Abbott Laboratories Pakistan Reports Significant Growth in First Half of 2024

Karachi: Financial results for the half-year ended June 30th, 2024, indicate a notable improvement in the performance of Abbott Laboratories (Pakistan) Limited. According to the Board of Directors, who met on August 26th, 2024, the company’s net sales, gross profit, and net profit showed significant increases compared to the previous year.

In the first half of 2024, Abbott Laboratories reported a total net sales amounting to Rs. 32.20 billion, an increase from Rs. 27.24 billion in the same period of 2023. This rise is attributed to both local and export sales growth, with local sales climbing from Rs. 25.82 billion to Rs. 30.49 billion, and exports increasing from Rs. 1.42 billion to Rs. 1.71 billion.

The gross profit for the period reached Rs. 8.34 billion, significantly up from Rs. 5.81 billion in the previous year, marking an improvement in operational efficiency. According to information available from the Pakistan Stock Exchange (PSX), the total expenses for selling, distribution, and administration also saw a slight increase.

The company’s net profit for the period was Rs. 2.14 billion, recovering from a net loss of Rs. 799.37 million in the first half of 2023. Basic and diluted earnings per share improved dramatically to Rs. 21.86, in contrast to a loss of Rs. 8.17 per share last year.

These financial indicators suggest a robust turnaround in Abbott Laboratories’ operational and financial strategies, leading to improved profitability and earnings per share. The quarterly report for the company, detailing performance for the period ended June 30, 2024, will be disseminated through PUCARS separately within the prescribed timeframe.

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