Karachi: Thatta Cement Company, a major player in the cement industry, has disclosed its financial results for the quarter ended September 30, 2023, following a meeting of its Board of Directors held on October 27, 2023 in Karachi.

For the third quarter of 2023, the company reported a gross profit of 214,158 thousand Rupees, showing a significant increase compared to a gross loss of 44,768 thousand Rupees in the same quarter of the previous year. The net profit stood at 121,312 thousand Rupees, translating to earnings per share of 1.22 Rupees. This is a substantial improvement from a net loss of 53,906 thousand Rupees and a loss per share of 0.54 Rupees in Q3 2022.

In terms of dividends and entitlements, the Board of Directors did not recommend any cash dividend, bonus shares, right shares, or any other corporate actions for the quarter.

On a consolidated basis, Thatta Cement Company reported a net profit of 144,391 thousand Rupees for Q3 2023, with earnings per share of 1.36 Rupees. This is in stark contrast to the net loss of 71,339 thousand Rupees and loss per share of 0.65 Rupees in the corresponding quarter of the previous year. The consolidated results showed an attributable net profit of 135,720 thousand Rupees to the equity holders of the company and 8,671 thousand Rupees to non-controlling interests.

The financial results revealed a noticeable turnaround in the company’s performance, shifting from losses in the previous year to profits in the current reporting period.