Karachi: TPL Trakker Limited, a leading tracking solutions provider, announced a dramatic turnaround in its financial performance for the fiscal year ended June 30, 2024. The company reported a net profit of 135.02 million, a stark reversal from the prior year's loss of 42.27 million.

The firm's total revenue for the year stood at 2.54 billion, up from 2.25 billion in the previous year. This increase was driven by a significant reduction in finance costs and other expenses year over year. Finance costs dropped to 515.04 million from 535.75 million, while other expenses also decreased, contributing to the overall profitability.

Gross profit surged to 1.15 billion, compared to 840.77 million in 2023, supported by a controlled cost of sales, which only slightly increased to 1.39 billion from 1.41 billion. Administrative expenses were reported at 437.26 million, up slightly from 388.30 million.

According to information available from the Pakistan Stock Exchange (PSX), TPL Trakker's operational efficiency improvements are evident in its reduced research and development expenses, which fell to 79.29 million from 76.55 million, alongside a decrease in distribution expenses to 113.47 million from 112.64 million.

Income tax expenses totaled 31.41 million, including current and deferred tax components, marking a substantial decrease compared to the previous fiscal year's total of 5.30 million. The earnings per share improved significantly to 0.72 from a loss of 0.23 per share in 2023.

The Board of Directors, in their meeting on September 24, 2024, decided against distributing any dividends, bonus shares, right shares, or other entitlements for the year. The company's annual general meeting is scheduled for October 28, 2024, in Karachi, where further details of the annual report will be discussed. The report will be available through PUCARS at least 21 days before the meeting.