Qudsia Bano

Abbott Laboratories Pakistan Limited’s revenue from sales increased 18% to Rs35.3 billion in the first nine months of the calendar year 2022 (CY22) compared with Rs29.8 billion over the corresponding period of last year. The gross profit of the company, however, registered no growth during the nine-month period of CY22 and stood at Rs12.1 billion.

The company’s net income declined 43% to Rs2.6 billion during the nine months of CY22 from a profit of Rs4.5 billion in the corresponding period of last year. This slide in profit was mainly due to the significant devaluation of the Pakistani rupee against the US dollar during the third quarter of the calendar year, reports WealthPK.

Performance in 2021

During CY2021, the company maintained a strong sales trend, generating revenue of Rs42.6 billion against Rs35.3 billion in CY20, posting an increase of 21% year-on-year. The gross profit for CY21 stood at Rs16 billion, 36% up from a profit of Rs11.8 billion in CY20. The profit-after-tax for the year jumped to Rs5.9 billion, 32% up from Rs4.5 billion in CY20.

The earnings per share (EPS) of the company kept increasing from 2019 to 2021. The EPS for CY21 jumped to Rs60.95 from Rs46.33 in CY20.

About the company

Abbott Laboratories is a public limited company incorporated in Pakistan on July 02, 1948. The company is principally engaged in the manufacture, import and marketing of branded generic pharmaceutical, nutritional, diagnostic, diabetes care, hospital, and consumer products as well as molecular devices.

Credit : Independent News Pakistan-WealthPk