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Karachi, Hoechst Pakistan Limited has disclosed its financial results for the first quarter ended March 31, 2024. The company reported a significant turnaround with a net profit of Rs. 335,816 thousand compared to a loss of Rs. 357,143 thousand in the same period last year. Revenue surged to Rs. 6,287,309 thousand, up from Rs. 4,762,608 thousand, driven by effective cost management and increased sales. Despite no dividend, bonus, or rights shares distribution, Hoechst announced the formation of a wholly owned subsidiary focused on wellness and nutraceutical products.
The Board of Directors met on April 24, 2024, at the company’s head office and through video link to approve these unaudited condensed interim financial statements. The board also confirmed that there would be no cash dividends, bonus shares, right shares, or other entitlements or corporate actions for the quarter.
Hoechst Pakistan has also formed a new subsidiary, which will engage in manufacturing and distributing wellness and nutraceutical products, pending all necessary regulatory approvals. This strategic move is expected to enhance long-term shareholder value and diversify the company’s portfolio in the growing wellness sector.
The financial statement revealed that the company’s gross profit for the quarter was Rs. 1,626,537 thousand. Operational improvements were evident as distribution and marketing costs, along with administrative expenses, were well managed relative to the revenue increase. Moreover, the company reduced its finance costs significantly from Rs. 107,645 thousand to Rs. 33,114 thousand, further aiding the bottom line.
Additional details about the financial performance and the new subsidiary formation are available on Hoechst Pakistan’s official website and have been filed with the Pakistan Stock Exchange as per regulatory requirements.