Karachi: Al-Ghazi Tractors Limited has disclosed its financial results for the half-year ended June 30, 2024, with significant figures in revenue and profit after taxation. According to information available from the Pakistan Stock Exchange (PSX), the company held its board meeting on August 26, 2024, where the directors recommended no new cash dividends or issuance of bonus or right shares, maintaining the status quo from prior interim dividends.
The financial outcomes show a robust performance with a total revenue from contracts with customers reaching Rs. 17.54 billion for the half year, up from Rs. 14.75 billion in the same period last year. However, despite higher revenues, the profit after taxation stood at Rs. 1.73 billion, compared to Rs. 802.33 million in the previous year.
The detailed financial statements reveal a gross profit of Rs. 3.94 billion for the first half of 2024, a significant increase from Rs. 2.49 billion in the corresponding period of 2023. This growth is attributable to a controlled cost of sales, which totaled Rs. 13.60 billion, slightly higher than last year’s Rs. 12.26 billion.
Other financial activities, such as distribution and administrative expenses, also reflected a substantial financial management, with distribution costs marked at Rs. 197.48 million, a slight increase from Rs. 178.47 million last year. Administrative expenses rose to Rs. 734.83 million, up from Rs. 419.32 million in 2023.
Al-Ghazi Tractors Limited also reported other incomes totaling Rs. 224.40 million, a decrease from last year’s Rs. 326.89 million. The finance costs were reported at Rs. 158.42 million, significantly reduced from Rs. 384.86 million, contributing to the profit before income tax amounting to Rs. 2.84 billion, up from Rs. 1.66 billion in the previous year.
The quarterly report for the period ended June 30, 2024, will be transmitted through the PUCARS separately, within the specified time.