Karachi: Gillette Pakistan Limited has recorded a noticeable decrease in profits for the fiscal year ended June 30, 2024, amidst varying operational challenges.

The company reported a net profit of PKR 86.28 million, a significant drop from PKR 177.12 million the previous year. This decline is reflective of a tough market environment and increased costs that have impacted the overall profitability. The gross profit for the year stood at PKR 226.47 million, compared to PKR 127.77 million in 2023, which suggests some resilience in the face of rising expenses.

According to information available from the Pakistan Stock Exchange (PSX), the decrease in profits was largely driven by heightened selling, marketing, and distribution expenses which surged to PKR 493.64 million, up from PKR 398.12 million last year. Administrative expenses also rose from PKR 53.77 million to PKR 89.30 million, further eroding the profit margins.

Other income for the company was reported at PKR 226.47 million, a decrease from the previous year’s PKR 493.64 million, indicating a reduction in non-core business income. Interest expenses and bank charges have remained a significant burden, totaling PKR 226.47 million for the period under review.

The earnings per share also took a downturn, from PKR 3.57 in 2023 to PKR 3.20 in 2024, reflecting the overall decrease in profitability. The total comprehensive income for the year was PKR 107.04 million, slightly up from PKR 99.83 million in the previous year, buffered by some gains in other comprehensive income categories.

Gillette Pakistan’s financial performance this year shows a company navigating through a challenging economic landscape, marked by increased operational costs and a competitive market. The detailed financial statements, including notes 1 to 34, form an integral part of this financial review.