GSK Pakistan bounces back with Rs1.1bn profit

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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