Pakistan Oxygen posts robust earnings recovery
MG News | August 23, 2024 at 09:43 AM GMT+05:00
August 23, 2024 (MLN): Pakistan Oxygen Limited (PSX: PAKOXY) rebounded strongly in the second quarter of 2024, earning a profit after tax of Rs132.52 million [EPS: Rs1.52] driven by a surge in sales revenue.
Going by the results, the company's sales jumped 47.1% to Rs2.77bn in Q2 2024 as compared to Rs1.88bn a year ago.
The cost of sales also rose 24.1% but was lesser than proportionate to sales rise, which improved the gross profit by 198.8% to Rs740.74m in Q2 2024.
The gross margins rose significantly to 26.8% as compared to 13.2% in the same period of last year (SPLY).
During the period under review, other income shrank 58.8% to stand at Rs11.42m in Q2 2024 as compared to Rs27.68m in SPLY.
On the expense side, the company's administrative expenses fell 12.8% YoY to Rs70.13m, selling and distribution expenses rose 84.7% YoY to Rs175.4m, and other operating expenses rose 325.6% YoY to Rs31.71m.
The company’s finance cost expanded by 216.9% and stood at Rs290.36m as compared to Rs91.62m in SPLY, mainly due to higher interest rates.
On the tax front, the company paid a significantly larger tax worth Rs102.46m against the Rs0.72m paid in the corresponding period of last year
| Unconsolidated (un-audited) Financial Results for quarter ended June 30, 2024 (Rupees in '000) | |||
|---|---|---|---|
| Jun 24 | Jun 23 | % Change | |
| Sales | 2,766,763 | 1,880,995 | 47.09% |
| Cost of sales | (2,026,023) | (1,633,097) | 24.06% |
| Gross Profit/ (loss) | 740,740 | 247,898 | 198.81% |
| Administrative Expenses | (70,131) | (80,414) | -12.79% |
| Selling And Distribution Expenses | (175,403) | (94,963) | 84.71% |
| Other Income | 11,415 | 27,677 | -58.76% |
| Other Operating Expenses | (31,710) | (7,450) | 325.64% |
| Finance Cost | (290,357) | (91,622) | 216.91% |
| Profit/ (loss) before taxation | 234,978 | 1,126 | 20,768.38% |
| Taxation | (102,459) | (715) | 14,229.93% |
| Net profit/ (loss) for the period | 132,519 | 411 | 32,143.07% |
| Basic earnings/ (loss) per share | 1.52 | 0.00 | - |
Amount in thousand except for EPS
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