Lahore: Financial results for the half year ended June 30, 2024, have been announced by Berger Paints Pakistan Limited. The Lahore-based company reported a significant increase in both revenue and net profit, coupled with a declaration of a 40% cash dividend, reflecting a robust financial performance.

According to information available from the Pakistan Stock Exchange (PSX), Berger Paints Pakistan conducted its board meeting via video link on September 25, 2024, where the financial statements for the period were approved. The company reported a 16.39% increase in its net revenue from contract with customers, totaling Rs. 8.54 billion, up from Rs. 7.34 billion the previous year. The company’s cost of sales also saw a rise to Rs. 6.82 billion, resulting in a gross profit of Rs. 1.72 billion, up from Rs. 1.48 billion in 2023.

The operational profit stood at Rs. 656.24 million, a 26.92% increase from the previous year’s Rs. 517.05 million. This was bolstered by a controlled increase in selling and distribution expenses, which amounted to Rs. 717.44 million. Administrative and general expenses also rose slightly to Rs. 231.14 million. Despite facing an impairment loss of Rs. 67.99 million and other operating expenses of Rs. 48.47 million, the company managed to improve its operational efficiency.

Profit before tax reached Rs. 421.35 million, up from Rs. 331.20 million in 2023, with the company achieving a net profit after taxation of Rs. 262.86 million, translating into earnings per share of Rs. 10.71, compared to Rs. 9.78 in the prior year.

The company's board declared a final cash dividend at Rs. 4 per share, amounting to a 40% payout, with no bonus shares issued this period. This decision reflects the company's strong cash flow position and commitment to delivering value to its shareholders.

The consolidated financial statements also mirrored this positive trajectory, with the company reporting a net revenue of Rs. 8.54 billion and a profit after taxation of Rs. 260.41 million. Earnings per share on a consolidated basis were calculated at Rs. 10.62.

The company’s financial health is evident from these results, showcasing a year of strong growth and profitability. Berger Paints Pakistan is positioned well within the paints and coatings market, maintaining a solid financial foundation and rewarding its shareholders amidst economic fluctuations.