SIALKOT: GOC (Pak) Limited announced its financial results for the half-year ending December 31, 2024, during a Board of Directors meeting held on February 26, 2025. The company reported a decrease in profit before taxation to 16.46 million rupees from 39.05 million rupees the previous year, reflecting a decline in profitability.
According to the un-audited financial results, the company did not declare any cash dividends, bonus shares, right shares, or any other corporate entitlements for the period. The half-yearly report, which includes these financial statements, will be transmitted through the Pakistan Unified Corporate Action Reporting System (PUCARS) within the designated timeframe.
The condensed interim statement of financial position reveals that non-current assets decreased slightly, with property, plant, and equipment valued at 162.46 million rupees compared to 168.94 million rupees in June 2024. Long-term investments saw a modest increase to 28.34 million rupees from 26.87 million rupees, while long-term deposits rose to 2.01 million rupees.
Current assets experienced fluctuations, with stock in trade rising to 280.10 million rupees from 220.94 million rupees, and trade debts decreasing to 51.62 million rupees from 79.06 million rupees. Cash and bank balances at the end of the period stood at 30.38 million rupees, down from 60.59 million rupees in June 2024.
Current liabilities decreased slightly, with trade and other payables amounting to 77.54 million rupees, down from 87.69 million rupees. The company's net assets were recorded at 662.40 million rupees, a slight decrease from 666.00 million rupees previously.
The financial results indicated a net cash outflow from operating activities amounting to 25.28 million rupees, compared to a positive cash flow of 5.90 million rupees in the same period the previous year. Cash flows from investing activities resulted in a net inflow of 9.53 million rupees, driven by dividend income and profit on deposit accounts. However, cash flows from financing activities showed a net outflow of 14.46 million rupees due to dividend payments.
The company reported a decrease in cash and cash equivalents to 30.38 million rupees by the end of the period, compared to 19.13 million rupees at the beginning of the same period last year.
According to information available from the Pakistan Stock Exchange (PSX), GOC (Pak) Limited operates within the designated market category and has maintained its authorized share capital of 100.00 million rupees, with issued, subscribed, and paid-up share capital remaining at 73.49 million rupees.
The board's decision not to recommend any dividends or entitlements reflects the company's current financial strategy amidst the observed financial challenges. The detailed financial performance will be further analyzed in the forthcoming half-yearly report.