Octopus Digital's profit drops by 45% in 2024

MG News | April 03, 2025 at 10:27 AM GMT+05:00

0:00

April 03, 2025 (MLN): Octopus Digital Limited (PSX: OCTOPUS) posted a profit of Rs205.55 million for the year ended December 31, 2024, reflecting a 44.95% drop compared to Rs373.41m in 2023, according to the company's consolidated statement of profit or loss.

The company’s Earnings per share (EPS) in 2024 was Rs1.31, significantly lower than the Rs2.52 recorded in 2023.

The decline was primarily driven by a sharp fall in other income and increased finance costs.

Despite a 37.66% surge in revenue to Rs1.27 billion from Rs919.67m, the company's profit margins suffered due to rising costs.

The cost of revenue climbed 19.97% to Rs655.12m, narrowing the gross profit margin. Administrative and selling expenses rose 15% to Rs368.38m, while other expenses jumped 24.02% to Rs58.69m.

A significant blow came from other income, which plunged 91.62% to Rs31.48m compared to Rs375.66m in the previous year.

Consequently, profit from operations dropped 43.57% to Rs215.32m, while profit before taxation stood at Rs212.35m, down 44.12% from last year.

Finance costs nearly doubled to Rs2.98m, further squeezing net earnings.

Taxation expenses remained relatively stable at Rs6.80m.

Consolidated Statement of Profit or Loss for the year ended December 31, 2024 (Rupees in '000)	2024	2023	%Change
Revenue	1,266,024	919,672	37.66%
Cost of revenue	(655,117)	(546,081)	19.97%
Gross Profit / (Loss)	610,907	373,591	63.52%
Administrative and selling expenses	(368,376)	(320,320)	15.00%
Other expenses	(58,691)	(47,325)	24.02%
Other income	31,483	375,663	-91.62%
Profit from operations	215,323	381,609	-43.57%
Finance costs	(2,975)	(1,598)	86.17%
Profit before taxation	212,348	380,011	-44.12%
Taxation	(6,802)	(6,599)	3.08%
Profit for the period	205,546	373,412	-44.95%
Combined earnings per share	1.31	2.52

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