Abans demonstrates an outstanding performance for Q1 FY22 with a PBT of Rs. 1.2 bn

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 PLC generated revenue of Rs. 10.6 Bn in Q1 FY22 against Rs. 6.7 Bn 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 Bn; an increase of 131% compared to Rs. 526 Mn recorded in Q1 of previous year. The Company achieved a Profit After Tax (PAT) of Rs. 938 Mn for Q1 FY22, against Rs. 381 Mn in Q1 of previous year. This was a record-breaking PAT growth of 146% YoY amidst the pandemic.

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