Pak Elektron sees 97.6% surge in Q2 earnings

News Image

MG News | August 29, 2024 at 01:36 PM GMT+05:00

0:00

August 29, 2024 (MLN): Pak Elektron Limited (PSX: PAEL) recorded an increase of 97.6% YoY in its earnings for Q2 CY24, with the company's after-tax profits rising to Rs970.57 million [EPS: Rs1.12], compared to a profit of Rs491.19m [EPS: Rs0.56] in the same quarter last year.

According to the results, the company's top line increased by 38.1% to Rs17.37bn compared to Rs12.58bn in SPLY.

The cost of sales rose by 38.7% but the change was less than proportionate to sales rise, which improved the gross profit by 36.3% to Rs4.62bn in Q2 2024.

Furthermore, PAEL received a favorable pump through its other income, rising by 35.4% to stand at Rs34.73m in Q2 2024 as compared to Rs25.65m in SPLY.

On the expense side, the company's administrative expenses rose 18.1% YoY to Rs652.11m, selling and distribution expenses rose 39.9% YoY to Rs1.24bn, and other operating costs rose 88.3% YoY to Rs117.41m.

The company’s finance cost ticked higher and stood at Rs1.1bn as compared to Rs1.09bn in SPLY.

On the tax front, the company paid a higher tax worth Rs573.7m against the Rs332.97m paid in the corresponding period of last year, depicting an increase of 72.3%.

Despite higher expenses, finance costs, and taxation, PAEL reported a substantial increase in profit, driven by significant sales growth and additional income.

Unconsolidated (un-audited) Financial Results for quarter ended June 30, 2024 (Rupees in '000)
  Jun 24 Jun 23 % Change
Sales 17,366,739 12,579,107 38.06%
Cost of sales (12,750,730) (9,191,600) 38.72%
Gross Profit/ (loss) 4,616,009 3,387,507 36.27%
Administrative Expenses (652,112) (552,360) 18.06%
Selling And Distribution Expenses (1,237,239) (884,614) 39.86%
Other Gains / (Losses) 90 (46) -
Other Income 34,733 25,651 35.41%
Other Operating Expenses (117,405) (62,364) 88.26%
Finance Cost (1,099,815) (1,089,620) 0.94%
Profit/ (loss) before income taxation 1,544,261 824,154 87.38%
Taxation (573,695) (332,967) 72.30%
Net profit/ (loss) for the period 970,566 491,187 97.60%
Basic earnings/ (loss) per share 1.12 0.56 -

Amount in thousand except for EPS

Copyright Mettis Link News

Related News

Name Price/Vol %Chg/NChg
KSE100 161,631.73
408.94M
3.13%
4898.86
ALLSHR 98,254.73
951.34M
2.71%
2590.07
KSE30 49,377.29
213.50M
3.40%
1624.91
KMI30 232,700.28
121.13M
2.88%
6525.03
KMIALLSHR 64,179.60
399.93M
2.39%
1496.52
BKTi 46,334.17
105.09M
5.56%
2441.42
OGTi 31,362.73
10.58M
1.56%
482.31
Symbol Bid/Ask High/Low
Name Last High/Low Chg/%Chg
BITCOIN FUTURES 109,270.00 111,630.00
107,835.00
2315.00
2.16%
BRENT CRUDE 64.60 65.15
63.81
0.23
0.36%
RICHARDS BAY COAL MONTHLY 80.50 0.00
0.00
-1.50
-1.83%
ROTTERDAM COAL MONTHLY 92.90 92.90
92.90
-0.25
-0.27%
USD RBD PALM OLEIN 1,082.50 1,082.50
1,082.50
0.00
0.00%
CRUDE OIL - WTI 60.79 61.38
59.99
0.22
0.36%
SUGAR #11 WORLD 14.43 14.49
14.20
0.15
1.05%

Chart of the Day


Latest News
October 31, 2025 at 05:06 PM GMT+05:00

PSX Closing Bell: What a Feeling!


October 31, 2025 at 04:18 PM GMT+05:00

PKR remains flat against USD



Top 5 things to watch in this week

Pakistan Stock Movers
Name Last Chg/%Chg
Name Last Chg/%Chg