Lahore: In a recent board meeting held on October 24, 2024, Gharibwal Cement Limited (GCL) announced that no cash dividends, bonus shares, or right shares will be distributed, and no other corporate actions or price-sensitive information were disclosed. The meeting took place in Lahore and was accessible via an online platform.
According to the unaudited financial results for the quarter ended September 30, 2024, attached as an annexure, Gharibwal Cement Limited reported a net sales figure of 4,317.39 million Rupees, slightly down from 4,357.69 million Rupees in the same quarter the previous year. The cost of sales decreased to 3,144.56 million Rupees from 3,489.59 million Rupees, resulting in a gross profit of 1,172.83 million Rupees, up from 868.10 million Rupees in the prior year.
General and administrative expenses increased to 218.06 million Rupees from 163.31 million Rupees, while selling and distribution expenses declined slightly to 18.81 million Rupees from 20.05 million Rupees. Other expenses rose to 65.59 million Rupees from 49.68 million Rupees, while other income was recorded at 6.33 million Rupees.
The profit from operations amounted to 876.70 million Rupees, compared to 635.06 million Rupees in the previous year. Finance income increased to 75.15 million Rupees from 69.81 million Rupees, and finance expenses rose to 74.67 million Rupees from 44.86 million Rupees. The profit before taxation stood at 877.18 million Rupees, up from 660.01 million Rupees the previous year. After accounting for a tax expense of 342.10 million Rupees, profit after taxation was reported at 535.08 million Rupees, compared to 408.22 million Rupees last year.
According to information available from the Pakistan Stock Exchange (PSX), the earnings per share for the period were 1.34 Rupees, up from 1.02 Rupees in the same quarter of the previous year.
The financial statements indicate an overall improvement in profitability despite the absence of dividends or corporate actions. The attached notes form an integral part of these financial statements.