Karachi: Pace (Pakistan) Limited, a major player in the Pakistani market, released its financial results for the fiscal year ended June 30, 2024. The company, in its disclosures to the Pakistan Stock Exchange, reported a significant turnaround in its performance compared to the previous fiscal year.
On October 4, 2024, the Board of Directors of Pace (Pakistan) Limited convened, outlining that the company would not be distributing bonus shares, cash dividends, or issuing any rights for the year. This decision comes amidst a financial rebound, as detailed in the unconsolidated and consolidated financial statements for the year.
The unconsolidated financials show that the company’s revenue surged to 2.06 billion PKR from 241.81 million PKR the previous year, marking a substantial increase. However, despite the higher revenue, the company posted a modest profit of 526.69 million PKR after taxation, a stark recovery from a loss of 1.68 billion PKR in 2023. The earnings per share also improved, standing at 1.89 PKR compared to a loss of 6.02 PKR per share in the prior year.
According to information available from the Pakistan Stock Exchange (PSX), the consolidated financials reflect a more comprehensive view of the company’s operations, encompassing all subsidiaries and controlled entities. Here, Pace (Pakistan) Limited’s consolidated revenue reached 1.78 billion PKR, a significant rise from 241.81 million PKR in the previous fiscal year. The company achieved a net profit of 1.01 billion PKR after taxes, contrasting sharply with the substantial loss of 3.46 billion PKR reported in 2023. The earnings per share on a consolidated basis were 3.61 PKR, recovering from a loss of 6.21 PKR per share the previous year.
The financial recovery is primarily attributed to a notable increase in gross profits and the control of administrative and selling expenses, alongside gains from investment property value changes and financing arrangements. The financial statements and further details regarding the company’s performance and strategy will also be discussed in the upcoming Annual General Meeting scheduled for October 28, 2024, in Lahore.