Pak Elektron sees 97.6% surge in Q2 earnings
 
 MG News | August 29, 2024 at 01:36 PM GMT+05:00
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
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