Hi-Tech Lubricants Reports Significant Profit Growth in 2024

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Lahore: Hi-Tech Lubricants Limited has demonstrated a substantial turnaround in its financial performance for the fiscal year ended June 30, 2024, according to its latest financial statements. This year, the company’s profit after taxation surged to PKR 111.40 million, a notable increase from the previous year’s loss of PKR 93.42 million.

During the year, Hi-Tech Lubricants generated a gross revenue of PKR 26.76 billion from contracts with customers, up from PKR 17.52 billion in the prior year. After accounting for discounts and sales tax, the net revenue stood at PKR 24.02 billion, compared to PKR 15.54 billion reported last year.

The company’s cost of sales was recorded at PKR 22.58 billion, resulting in a gross profit of PKR 1.44 billion, although lower than the PKR 1.59 billion gross profit in 2023. The distribution, administrative, and other operational expenses amounted to PKR 1.80 billion, slightly increased from PKR 1.80 billion in the previous year.

According to information available from the Pakistan Stock Exchange (PSX), other income for the company increased significantly, contributing PKR 1.06 billion to the bottom line, more than double the PKR 505.72 million reported last year. This bolstered the company’s profit from operations, which reached PKR 706.44 million, a substantial rise from PKR 293.43 million in 2023.

The earnings per share also improved to PKR 0.80, up from a loss of PKR 0.67 per share in the previous year, reflecting the company’s improved profitability.

In its consolidated financial results, Hi-Tech Lubricants and its subsidiary reported a gross revenue of PKR 27.11 billion, an increase from PKR 17.62 billion in the prior year. The consolidated net revenue was PKR 24.32 billion, up from PKR 16.31 billion, after considering the sales tax and discounts.

The consolidated profit from operations was PKR 623.02 million, compared to PKR 399.48 million in 2023. The consolidated loss after taxation narrowed significantly to PKR 137.38 million from a loss of PKR 246.98 million the previous year, indicating a positive trajectory in reducing losses.

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