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

By MG News | April 26, 2024 at 01:14 PM GMT+05:00

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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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