Ghandhara Tyre sees huge profit jump in 1HFY24

News Image

MG News | February 27, 2024 at 01:35 PM GMT+05:00

0:00

February 27, 2024 (MLN): Ghandhara Tyre & Rubber Company Limited (PSX: GTYR) witnessed a remarkable increase in its profit after tax for the first six months of fiscal 2024, reaching Rs151.48 million [EPS: Rs1.24].

This marks a substantial surge compared to the profit of Rs41.94m [EPS: Rs0.33] recorded in the same period of the previous year (SPLY), depicting a growth of over 3.6x YoY, according to the company filing on Tuesday.

Revenue rose 37.95% YoY to Rs9.89bn, while cost of sales increase was lesser than proportionate to the sales surge, resulting in a higher gross margin of 16.60%, up from 15.41% a year ago.

Ghandhara Tyre, which manufactures and trades tyres and tubes for automobiles and motorcycles, earned other income of Rs92.25m in 1HFY24 compared to Rs50.16m in SPLY, marking a rise of 83.89% YoY.

On the expense side, the company observed a rise in administrative expenses by 31.91% YoY while reducing its other expenses by 11.69% YoY to clock in at Rs210.68m and Rs29.12m respectively during the review period.

The company’s finance cost expanded by 41.61% YoY and stood at Rs832.44m as compared to Rs587.84m in SPLY, mainly due to higher interest rates.

On the tax front, the company paid a higher tax worth Rs122.97m against the Rs38.98m paid in the corresponding period of last year, depicting a rise of 3.16x YoY.

Unconsolidated (un-audited) Financial Results for half year ended December 31, 2023 (Rupees in '000)
  Dec 23 Dec 22 % Change
Sales 9,889,939 7,169,456 37.95%
Cost of sales (8,248,605) (6,064,895) 36.01%
Gross Profit 1,641,334 1,104,561 48.60%
Administrative Expenses (210,684) (159,712) 31.91%
Selling And Distribution Expenses (386,890) (293,285) 31.92%
Other Income 92,247 50,164 83.89%
Other Operating Expenses (29,120) (32,973) -11.69%
Finance Cost (832,438) (587,837) 41.61%
Profit before taxation 274,449 80,918 239.17%
Taxation (122,971) (38,977) 215.50%
Net profit for the period 151,478 41,941 261.17%
Basic earnings/ (loss) per share 1.24 0.33 -

Amount in thousand except for EPS

Copyright Mettis Link News

Related News

Name Price/Vol %Chg/NChg
KSE100 136,502.54
259.91M
1.64%
2202.77
ALLSHR 85,079.90
838.35M
1.26%
1061.74
KSE30 41,552.62
97.27M
1.81%
738.33
KMI30 193,330.76
84.69M
0.39%
741.60
KMIALLSHR 56,315.31
366.02M
0.43%
243.06
BKTi 38,498.08
37.91M
4.13%
1526.33
OGTi 28,138.38
5.66M
-0.36%
-101.89
Symbol Bid/Ask High/Low
Name Last High/Low Chg/%Chg
BITCOIN FUTURES 120,505.00 123,615.00
118,675.00
1975.00
1.67%
BRENT CRUDE 69.16 71.53
69.08
-1.20
-1.71%
RICHARDS BAY COAL MONTHLY 97.50 0.00
0.00
0.25
0.26%
ROTTERDAM COAL MONTHLY 106.50 106.60
106.50
-2.20
-2.02%
USD RBD PALM OLEIN 998.50 998.50
998.50
0.00
0.00%
CRUDE OIL - WTI 66.93 69.65
66.84
-1.52
-2.22%
SUGAR #11 WORLD 16.31 16.67
16.27
-0.26
-1.57%

Chart of the Day


Latest News
July 14, 2025 at 05:26 PM GMT+05:00

Gold price in Pakistan rises Rs1,600 per tola


July 14, 2025 at 04:59 PM GMT+05:00

Tax reforms focus on public ease, transparency


July 14, 2025 at 04:23 PM GMT+05:00

PSX Closing Bell: Another One Bites the High


July 14, 2025 at 04:06 PM GMT+05:00

PKR falls 25 paisa per USD



Top 5 things to watch in this week

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