Karachi: Ghandhara Automobiles Limited has announced that it will host a virtual Corporate Briefing Session (CBS) on November 22, 2024, to discuss the company's financial performance for the fiscal year ended June 30, 2024, and to outline its future outlook. The session will be accessible through Microsoft Teams, allowing shareholders, investors, and analysts to participate and engage in a question-and-answer segment following the briefing.
The company's standalone financial results for the fiscal year 2024 indicated sales amounting to 5,385 million Pakistani rupees, a decline from the previous fiscal year's 10,033 million rupees. The gross profit for the same period was reported at 238 million rupees, with a gross profit margin of 4.4%. The profit before tax was recorded at a loss of 252 million rupees, while the loss for the year was 258 million rupees, resulting in a loss per share of 4.54 rupees.
On a consolidated basis, Ghandhara Automobiles reported sales of 9,413 million rupees for FY 2024, compared to 13,104 million rupees in the previous year. The gross profit was 1,134 million rupees, with a gross profit margin of 12.05%. Profit before tax stood at 490 million rupees, with a profit for the year reaching 365 million rupees, translating to earnings per share of 6.40 rupees.
According to information available from the Pakistan Stock Exchange (PSX), the company faces several macroeconomic challenges, including limited foreign direct investment due to inconsistent policies, political instability, and security concerns. In the auto sector, low demand driven by deteriorating economic conditions and low consumer purchasing power, coupled with higher duties and taxes on vehicles, present significant obstacles.
Ghandhara Automobiles' management remains focused on enhancing manufacturing efficiency and optimizing operations to protect margins and improve profitability. The company is also committed to diversifying its product range by upgrading existing products and introducing new models to meet customer requirements, while maintaining long-term business relationships and focusing on customer satisfaction.