Ghandhara Tyre and Rubber Company Limited Announces Dividend and Fiscal Year Results

Karachi: Ghandhara Tyre and Rubber Company Limited has disclosed its financial results for the year ended June 30, 2024, with a notable improvement in profit, marking a significant turnaround from the previous fiscal year’s losses.

The Board of Directors, in their meeting on September 4, 2024, declared a final cash dividend of Rs 1.94 per share. According to information available from the Pakistan Stock Exchange (PSX), this dividend reflects the company’s recovery and confidence in its financial stability. No bonus shares or right shares were issued, and no other price-sensitive entitlements were announced.

For the fiscal year 2024, the company recorded a gross profit of Rs 3,277.91 million, up from Rs 2,291.67 million in 2023, driven by a surge in net sales to Rs 20,538.57 million from Rs 15,018.66 million. However, the cost of sales also rose, reaching Rs 17,260.66 million, reflecting the ongoing challenges in managing operational costs.

Operational expenses, including administrative and distribution costs, totaled Rs 1,218.26 million, but were offset by other income of Rs 145.16 million. The net profit after taxes for the year stood at Rs 229.06 million, a significant recovery compared to a loss of Rs 167.36 million in the previous year.

The Annual General Meeting is scheduled for October 28, 2024, at the ICAP Auditorium Hall in Karachi, with the Share Transfer Books to remain closed from October 21, 2024, to October 28, 2024. The company’s annual report will be available through PUCAR at least 21 days before the meeting.

This financial turnaround highlights Ghandhara Tyre and Rubber Company Limited’s effective cost management and strategic operations in a competitive market.

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