AsiaNet-Pakistan Premier Editorial Content and Press Release Distribution Service
Karachi: Exide Pakistan Limited has experienced a significant increase in its profits for the year 2024, as detailed in its recently released profit and loss statement. The company’s profits after taxation rose to 1,254.62 million rupees, up from 754.50 million rupees in 2023, marking a notable improvement in financial performance.
According to information available from the Pakistan Stock Exchange (PSX), Exide’s total sales for 2024 reached 25.67 billion rupees, a 9.7% increase from the previous year’s 23.40 billion rupees. This increase in sales contributed to a gross profit of 4.85 billion rupees, which is significantly higher than the 3.36 billion rupees recorded in 2023. The gross profit margin also improved, rising from 14.4% in 2023 to 18.9% in 2024.
The company managed to control costs effectively despite increases in sales. The cost of sales as a percentage of net sales decreased, reflecting more efficient operations, with costs making up 81.01% of sales in 2024 compared to 85.6% in 2023. Operating expenses, including selling, distribution, and administrative expenses, were kept in check, contributing to an operating profit of 3.01 billion rupees, nearly double the 1.57 billion rupees from the previous year.
However, finance costs for Exide Pakistan increased significantly in 2024, totaling 858.11 million rupees compared to 417.23 million rupees in 2023, reflecting higher borrowing costs or increased leverage during the year. Despite this, the profit before taxation stood at 2.15 billion rupees, compared to 1.15 billion rupees in the previous year.
Looking ahead, Exide Pakistan anticipates challenges including rising labor costs, increased utility expenses, and intense market competition. However, the company is optimistic about maintaining its profitability through strategic initiatives focused on enhancing product quality, improving productivity, and strengthening after-sales services to boost its market share.