Karachi: The Kyber Tobacco Company Limited has reported a substantial decline in its financial performance for the fiscal year ending June 30, 2024. The data, approved by the company’s board of directors on October 7, 2024, highlights significant shifts in its operational results compared to the previous year.
In 2024, the company’s revenue from contracts with customers saw a dramatic drop to 3.11 billion Rupees, down from 7.43 billion Rupees in 2023. According to information available from the Pakistan Stock Exchange (PSX), the cost of sales also decreased, although less proportionally, from 4.66 billion Rupees in the prior year to 2.95 billion Rupees. This resulted in a gross profit of 155.98 million Rupees, a stark decline from the 2.77 billion Rupees recorded in 2023.
Administrative expenses amounted to 411.11 million Rupees, slightly higher than the 237.12 million Rupees seen the previous year. Selling and distribution expenses and impairment losses on financial assets also showed changes, with current figures at 206.35 million Rupees and 77.59 million Rupees, respectively.
The operating profit turned into a loss of 695.05 million Rupees, a downturn from an operating profit of 592.33 million Rupees in 2023. Other income decreased substantially to 3.25 million Rupees from 399.17 million Rupees. Finance costs rose to 269.98 million Rupees, compared to 276.64 million Rupees in the preceding year.
Before taxation, the company faced a loss of 1.02 billion Rupees in 2024, in stark contrast to a profit of 2.04 billion Rupees in 2023. After accounting for taxation, the net loss for the year stood at 1.02 billion Rupees, a reversal from the profit of 1.99 billion Rupees reported in the previous year. Earnings per share also declined significantly, from 288.68 to -147.63.