Lahore: Ibrahim Fibres Limited announced its financial results for the quarter ending September 30, 2024, revealing no cash, bonus, or right shares dividends. The company reported a significant drop in quarterly profits compared to the previous year, as approved by the Board of Directors in a meeting held on October 25, 2024.
According to the financial statement, the company recorded net sales of 8,657.98 million rupees for the quarter, with a cost of goods sold amounting to 90,862.91 million rupees, leading to a gross profit of 7,024.54 million rupees. This represents a decrease from the same period in 2023, when the company had a gross profit of 9,131.20 million rupees.
The company’s selling and distribution expenses for the quarter stood at 176.66 million rupees, while administrative expenses were 639.29 million rupees. Other operating expenses amounted to 76.63 million rupees, and finance costs were 370.63 million rupees.
According to information available from the Pakistan Stock Exchange (PSX), Ibrahim Fibres reported an increase in other income to 979.11 million rupees from the previous year's 671.52 million rupees. The profit before taxation was 988.24 million rupees, down from 684.89 million rupees in the corresponding period last year. After accounting for a taxation provision of 405.58 million rupees, the profit for the period was 582.66 million rupees, translating to earnings per share of 1.88 rupees compared to 0.19 rupees in the previous year.
For the nine months ending September 30, 2024, the company reported net sales of 30,750.55 million rupees and a gross profit of 1,962.32 million rupees. The profit before taxation was 3,001.12 million rupees, with a profit for the period amounting to 1,726.95 million rupees, resulting in earnings per share of 5.56 rupees.
The company confirmed that the quarterly report will be transmitted through PU CARS separately within the specified timeframe.
ZCZC
Thatta Cement Company Reports Significant Profit Increase and Strategic Investments
Karachi: Thatta Cement Company Limited announced a significant increase in profits for the quarter ending September 30, 2024, alongside strategic investment decisions, during a board meeting held on October 25, 2024. The company reported an unconsolidated profit of Rs. 596.85 million, a substantial rise from Rs. 121.31 million in the same period last year, and a consolidated profit of Rs. 500.96 million compared to Rs. 144.39 million last year.
According to the company's unconsolidated financial statement, net sales reached Rs. 1,721.21 million, up from Rs. 1,470.53 million in the previous year. The company achieved a gross profit of Rs. 736.36 million, significantly higher than the Rs. 214.16 million recorded in 2023. Operating profit surged to Rs. 975.44 million from Rs. 215.62 million last year, driven by a notable increase in other income, which rose to Rs. 357.84 million from Rs. 69.26 million. The company declared earnings per share of Rs. 7.05, compared to Rs. 1.43 in the previous year.
The consolidated financial statement reported net sales of Rs. 1,897.28 million, an increase from Rs. 1,495.63 million in 2023. The gross profit improved to Rs. 761.41 million from Rs. 283.41 million. Operating profit stood at Rs. 923.52 million, up from Rs. 294.50 million, while earnings per share were Rs. 6.34, compared to Rs. 1.60 in the previous year.
According to information available from the Pakistan Stock Exchange (PSX), the Board of Directors approved an interim cash dividend of Rs. 0.5 per share for minority shareholders. No bonus or right shares were announced for the quarter.
Additionally, the board approved an equity investment of Rs. 500.00 million in M/s Minsk Work Tractor and Assembling (Pvt) Ltd, for importing and assembling units from Belarus. The company also plans to acquire 12.5 million shares of Thatta Power (Pvt) Ltd from M/s Rotocast Engineering Company (Pvt) Limited, aiming to increase its stake to 88.52%.
An Extraordinary General Meeting (EOGM) will be scheduled to seek shareholder approval for these transactions, with the date to be announced later.