PABC’s profits soar to Rs5bn, doubling last year’s figures

March 29, 2024 (MLN): Pakistan Aluminium Beverage Cans Limited (PSX: PABC) reported its profit and loss statement for 2023, wherein the profit after tax clocked in at Rs5.02 billion [EPS: Rs13.9] compared to a profit of Rs2.7bn [EPS: Rs7.48] in the pervious year.

Going by the unconsolidated results, the company's top line went up by 39.5% YoY to Rs19.74bn as compared to Rs14.15bn in 2022.

The cost of sales rose by 28.3% YoY but was less than proportionate to sales increase, which improved the gross profit by 61.7% YoY to Rs7.65bn in 2023.

The gross margins improved to 38.74% as compared to 33.41% in SPLY.

During the review year, other income skyrocketed by 2.06x YoY to stand at Rs460.24m as compared to Rs223.05m in 2022.

On the expense side, the company observed a rise in administrative expenses by 61.1% YoY and other expenses by 31.5% YoY to clock in at Rs580.49m and Rs706.37m respectively during the review period.

The company’s finance cost increased by 75.8% YoY and stood at Rs718.63m as compared to Rs408.9m in 2022, mainly due to higher interest rates.

On the tax front, the company paid a lower tax worth Rs285.52m against the Rs428.55m paid in the corresponding period of last year, depicting a decrease of 33.4% YoY.

Amount in thousand except for EPS

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