PAKT declares Rs30 per share dividend, profit jumps 36%

August 07, 2024 (MLN): Pakistan Tobacco Company Limited (PSX: PAKT) recorded a profit after tax of Rs5.86 billion [EPS: Rs22.93] during the second quarter of 2024, up 36.3% compared to the same period of last year.

Along with the results, the company announced an interim cash dividend of Rs30 per share for the year ending December 2024.

Going by the results, the company's top line expanded 45.8% YoY to Rs34.28bn as compared to Rs23.51bn in SPLY.

However, the cost of sales also rose by 117.3% YoY, worsening the gross profit by 5.6% YoY to Rs12.92bn in Q2 2024.

The gross margins fell significantly to 37.7% as compared to 58.2% in SPLY.

During the period under review, other income, including finance income, expanded 46.2% YoY to stand at Rs2.7bn in Q2 2024 as compared to Rs1.85bn in SPLY.

On the expense side, the company's administrative expenses rose 54.0% YoY to Rs1.81bn, selling and distribution expenses rose 18.1% YoY to Rs2.26bn, while other operating expenses fell 18.1% YoY to Rs1.01bn.

The company’s finance cost inflated by 9.2% YoY and stood at Rs196.15m as compared to Rs179.57m in SPLY, mainly due to higher interest rates.

On the tax front, the company paid a lower tax worth Rs4.49bn against the Rs6.9bn paid in the corresponding period of last year, depicting a decrease of 34.9% YoY.

Amount in thousand except for EPS

Copyright Mettis Link News