Home Pakistan Stock Exchange (PSX)PSX Sector: EngineeringDadex Eternit Limited (PSX: DADX) PSX Result Review: Dadex Eternit Limited: Financial Performance for the Year Ended June 30, 2024

PSX Result Review: Dadex Eternit Limited: Financial Performance for the Year Ended June 30, 2024

by web desk

Dadex Eternit Limited has released its financial results for the fiscal year ending June 30, 2024. The Board of Directors, in their meeting held on September 24, 2024, discussed the company’s performance and key financial metrics.

Key Financial Highlights:

  • Sales and Revenue:
    • The company’s gross sales for the year 2024 stood at PKR 1,348.48 million, a decrease from PKR 1,660.33 million in 2023.
    • After accounting for sales tax deductions of PKR 229.22 million, the net sales for 2024 came down to PKR 1,119.26 million, also lower than the previous year’s net sales of PKR 1,401.17 million.
  • Cost of Sales:
    • The cost of sales reduced slightly from PKR 1,271.59 million in 2023 to PKR 1,062.59 million in 2024. This gave the company a gross profit of PKR 56.67 million, compared to PKR 129.58 million in the prior year.
  • Operating Expenses:
    • Distribution costs were PKR 96.95 million, down from PKR 119.85 million in 2023.
    • Administrative expenses increased slightly to PKR 176.07 million from PKR 169.20 million.
    • Other expenses saw a significant reduction from PKR 154.21 million in 2023 to PKR 22.21 million in 2024.
  • Operating Loss:
    • The company’s operating loss for 2024 was PKR 145.40 million, compared to PKR 196.23 million in 2023.
    • With finance costs totaling PKR 167.56 million, the company posted a loss before tax of PKR 312.96 million, lower than the PKR 365.81 million reported last year.
  • Net Loss:
    • After accounting for tax adjustments and a minimum tax differential, Dadex recorded a net loss of PKR 350.43 million in 2024, compared to a net loss of PKR 420.03 million in 2023.
  • Loss Per Share:
    • The loss per share for the fiscal year 2024 was PKR 32.55, slightly improving from PKR 39.02 in the previous year.

Dividend and Share Issuance:

The Board announced that no cash dividends, bonus shares, or right shares would be issued for the fiscal year 2024, reflecting the company’s ongoing financial challenges.

Conclusion:

Dadex Eternit Limited has faced a difficult financial year, marked by declining sales and increasing losses. However, the reduction in overall expenses and a slight improvement in net loss figures compared to the previous year indicate efforts toward better cost management. The company will likely continue to focus on reducing operational losses and enhancing financial stability in the coming years.

This financial statement will be of particular interest to investors monitoring the performance of Dadex Eternit in the construction and materials sector, especially given the ongoing challenges in managing costs and achieving profitability.

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