GSK Pakistan bounces back with Rs1.1bn profit

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MG News | August 23, 2024 at 01:22 PM GMT+05:00

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August 23, 2024 (MLN): GlaxoSmithKline (Pakistan) Limited (PSX: GLAXO) made a strong recovery in the second quarter of 2024, earning a profit after tax of Rs1.09 billion [EPS: Rs3.41] driven by a substantial surge in gross margins.

This compares with a loss of Rs752.39 million [LPS: Rs2.36] incurred in the same period last year.

The company's sales revenue grew by 11.8% to Rs13.25bn as compared to Rs11.86bn in SPLY.

Furthermore, the cost of sales fell 11.9%, improving the gross profit substantially by 570.1% to Rs3.23bn in Q2 2024.

The gross margins surged to 24.4% as compared to 4.1% in SPLY.

During the period under review, other income went down by 15.9% to stand at Rs415.16m in Q2 2024 as compared to Rs493.89m in SPLY.

On the expense side, the company's administrative expenses rose 15.0% YoY to Rs495.35m, other operating expenses rose to Rs158.33m, while selling and distribution expenses fell 19.6% YoY to Rs970.57m.

The company’s finance cost inflated to Rs166.12m as compared to a finance income of Rs322.14m in SPLY.

On the tax front, the company paid a higher tax worth Rs767.53m against the Rs440.07m paid in the corresponding period of last year, depicting a rise of 74.4%.

Unconsolidated (un-audited) Financial Results for quarter ended June 30, 2024 (Rupees in '000)
  Jun 24 Jun 23 % Change
Sales 13,254,797 11,860,206 11.76%
Cost of sales (10,023,208) (11,377,965) -11.91%
Gross Profit/ (loss) 3,231,589 482,241 570.12%
Administrative Expenses (495,347) (430,793) 14.98%
Selling And Distribution Expenses (970,569) (1,207,141) -19.60%
Other Income 415,163 493,890 -15.94%
Other Operating Expenses (158,327) 27,340 -
Finance Income/ (cost) (166,115) 322,143 -
Profit/ (loss) before taxation 1,856,394 (312,320) -
Taxation (767,525) (440,073) 74.41%
Net profit/ (loss) for the period 1,088,869 (752,393) -
Basic earnings/ (loss) per share 3.41 (2.36) -

Amount in thousand except for EPS

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