Gharibwal Cement's profit decreases in FY23

Gharibwal Cement Ltd (GWLC) announced its financial results for 30 June 2023, on the Pakistan Stock Exchange’s 27 September 2023 website.  The company saw a decrease in its profit to PKR1.23bn (US$430.1m) from PKR1.35bn earned in the same period last year. This represents a nine per cent YoY fall in profit YoY. The major factors responsible for this reduction were increased sales, selling and distribution expenses, and higher taxation and finance costs.

The company sales increased by 13.1 per cent to PKR18.31bn from PKR16.19bn during this period, but the cost of sales also increased to PKR14.52bn from PKR12.40bn in a year ago period. The total administrative, selling, distribution and other expenses rose to over PKR1bn from PKR935m during the comparative accounting period. The finance costs jumped to PKR320m.

Gharibwal Cement has a production unit at Jehlum in Punjab with a capacity of 2.11Mta out of the total capacity of Pakistan – 83.179Mta.