PAKOXY's profit dives by 65.54% YoY on soaring finance cost

MG News | February 27, 2024 at 10:10 AM GMT+05:00

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February 27, 2024 (MLN): Pakistan Oxygen Limited (PSX: PAKOXY) on Tuesday released its financial results for the year ended December 31, 2023 as per which the company’s profit after tax dropped by 65.54% YoY to Rs144.73 million [EPS: Rs1.66] compared to Rs420m [EPS: Rs5.74] in the same period last year (SPLY).

This drop is mainly due to the soaring finance cost which ballooned by 3.2x YoY to stand at Rs686.84m as compared to Rs209m in SPLY, mainly due to higher interest rates.

Going by the results, the company's top line increased by 17.72% YoY to Rs8.5 billion as compared to Rs7.2bn in SPLY.

On the expense side, the company observed an increase in administrative expenses by 8.64% YoY while other expenses fell 35% YoY to clock in at Rs321m and Rs38m respectively during the review period.

During the review period, other income inflated by 30.52% YoY to stand at Rs58.32m in FY23 as compared to Rs44.7m in SPLY.

On the tax front, the company paid Rs60.76m in terms of tax against the Rs55.35m paid in the corresponding period of last year, depicting a rise of 9.77% YoY.

Profit and Loss Account for the year ended December 31, 2023 ('000 Rupees)
	Dec-23	Dec-22	% Change
Gross sales	9,900,707	8,436,550	17.35%
Trade discount and sales tax	(1,311,707)	(1,140,185)	15.04%
Net sales	8,589,000	7,296,365	17.72%
Cost of Sales	(7,028,370)	(5,971,915)	17.69%
Gross profit	1,560,630	1,324,450	17.83%
Distribution and marketing expenses	(366,356)	(329,041)	11.34%
Administrative expenses	(321,416)	(295,854)	8.64%
Other operating expenses	(38,855)	(59,811)	-35.04%
Operating profit before other income	834,003	639,744	30.37%
Other income	58,352	44,708	30.52%
Operating profit	892,355	684,452	30.38%
Finance costs	(686,848)	(209,043)	228.57%
Profit before taxation	205,507	475,409	-56.77%
Taxation	(60,769)	(55,359)	9.77%
Profit for the period	144,738	420,050	-65.54%
Earnings per share - basic and diluted (Rupees)	1.66	5.74	-71.08%

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