Karachi: Buxly Paints Limited, a leading paint manufacturer, reported a substantial improvement in its financial performance for the fiscal year ended June 30, 2024. The company's total revenue increased to 622.99 million Rupees from 577.08 million Rupees in the previous year, marking a growth of approximately 8%. The results reflect higher sales and improved operational efficiency despite ongoing challenges in the market.

The company's cost of sales rose to 515.66 million Rupees, up from 487.58 million Rupees in 2023. Despite the increased costs, gross profit surged by 20%, reaching 107.32 million Rupees, compared to 89.50 million Rupees last year. The growth in gross profit is a positive indicator of Buxly Paints' ability to manage cost pressures effectively.

Administrative expenses increased to 28.36 million Rupees, up from 23.68 million Rupees in 2023, while distribution and selling expenses also rose to 55.85 million Rupees from 49.92 million Rupees. However, the company managed other income that slightly increased to 3.64 million Rupees from 3.62 million Rupees.

According to information available from the Pakistan Stock Exchange (PSX), Buxly Paints demonstrated robust financial discipline, with finance costs reducing to 10.79 million Rupees, down from 8.69 million Rupees last year. The company's profit before income tax saw a significant jump, reaching 12.23 million Rupees, a substantial increase from 8.57 million Rupees in 2023.

The after-tax profit stood at 7.00 million Rupees, a notable rise from 2.72 million Rupees in the previous year, showcasing an increase of over 157%. This resulted in earnings per share escalating to 4.86, compared to 1.89 in the prior year, indicating a robust return on investment for shareholders.

No dividends or bonus issues were announced, as the company plans to reinvest the earnings to fuel further growth and development.