Karachi: Hi-Tech Lubricants Limited has reported a marked improvement in its financial performance for the quarter ended September 30, 2024, according to a recent disclosure to the Pakistan Stock Exchange (PSX).

In the recent board meeting held on October 26, 2024, the company's directors convened at Lahore, revealing significant financial results. The company registered a net revenue of PKR 6.99 billion from contracts with customers, a substantial increase from PKR 4.00 billion recorded during the same quarter the previous year. Notably, the profit after taxation soared to PKR 81.81 million, recovering from a loss of PKR 116.95 million reported in September 2023.

According to information available from the Pakistan Stock Exchange (PSX), the gross revenue from contracts with customers stood impressively at PKR 7.42 billion, with a minimal discount impact, improving over last year's PKR 4.53 billion. The robust growth highlights a turnaround in operations, underscored by a significant reduction in administrative and other expenses.

The financial statements, prepared and submitted to the PSX, also show a decrease in finance costs, which dropped to PKR 94.56 million from PKR 84.42 million, positively impacting the company’s profitability. Additionally, the earnings per share have improved to PKR 0.59, up from a negative PKR 0.84 in the previous year.

The company's consolidated financial statements, including its subsidiary, reflect a net revenue of PKR 7.10 billion from contracts with customers. The after-tax profit for the group was reported at PKR 20.16 million, indicating recovery, albeit slower than the parent company alone.

These financial improvements are critical as Hi-Tech Lubricants continues to navigate the competitive and regulatory challenges of the lubricants market, signaling potential future growth and stability in its operational sectors.