LOTCHEM reports Rs2.64bn profit, down 47.96%
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MG News | February 13, 2025 at 01:48 PM GMT+05:00
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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