Gharibwal Cement Limited (GCL) held its Board of Directors meeting on September 25, 2024, at Lahore, both in-person and via an online platform. The Board reviewed the company’s financial performance for the fiscal year ending June 30, 2024. Key decisions from this meeting are as follows:
- Cash Dividend: Nil
- Bonus Shares: Nil
- Right Shares: Nil
- Any Other Entitlement/Corporate Action: Nil
- Any Other Price-Sensitive Information: Nil
This announcement indicates that GCL did not propose any dividends, bonus shares, or other corporate actions for the fiscal year, maintaining a neutral stance in terms of shareholder returns for the time being.
Financial Performance Overview
The Statement of Profit or Loss for Gharibwal Cement Limited provides insight into the company’s performance for the fiscal year ending June 30, 2024. Below are the key financial figures from the statement:
- Net Sales Revenue: GCL recorded net sales of Rs. 18.165 billion, a slight decrease from Rs. 18.316 billion in the previous year.
- Cost of Sales: The cost of sales amounted to Rs. 14.390 billion, down from Rs. 14.523 billion last year.
This resulted in a Gross Profit of Rs. 3.774 billion, which is marginally lower than last year’s Rs. 3.793 billion.
Key Expenses:
- Administrative and General Expenses: Rs. 734.4 million, up from Rs. 713.6 million in 2023.
- Selling and Distribution Expenses: Rs. 88.4 million, a slight decrease from Rs. 91.6 million in the previous year.
- Other Expenses: Rs. 209.8 million, compared to Rs. 205.4 million in 2023.
- Other Income: Rs. 7.7 million, compared to Rs. 639,000 last year, indicating a notable increase in additional income streams.
Despite the increase in some expenses, GCL reported a Profit from Operations of Rs. 2.750 billion, almost on par with the Rs. 2.783 billion recorded last year.
Financial Costs and Income:
- Finance Income: Rose to Rs. 360.1 million from Rs. 248.7 million in 2023.
- Finance Costs: Decreased to Rs. 279.4 million from Rs. 320.2 million in the previous year.
This resulted in a Profit before Income Tax and Levy of Rs. 2.831 billion, up slightly from last year’s Rs. 2.712 billion.
After deducting income tax of Rs. 1.069 billion, GCL’s Profit After Taxation for 2024 stood at Rs. 1.743 billion, a significant increase from Rs. 1.232 billion in 2023. This represents a robust improvement in net profitability.
Earnings Per Share (EPS)
GCL reported Earnings per Share (EPS) of Rs. 4.35, a notable increase from Rs. 3.08 in the previous year, signaling strong performance and value creation for shareholders despite the lack of dividends.