Ghandhara Tyre rebounds with Rs229m profit

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

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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

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