Ghandhara Tyre rebounds with Rs229m profit
MG News | September 04, 2024 at 03:12 PM GMT+05:00
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 | 146,480.15 378.01M | -6.99% -11015.95 |
| ALLSHR | 88,401.15 613.63M | -6.18% -5825.86 |
| KSE30 | 44,996.51 162.61M | -6.90% -3333.70 |
| KMI30 | 210,039.41 136.40M | -6.52% -14647.92 |
| KMIALLSHR | 57,315.72 369.31M | -5.79% -3523.37 |
| BKTi | 42,364.50 67.24M | -6.87% -3125.46 |
| OGTi | 31,480.49 21.12M | -1.88% -602.98 |
| Symbol | Bid/Ask | High/Low |
|---|
| Name | Last | High/Low | Chg/%Chg |
|---|---|---|---|
| BITCOIN FUTURES | 68,430.00 | 68,625.00 65,685.00 | 135.00 0.20% |
| BRENT CRUDE | 103.24 | 119.50 99.00 | 10.55 11.38% |
| RICHARDS BAY COAL MONTHLY | 99.40 | 0.00 0.00 | -11.85 -10.65% |
| ROTTERDAM COAL MONTHLY | 127.00 | 0.00 0.00 | 0.05 0.04% |
| USD RBD PALM OLEIN | 1,083.50 | 1,083.50 1,083.50 | 0.00 0.00% |
| CRUDE OIL - WTI | 99.53 | 119.48 96.25 | 8.63 9.49% |
| SUGAR #11 WORLD | 14.32 | 14.48 14.25 | 0.22 1.56% |
Chart of the Day
Latest News
Top 5 things to watch in this week
Pakistan Stock Movers
| Name | Last | Chg/%Chg |
|---|
| Name | Last | Chg/%Chg |
|---|