Thatta Cement's profit ballooned by 502% in FY23-24

Thatta Cement Co Ltd of Pakistan announced its financial results for FY23-24 ended 30 June 2024, at the Pakistan Stock Exchange (PSX) on 20 August 2024. It reported an increase in profit after tax to PKR1.50bn (US$5.37m) in FY23-24 from PKR249m earned in the corresponding period last year. This reflects a profit balloon of 502 per cent during this period. The growth in the profit could be attributed to increased sales, which rose to PKR9.97bn in FY23-24 from PKR7.16bn during the yeaer-ago accounting period.

It incurred a lower distribution cost of PKR54m in FY23-24 when compared with PKR88m in FY22-23 and administrative expenses of PKR143m in FY23-24 compared to PKR144m in FY22-23. Other income stood at PKR744 m during FY23-24. The company’s annual general meeting will be held on 20 August 2024.

Thatta Cement Co was incorporated in Pakistan in 1980 as a public limited company. The company's main business activity is the manufacturing and marketing of cement, but also owns a shareholding in Thatta Power (Pvt) Ltd. Its plant is located 115km northeast of Karachi at Ghulamullah Road, Makli, Thatta district.