Karachi: Thatta Cement Company Limited announced a significant rise in its annual profits, closing the year on June 30, 2024, with a dramatic increase in gross profit margin and overall earnings. Despite facing substantial economic and environmental challenges, the company's gross profit margin soared to 28.85% from the previous year’s 7.77%, marking a notable improvement in financial performance.

According to information available from the Pakistan Stock Exchange (PSX), the company's profit after tax reached Rs. 1,501.04 million, a substantial rise from Rs. 249.07 million in the previous year. This boost in profitability occurred in a context of global recessionary pressures, high inflation, currency depreciation, and increased interest rates that have impacted the broader industry.

The company's performance is elaborated in the annexed Directors' Report and Financial Statements, highlighting compliance with the Companies Act, 2017, and the Listed Companies (Code of Corporate Governance) Regulations, 2019. The report emphasizes the Board of Directors' adherence to mandated composition, procedures, and evaluations, enhancing governance and strategic oversight.

A formal performance evaluation of the Board, its members, and committees, conducted by the Human Resource Committee, found their contributions to be satisfactory. The evaluation covered aspects such as the composition of the Board, strategic direction, performance monitoring, roles and responsibilities, and the effectiveness of Board committees.

In his review, the Chairman commended the directors for their commitment and strategic contributions, thanking stakeholders for their support in achieving the company’s objectives amid challenging times.