Karachi: Cherat Packaging Limited has announced an interim cash dividend and released its financial results for the period ending December 31, 2024. The Board of Directors, during a meeting at the company's head office on February 20, 2025, approved a cash dividend of Re. 1.00 per share, equivalent to a 10% payout to shareholders. The board did not recommend any bonus or right shares.

The company's financial statement for the half-year ending December 31, 2024, reported a net turnover of 6.52 billion rupees, a decrease from 7.46 billion rupees during the same period last year. The cost of sales was recorded at 5.94 billion rupees, leading to a gross profit of 577.29 million rupees, down from 1.03 billion rupees in the previous year.

Distribution costs for the period increased to 157.38 million rupees from 133.88 million rupees, while administrative expenses slightly decreased to 90.08 million rupees. Other expenses increased to 24.91 million rupees. The company recorded other income of 347.19 million rupees, a significant rise from 96.87 million rupees in the previous year.

Operating profit for the period stood at 652.11 million rupees, compared to 882.23 million rupees in the prior year. Finance costs were reduced to 269.02 million rupees from 549.99 million rupees. As a result, the profit before income tax was 379.90 million rupees, up from 308.28 million rupees, and the net profit was 312.35 million rupees, compared to 210.01 million rupees in the previous year.

According to information available from the Pakistan Stock Exchange (PSX), Cherat Packaging's share transfer books will be closed from February 28, 2025, to March 3, 2025, inclusive of both days. Transfers received by the close of business on February 27, 2025, at the office of CDC Share Registrar Services Limited, Karachi, will be considered in time for the dividend entitlement.

The company's earnings per share for the half-year were Rs. 6.36, up from Rs. 4.28 reported for the same period last year. The issued, subscribed, and paid-up capital remained at 490.95 million rupees. The company reported total comprehensive income of 901.38 million rupees for the half-year, including other comprehensive income of 589.03 million rupees. The balance of revenue reserves increased to 5.96 billion rupees as of December 31, 2024.

Cherat Packaging Limited's half-yearly report for the period will be transmitted through PUCARS within the specified time.