Karachi: Archroma Pakistan Limited has announced its unaudited condensed interim financial results for the first quarter ending on December 31, 2024. The financials, approved by the Board of Directors during their meeting on January 27, 2025, at the company's headquarters in Korangi Industrial Area, Karachi, exhibit a notable increase in net profit, reflecting a robust financial performance over the reporting period.
According to the financial statement, Archroma Pakistan Limited's total assets saw a significant increase, rising to PKR 16.65 billion from PKR 14.30 billion recorded on September 30, 2024. The surge in assets is primarily attributed to an increase in trade receivables, which climbed to PKR 6.44 billion from PKR 4.98 billion, and a substantial rise in cash and bank balances, reaching PKR 927.79 million from PKR 159.53 million.
The equity and liabilities section reveals that the share capital and reserves saw an upward trend, with the total reaching PKR 4.13 billion as of December 31, 2024, up from PKR 3.78 billion on September 30, 2024. This growth is driven by the company's retained earnings, reflecting a profit of PKR 356.05 million for the quarter, a significant turnaround from the loss of PKR 104.14 million reported in the same period last year.
In terms of shareholder returns, the Board of Directors decided against declaring any cash dividends, bonus shares, or rights shares for the first quarter. Additionally, no other entitlements or corporate actions were recommended. The Board conveyed that there was no price-sensitive information to be disclosed at this time.
According to information available from the Pakistan Stock Exchange (PSX), Archroma Pakistan Limited operates within the Chemical Manufacturers market category. This sector has demonstrated resilience and growth potential, further evidenced by the company's financial performance in the first quarter of the fiscal year 2024.
The Quarterly Report, including the statement of financial position, changes in equity, and cash flows, will be transmitted through PUCARS within the specified timeline, ensuring transparency and compliance with regulatory requirements.
In conclusion, Archroma Pakistan Limited's financial results for the first quarter of 2024 reflect a strong start to the fiscal year, with significant improvements in profitability and asset management, positioning the company for continued success in the chemical manufacturing sector.