PACE reports profit of Rs165mn for 1HFY25

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MG News | February 28, 2025 at 11:39 AM GMT+05:00

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February 28, 2025 (MLN): Pace (Pakistan) Limited (PSX: PACE) has reported a significant turnaround in its financial performance, posting a profit after taxation of Rs165 million for the half-year ended December 31, 2024, compared to a loss of Rs22mn in the corresponding period of 2023.

The earnings per share (EPS) rose to Rs0.59 compared to a loss per share of Rs. 0.08 in the previous period.

The company’s improved profitability is attributed to higher revenue and lower costs of revenue, driving a substantial increase in gross profit.

Revenue for the period surged by 12% to Rs930mn, up from Rs881mn in the previous year.

Meanwhile, the cost of revenue declined by 7.6% to Rs566.5mn, further strengthening the company’s gross profit, which rose by an impressive 58% to Rs423.4mn.

However, administrative and selling expenses increased by 37% to Rs159.4mn, reflecting higher operational costs.

Despite this, PACE benefited from a significant rise in other income, which jumped 122% to Rs12.7mn.

Consequently, the company’s profit from operations stood at Rs276.7mn, an 82% increase compared to the Rs152mn reported in the previous period.

Finance costs remained relatively stable at Rs98mn, reflecting a marginal increase of 0.3%.

However, the company faced an exchange loss of Rs3.6mn on its foreign currency convertible bonds, compared to a gain of Rs92mn in the previous year.

Additionally, a Rs2.4mn gain from the change in fair value of investment property partially offset the impact.

After accounting for minimum tax expenses of Rs12.4mn, PACE posted a net profit of Rs165mn.

Condensed interim consolidated statement of profit and loss (unaudited) for the half year ended December 31, 2024 (in Rupees '000) 2024 2023 %Change
Revenue                        989,891                      881,333 12.32%
Cost of Revenue                      (566,506)                    (613,091) -7.60%
Gross Profit                        423,385                      268,242 57.84%
Administrative and selling expenses                      (159,381)                    (116,547) 36.75%
Other income                          12,693                           5,716 122.06%
Profit/(Loss) from operations                        276,698                      152,220 81.78%
Finance cost                        (97,924)                      (97,603) 0.33%
Exchange (loss)/gain on foreign currency convertible bonds                          (3,660)                         91,830  
Loss from change in fair value of investment property                             2,421                      (10,805)  
Profit/(Loss) before income tax and minimum taxes                        177,535                      (10,759)  
Minimum Tax                        (12,374)                      (11,017) 12.32%
Profit/(Loss) after taxation                        165,161                      (21,776)  
Loss per share - basic and diluted                               0.59                           (0.08)  

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