Abans ups 1Q PBT by 131% to Rs. 1.2 b

Tuesday, 17 August 2021 02:29 - - {{hitsCtrl.values.hits}}

Abans Chairperson Aban Pestonjee (left) and Managing Director Behman Pestonjee

Demonstrates outstanding performance amidst challenging market conditions

Abans PLC has reported a commendable performance in Q1 FY22 despite the pandemic-induced economic slow-down intensified by a month-long island wide lockdown. Abans generated revenue of Rs. 10.6 billion in Q1 FY22 against Rs. 6.7 billion in Q1 of previous year.

Gross Profit margins of the Group were recorded at 29% in line with the budget for Q1 FY22, whilst demonstrating a margin contraction compared to Q1 last year. This was mainly due to the change in demand for the product mix.

The company recorded a Profit Before Tax (PBT) of Rs. 1.2 billion; an increase of 131% compared to Rs. 526 million recorded in Q1 of previous year.

The company achieved a Profit After Tax (PAT) of Rs. 938 million for Q1 FY22, against Rs. 381 million in Q1 of previous year. This was a record-breaking PAT growth of 146% year-on-year amidst the pandemic.

Abans Group reported a Consolidated PAT of Rs. 1.6 billion for Q1 FY22, which included a profit of Rs. 705 million from discontinued operations. In the previous year, the Group reported a PAT of Rs. 347 million for Q1, which included a loss of Rs. 30 million from discontinued operations.

Speaking about the company’s Q1 performance in FY 22, Abans PLC Managing Director Behman Pestonjee said: “Through carefully structured strategic decisions and the expertise of our diverse corporate management team, we have been able to power positive growth and take the necessary steps to skillfully adapt to the post-pandemic environment. Our excellent business acumen and management team’s exceptional commitment to achieve set targets are attested by the outstanding performance we have achieved during a very tough quarter.

“As the year progresses, we anticipate a wider recovery of economic activity, with the support of the on-going vaccination programs island wide. We intend to use these improving conditions and the lessons we have learned to continue to deliver stellar performance for our shareholders.”

The Group was able to grow its Earnings Per Share (EPS) from continuing activities by two-and-a-half times, compared to last year to end at Rs. 0.42 for Q1 FY22 – maximising wealth for its shareholders.

Commenting further, Abans PLC’s Chairperson Aban Pestonjee said: “Despite the global pandemic and severely challenging operational environment, Abans Group will continue to keep its promise of commitment to safeguard and create wealth and prosperity for all its stakeholders and shareholders.”