Waves Corporation Posts Rs521.5 Million Profit for 2025
Waves Corporation Limited, formerly known as Waves Singer Pakistan Limited, has reported a profit after taxation of Rs521.5 million for the year ended December 31, 2025, according to its audited financial statements. The company’s board approved the annual results at its meeting held on April 6, 2026.
The company’s consolidated results show a mixed year, with revenue and operating cash generation improving while overall profitability remained below the previous year.
Revenue rises to Rs4.78 billion
Waves Corporation’s consolidated net revenue increased to Rs4.78 billion in 2025, compared with Rs3.94 billion in 2024. However, sales tax and trade discounts also increased substantially, reaching Rs1.59 billion during the year.
The company reported a gross profit of Rs1.34 billion, up from Rs1.22 billion a year earlier. Marketing, selling and distribution expenses declined to Rs528.6 million from Rs594.6 million, while administrative expenses increased moderately to Rs405.1 million.
Other income stood at Rs1.36 billion, compared with Rs1.74 billion in 2024. As a result, operating profit declined to Rs1.20 billion from Rs1.79 billion.
Profit declines from previous year
Profit before taxation fell to Rs514.7 million in 2025 from Rs1.09 billion in 2024. After tax, consolidated profit stood at Rs521.5 million, compared with Rs1.09 billion in the preceding year. Profit attributable to owners of the Group amounted to Rs427.6 million, while non-controlling interests accounted for Rs93.9 million.
Basic and diluted earnings per share consequently declined to Rs1.85, compared with Rs3.86 in 2024.
Despite the decline in reported profit, the company generated total comprehensive income of Rs523.9 million during 2025.
Operating cash flow turns positive
One notable improvement came from operating cash flows. Waves Corporation generated Rs325.1 million in net cash from operating activities in 2025, compared with a net cash outflow of Rs522.5 million in 2024.
The improvement came despite working-capital pressures, including a Rs756.8 million increase in trade receivables. The company also invested Rs374.8 million in property, plant and equipment during the year.
Cash and bank balances increased to Rs73.3 million at the end of 2025 from Rs50.3 million a year earlier.
Standalone profit more than doubles
On a standalone basis, Waves Corporation recorded revenue of Rs357.4 million in 2025, compared with Rs331.2 million in 2024. Other income declined sharply to Rs335.8 million from Rs941.4 million.
Nevertheless, lower finance costs helped the company report profit after taxation of Rs125.8 million, more than double the Rs61.8 million recorded in 2024. Standalone earnings per share increased to Rs0.45 from Rs0.22.
The standalone balance sheet also showed accumulated profit rising to Rs686.6 million, compared with Rs453.2 million at the end of 2024.
No cash dividend announced
For the year ended December 31, 2025, the company announced no cash dividend, bonus, rights or other entitlement. The board also approved the company’s annual business plan and budget for financial year 2026.
The company said its Annual General Meeting would be held on April 30, 2026, at 12:00 p.m. at its registered office on Multan Road, Lahore.
Conclusion
Waves Corporation entered 2026 with higher consolidated revenue, stronger gross profit and a significant improvement in operating cash generation. At the same time, consolidated profit and earnings per share declined compared with 2024, while the standalone business recorded a substantial improvement in net profit.
The 2025 financial statements therefore highlight both the company’s improved cash generation and the pressure on overall profitability during the year.
