | April 26, 2024 at 01:14 PM GMT+05:00
April 26, 2024 (MLN): GlaxoSmithKline (Pakistan) Limited's (PSX: GLAXO) profits rose 31.3% YoY in the first quarter of 2024, with the company recording a profit after tax of Rs565.28 million [EPS: Rs1.78], compared to a profit of Rs430.56m [EPS: Rs1.35] in the same period last year (SPLY).
Going by the results, the company's top line rose by 37.0% YoY to Rs15.62bn as compared to Rs11.4bn in SPLY.
The cost of sales also increased 29.8% YoY but was lesser than proportionate to sales rise, which improved the gross profit significantly by over 2x YoY to Rs2.27bn in 1Q2024.
The gross margins improved to 14.53% as compared to 9.76% in SPLY.
During the period under review, other income decreased by 73.5% YoY to stand at Rs477.44m in 1Q2024 as compared to Rs1.8bn in SPLY.
On the expense side, the company observed a rise in administrative expenses by 20.4% YoY and other expenses by 54.0% YoY to clock in at Rs528.2m and Rs91.07m respectively during the review period.
The company’s finance cost fell by 92.7% YoY and stood at Rs50.46m as compared to Rs688.35m in SPLY.
On the tax front, the company paid a higher tax worth Rs394.62m against the Rs232.68m paid in the corresponding period of last year, depicting a rise of 69.6% YoY.
| Unconsolidated (un-audited) Financial Results for quarter ended March 31, 2024 (Rupees in '000) | |||
|---|---|---|---|
| Mar 24 | Mar 23 | % Change | |
| Sales | 15,616,126 | 11,399,120 | 36.99% |
| Cost of sales | (13,347,268) | (10,286,273) | 29.76% |
| Gross Profit/ (loss) | 2,268,858 | 1,112,847 | 103.88% |
| Administrative Expenses | (528,195) | (438,816) | 20.37% |
| Selling And Distribution Expenses | (1,116,675) | (1,061,572) | 5.19% |
| Other Income | 477,440 | 1,798,279 | -73.45% |
| Other Operating Expenses | (91,065) | (59,151) | 53.95% |
| Finance Cost | (50,458) | (688,345) | -92.67% |
| Profit/ (loss) before taxation | 959,905 | 663,242 | 44.73% |
| Taxation | (394,624) | (232,680) | 69.60% |
| Net profit/ (loss) for the period | 565,281 | 430,562 | 31.29% |
| Basic earnings/ (loss) per share | 1.78 | 1.35 | - |
Amount in thousand except for EPS
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