Lahore: In a recent board meeting held on October 30, 2024, Octopus Digital Limited outlined its financial outcomes for the third quarter ended September 30, 2024, with no new entitlements such as cash dividends, bonus shares, or rights shares being announced. The board meeting, which took place both at Lahore and online, confirmed that there would be no corporate actions or price-sensitive information affecting shareholder value this period.
The company’s unaudited consolidated financial statement revealed a revenue of 846.085 million rupees for the nine months ending September 30, compared to 485.645 million rupees in the previous year. However, despite the increase in revenue, the profit after tax for the quarter stood at 91.874 million rupees, showing a decrease when compared to last year's 342.543 million rupees. According to information available from the Pakistan Stock Exchange (PSX), this marks a significant variance in year-over-year profitability, primarily due to increased administrative and selling expenses, which rose to 343.098 million rupees from 194.019 million rupees.
The standalone financials echoed a similar trend with revenue rising to 660.400 million rupees from 485.645 million rupees in the prior year, yet the profit for the period was only 51.790 million rupees, down from 342.543 million rupees. The detailed breakdown shows that while there was an increase in gross profit, higher operational costs and other expenses, including a finance cost of 2.324 million rupees, dampened the overall profitability.
The earnings per share also reflected this downturn, with the consolidated basic earnings per share reported at 0.58 rupees, down from 2.18 rupees the previous year, and the standalone basic earnings at 0.33 rupees, significantly lower than the 2.18 rupees reported last year.
Despite the subdued financial performance, the company has managed to keep operational issues at bay, with no significant corporate actions or entitlements impacting the shareholders this quarter. The complete quarterly report will be available through PUCARS, as per regulatory requirements, within the specified timeframe.