Lahore: In a significant move aimed at aligning with its strategic vision and enhancing its global presence, Synthetic Products Enterprises Limited has announced a name change to "SPEL Limited." This change is part of the company's commitment to adapting to evolving market conditions and upholding global sustainability standards. The decision was approved by the Board of Directors during a meeting held on February 7, 2025, at the company's headquarters in Kotlakhpat, Lahore.
On the financial front, the Board declared an interim cash dividend of Rs. 0.30 per share, equivalent to 6%, for the period ending December 31, 2024. This marks the first interim dividend for the fiscal year, as no previous dividends had been paid. The dividend will be distributed to shareholders listed in the company's Register of Members by February 17, 2025. The share transfer books will be closed from February 18 to February 20, 2025, with any transfers received by THK Associates (Pvt.) Ltd. in Karachi by the close of business on February 17 considered timely for the dividend entitlement.
According to information available from the Pakistan Stock Exchange (PSX), the company's financial performance for the quarter ending December 31, 2024, showed a remarkable increase in profitability. The net sales for the quarter were Rs. 2.20 billion, up from Rs. 1.36 billion in the same period last year. This growth was mirrored in the gross profit, which increased to Rs. 526.52 million from Rs. 265.54 million year-over-year. The profit after taxation for the quarter was Rs. 177.36 million, a significant improvement from Rs. 111.19 million in the previous year.
For the half-year period ending December 31, 2024, the company's net sales soared to Rs. 4.51 billion, compared to Rs. 3.05 billion in the same period the previous year, showcasing substantial growth in its market category. The gross profit for the half-year period more than doubled, reaching Rs. 1.10 billion from Rs. 583.23 million. Moreover, the profit after taxation for the half-year was reported at Rs. 462.28 million, a notable increase from Rs. 234.63 million in the corresponding period of the previous year.
Despite a rise in administrative, selling, and distribution expenses, the company's operating profit for the half-year reached Rs. 860.07 million, up from Rs. 391.77 million a year ago. This increase was supported by other income totaling Rs. 79.33 million and a reduction in other charges amounting to Rs. 83.33 million.
The company's financial position as of December 31, 2024, remains robust, with total equity and liabilities amounting to Rs. 7.49 billion. The shareholders' equity stood at Rs. 5.43 billion, reflecting a strong capital base. The statement of financial position also highlighted a decrease in the company's non-current liabilities, which fell to Rs. 960.67 million from Rs. 864.31 million in June 2024.
Looking ahead, SPEL Limited plans to release its quarterly report for the period ending December 31, 2024, via PUCARS within the stipulated time. The company has urged TRE Certificate Holders of the Exchange to stay informed of these developments.