Octopus Digital Q1 2024 profit drops 84% YoY

MG News | May 03, 2024 at 09:57 AM GMT+05:00

Add Mettisglobal as a Trusted Source on Google

0:00

May 03, 2024 (MLN): Octopus Digital Limited (PSX: OCTOPUS) experienced a fall of 83.8% YoY in its profitability in the first quarter of 2024, with its profit after tax falling to Rs39.49 million [EPS: Rs0.27], compared to a profit of Rs243.22m [EPS: Rs1.64] in the same period last year (SPLY).

Going by the results, the company's sales revenue grew 2.3x YoY to Rs219.2m as compared to Rs94.45m in SPLY.

The cost of sales also rose by 2.1x YoY but was lesser than proportionate to sales rise, which improved the gross profit by 151.8% YoY to Rs119.1m in Q1 2024.

The gross margins improved to 54.33% as compared to 50.08% in SPLY.

However, during the period under review, other income shrank 99.8% YoY to stand at Rs0.62m in Q1 2024 as compared to Rs250.99m in SPLY.

On the tax front, the company paid a lower tax worth Rs10.95m against the Rs19.21m paid in the corresponding period of last year, depicting a decrease of 43.0% YoY.

Unconsolidated (un-audited) Financial Results for quarter ended March 31, 2024 (Rupees in '000)
	Mar 24	Mar 23	% Change
Sales	219,202	94,446	132.09%
Cost of sales	(100,106)	(47,152)	112.30%
Gross Profit/ (loss)	119,096	47,294	151.82%
Administrative Expenses	(69,269)	(35,839)	93.28%
Other Income	619	250,991	-99.75%
Other Operating Expenses	(9)	-	-
Finance Cost	-	(17)	-
Profit/ (loss) before taxation	50,437	262,429	-80.78%
Taxation	(10,951)	(19,213)	-43.00%
Net profit/ (loss) for the period	39,486	243,216	-83.77%
Basic earnings/ (loss) per share	0.27	1.64	-

Amount in thousand except for EPS

Copyright Mettis Link News

Related News

Name	Price/Vol	%Chg/NChg
KSE100	167,844.25 170.38M	-0.40% -670.20
ALLSHR	101,190.46 479.24M	-0.24% -244.65
KSE30	50,308.01 73.54M	-0.54% -271.17
KMI30	241,041.17 72.56M	-0.54% -1308.61
KMIALLSHR	65,768.91 266.90M	-0.34% -227.18
BKTi	45,905.17 27.93M	-0.59% -271.56
OGTi	35,557.92 7.24M	-0.32% -112.64

Symbol	Bid/Ask	High/Low

Name	Last	High/Low	Chg/%Chg
BITCOIN FUTURES	75,915.00	77,940.00 75,590.00	-1780.00 -2.29%
BRENT CRUDE	104.25	106.36 101.34	1.67 1.63%
RICHARDS BAY COAL MONTHLY	110.00	0.00 0.00	-9.00 -7.56%
ROTTERDAM COAL MONTHLY	113.00	0.00 0.00	0.45 0.40%
USD RBD PALM OLEIN	1,191.50	1,191.50 1,191.50	0.00 0.00%
CRUDE OIL - WTI	97.00	99.43 94.73	0.65 0.67%
SUGAR #11 WORLD	14.68	14.91 14.59	-0.22 -1.48%