Karachi: EFG Hermes Pakistan Limited has released its financial results for the calendar year 2023 and the first quarter of 2024, showcasing a complex financial landscape with fluctuations in revenue, expenses, and net income.

In the full calendar year 2023, the company posted a revenue of 288.85 million rupees, an increase from 214.86 million rupees in 2022. Despite the rise in revenue, the firm recorded a net loss after taxes of 107.45 million rupees for 2023, compared to a loss of 101.91 million rupees the previous year. The loss per share stood at 5.37 rupees in 2023, slightly worse than the 5.09 rupees loss per share in 2022.

For the first quarter of 2024, EFG Hermes Pakistan showed some signs of improvement. Revenue for Q1 2024 reached 64.94 million rupees, up from 40.66 million rupees in Q1 2023. The company managed a modest profit before tax of 5.79 million rupees, recovering from a loss of 22.90 million rupees in the same quarter of the previous year. Profit after tax for Q1 2024 was 2.16 million rupees, a stark contrast to a loss of 25.94 million rupees in Q1 2023, and earnings per share were 0.11 rupees.

According to information available from the Pakistan Stock Exchange (PSX), operating expenses for 2023 totaled 248.22 million rupees, marginally up from 205.81 million rupees in 2022. However, the firm reduced its operating expenses in Q1 2024 to 53.39 million rupees from 56.10 million rupees in Q1 2023. Financial expenses also decreased in Q1 2024 to 20.44 million rupees from 33.05 million rupees in the corresponding quarter of the previous year.

The report also highlighted other financial metrics, such as other income and gains or losses on revaluation of investments. Other income increased substantially to 27.55 million rupees in 2023 from just 1.62 million rupees in 2022, with a significant contribution in Q1 2024 of 13.07 million rupees. The gain on revaluation of investments stood at 9.63 million rupees for 2023, showing a decrease from 14.67 million rupees in 2022.