Ghandhara Automobiles Reports Significant Growth in Q3 Financial Results

Karachi: Ghandhara Automobiles Limited has announced a substantial increase in both standalone and consolidated financial results for the quarter ending September 30, 2024. According to a letter to the Pakistan Stock Exchange dated October 23, 2024, the results reflect notable improvements across various financial metrics.

The standalone financial figures show the company’s net revenue reached 2.22 billion Rupees for the quarter, a significant rise from 1.01 billion Rupees in the corresponding quarter of 2023. The gross profit also saw a substantial increase, posting 356.48 million Rupees compared to just 12.62 million Rupees in the prior year. The company’s profit after taxation amounted to 405.71 million Rupees, reversing a loss of 116.90 million Rupees reported in September 2023.

On the consolidated front, Ghandhara Automobiles exhibited even stronger performance, with net revenue climbing to 3.83 billion Rupees from 1.65 billion Rupees in the same quarter last year. The consolidated gross profit surged to 712.73 million Rupees, up from 121.47 million Rupees. After accounting for taxes and other comprehensive income, the total comprehensive income for the period was 597.50 million Rupees, a significant improvement over the 223.63 million Rupees recorded last year.

According to information available from the Pakistan Stock Exchange (PSX), the results have been positively influenced by strategic decisions made by the company’s management. These results were approved at a board meeting held in Karachi on October 23, 2024.

Earnings per share also reflected the positive trend, with standalone earnings per share at 7.12 Rupees compared to a loss of 2.05 Rupees per share in the previous year. Consolidated earnings per share increased to 10.55 Rupees from a loss of 1.61 Rupees per share.

These financial milestones are indicative of Ghandhara Automobiles’ recovery and growth trajectory, setting a robust foundation for future quarters. The details of these financial results will be transmitted through PUCARS separately within the specified time.

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