Karachi: Thatta Cement Company Limited reported significant growth in its annual profits for the fiscal year ended June 30, 2024, as detailed in the financial results announced during the Board of Directors meeting on August 20, 2024. The company also declared a final cash dividend of Rs. 1 per share, marking a 10% payout.

The unconsolidated financial statements reveal a sharp rise in net sales, which reached Rs. 7.52 billion in 2024, up from Rs. 5.41 billion in 2023. This increase is primarily due to a growth in gross sales, which rose from Rs. 7.16 billion in 2023 to Rs. 9.98 billion in 2024, before accounting for sales tax and federal excise duty deductions.

According to information available from the Pakistan Stock Exchange (PSX), the company's gross profit significantly increased to Rs. 2.16 billion in 2024, a substantial rise from Rs. 420.51 million in the previous year. This was after accounting for costs of sales, which totaled Rs. 5.36 billion, slightly up from Rs. 4.99 billion in 2023.

The company's operating profit also saw a noteworthy increase, jumping from Rs. 156.69 million in 2023 to Rs. 1.78 billion in 2024, aided by a decrease in selling and distribution costs and stable administrative expenses. Other income for the year amounted to Rs. 744.19 million, significantly higher than the Rs. 258.69 million recorded in 2023.

The profit before taxation stood at Rs. 2.47 billion, with net profit after taxation reaching Rs. 1.50 billion, reflecting an earnings per share increase from Rs. 2.72 to Rs. 16.40.

The consolidated financial results mirrored this positive trend, with a total net sales of Rs. 7.68 billion and a gross profit of Rs. 2.35 billion. The profit for the year attributable to equity holders of the holding company was Rs. 1.36 billion.

The Annual General Meeting is scheduled to take place on October 15, 2024, at the Beach Luxury Hotel in Karachi, with the share transfer books to remain closed from October 8 to October 15, 2024.