Karachi, General Tyre and Rubber Company of Pakistan Limited informed Pakistan Stock Exchange about the recommendations made by the board of directors in the meeting held at Karachi on August 26, 2021.
The agenda of the meeting was discussion of profit and loss account for Year ended June 30, 2021 which portrayed a profit of Rs. 561,324 with earnings per share 4.70 basic and diluted respectively.
Further, nil payment of cash dividend, bonus shares and right shares was agreed.
Furthermore, the share transfer books of the company will remain closed from October 21, 2021 to October 28, 2021 (both days inclusive).
The General Tyre and Rubber Company of Pakistan Limited (GTR) came into existence in 1963, at Karachi and commenced its production in 1964. The Company was then established by General Tire International Corporation (GTIC) of USA. The Company was incorporated in Pakistan on March 7, 1963 as a private limited company and was subsequently converted into a public limited company. The Company is engaged in the manufacturing and trading of tyres and tubes for automobiles and motorcycles.
GTIC sold 90% of their shares to the present owners M/s Bibojee Services Ltd. in 1977 and retained 10% of the ownership. In 1985, the Company completed a major expansion, which took the capacity to 600,000 tyres annually.
The Company is listed on Pakistan Stock Exchange Limited. The total number of shares of the Company are 121,933,350. The Earnings per shares of the Company is (2.72) in 2020 which was 1.01 in 2019. The Profit after taxation in 2020 is (332,091,000) which was 122,876,000 in 2019.