Karachi: Cherat Cement Company Limited has successfully navigated another fiscal year, demonstrating robust financial health and strong inventory management practices as of June 30, 2024, according to its recently audited financial statements.
The audit, conducted in accordance with International Standards on Auditing as applicable in Pakistan, affirms that the company's financial statements for the year ending June 30, 2024, present a fair view of its financial position. The company reported a comprehensive income and a stable cash flow, which reflects their effective management strategies and operational efficiencies.
One of the standout aspects of the audit was the valuation of stock in trade, stores, and spare parts. As reported, the balance of stock in trade, stores, and spare parts amounts to Rs. 1.79 billion and Rs. 5.25 billion respectively. According to information available from the Pakistan Stock Exchange (PSX), these figures underscore Cherat Cement's strong focus on maintaining a sufficient inventory level that supports their operational requirements without overstocking, thereby optimizing cost management and asset utilization.
Furthermore, the audit highlighted the company’s revenue recognition processes, which are critical given the company's diverse revenue streams from both local and export sales of cement. The procedures in place ensure that revenue is recognized accurately and in alignment with financial standards, providing transparency and trust for investors and stakeholders.
The auditor's report also notes the company's adherence to ethical standards and regulatory requirements, including compliance with the Companies Act of 2017 and the Zakat and Ushr Ordinance, 1980. Investments and expenditures during the year have been accounted for, further supporting the company’s financial stability.
Cherat Cement’s commitment to robust financial practices and operational excellence positions it as a steadfast player in Pakistan’s cement industry, ready to capitalize on growth opportunities while maintaining financial integrity and stockholder trust.