GSK Pakistan posts robust quarterly profit
MG News | October 28, 2024 at 01:14 PM GMT+05:00
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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