Karachi: AgriTech Limited has experienced a significant increase in urea production during the nine-month period ending September 30, 2024, according to the latest directors' review report. The company recorded a production of 4.94 kilotons, marking a 7.5% increase compared to the previous year, primarily due to uninterrupted gas supplies to its plants.

In the detailed financial statement, AgriTech Limited highlighted an increase in sales revenue by 3.7% to Rs. 19.02 billion. The gross profit also saw a substantial rise from Rs. 2.38 billion in 2023 to Rs. 3.39 billion in 2024, reflecting improved market conditions and efficient operations. The operating profit followed suit, with a significant increase from Rs. 1.51 billion in 2023 to Rs. 3.00 billion in 2024. However, the company faced a net loss after tax, which narrowed down from Rs. 2.76 billion to Rs. 2.09 billion year-over-year.

According to information available from the Pakistan Stock Exchange (PSX), the finance costs incurred by the company remained a challenge, totaling Rs. 5.17 billion, a slight improvement from Rs. 4.54 billion in the previous year. These costs primarily stem from interest expenses on borrowed capital.

The directors' report also detailed significant corporate events, including transactions involving the National Bank of Pakistan and Fauji Fertilizer Company Limited, which have influenced the company's shareholding structure. AgriTech Limited has also initiated a Scheme of Arrangement to manage its long-term debts and improve liquidity.

The company remains optimistic about its future, citing government initiatives to ensure steady gas supply as a positive factor for sustained urea production, which is critical for the agricultural sector of Pakistan. The management acknowledges the support from its shareholders and financial institutions during this period of restructuring and financial challenges.