Karachi: Citi Pharma Limited announced substantial financial gains for the third quarter of 2024, with its net turnover and profits seeing a significant rise from the previous year. This performance was acknowledged on October 29, 2024, when the Board of Directors met to approve the quarter's financial statements.
According to information available from the Pakistan Stock Exchange (PSX), Citi Pharma's net turnover increased to Rs. 3.22 billion, up from Rs. 2.71 billion in the third quarter of 2023, representing an 18.75% growth. The cost of sales also rose to Rs. 2.79 billion from Rs. 2.45 billion, indicating a higher scale of operations.
The gross profit for the quarter stood at Rs. 428.51 million, a substantial jump from Rs. 246.47 million in the same quarter last year. Administrative and general expenses amounted to Rs. 46.39 million, slightly up from Rs. 48.26 million, while marketing and distribution expenses accounted for Rs. 40.09 million, compared to Rs. 38.63 million in 2023.
Citi Pharma's operating profit surged to Rs. 341.42 million from Rs. 159.57 million, marking a significant improvement in operational efficiency. Financial charges, however, increased to Rs. 64.57 million, up from Rs. 86.80 million, reflecting a decrease in financial costs.
Other income also saw an upward trend, posting Rs. 276.44 million compared to Rs. 72.76 million in the previous year. The company reported a substantial profit before income tax of Rs. 340.29 million, over double the Rs. 166.63 million reported last year. After accounting for taxes, the net profit after taxation was Rs. 201.49 million, a notable increase from Rs. 94.45 million in 2023.
Earnings per share for Citi Pharma were reported at Rs. 0.88, more than doubling from Rs. 0.41 in the third quarter of 2023.
This financial briefing underscores Citi Pharma's strong performance and strategic positioning within the pharmaceutical sector. The company communicated these results in a letter dated October 30, 2024, addressed to the General Manager of the Pakistan Stock Exchange.