Pakistan Aluminium Beverage Cans Limited (PABC) recorded a significant increase in its profit after tax for 2023, reaching Rs5.02 billion. This marked a notable 86 per cent rise from the Rs2.7 billion reported in 2022. The company attributes this substantial growth in profit to rise in sales and a reduction in taxation during the period.
What the statement disclosed
As disclosed in the company's profit and loss statement posted on the Pakistan Stock Exchange (PSX) on Friday, the Board of Directors (BoD) announced an interim cash dividend of Rs3.5 per share, equivalent to 35 per cent of the share value, for the fiscal year ending 31 December 2023. The company's earnings per share (EPS) for 2023 were recorded at Rs13.9, representing a substantial increase from the EPS of Rs7.48 reported during the same period last year (SPLY).
In the calendar year, Pakistan Aluminium Beverage Cans Limited (PABC) experienced a notable increase in sales, reaching Rs19.74 billion, compared to Rs14.15 billion in the same period last year (SPLY). This marked a substantial growth of more than 39 per cent for the company.
PABC's gross profit also significantly improved, rising by nearly 62 per cent to Rs7.65 billion in 2023 from Rs4.73 billion in SPLY. Consequently, the company's profit margin rose to 38.73 per cent in 2023, compared to the 33.4 per cent recorded in 2022.
Other incomes
The category of 'other income' for PABC saw a considerable increase, reaching Rs460.24 million in 2023, compared to Rs 223.05 million in SPLY, marking a growth of over 106 per cent. However, PABC faced an increase in finance costs by 76 per cent, rising from Rs408.89 million in CY2022 to Rs718.63 million in CY2023. Similarly, other expenses also saw a notable rise to Rs706.36 million in 2023, up by nearly 32 per cent from Rs537.01 million in 2022.
Consequently, despite the higher Profit Before Tax (PBT) standing at Rs5.3 billion in 2023, reflecting a 69 per cent increase, the can-maker paid lower taxes amounting to Rs285.5 million compared to Rs428.5 million in SPLY.
About PABC
Pakistan Aluminium Beverage Cans Limited (PABC) was established as a public, unlisted company in Pakistan in 2014. It debuted on the stock exchange in 2021. The company's core operations revolve around the manufacturing and distribution of aluminium cans.
Embarking on its commercial production journey in 2017, PABC steadily expanded its operations. By 2022, the company had achieved an annual output milestone, producing 950 million aluminium cans in a single year.
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