Lahore: Gharibwal Cement Limited (GCL) has announced its financial results for the fiscal year ended June 30, 2024, reflecting a modest increase in net profits despite challenges in operational costs. According to information available from the Pakistan Stock Exchange (PSX), the company posted a profit after taxation of 1.74 billion rupees, up from 1.23 billion rupees in the previous year.

The company's net sales revenue slightly increased to 18.17 billion rupees, compared to 18.32 billion rupees in 2023. This marginal growth was counterbalanced by a slight reduction in cost of sales, which dipped to 14.39 billion rupees from 14.53 billion rupees, helping to edge gross profit up from 3.79 billion rupees to 3.77 billion rupees year-over-year.

GCL's operational performance saw an increase in administrative and general expenses, reaching 734.35 million rupees, up from 713.56 million rupees in the previous year. However, a significant reduction in other expenses, which fell to 209.79 million rupees from 205.38 million rupees, along with an increase in finance income to 360.13 million rupees from 248.72 million rupees, bolstered the company's bottom line.

Despite these improvements, GCL announced no cash dividends, bonus shares, or rights shares in the board meeting held on September 25, 2024, in Lahore. Instead, the board approved an expansion of the company's solar power plant capacity from 12 megawatts to 20 megawatts, underscoring a shift towards sustainable energy solutions.

The company also declared that its annual general meeting is scheduled for October 24, 2024, with its share transfer books to remain closed from October 18 to October 24, 2024. GCL aims to transmit its annual report through PUCARS at least 21 days before the meeting.

The earnings per share also saw an increase, moving from 3.08 rupees to 4.35 rupees, indicating a healthier financial posture as the company navigates the fluctuating economic landscape.