Pakistan Aluminium Beverage Cans Limited (PABC) posted a profit-after-tax of Rs5.02 billion in 2023, an increase of nearly 86%, as compared to Rs2.7 billion in 2022.
The rise in profit can be attributed to growth in sales and lower taxation during the period.
According to the profit and loss statement shared by the company at the Pakistan Stock Exchange (PSX) on Friday, the Board of Directors (BoD) of the company declared an interim cash dividend for the year ending 31 December, 2023 at Rs3.5 per share i.e. 35%.
Earnings per share (EPS) were recorded at Rs13.9 in 2023 as compared to EPS of Rs7.48 in the same period last year (SPLY).
Pakistan Aluminum Beverage Cans Limited
During the calendar year, PABC saw its sales rise to Rs19.74 billion compared to Rs14.15 billion in SPLY, which is an increase of more than 39%.
The company’s gross profit increased by nearly 62%, clocking in at Rs7.65 billion in 2023, compared to Rs4.73 billion in SPLY. As a result, PABC’s profit margin improved to 38.73% in 2023, as compared to 33.4% recorded in 2022.
PABC’s ‘other income’ also increased to Rs460.24 million in 2023, compared to Rs223.05 million in SPLY, an increase of over 106%.
On the other hand, the company’s finance cost increased significantly by 76% from Rs408.89 million in CY2022 to Rs718.63 million in CY2023. The other expenses also rose significantly to Rs706.36 million in 2023, up nearly 32%, as compared to Rs537.01 million in 2022.
Consequently, the profit before tax (PBT) of the company stood at Rs5.3 billion in 2023, up by 69%.
However, despite higher PBT, the can-maker paid lower taxes to the tune of Rs285.5 million in 2023, as compared to Rs428.5 million in SPLY.
PABC was incorporated in Pakistan as a public unlisted company in 2014. It was listed on the stock exchange in 2021. The company is engaged in the manufacturing and sale of aluminum cans. The company began its commercial production in 2017 and by 2022, it had achieved yearly output of 950 million cans.
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