Merit Packaging Limited Reports Fiscal 2024 Results; Loss Widens Despite Revenue Growth

Karachi: Merit Packaging Limited has announced its financial results for the fiscal year ended June 30, 2024. The company’s Board of Directors reviewed and approved these results on August 27, 2024, in Karachi.

In the fiscal year 2024, Merit Packaging Limited generated revenue of 6.64 billion rupees, an increase from the previous year’s 6.34 billion rupees. Despite the rise in revenue, the company faced a widening loss, closing the year with a loss of 186.36 million rupees compared to a loss of 189.91 million rupees in 2023. This year’s loss per share also increased to 0.93 rupees from 0.95 rupees.

According to information available from the Pakistan Stock Exchange (PSX), cost of sales escalated to 6.18 billion rupees, up from 5.85 billion rupees the previous year, reducing the gross profit from 491.60 million rupees in 2023 to 458.11 million rupees in 2024. The increase in general and administrative expenses from 109.00 million rupees to 148.64 million rupees, along with selling and distribution expenses rising to 96.58 million rupees from 87.25 million rupees, further pressured the company’s profitability.

Other income for the year stood at 51.09 million rupees, an improvement over the 33.31 million rupees recorded in 2023. However, financial charges remained a significant burden, amounting to 351.73 million rupees compared to 344.28 million rupees last year, leading to a loss before income tax of 186.36 million rupees.

The company has scheduled its Annual General Meeting for October 25, 2024, at 3:00 p.m. in Karachi. The Share Transfer Books will remain closed from October 18 to October 25, 2024, to facilitate the preparation for the meeting.

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