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Karachi, Crescent Steel and Allied Products Limited reported their financial performance for the nine-month period ending March 31, 2024. According to their latest financial disclosures to the Pakistan Stock Exchange, the company saw an increase in both sales and gross profits compared to the previous year.
For the unconsolidated financials, Crescent Steel recorded sales of Rs. 6,680,098,000 during the nine months, up from Rs. 4,098,472,000 in the same period last year. The gross profit also increased significantly to Rs. 1,592,768,000 from Rs. 365,722,000. The company reported a net profit of Rs. 1,043,699,000, recovering from a loss of Rs. 78,170,000 reported last year. Earnings per share improved to Rs. 13.44 from a loss of Rs. 1.01 per share in the previous year.
In the consolidated financials, Crescent Steel’s sales mirrored the unconsolidated results, with total sales also reaching Rs. 6,680,098,000. The consolidated net profit for the period stood at Rs. 1,108,280,000, up from Rs. 267,054,000 in the prior year. The earnings per share increased to Rs. 14.28 from Rs. 3.44.
The company’s board of directors, who met on April 29, 2024, approved these results but declared no cash dividend, bonus issue, or rights shares for the period.