Octopus Digital Q1 2024 profit drops 84% YoY
MG News | May 03, 2024 at 09:57 AM GMT+05:00
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
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