Pakistan Oxygen posts robust earnings recovery

MG News | August 23, 2024 at 09:43 AM GMT+05:00

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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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