Gharibwal Cement Ltd has reported that its net profit fell by 14.84 per cent to PKR2.283bn (US$21.6m) in FY17 on YoY basis.
The company said sales increased by sales 6.7 per cent to PKR11.22bn in FY17 from PKR10.522m the previous year.
However, a higher cost of sales saw gross profit fall from PKR4.172m to PKR3.854m and pretax profits from PKR3.695m to PKR3.045m. The company incurred a distribution cost of PKR27m and administrative cost of PKR320m versus PKR20m and PKR307m, respectively in last fiscal year.
Following a tax payment of PKR760,980, of which PKR707,650 is deferred, profit after tax is PKR2.284m, representing a 14.8 per cent fall YoY.
The company also announced a final dividend of PKR1.50, taking cumulative dividend for the year to PKR3/share, according to the company's notification to the Pakistan Stock Exchange.
