Karachi: Towellers Limited announced its financial results for the second quarter and half year ended December 31, 2024, following a board meeting held on February 25, 2025. The board of directors approved the unaudited financial statements, revealing a stable performance with no dividends or bonuses declared for the period.

The company's total assets increased to 12.25 billion, up from 11.93 billion as of June 30, 2024. Non-current assets saw a rise, amounting to 6.05 billion compared to 5.66 billion in the previous period. The increase is attributed to a growth in property, plant, and equipment, which reached 5.99 billion from 5.60 billion.

Current assets experienced a slight decrease to 6.20 billion from 6.27 billion. Notably, trade debts rose to 2.58 billion from 2.21 billion, while stock in trade increased to 1.61 billion from 1.48 billion. However, cash and bank balances dropped to 629.10 million from 701.75 million.

On the equity and liabilities front, Towellers Limited's total equity stood at 8.81 billion, a marginal increase from 8.74 billion. Reserves rose to 5.81 billion from 5.69 billion. The company's liabilities decreased to 3.44 billion from 3.19 billion. Non-current liabilities were reduced to 526.33 million from 595.10 million, while current liabilities increased to 2.91 billion from 2.60 billion, mainly due to a rise in short-term borrowings which reached 590.00 million from 250.00 million.

The company's stock in trade saw significant movement within its components. Raw materials increased to 719.99 million from 621.99 million, while work in progress rose to 340.85 million from 303.96 million. Finished goods remained relatively stable at 553.79 million.

According to information available from the Pakistan Stock Exchange (PSX), Towellers Limited did not declare any cash dividend or issue any bonus or right shares for the period. The company's issued, subscribed, and paid-up capital remained consistent at 170.00 million.

The financial report also highlighted a rise in foreign debts under trade debts, with secured foreign debts increasing to 1.31 billion from 789.91 million. Unsecured foreign debts slightly decreased to 1.27 billion from 1.41 billion.

The company continues to manage its cash and bank balances efficiently, with cash in hand increasing to 5.28 million from 2.82 million. Cash at banks saw a decrease, with current accounts holding 223.58 million and savings accounts at 400.24 million.

Towellers Limited's financial statements were authorized for issuance on February 25, 2025, by the board of directors, with no significant changes in contingencies reported since the last audited financial statements. The company's commitment to raw material purchases amounted to 19.95 million, down from 49.15 million.

The financial results for the half year ended December 31, 2024, reflect a stable operational performance amid varying market conditions.