In 2012, despite a challenging operating environment, Abbott Pakistan delivered earnings per share of Rs 21.35, registering an increase of 27 percent over the last year owing to double-digit growth of 18 percent in net sales, driven by Pharmaceutical, Nutritional and other business segments.
Chairing the meeting of the Board of Directors of the company, Chief Executive and Managing Director Abbott Pakistan, Asif Jooma said that the company managed to deliver 37% gross profit and 20% profit before taxation while the profit after tax increased to Rs 2.1 billion as compared to Rs 1.6 billion previous year.
"Our pharmaceutical business launched Moksi and Brufen DS during the year, whereas our nutritional division came up with improved formulas; Glucerna Triple Care and PediaSure Complete with Triple Sure System while the successful assimilation of ex-Solvay brands in 2011 added greatly to our performance in 2012," he added.
The Board of Directors also announced final cash dividend of Rs 4 per share, which is in addition to already paid interim dividend of Rs 3. It is worth mentioning here that during the tenure of Chief Executive and Managing Director - Asif Jooma, who is leaving the company on February 24, Abbott Pakistan more than doubled its profits, earnings and market value per share.
Net sales including toll manufacturing service fee increased from Rs 7123 million in 2008 to Rs 15216 million in 2012, posting Compound Annual Growth Rate (CAGR) of 20.9%. Profit before and after taxes increased to Rs 3014 m and Rs 2090 m respectively in 2012 from Rs 1238 m and Rs 864 m in 2008, posting CAGR of 24.9 and 24.7 percent respectively. Similarly, Earning Per Share (EPS) and market value per share, which were Rs 8.83 and Rs 110 respectively in 2008 posted a phenomenal growth during Asif Jooma's tenure, increasing to Rs 21.35 and Rs 229.50 respectively.-PR