Lahore: Ittehad Chemicals Limited has released its standalone and consolidated unaudited condensed interim financial statements for the half year ending December 31, 2024. The company reported net sales revenue of 13,143.29 million, reflecting a 7.96% increase from the 12,173.75 million recorded in the corresponding period of the previous year. However, the company experienced a decrease in net profit after tax, which stood at 614.40 million, down from 694.30 million in 2023.

The gross profit for the period was 2,463.29 million, up slightly from 2,431.71 million in the previous year. The gross profit margin, however, decreased to 18.89% from 19.97% in the corresponding period of 2023. Earnings per share also saw a decline, standing at 6.14 compared to 6.94 per share in the previous year.

According to information available from the Pakistan Stock Exchange (PSX), the company's operational performance improved in the second quarter of the ongoing financial year compared to the first quarter. Despite this improvement, the company's bottom line was impacted by increased costs and financial charges.

The Directors' Report highlighted that Ittehad Chemicals' wholly owned subsidiary, ICL Power (Pvt.) Limited, has commenced project construction work for a Biomass Power Plant in January 2025. The project is scheduled to be operational within 18 months, with the company injecting equity as required from its own resources. To meet part of the equity requirements, the Board has decided to sell the company's land situated at Mouza Hassankhel, Barki Road, Lahore.

The report also noted the delay in acquiring a mining lease by PAS Ittehad Salt Processing (Pvt) Limited, another wholly owned subsidiary, due to prevailing government policies.

The economic landscape in Pakistan has shown continued improvement in the first half of FY 2025, driven by sound macroeconomic management and effective inflation control measures. The company remains optimistic about the economic situation, which is expected to result in better performance.

The Board expressed gratitude to its members, suppliers, customers, banks, and government departments for their support and acknowledged the dedication and hard work of the company's employees. As of December 31, 2024, Ittehad Chemicals' total assets were valued at 18,332.65 million, with total equity and liabilities amounting to the same figure.