Qudsia Bano

Abbott Laboratories Pakistan Limited  reported a total revenue of Rs13.8 billion, a 17% increase year-on-year in the first quarter of the calendar year 2023. However, the company reported a decline of 21% in gross profit during the period as it went down from Rs4.1 billion in 1QCY22 to Rs3.2 billion in 1QCY23, reports WealthPK. The company also reported a significant decrease in profit-before-tax, which stood at Rs248 million in 1QCY23 compared to Rs2 billion in 1QCY22. Similarly, Abbott Laboratories Pakistan Ltd reported a net loss of Rs219 million in 1QCY23 compared to a net profit of Rs1.4 billion in 1QCY22.

Performance in 2022

The company's total revenue increased by 16% to Rs49.3 billion in 2022 from Rs42.6 billion the previous year.However, the company's gross profit declined by 10% to Rs14.5 billion in 2022 from Rs16.1 billion the previous year. The company's profit-before-tax also decreased 27% to Rs6.1 billion in 2022 from Rs8.4 billion the previous year. Despite the increase in revenue, the company's net profit decreased by 50% to Rs3 billion in 2022 from R6 billion in 2021. The earnings per share for the company also decreased by 50% to Rs30.69 in 2022 from Rs60.95 the previous year.

About the company

Abbott Laboratories is a public limited company incorporated in Pakistan on July 2, 1948. The company is principally engaged in the manufacture, import, and marketing of branded and generic pharmaceutical, nutritional, diagnostic, diabetes care, molecular devices, hospital, and consumer products.

Credit: Independent News Pakistan-WealthPk