Karachi: Ghandhara Automobiles Limited has disclosed its financial results for the fiscal year ending June 30, 2024. The company reported a total comprehensive income of PKR 1.93 billion for the year, significantly higher compared to PKR 72.94 million in 2023. This increase was largely driven by a notable surplus on the revaluation of fixed assets.

According to information available from the Pakistan Stock Exchange (PSX), the standalone financial results reveal a downturn in profitability, with a loss of PKR 258.81 million for the year compared to a profit of PKR 63.70 million in 2023. The loss per share stood at PKR 4.54, a decrease from an earnings per share of PKR 1.12 in the previous year.

The revenue for Ghandhara Automobiles Limited decreased from PKR 10.03 billion in 2023 to PKR 5.39 billion in 2024, while cost of sales also saw a reduction, resulting in a gross profit of PKR 238.73 million this year, down from PKR 636.41 million last year. The company's operational costs, including distribution and administrative expenses, have impacted its profitability, alongside a rise in finance costs which escalated to PKR 349.36 million from PKR 294.20 million.

The consolidated financial results for 2024 showed an improvement with a net profit of PKR 365.04 million, up from PKR 173.53 million in 2023, and earnings per share increased from PKR 3.04 to PKR 6.40. The company's revenue under the consolidated figures was PKR 9.41 billion, down from PKR 13.10 billion in the previous year, with a gross profit almost constant at approximately PKR 1.13 billion.

Other comprehensive income was significantly boosted by a surplus on revaluation of fixed assets amounting to PKR 2.35 billion. The total comprehensive income for the year under consolidated results stood at a notable PKR 2.87 billion, attributed primarily to the shareholders of the holding company.

The Board of Directors of Ghandhara Automobiles Limited held their meeting on September 26, 2024, in Karachi, approving these results. The company has also announced its Annual General Meeting to be held on October 24, 2024, in Karachi, with the share transfer books to remain closed from October 16 to October 24, 2024.