GSK Pakistan bounces back with Rs1.1bn profit
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MG News | August 23, 2024 at 01:22 PM GMT+05:00
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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