Octopus Digital profits rise 13% YoY in 1HCY23

August 29, 2023 (MLN): Octopus Digital Limited (PSX: OCTOPUS) witnessed a 13.14% YoY rise in its profitability during the first half of 2023, with the profit after tax reaching Rs271.86 million [EPS: Rs1.73], showcasing an increase from the Rs240.29m [EPS: Rs1.53] profit recorded in the corresponding period of the previous year.

Going by the results, the company's top line decreased by 16.78% YoY to Rs290.73m as compared to Rs349.35m in SPLY.

The cost of sales also fell by 19.12% YoY but was not enough to offset the sales decline, which worsened the gross profit by 35.43% YoY to Rs148.48m in 1HCY23.

However, during the review period, other income expanded by 2.55x YoY to stand at Rs278.92m in 1HCY23 as compared to Rs109.35m in SPLY.

On the expense side, the company observed an increase in Administrative and selling expenses by 69.31% YoY and other expenses by 50.00% YoY to clock in at Rs131.85m and Rs0m respectively during the review period.

On the tax front, the company paid a higher tax worth Rs23.66m against the Rs21.11m paid in the corresponding period of last year, depicting a rise of 12.08% YoY.

Amount in thousand except for EPS

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