GSK Pakistan posts robust quarterly profit

By 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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