GOC (Pak) Limited has released its financial results for the fiscal year ending June 30, 2024. The company’s Board of Directors, in a meeting held earlier today, approved the financial statements and declared a final cash dividend of Rs. 2.00 per share, equating to 20% of the company’s paid-up capital. The announcement was made in accordance with the Pakistan Stock Exchange requirements.
Key Financial Highlights for FY2024:
- Revenue: GOC (Pak) Limited reported total revenue of Rs. 578.67 million for the year, compared to Rs. 691.44 million in the previous year. This marks a decline in revenue by approximately 16.3%.
- Cost of Sales: The cost of sales amounted to Rs. 364.39 million, a decrease from Rs. 437.67 million in FY2023.
- Gross Profit: The company generated a gross profit of Rs. 214.27 million, down from Rs. 253.77 million in the prior year.
The reduction in both revenue and gross profit suggests a challenging business environment during the year, likely affected by market conditions or operational factors.
- Operating Expenses:
- Distribution Cost: Rs. 22.55 million, reduced from Rs. 40.64 million in FY2023.
- Administrative Expenses: Rs. 93.71 million, up from Rs. 76.29 million last year.
- Other Expenses: Rs. 13.99 million, compared to Rs. 9.89 million in FY2023.
The company has made efforts to cut down its distribution costs, but administrative and other expenses have increased, which could indicate investments in future growth or adjustments in operational structures.
Profitability:
- Profit from Operations: GOC (Pak) Limited recorded an operational profit of Rs. 106.50 million, significantly lower than Rs. 163.46 million in FY2023.
- Finance Cost: The finance cost decreased to Rs. 1.06 million from Rs. 2.57 million in the previous year.
- Profit Before Taxation: The company posted a profit before tax of Rs. 102.71 million, down from Rs. 156.60 million last year, reflecting a decline of about 34.4%.
Taxation:
- Current Tax: Rs. 1.26 million in FY2024, lower than Rs. 2.43 million in FY2023.
- Profit After Taxation: The company reported a net profit after tax of Rs. 98.85 million, compared to Rs. 153.76 million in the previous year.
Earnings Per Share:
The earnings per share (EPS) for FY2024 stood at Rs. 13.45, a significant decrease from Rs. 20.92 in FY2023. The drop in EPS reflects the overall reduction in profitability and earnings of the company.
Conclusion:
The financial performance of GOC (Pak) Limited in FY2024 shows a decline in both revenue and profitability compared to the previous year. However, the company remains committed to rewarding its shareholders, as reflected in the announcement of a cash dividend of Rs. 2.00 per share. While the drop in profitability raises concerns, GOC (Pak) Limited’s ability to reduce some operational costs and maintain a solid net profit suggests that the company is navigating through the challenging economic conditions.