Karachi: Clover Pakistan Limited has reported significant financial recovery for the year ended June 30, 2024, showing a marked improvement in turnover and profit compared to the previous fiscal years. The company’s turnover surged to Rs. 1.81 billion in 2024, up from Rs. 59.41 million in 2023. This growth is also reflected in the company’s gross profit of Rs. 248.27 million, a substantial turnaround from the previous year’s gross loss of Rs. 8.19 million.
According to information available from the Pakistan Stock Exchange (PSX), Clover Pakistan Limited's cost of sales rose to Rs. 1.56 billion in 2024, up from Rs. 67.60 million in 2023. Despite the increase in costs, the company's profit before taxation reached Rs. 185.68 million, reversing losses from 2023, where the company reported a loss before tax of Rs. 69.98 million.
The company’s administrative and distribution expenses decreased slightly to Rs. 48.24 million in 2024, compared to Rs. 66.28 million in 2023. Clover Pakistan's profit after taxation also reflected a strong recovery, reaching Rs. 192.33 million in 2024, compared to a loss of Rs. 71.25 million in 2023.
Clover Pakistan Limited’s balance sheet shows significant improvements in its working capital and net assets for the year 2024. Working capital increased to Rs. 231.96 million, up from Rs. 76.58 million in 2023, while net assets grew to Rs. 278.51 million from Rs. 86.19 million in the previous year.
The company’s earnings per share (EPS) rose to Rs. 6.18 in 2024, in stark contrast to a negative Rs. 2.29 in 2023 and Rs. 3.52 in 2022. The company did not declare any cash dividends for 2024, consistent with the prior years.
Clover Pakistan Limited’s balance sheet further reveals that its fixed assets decreased from Rs. 12.72 million in 2022 to Rs. 6.92 million in 2024. Meanwhile, its current assets increased to Rs. 281.88 million in 2024 from Rs. 112.87 million in 2023, bolstered by stock-in-trade valued at Rs. 57.95 million and trade debts totaling Rs. 16.91 million.
Total equity for the company was reported at Rs. 278.51 million, while the company carried no non-current liabilities as of June 30, 2024. Current liabilities, which include trade payables and customer advances, amounted to Rs. 49.92 million, slightly up from Rs. 36.29 million in 2023.
The financial recovery observed in Clover Pakistan Limited’s performance indicates a promising turnaround after consecutive years of losses. The increase in turnover and the reduction in operational expenses have contributed to the company’s profitability in 2024.