Pakistan Aluminium Beverage Cans Limited experienced a significant increase in profitability, up 72.14 per cent YoY in 1HCY23. The company's profit after tax reached Rs2.71 billion, a notable improvement from the Rs1.58 billion profit reported in the same period last year.
As part of the announcement, the company declared an Interim Cash Dividend for the year ending December 31, 2023, at Rs3.5 per share, or 35 per cent to all shareholders of the company.
The company's top line also saw an impressive 70.83 per cent YoY increase to Rs11.12 billion compared to Rs6.51 billion in same period last year. The cost of sales for aluminium cans rose by 60.21 per cent YoY, but the increase was smaller than the sales decline, resulting in a gross profit of Rs4.41 billion in 1HCY23, an improvement of 90.02 per cent YoY.
Other income also saw a significant increase during the review period, soaring 2.47x YoY to Rs310.21 million in 1HCY23 versus Rs125.86 million in same period last year. However, the company did observe a rise in selling and distribution expenses by 471.63 per cent YoY and other expenses by 60.49 per cent YoY to clock in at Rs735.98 million and Rs459.74 million, respectively.
PABC's financial expenses expanded by 65.26 per cent YoY to Rs327.56 million, mainly due to higher interest rates. On the tax front, the company paid a higher tax of Rs218.6 million, an increase of 102.62 per cent YoY, compared to the Rs107.88 million paid in the corresponding period of last year.
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