GLAXO’s profits surge 31% YoY in Q1 of 2024

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.

Amount in thousand except for EPS

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