GlaxoSmithKline Pakistan Limited Reports Financial Outcomes for First Half of 2024

Karachi: The Board of Directors of GlaxoSmithKline Pakistan Limited convened on August 23, 2024, at GSK Pakistan Limited in Karachi, announcing no changes in dividends, bonus shares, or rights offerings, reflecting the company’s conservative financial strategies during the reporting period. According to information available from the Pakistan Stock Exchange (PSX), the company’s financial performance for the half year ending June 30, 2024, demonstrated notable improvements in several key metrics.

During the half year, the company posted a revenue from contracts with customers — net of 28.87 billion PKR, a marked increase from the 23.26 billion PKR recorded in the same period last year. Despite a reduction in cost of sales from 21.66 billion PKR in the previous year to 23.37 billion PKR, the gross profit saw a substantial rise to 5.50 billion PKR, up from 1.60 billion PKR.

Operational expenses, including selling, marketing, and distribution, along with administrative expenses, were effectively managed, totaling 2.09 billion PKR and 1.02 billion PKR, respectively. Other operating expenses resulted in a net outflow of 249.39 million PKR, while other income contributed 892.60 million PKR to the bottom line.

The operating profit for the period was calculated at 3.03 billion PKR compared to just 717.12 million PKR in the prior year. After accounting for finance charges and taxation, the profit after taxation stood at 1.65 billion PKR, reversing a loss of 321.83 million PKR from the previous year.

Earnings per share were reported at 5.19 PKR, a significant recovery from a loss per share of 1.01 PKR last year. This performance indicates a robust recovery and a solid financial standing as the company moves forward in the fiscal year. The financial statements for the half year ended June 30, 2024, will be made available through PUCARS in due course.

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