Atlas Honda Limited (ATLH) announced a 17.09% rise in sales, 84.80% in operating profits, and 78.98% in net profits for the third quarter of FY2023, compared to the same period of the last fiscal year.
In a notice sent to the Pakistan Stock Exchange (PSX) on Friday, Atlas Honda’s board approved the financials for the quarter ended December 31, 2023, and recommended no interim dividend.
| Quarter Ended | |||
| 31-Dec | 31-Dec | ||
| All Values in Rs Billion | 2022 | 2023 | Percentage Changes |
| Sales | 35.21 | 41.23 | 17.09% |
| Cost of Sales | 32.85 | 37.71 | 14.78% |
| Gross Profit | 2.36 | 3.52 | 49.27% |
| Operating Profit | 2.23 | 4.12 | 84.80% |
| Profit for the Period | 1.41 | 2.52 | 78.98% |
One of the reasons for the 84.80% increase in operating profit is the improvement in the company’s other income, which rose by 82.027% in the third quarter, compared to the same period last year.
On the other hand, the company’s financials suggest a 12.63% increase in revenues in the nine months ending on December 31, 2023, compared to the same period last year. Gross profit has risen by 21.75%, and net profit has risen by 64.86% YoY.
There is also an exceptional increase in profit after taxation (PAT) of 72.75% in 2023, primarily due to the increase in the company’s other income from Rs 2.92 billion in 2022 to Rs 6.24 billion in the first nine months ending on December 31. Other income is added to profit before taxation.
| 2022 | 2023 | Percentage Changes | |
| All Values in Rs Billion | 9-Months Ending | 9-Months Ending | |
| 22-Dec | 23-Dec | ||
| Sales | 102.48 | 115.42 | 12.63% |
| Cost of sales | (96.05) | (107.59) | 12.02% |
| Gross Profit | 6.43 | 7.82 | 21.75% |
| Sales and marketing expenses | (1.96) | (2.26) | 15.70% |
| Administrative expenses | (0.60) | (0.70) | 15.70% |
| Share of net profit / (loss) of an Associate | (0.00) | 0.01 | |
| Other Income | 2.92 | 6.24 | 113.77% |
| Other expenses | (0.78) | (0.75) | -3.35% |
| Finance cost | (0.04) | (0.06) | 28.10% |
| Profit before taxation | 5.97 | 10.31 | 72.75% |
| Taxation | (2.28) | (4.23) | 85.51% |
| Net profit for the period | 3.69 | 6.08 | 64.86% |
