LOTCHEM reports Rs2.64bn profit, down 47.96%

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By 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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