Ghandhara Tyre rebounds with Rs229m profit

News Image

MG News | September 04, 2024 at 03:12 PM GMT+05:00

0:00

September 04, 2024 (MLN): Ghandhara Tyre & Rubber Company Limited (PSX: GTYR) bounced back in fiscal year 2024 with a net profit of Rs229.06 million [EPS: Rs1.88] as sales jumped.

That compares with a loss of Rs167.36m [LPS: Rs1.37] incurred last year.

Along with the results, the company announced a final cash dividend of Rs1.87 per share i.e. 18.7%.

The company's sales revenue rose 36.8% to Rs20.54bn as compared to Rs15.02bn in FY23. The company's gross profit increased by 43.0% to Rs3.28bn in fiscal year ending June 2024.

The gross margins rose to 16.0% as compared to 15.3% last year.

Other income rose by 44.7% to Rs145.16m as compared to Rs100.33m in FY23.

On the expense side, the company's administrative expenses rose 31.1% from last year to Rs409.27m, and selling and distribution expenses rose 29.2% to Rs808.99m.

While its other operating expenses fell 91.6% compared to a year ago to Rs29.93m.

The company’s finance cost grew by 30.1% and stood at Rs1.68bn as compared to Rs1.29bn in FY23, mainly due to higher interest rates.

On the tax front, the company paid a tax expense worth Rs266.61m against the Rs26.25m tax credit received last year. This translates to an effective tax rate of 53.8%.

Unconsolidated (un-audited) Financial Results for year ended June 30, 2024 (Rupees in '000)
  Jun 24 Jun 23 % Change
Sales 20,538,570 15,018,659 36.75%
Cost of sales (17,260,660) (12,726,992) 35.62%
Gross Profit/ (loss) 3,277,910 2,291,667 43.04%
Administrative Expenses (409,268) (312,089) 31.14%
Selling And Distribution Expenses (808,987) (626,172) 29.20%
Share Of Profit / (Loss) 1,047 (1,016) -
Other Income 145,163 100,328 44.69%
Other Operating Expenses (29,931) (354,530) -91.56%
Finance Cost (1,680,260) (1,291,806) 30.07%
Profit/ (loss) before taxation 495,674 (193,618) -
Taxation (266,614) 26,254 -
Net profit/ (loss) for the period 229,060 (167,364) -
Basic earnings/ (loss) per share 1.88 (1.37) -

Amount in thousand except for EPS

Copyright Mettis Link News

Related News

Name Price/Vol %Chg/NChg
KSE100 157,953.47
555.47M
1.14%
1775.65
ALLSHR 96,741.22
1,957.60M
1.16%
1110.83
KSE30 48,198.94
249.79M
1.09%
520.47
KMI30 232,694.17
290.89M
1.31%
3011.94
KMIALLSHR 65,027.13
1,019.78M
1.03%
660.37
BKTi 42,489.56
84.10M
1.35%
566.75
OGTi 31,779.36
15.21M
0.14%
43.57
Symbol Bid/Ask High/Low
Name Last High/Low Chg/%Chg
BITCOIN FUTURES 117,510.00 118,295.00
116,115.00
1685.00
1.45%
BRENT CRUDE 68.15 68.16
67.34
0.20
0.29%
RICHARDS BAY COAL MONTHLY 84.00 0.00
0.00
-0.40
-0.47%
ROTTERDAM COAL MONTHLY 94.50 94.50
94.50
0.95
1.02%
USD RBD PALM OLEIN 1,106.50 1,106.50
1,106.50
0.00
0.00%
CRUDE OIL - WTI 63.93 63.93
63.11
0.23
0.36%
SUGAR #11 WORLD 16.13 16.27
16.12
-0.14
-0.86%

Chart of the Day


Latest News
September 18, 2025 at 04:41 PM GMT+05:00

PKR strengthens 3.42 paisa against USD


September 18, 2025 at 04:30 PM GMT+05:00

PKR’s REER index increases to 100.1 in August


September 18, 2025 at 04:18 PM GMT+05:00

PSX Closing Bell: Marching to a Higher Beat


September 18, 2025 at 03:58 PM GMT+05:00

Pakistan, Iran agree to deepen agricultural cooperation


September 18, 2025 at 03:49 PM GMT+05:00

Kohinoor Energy Limited profit falls 55% in FY25



Top 5 things to watch in this week

Pakistan Stock Movers
Name Last Chg/%Chg
Name Last Chg/%Chg