Karachi: Packages Limited, a leading player in the packaging industry, released its financial results for the nine months and quarter ending September 30, 2024. The company, in a statement following a board meeting on October 25, 2024, via Zoom and at their Karachi headquarters, announced no dividends, bonus shares, rights shares, or other entitlements for shareholders this period.

The unconsolidated financial results reveal a decline in profitability compared to the previous year. According to information available from the Pakistan Stock Exchange (PSX), the company’s dividend income decreased to Rs. 2.932 billion from Rs. 4.089 billion during the same period last year. Operating revenue also fell to Rs. 3.419 billion from Rs. 4.508 billion previously. The company recorded a profit before taxation of Rs. 1.487 billion, down from Rs. 1.727 billion in 2023.

On a consolidated basis, Packages Limited and its subsidiaries reported a substantial decrease in profit for the period. The consolidated net revenue stood at Rs. 135.032 billion, compared to Rs. 119.738 billion in 2023, indicating an increase in sales. However, the profit before taxation after adjusting for levies was significantly lower at Rs. 2.215 billion, down from Rs. 13.190 billion, attributed to higher costs and lower gains on business combinations compared to the previous year.

The earnings per share on a consolidated basis reflected these challenges, with a loss per share of Rs. 1.26 compared to a profit of Rs. 89.44 in the same period last year. The decline was marked by increased finance costs and higher administrative, distribution, and marketing expenses, which impacted the overall profitability of the group.

As Packages Limited navigates through economic uncertainties, the management remains focused on streamlining operations and leveraging its market position to improve future financial performances. The full quarterly report will be available on the company’s website and transmitted through PUCARS within the specified time frame.