Ghani Global Glass Limited Reports Financial Growth for FY 2024

Karachi: Ghani Global Glass Limited and its subsidiary, Ghani Chemical Industries Limited, reported significant financial developments for the fiscal year ending June 2024. The consolidated gross sales reached Rs. 9,355.32 million, reflecting an increase from Rs. 7,497.93 million in FY 2023. The profit after taxation also saw an upswing, registering Rs. 24 million compared to Rs. 16 million in the previous year.

Ghani Global Glass Limited holds a 50.10% stake in the glass manufacturing industry, while Ghani Chemical Industries Limited maintains a 55.96% holding in the production and trade of industrial gases. The financial highlights reveal that annual gross sales for Ghani Global Glass amounted to Rs. 204 million, an increase from Rs. 167 million in the previous fiscal year. Gross profit decreased to Rs. 13 million, down from Rs. 23 million, while other income surged to Rs. 41 million from Rs. 10 million.

The company’s non-current assets remained stable at Rs. 3,581 million, and current assets increased to Rs. 356 million from Rs. 221 million. Current liabilities saw a notable rise to Rs. 127 million compared to Rs. 16 million in FY 2023. The un-appropriated profit at the end of June 2024 was reported at Rs. 270 million, up from Rs. 246 million in the previous year.

According to information available from the Pakistan Stock Exchange (PSX), Ghani Chemical Industries Limited has entered into three significant contracts aimed at enhancing its profitability and liquidity. These agreements include a long-term supply contract for oxygen and nitrogen gases with Engro Polymer and Chemicals Limited for a period of 15 years, a five-year contract with Attock Refinery Limited for liquid nitrogen supply, and a continuous supply agreement with LOTTE Pakistan.

Ghani Global Glass Limited is also expanding its market presence. The company has captured approximately 70% of the Chinese glass tube market in Pakistan and is aiming to increase its share in the European market from the current 15-20% to over 50%. Additionally, the company is expanding its production capabilities with new equipment, including six high-tech ampoule machines imported from Europe, which are expected to increase monthly production from 40 million to over 55 million ampoules.

These developments indicate Ghani Global Glass’s strategic approach to enhance its market position and improve its financial performance in a competitive industry.

The post Ghani Global Glass Limited Reports Financial Growth for FY 2024 appeared first on .