PAEL profits skyrocket to Rs445m in Q1 2024

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

0:00

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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