Karachi: Clover Pakistan Limited has reported a substantial increase in net revenue for the three-month period ending September 30, 2024, according to the financial results approved by the company's Board of Directors on October 25, 2024. The company's financial performance showed notable improvements compared to the same period last year.

According to the financial statement, Clover Pakistan Limited's net revenue surged to 825.44 million rupees for the third quarter of 2024, a significant rise from the 6.53 million rupees recorded in the same period in 2023. The cost of sales also increased to 723.25 million rupees from 2.86 million rupees, resulting in a gross profit of 102.19 million rupees, up from 3.67 million rupees in the previous year.

The company's operating profit before taxation was reported at 98.00 million rupees, a notable recovery from the loss of 2.78 million rupees in the corresponding quarter of the previous year. This improvement was achieved despite administrative, selling, and distribution expenses totaling 4.18 million rupees, down from 6.44 million rupees the previous year.

According to information available from the Pakistan Stock Exchange (PSX), Clover Pakistan Limited's profit for the period stood at 87.69 million rupees, contrasting with the loss of 2.78 million rupees recorded in the same period of the prior year. Consequently, the earnings per share, both basic and diluted, improved to 2.82 rupees from a loss of 0.09 rupees.

The company's first quarterly report for the period ended September 30, 2024, is set to be transmitted through PUCARS separately within the specified time frame.