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

PACRA upgrades PABC's long-term rating to 'AA-'
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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.

Unconsolidated (un-audited) Financial Results for year ended December 31, 2023 (Rupees in '000)
  Dec 23 Dec 22 % Change
Sales 19,735,902 14,152,968 39.45%
Cost of sales (12,090,783) (9,424,880) 28.29%
Gross Profit 7,645,119 4,728,087 61.70%
Administrative Expenses (580,485) (360,416) 61.06%
Selling And Distribution Expenses (796,519) (513,645) 55.07%
Other Income 460,241 223,046 106.34%
Other Operating Expenses (706,367) (537,014) 31.54%
Finance Cost (718,631) (408,898) 75.75%
Profit before taxation 5,303,358 3,131,160 69.37%
Taxation (285,522) (428,548) -33.37%
Net profit for the period 5,017,836 2,702,612 85.67%
Basic earnings/ (loss) per share 13.90 7.48

Amount in thousand except for EPS

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Posted on: 2024-03-29T09:53:12+05:00