Karachi: Haleon Pakistan Limited disclosed its financial outcomes for the first half of 2024 on August 22, during a hybrid meeting in Karachi and via weblink, revealing a marked increase in revenue and profits compared to the previous year.
The company's financial results show that the revenue from contracts with customers netted PKR 17.76 billion for the half-year ended June 30, 2024, up from PKR 15.66 billion during the same period in 2023. This represents a significant uptick in business activity and market performance.
According to information available from the Pakistan Stock Exchange (PSX), gross profit for the period stood at PKR 5.49 billion, a substantial increase from PKR 2.87 billion recorded during the first half of 2023. This improvement is primarily attributed to a decrease in cost of sales, which dropped to PKR 12.27 billion from PKR 12.79 billion despite the challenging economic conditions.
The company's operating profit also saw a significant rise to PKR 3.22 billion, up from just PKR 951.77 million in the previous year. This boost in profitability was further supported by an overall reduction in financial charges and a mix of increased other income and controlled expenses across the board.
Despite these positive results, the Board of Directors decided against distributing dividends or issuing bonus shares, opting instead to reinvest the earnings to fuel further growth and stability.
Taxation for the period was substantially higher at PKR 1.34 billion compared to PKR 411.14 million in the first half of 2023, aligned with the increased profits. Net profit after tax surged to PKR 1.87 billion from PKR 313.06 million, reflecting a robust performance and effective cost management strategies.
Earnings per share also increased dramatically to PKR 16.00 from PKR 2.67, indicating strong profitability and shareholder value creation during the first half of 2024.
Haleon Pakistan’s commitment to maintaining rigorous financial discipline and enhancing operational efficiencies is evident from these results, positioning the company for sustainable growth in the challenging market landscape.