AsiaNet-Pakistan Premier Editorial Content and Press Release Distribution Service
Karachi: Archroma, a leader in chemical solutions, has reported a significant decline in profitability for the nine months ending June 30, 2024, compared to the previous year, alongside announcing no dividends, bonus, or rights shares for its shareholders.
During the board meeting on July 23, 2024, Archroma’s directors reviewed the financial outcomes and decided against distributing any shareholder entitlements, citing the financial results of the period. The company also adhered to the PSX’s Corporate Governance Code by observing a closed period from July 16 to July 23, 2024, during which no insiders were allowed to trade shares.
According to information available from the Pakistan Stock Exchange (PSX), Archroma’s net sales decreased from PKR 21.04 billion in the previous nine months to PKR 19.06 billion in the current period. The cost of sales showed a slight increase, indicating pressure on margins. The company’s gross profit dropped from PKR 5.43 billion to PKR 3.43 billion.
Further financial details reveal an operating loss of PKR 102.015 million for the quarter ended June 30, 2024, a stark contrast to the PKR 698.088 million profit reported for the same quarter the previous year. The loss before taxation for the nine-month period was PKR 374.554 million, compared to a profit of PKR 1.56 billion in the previous year.
The comprehensive loss after taxation for the period stood at PKR 307.893 million, with earnings per share turning negative at PKR 8.91, down from a positive PKR 26.47 the previous year.
Archroma has communicated that the detailed financial statements are available on its website for shareholders’ review. This disclosure aligns with regulatory requirements and aims to maintain transparency with investors regarding the company’s financial health and strategic directions.