GSK Pakistan posts robust quarterly profit

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MG News | October 28, 2024 at 01:14 PM GMT+05:00

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October 28, 2024 (MLN): GlaxoSmithKline (Pakistan) Limited (PSX: GLAXO) posted a profit after tax of Rs1.93 billion [EPS: Rs6.05] during the quarter ending September 2024 amid significantly higher margins.

That is a notable rebound compared to a loss of Rs69.79 million [LPS: Rs0.22] incurred in the same period last year (SPLY).

Its shares surged 10% during intraday trade Monday.

The company's revenue rose 7.0% to Rs14.73bn as compared to Rs13.77bn in SPLY.

Furthermore, the cost of sales fell 16.1%, improving the gross profit by 293.1% to Rs4.04bn in Q3 2024.

The gross margins jumped to 27.4% as compared to 7.5% in SPLY.

On the tax front, the company paid a higher tax worth Rs858.18m against a credit received worth Rs25.65m in the corresponding period of last year, an increase of .

This translates to an effective tax rate of 30.8% as compared to 26.9% in SPLY.

Unconsolidated (un-audited) Financial Results for quarter ended September 30, 2024 (Rupees in '000)
  Sep 24 Sep 23 % Change
Sales 14,730,940 13,770,544 6.97%
Cost of sales (10,690,083) (12,742,467) -16.11%
Gross Profit/ (loss) 4,040,857 1,028,077 293.05%
Administrative Expenses (366,901) (622,193) -41.03%
Selling And Distribution Expenses (1,147,095) (1,167,304) -1.73%
Other Income 524,536 672,644 -22.02%
Other Operating Expenses (240,925) 5,067 -
Finance Cost (25,159) (11,733) 114.43%
Profit/ (loss) before taxation 2,785,313 (95,442) -
Taxation (858,179) 25,652 -
Net profit/ (loss) for the period 1,927,134 (69,790) -
Basic earnings/ (loss) per share 6.05 (0.22) -

Amount in thousand except for EPS

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