LOTCHEM reports Rs2.64bn profit, down 47.96%

MG News | February 13, 2025 at 01:48 PM GMT+05:00

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February 13, 2025 (MLN): Lotte Chemical Pakistan Limited (PSX: LOTCHEM) reported a 47.96% decline in profit after tax, amounting to Rs2.64 billion [EPS: Rs1.75] for the year ended December 31, 2024, compared to Rs5.08bn [EPS: Rs3.35] in the previous year.

The company’s revenue surged by 33.91% to Rs109.3bn, up from Rs81.6bn in 2023.

However, the cost of sales increased sharply by 45.87%, bringing it to Rs104.1bn, which led to a 49.37% drop in gross profit to Rs5.19bn.

Operating profit declined by 54.49% to Rs3.86bn, primarily due to a 53.28% decrease in other income to Rs1.2bn and a 17.93% rise in administrative expenses.

Meanwhile, finance costs contracted by 52.53% to Rs730.8 million, offering some relief. Profit before taxation fell by 54.53% to Rs4.32bn, while tax expenses were down by 62.06%, amounting to Rs1.68bn.

Financial Results For The Year Ended December 31, 2024
Description	Dec-24	Dec-23	%Change
Revenue from contracts with customers - net	109,299,177	81,619,405	33.91%
Cost of sales	(104,112,680)	(71,374,835_	45.87%
Gross profit	5,186,497	10,244,570	-49.37%
Distribution and selling expenses	(221,620)	(182,683)	21.31%
Administrative and general expenses	(771,719)	(654,389)	17.93%
Other operating expenses	(333,685)	(926,799)	-64.00%
Operating profit	3,859,473	8,480,699	-54.49%
Other income	1,199,362	2,566,973	-53.28%
Finance costs	(730,822)	(1,539,605)	-52.53%
Profit before taxation and levies	4,328,013	9,508,067	-54.48%
Levies	(5,039)	(1,186)	324.87%
Profit before taxation	4,322,974	9,506,881	-54.53%
Taxation	(1,680,501)	(4,429,227)	-62.06%
Profit after taxation	2,642,473	5,077,654	-47.96%
Earnings per share - basic and diluted	1.75	3.35	-47.76%

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