Lahore: Ittehad Chemicals Limited has announced its financial performance for the first quarter ended September 30, 2024, noting a notable increase in net sales and profit despite rising costs and competitive pressures.

According to information available from the Pakistan Stock Exchange (PSX), Ittehad Chemicals posted net sales revenue of PKR 5,693 million, up from PKR 5,184 million in the same quarter the previous year. The cost of sales rose to PKR 5,401 million, leading to a gross profit of PKR 1,193 million, slightly below the previous year's PKR 1,446 million due to higher energy costs and inflationary pressures. Despite these challenges, the company achieved a net profit after tax of PKR 262 million, compared to PKR 487 million in 2023, with earnings per share at PKR 2.62.

The company has also been recognized by Forbes Asia as one of the best companies on this year's list, underscoring its robust performance in a challenging environment. This year marks a significant strategic move for Ittehad Chemicals with the establishment of its subsidiary, M/S ICL Power (Pvt.) Limited, focusing on biomass power plant establishment to enhance its contributions towards the company's profitability and sustainability.

Pakistan's economy has shown signs of robust recovery in the first quarter of FY2025, with key economic indicators improving significantly. The Large-Scale Manufacturing (LSM) sector is gaining momentum, and with an accommodative monetary policy stance, investor confidence is on the rise. The current account has shifted from a deficit to a more balanced stance, contributing to the country’s financial stability.

Ittehad Chemicals credits its success to the continued support from its members, suppliers, customers, banks, and government departments, and acknowledges the hard work and dedication of its employees, which has been integral to its achievements.