PAEL profits skyrocket to Rs445m in Q1 2024
MG News | April 30, 2024 at 12:30 PM GMT+05:00
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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