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

PAKOXY's profit dives by 65.54% YoY on soaring finance cost
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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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Posted on: 2024-02-27T10:10:04+05:00