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Karachi, Al-Ghazi Tractors Limited, a leading manufacturer in the agricultural sector, announced its financial results for the year ended December 31, 2023, showcasing a significant increase in profitability. The Board of Directors, in a meeting conducted via video conferencing on March 22, 2024, disclosed the company’s financial performance, which reflects a positive trajectory in operational success.
For the year 2023, Al-Ghazi Tractors reported a gross revenue of 34,543,545 thousand rupees, up from 28,201,812 thousand rupees in 2022. This represents a considerable increase in sales, underlining the company’s robust demand in the agricultural sector. The gross profit stood at 6,423,068 thousand rupees compared to 5,061,446 thousand rupees the previous year, further emphasizing the company’s operational efficiency and market strength.
Despite the growth in revenue and profits, the company announced a final cash dividend of NIL per share for the year 2023, consistent with the interim dividend, which was also declared at NIL. Similarly, the board recommended not issuing any bonus shares or right shares for the year, maintaining a stance of cautious capital management amidst its financial growth.
The company’s net profit after taxation amounted to 2,611,772 thousand rupees, an increase from 2,156,044 thousand rupees in 2022. The earnings per share also saw an uptick, rising from 37.20 rupees in 2022 to 45.06 rupees in 2023.
Al-Ghazi Tractors has scheduled its Annual General Meeting for April 25, 2024, at the Pearl Continental Hotel in Karachi, where shareholders will review the financial statements and discuss the proposed entitlements. The Share Transfer Books of the company will remain closed from April 19, 2024, to April 25, 2024, for the determination of the entitlement to the transferees.
The financial results and strategic decisions highlighted in the meeting underline Al-Ghazi Tractors’ focus on sustaining growth while exercising prudence in shareholder distributions.