GSK Pakistan Reports Substantial Profit Increase in Third Quarter Financials

Karachi: GSK Pakistan Limited has announced a significant improvement in its financial performance for the quarter ending September 30, 2024, with notable gains in gross and operating profits compared to the previous year, according to a recently released document. The financial disclosure, dated October 28, 2024, was addressed to the General Manager of the Pakistan Stock Exchange and highlights a robust growth trajectory for the company amidst challenging economic conditions.

In the third quarter of 2024, GSK Pakistan generated revenue from contracts with customers amounting to Rs 14.73 billion, marking a notable increase from the Rs 13.77 billion reported in the same quarter of 2023. This upward trend is mirrored in the company’s gross profit for the quarter, which soared to Rs 4.04 billion from Rs 1.03 billion year-over-year. The substantial growth in gross profit can be attributed to more effective cost management, as the cost of sales decreased to Rs 10.69 billion from Rs 12.74 billion in the corresponding quarter of the previous year.

According to information available from the Pakistan Stock Exchange (PSX), the operating profit reflected an even more impressive recovery, registering at Rs 2.81 billion for the quarter, a stark contrast to the Rs 83.69 million loss recorded in the third quarter of 2023. Other income also played a critical role in bolstering the company's earnings, totaling Rs 524.53 million.

For the nine-month period ending September 30, 2024, GSK Pakistan's performance remained strong with total revenues reaching Rs 43.60 billion compared to Rs 37.03 billion in the same period last year. The company’s profitability metrics followed suit, with net profit after taxation dramatically rising to Rs 1.93 billion from a loss of Rs 69.79 million in 2023, yielding earnings per share of Rs 6.05 compared to a loss per share of Rs 0.22 previously.

The communication, signed by Hina Mir, Company Secretary of GSK Pakistan, assured that these financial results have been transmitted through PUCARS within the stipulated timeframe. The detailed financial report reflects GSK Pakistan’s resilience and strategic acumen in navigating market dynamics, underscoring its robust financial health and operational efficiency over the period.