Karachi: Octopus Digital Limited has released its financial results for the first half of 2024, showing a significant increase in revenue but a decline in profit after taxation compared to the same period last year.

For the half year ended June 30, 2024, the company's consolidated revenue reached Rs. 628.12 million, up from Rs. 290.73 million in the previous year, marking a 116% increase. Standalone revenues also rose by 72% to Rs. 499.11 million from Rs. 290.73 million in 2023. However, the profit before tax showed a contrasting trend. Consolidated profit before tax was reported at Rs. 92.97 million, down from Rs. 295.52 million, while standalone profit before tax fell to Rs. 37.77 million from Rs. 295.52 million.

According to information available from the Pakistan Stock Exchange (PSX), the profit after taxation for consolidated results decreased by 14%, recording Rs. 90.40 million compared to last year’s Rs. 271.86 million. The standalone results saw a similar decrease in profit after taxation, which stood at Rs. 35.20 million, down 7% from Rs. 271.86 million. This was primarily impacted by exchange losses during the period.

Excluding these exchange gains and losses, the net profit after tax adjusted for such financial items increased significantly, posting Rs. 119.00 million compared to just Rs. 24.00 million in 2023, reflecting a substantial improvement. The consolidated earnings per share (EPS) after tax dropped to Rs. 0.57 from Rs. 1.73, and the standalone EPS decreased to Rs. 0.22 from Rs. 1.73.

Octopus Digital has attributed this performance to the successful completion of key engineering projects and the initiation of new strategic ventures, particularly in the Middle East. The increase in revenue was also driven by a rise in new orders within the digital business sector. However, an increase in fixed costs, mainly due to strategic hiring across departments supporting digital initiatives, contributed to the reduction in profit.

The company maintains its commitment to effective communication with shareholders, ensuring timely dissemination of financial reports in compliance with the Companies Act of 2017 and providing real-time updates on its operations and financial status via the company's website.