Karachi: Husein Industries Limited has announced a notable increase in its quarterly profits as of September 30, 2024, with the company's latest financial figures reflecting robust growth despite ongoing economic challenges. The announcement, made in the latest directors' review, indicates a shift towards a more stable financial posture for the Karachi-based firm.

In the first quarter that ended on September 30, 2024, Husein Industries reported revenue of 47.23 billion rupees, a slight increase from the 42.36 billion rupees recorded during the same period last year. This growth comes despite a notable rise in cost of sales, which surged to 36.91 billion rupees from 28.90 billion rupees year-over-year. The gross profit also saw a marginal increase, tallying up to 10.32 billion rupees compared to 13.45 billion rupees in 2023.

According to information available from the Pakistan Stock Exchange (PSX), the company's operating profit stood at 25.13 billion rupees, showing resilience amidst a 10% rise in administrative expenses, which amounted to 11.77 billion rupees. The finance costs, however, dipped significantly to 13.82 billion rupees from 15.68 billion rupees, providing some relief on the expenditure front.

Net income before taxation improved impressively to 11.73 billion rupees, up from 5.07 billion rupees in the prior year. After accounting for income taxes, the net profit surged to 12.38 billion rupees, which is a substantial improvement over the 4.92 billion rupees reported last year. This performance has led to an earnings per share increase from 0.46 rupees in 2023 to 1.17 rupees in 2024.

The directors attribute this financial success to strategic decisions, including the conversion of one of the company’s properties into a commercial-cum-residential project, which is expected to bolster cash flows in the upcoming years. They also expressed gratitude towards stakeholders for their support during these economically turbulent times.

Husein Industries' commitment to maintaining strong relationships with government bodies, financial institutions, and shareholders is evident as they navigate through the pressures of the economic landscape, aiming to sustain this growth trajectory in the face of persistent market volatilities.