Lahore: Treet Battery Limited has reported a 6% increase in sales revenue for the financial year ending June 30, 2024, reflecting the company's resilience amidst challenging economic conditions. According to its annual report, the company's net sales amounted to PKR 8.73 billion, up from PKR 8.25 billion in the previous year. This growth comes despite global supply chain disruptions, inflationary pressures, and reduced consumer demand in some segments.

Gross profit for the year stood at PKR 1.73 billion, a 28% increase from the prior year's PKR 1.35 billion, driven by operational efficiencies and cost-saving measures. However, despite improvements in profitability at the operating level, the company's net loss widened to PKR 286.00 million, up from PKR 234.00 million the previous year.

According to information available from the Pakistan Stock Exchange (PSX), Treet Battery Limited's finance costs surged by 52% to PKR 1.27 billion, largely due to rising borrowing costs, which have weighed heavily on the company's bottom line. The company attributed this increase to higher interest rates and debt servicing obligations, which overshadowed its gains in operational efficiency.

Despite the challenges, the company's operating profit rose by 41% to PKR 859.00 million, supported by new product launches and strategic initiatives aimed at expanding market share. Treet Battery introduced the DS100 solar battery and the DLS70 high-performance vehicle battery during the year, catering to the growing demand for energy storage solutions in both solar markets and automotive sectors.

Treet Battery's leadership remains optimistic about the company's future, noting that cost-saving initiatives and operational enhancements have positioned it well to navigate ongoing economic challenges. The company continues to focus on product innovation and partnerships, which have been pivotal in maintaining its market presence.

The company’s board has emphasized the importance of maintaining quality and innovation to ensure sustainable growth, particularly as Pakistan's economic environment shows signs of improvement. Inflation has dropped to 9.6%, and the State Bank has reduced interest rates, creating a more favorable outlook for the business.