Karachi: Baluchistan Wheels Limited has reported the highest profit after tax in its history for the fiscal year 2024, marking a landmark year for the company. The company's total assets increased to Rs. 2.52 billion, up from Rs. 2.36 billion in 2023, with shareholders' equity also seeing a significant rise to Rs. 2.12 billion.
In 2024, the company's turnover net stood at Rs. 2.17 billion, with a profit before taxation reaching Rs. 350.09 million, an increase from Rs. 201.75 million in 2023. The after-tax profit soared to Rs. 240.67 million, a 76% increase from the previous year's Rs. 136.41 million, demonstrating a robust improvement in the company's financial health.
The gross profit for the year was reported at Rs. 468.53 million, up 44% from Rs. 325.93 million in 2023, reflecting significant operational efficiency and strategic cost management. The earnings per share also grew substantially, from Rs. 10.23 to Rs. 18.05. According to information available from the Pakistan Stock Exchange (PSX), these results can be attributed to increased production and sales of tractor and truck/bus wheels, capitalizing on a surge in agricultural activities and recovery in automotive sales.
Despite challenges in the automotive sector, including high car prices and rising financing costs, Baluchistan Wheels Limited's focus on expanding its tractor and truck/bus wheel segments paid off, further boosted by gains from government treasury investments and favorable currency fluctuations. The company's strategic positioning and operational adaptations have led to a year marked by financial success and growth, setting new profitability records.