PAEL profits skyrocket to Rs445m in Q1 2024

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MG News | April 30, 2024 at 12:30 PM GMT+05:00

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April 30, 2024 (MLN): Pak Elektron Limited's (PSX: PAEL) after-tax profits surged to Rs445 million [EPS: Rs0.52], compared to a profit of Rs37.41m [EPS: Rs0.03] in the same period last year (SPLY).

Going by the results, the company's top line went up by 56.2% YoY to Rs12.72bn as compared to Rs8.14bn in SPLY.

The cost of sales rose by 51.3% YoY but was lesser than proportionate to sales rise, which improved the gross profit by 71.4% YoY to Rs3.44bn in Q1 2024.

The gross margins improved to 27.03% as compared to 24.64% in SPLY.

During the period under review, other income went up by 15.7% YoY to stand at Rs25.44m in Q1 2024 as compared to Rs21.98m in SPLY.

On the expense side, the company's administrative expenses rose 24.3% YoY to Rs539.24m, selling and distribution expenses rose 54.3% YoY to Rs802.5m, and other operating expenses rose 54.3% YoY to Rs84.32m.

The company’s finance cost increased by 13.2% YoY and stood at Rs997.09m as compared to Rs880.9m in SPLY, mainly due to higher interest rates.

On the tax front, the company paid a higher tax worth Rs595.18m against the Rs135.48m paid in the corresponding period of last year, depicting a rise of 4.4x YoY.

Unconsolidated (un-audited) Financial Results for quarter ended March 31, 2024 (Rupees in '000)
  Mar 24 Mar 23 % Change
Sales 12,717,942 8,141,354 56.21%
Cost of sales (9,280,282) (6,135,325) 51.26%
Gross Profit/ (loss) 3,437,660 2,006,029 71.37%
Administrative Expenses (539,241) (433,934) 24.27%
Selling And Distribution Expenses (802,502) (520,233) 54.26%
Share Of Profit / (Loss) 234 (387) -
Other Income 25,436 21,982 15.71%
Other Operating Expenses (84,320) (19,681) 328.43%
Finance Cost (997,087) (880,895) 13.19%
Profit/ (loss) before taxation 1,040,180 172,881 501.67%
Taxation (595,183) (135,475) 339.33%
Net profit/ (loss) for the period 444,997 37,406 1089.64%
Basic earnings/ (loss) per share 0.52 0.03 -

Amount in thousand except for EPS

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