Karachi: First Treet Manufacturing Modaraba has released its audited financial results for the fiscal year ended June 30, 2024, indicating a notable increase in profitability, though it declared no cash dividends, bonus issues, or right shares to its certificate holders.

The board meeting, held on September 27, 2024, confirmed these results, showcasing a robust growth in net revenue which rose from Rs. 3.91 billion in 2023 to Rs. 4.15 billion in 2024. This improvement aligns with a controlled increment in costs of sales, contributing to a gross profit of Rs. 361.58 million, compared to Rs. 303.22 million in the previous year. According to information available from the Pakistan Stock Exchange (PSX), these results highlight the company's effective cost management and enhanced revenue generation strategies.

The operational results further detailed a reduction in selling and distribution expenses and a slight decrease in other expenses. Conversely, administrative and general expenses saw an increase from the previous year. The operating profit accordingly grew from Rs. 150.90 million in 2023 to Rs. 204.98 million in 2024. The profit before income tax surged impressively to Rs. 216.49 million from Rs. 152.67 million, fueled in part by an increase in other income from Rs. 57.94 million to Rs. 68.12 million.

The final profit for the year from continuing operations was reported at Rs. 266.39 million, a significant recovery from a loss of Rs. 126.39 million in the previous year. The earnings per modaraba certificate also turned positive, from a loss of Rs. 0.15 per certificate in 2023 to a profit of Rs. 0.31 in 2024.

The company has scheduled its Annual Review Meeting for October 28, 2024, in Lahore. The Certificate Transfer Books will remain closed from October 22 to October 28, 2024, to facilitate the preparations for this meeting. Additionally, the audited financial statements will be available on the company’s website and distributed to certificate holders through specified channels.