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
