PAKOXY reports more than threefold increase in profit for 2024

MG News | February 28, 2025 at 12:57 PM GMT+05:00

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February 28, 2025 (MLN): Pakistan Oxygen Limited (PSX: PAKOXY) has posted a remarkable profit for the year ended December 31, 2024, with a significant 391% increase in its profit, amounting to Rs711million compared to Rs145m in the previous year.

With earnings per share rising to Rs8.17 in 2024 from Rs1.66 in 2023, PAKOXY's shareholders are poised to benefit from the company's strong financial performance.

This exceptional growth in profitability is attributed to a strong rise in sales and an increase in gross profit, despite higher distribution and marketing expenses, and finance costs.

The company reported gross sales of Rs13 billion for 2024, marking a 32% increase from Rs10bn in 2023.

Net sales also saw a substantial jump of 32%, reaching Rs11bn from Rs8.6bn in the previous year.

Gross profit soared by 96%, reaching Rs3bn, compared to Rs1.5bn in 2023.

Despite rising costs, including a 18% increase in the cost of sales and a 45.4% rise in finance costs, PAKOXY successfully maintained a strong operating profit of Rs2bn, up 144% from Rs892m in 2023.

Other income also contributed positively, showing a 62.7% increase from the previous year.

In terms of profitability, the company saw a 1066% increase in profit before taxation, which amounted to Rs1bn for FY 2024, compared to Rs98m in 2023.

The significant improvement was achieved despite a rise in the minimum tax differential levy, which dropped by 70%.

Statement of profit and loss for the year ended December 31, 2024 (in Rupees '000)	2024	2023	%Change
Gross sales	13,061,918	9,900,707	31.93%
Sales tax	(1,716,819)	(1,311,707)	30.88%
Net sales	11,345,099	8,589,000	32.09%
Cost of sales	(8,285,137)	(7,028,370)	17.88%
Gross profit	3,059,962	1,560,630	96.07%
Distribution and marketing expenses	(548,844)	(366,356)	49.81%
Administrative expenses	(343,097)	(321,416)	6.75%
Other operating expenses	(137,390)	(38,855)	253.60%
Operating profit before other income	2,030,631	834,003	143.48%
Other income	94,923	58,352	62.67%
Operating profit	2,175,978	892,355	143.85%
Finance cost	(999,099)	(686,848)	45.46%
Profit before levy and income tax	1,176,879	205,507	472.67%
Minimum tax differential - levy	(32,279)	(107,363)	-69.93%
Profit before taxation	1,144,600	98,144	1066.25%
Taxation	(432,841)	46,594
Profit for the year	711,759	144,738	391.76%
Earnings per share - basic and diluted (Rupees)	8.17	1.66

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