PAKOXY’s Q1 profit surges to Rs178m

MG News | April 26, 2024 at 09:52 AM GMT+05:00

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April 26, 2024 (MLN): Pakistan Oxygen Limited (PSX: PAKOXY) experienced a significant rise of 5.4x YoY in its profitability in the first quarter of 2024, with its profit after tax surging to Rs178.39 million [EPS: Rs2.05], compared to a profit of Rs33.28m [EPS: Rs0.57] in the same period last year (SPLY).

Going by the results, the company's top line went up by 50.3% YoY to Rs2.73bn as compared to Rs1.81bn in SPLY.

The cost of sales also rose by 33.2% YoY but was lesser than proportionate to sales increase, which improved the gross profit by 137.2% YoY to Rs706.93m in 1Q2024.

The gross margins improved substantially to 25.93% as compared to 16.43% in SPLY.

During the review period, other income grew to Rs72.79m in 1Q2024 as compared to Rs3.59m in SPLY.

On the expense side, the company observed a rise in administrative expenses by 2.4% YoY and other expenses by 2.7x YoY to clock in at Rs80.08m and Rs37.03m respectively during the review period.

Meanwhile, the company’s finance cost surged by 3.7x YoY and stood at Rs269.99m as compared to Rs72.62m in SPLY, mainly due to higher interest rates.

On the tax front, the company paid a higher tax worth Rs120.34m against the Rs13.71m paid in the corresponding period of last year, depicting an increase of 8.8x YoY.

Unconsolidated (un-audited) Financial Results for quarter ended March 31, 2024 (Rupees in '000)
	Mar 24	Mar 23	% Change
Sales	2,726,752	1,814,676	50.26%
Cost of sales	(2,019,822)	(1,516,587)	33.18%
Gross Profit/ (loss)	706,930	298,089	137.15%
Administrative Expenses	(80,081)	(78,218)	2.38%
Selling And Distribution Expenses	(93,884)	(90,036)	4.27%
Other Income	72,791	3,591	1927.04%
Other Operating Expenses	(37,033)	(13,820)	167.97%
Finance Cost	(269,992)	(72,621)	271.78%
Profit/ (loss) before taxation	298,731	46,985	535.80%
Taxation	(120,341)	(13,706)	778.02%
Net profit/ (loss) for the period	178,390	33,279	436.04%
Basic earnings/ (loss) per share	2.05	0.45	-

Amount in thousand except for EPS

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