Lahore, Synthetic Products Enterprises Limited (SPEL) disclosed its financial results for the quarter and nine months ending March 31, 2024. The Board of Directors, in a meeting held on April 25, 2024, confirmed there will be no interim cash dividend, no issuance of bonus or right shares, and no other entitlements or corporate actions affecting shareholders at this time.

For the nine-month period ending March 31, 2024, SPEL reported a total sales net of Rs. 4,741,722,850, a slight decrease from Rs. 4,751,090,881 in the corresponding period last year. The cost of sales also saw an increase, resulting in a gross profit of Rs. 889,878,859 compared to last year's Rs. 949,236,526.

Administrative and selling expenses rose to Rs. 245,224,472 and Rs. 34,715,833 respectively. The operating profit for the nine months was recorded at Rs. 609,938,554, down from Rs. 724,116,121 in the previous year.

The quarterly figures show a similar trend, with net sales amounting to Rs. 1,691,928,749, down from Rs. 1,724,948,199 in the same quarter last year. The quarterly gross profit was Rs. 306,650,331, a decrease from Rs. 440,483,580.

Other income for the quarter increased to Rs. 36,484,373 from Rs. 12,420,113, partially offsetting the rise in other charges and finance costs which were Rs. 18,019,426 and Rs. 28,937,153 respectively. The profit before taxation for the quarter stood at Rs. 207,696,492, compared to Rs. 316,311,107 in the prior year.

After accounting for taxation, the profit after taxation for the quarter was Rs. 144,026,542, a decrease from Rs. 214,257,035 recorded last year. Earnings per share for the quarter were Rs. 0.75, compared to Rs. 1.07 in the same quarter of the previous year.

The company has announced that the quarterly report will be transmitted separately through PUCARS within the specified time frame.