EXIDE PAKISTAN LIMITED REPORTS QUARTERLY FINANCIAL RESULTS FOR JUNE 2024

Karachi: Exide Pakistan Limited today disclosed its financial results for the quarter ended June 30, 2024. The Board of Directors, in their meeting conducted on August 15, 2024, in Karachi and via Zoom, confirmed that no cash dividends, bonus shares, or rights shares would be issued for the period.

According to information available from the Pakistan Stock Exchange (PSX), the company’s turnover for the quarter increased to 8.29 billion rupees from 7.07 billion rupees in the same quarter of the previous year. The cost of goods sold also rose to 6.74 billion rupees, up from 5.49 billion rupees, leading to a gross profit of 1.54 billion rupees compared to 1.58 billion rupees in June 2023.

Total operating expenses for the quarter amounted to 561.39 million rupees, with distribution costs accounting for 492.40 million rupees and administrative expenses at 68.99 million rupees. This led to an operating profit of 981.95 million rupees, down from 1.18 billion rupees in the prior-year quarter. Other operating income was minimal at 643 thousand rupees.

Financial charges incurred during the quarter were 211.84 million rupees, and other operating charges were 58.77 million rupees. The profit before taxation was reported at 711.98 million rupees, a decrease from 927.97 million rupees in 2023. After accounting for a current taxation provision of 277.67 million rupees, the profit after taxation stood at 434.31 million rupees.

Earnings per share for the quarter were 55.91 rupees, down from 72.87 rupees in the corresponding quarter of the previous year. The results, detailed in Annexures A and B, reflect the financial trajectory of the company for the first quarter of the financial year 2024.

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