Karachi: Abbott Laboratories (Pakistan) Limited has demonstrated significant financial growth in its nine-month period ending September 30, 2024. The Board of Directors approved the financial results during their meeting held on October 25, 2024, in Karachi, showcasing a substantial increase in both net sales and net profit compared to the previous year.
The company reported net sales of 49,564.08 million rupees for the nine months ending September 30, 2024, marking an increase from 41,225.09 million rupees during the same period in 2023. The quarterly sales also saw a rise, reaching 17,364.55 million rupees compared to 13,981.91 million rupees in the previous year.
The cost of sales for the nine-month period was 35,462.89 million rupees, up from 32,910.28 million rupees in 2023. Consequently, the gross profit surged to 14,101.19 million rupees from 8,314.81 million rupees, reflecting an improvement in the company's operational efficiency.
The net profit for the nine months stood at 3,949.28 million rupees, a remarkable turnaround from a loss of 792.70 million rupees reported in the prior year. For the quarter, the net profit was 1,809.14 million rupees compared to 6.67 million rupees in the same quarter last year, indicating robust quarterly performance.
According to information available from the Pakistan Stock Exchange (PSX), the basic and diluted earnings per share for the nine months were 40.34 rupees, contrasting with a loss of 8.10 rupees per share in the corresponding period of 2023. For the quarter, earnings per share were 18.48 rupees, a significant increase from 0.07 rupees per share.
The company also reported a decrease in finance costs to 18.59 million rupees from 24.02 million rupees in the nine-month period. Meanwhile, income taxes for the period were 1,999.67 million rupees, compared to 1,056.54 million rupees in the previous year.
Abbott Laboratories Pakistan's financial results reflect a strong recovery and growth trajectory, with increased profitability and sales performance. The detailed quarterly report is expected to be transmitted through PUCARS separately, within the specified timeframe.