Lahore: Nimir Resins Limited has released its un-audited financial results for the half-year ending December 31, 2024, as per the board meeting held on February 13, 2025. The company’s financial report was approved following a review by the Audit Committee, with the interim statements set to be available on the company’s website and transmitted through PUCARS shortly.
For the period ending December 31, 2024, the company reported no cash dividend, bonus shares, or right shares, reflecting a strategic decision by the Board of Directors to retain earnings within the business. The issued, subscribed, and paid-up share capital stood at 1.41 billion, with reserves increasing from 1.08 billion to 1.24 billion over the same period. The surplus on revaluation of property, plant, and equipment saw a decrease from 793.26 million to 630.57 million.
Non-current liabilities showed a reduction, particularly in long-term financing, which was reduced to zero from 5.00 million as of June 30, 2024. Current liabilities saw an increase in trade and other payables, rising from 732.57 million to 928.62 million, while short-term borrowings decreased from 1.89 billion to 1.74 billion. The company’s total liabilities showed a slight decrease from 6.49 billion to 6.35 billion.
Asset-wise, Nimir Resins Limited experienced a decrease in property, plant, and equipment value from 1.23 billion to 1.20 billion. However, trade debts increased significantly from 1.93 billion to 2.46 billion, indicating potential growth in sales on credit.
The company’s cash flow from operating activities remained positive at 109.96 million, an improvement from the previous half-year period, which recorded a negative cash flow of 760.80 million. Notably, cash flows from investing activities showed a positive inflow of 179.15 million due to proceeds from the disposal of property, plant, and equipment. However, financing activities resulted in a cash outflow of 298.99 million, mainly due to repayment of long-term financing and lease liabilities.
According to information available from the Pakistan Stock Exchange (PSX), Nimir Resins Limited’s financial performance has been a focal point for investors, particularly in the designated market category. The company’s net profit before taxation was recorded at 175.94 million, down from 198.84 million in the corresponding period last year, highlighting challenges in maintaining profit margins amid fluctuating market conditions.
The period ended with cash and cash equivalents at 68.59 million, reflecting a decrease from the beginning balance of 78.47 million. Despite the challenges, Nimir Resins Limited continues to focus on optimizing its financial and operational strategies to navigate the dynamic economic landscape.