Karachi: Husein Industries Limited has released its financial statements for the fiscal year ended June 30, 2024, showcasing substantial growth in revenue and profits.

According to information available from the Pakistan Stock Exchange (PSX), the company’s revenue for the year 2024 surged to PKR 362.87 million, up from PKR 160.60 million in 2023. This increase is attributed to enhanced operational performance and market expansion. The cost of sales and expenses also rose to PKR 235.70 million from PKR 65.87 million, reflecting the company’s scale-up in activities.

The gross profit for 2024 stood at PKR 127.16 million compared to PKR 94.73 million in the previous year, while administrative expenses climbed to PKR 40.24 million from PKR 33.63 million. The company’s operating profit reached PKR 86.92 million, marking a significant improvement from PKR 61.10 million in 2023.

Finance costs were reported at PKR 60.45 million, up from PKR 45.01 million, influenced by the increased borrowing necessitated by expansion. Other income contributed PKR 1.75 million, slightly up from PKR 1.22 million. After accounting for levies and income tax, the profit before income tax was PKR 26.10 million, compared to PKR 17.15 million in 2023.

The net profit after tax remarkably increased to PKR 30.35 million from PKR 21.07 million. Additionally, the company recognized a significant item in its other comprehensive income, reporting a surplus on revaluation of fixed assets at PKR 504.93 million, net of deferred tax, contributing to a total comprehensive income of PKR 393.29 million for the year, a substantial increase from PKR 21.07 million in the prior year.

Earnings per share (EPS) also rose, from PKR 1.98 in 2023 to PKR 2.86 in 2024, reflecting the company’s improved profitability and shareholder value.