Karachi: IBL Healthcare Limited reported a substantial decline in profits for the fiscal year 2024 during its corporate briefing session, highlighting a challenging financial period for the company. According to the company's financial statements, the profit after taxation for FY 2024 plummeted to 7.56 million, a sharp decrease from 308.96 million in FY 2023.

The financial overview of the company for the past six years reveals fluctuations in its financial health. Revenue for FY 2024 stood at 3,603.36 million, down from 4,027.87 million in the previous fiscal year. The cost of sales also decreased slightly to 2,651.54 million from 2,687.43 million in FY 2023. Despite the reduction in cost of sales, the gross profit dropped to 951.82 million from 1,340.45 million in FY 2023.

Operating profit for FY 2024 also saw a significant decline, falling to 176.09 million from 524.57 million in the previous year. The finance cost increased to 67.39 million from 65.74 million, further impacting the company's profitability. Profit before taxation decreased to 108.70 million from 458.83 million in FY 2023.

According to information available from the Pakistan Stock Exchange (PSX), these financial results underscore a difficult year for IBL Healthcare Limited. The company has faced challenges in maintaining its growth trajectory, as evidenced by the decline in key financial metrics.

The company's financial data for the past six years show that despite a period of growth from FY 2019 to FY 2023, FY 2024 marked a downturn in its financial performance. The reported figures indicate a need for strategic adjustments to navigate the current economic climate.