Abans records Rs.1.2bn PBT for first quarter, up 131%

Abans PLC has reported a commendable performance in 1Q22, despite the pandemic-induced economic slowdown intensified by a month-long island wide lockdown. 

Abans PLC generated revenue of Rs. 10.6 billion in the quarter under review against Rs.6.7 billion in the same quarter of the previous year.

Gross profit margins of the group were recorded at 29 percent, in line with the budget for 1Q22, whilst demonstrating a margin contraction compared to 1Q21. 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 percent compared to Rs.526 million recorded in 1Q21. 

The company achieved a profit after tax (PAT) of Rs.938 million for the quarter under review, against Rs.381millionin 1Q21. This was a record-breaking PAT growth of 146 percentYoY amidst the pandemic.
Abans Group reported a consolidated PAT of Rs.1.6billion for 1Q22, which included a Profit of Rs.705 million from discontinued operations. In the previous year, the Group reported a PAT of Rs.347 million for1Q which included a loss of Rs.30 million from discontinued operations.

Speaking about the Company’s 1Q22 performance Behman Pestonjee - Managing Director of Abans PLC 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 itsearnings per share (EPS) from continuing activities by two and a half times, compared to last year, to end at 42 cents for 1Q22 maximizing 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.”