Gharibwal Cement posts 15% increase in FY net profit

Gharibwal Cement Ltd reported a net sales revenue of PKR18.165bn (US$65.5m) in the financial year ended 30 June 2024 (FY23-24), down 0.8 per cent from PKR18.316bn in the FY22-23.

The Pakistani cement producer posted a gross profit PKR3.775bn, representing a 0.5 per cent decrease when compared with the year-ago period when gross profit was PKR3.793bn. Profit from operations slipped by 1.2 per cent to PKR2.75bn in FY23-24 from PKR2.783bn in FY22-23.

However, net profit increased by 14.5 per cent YoY to PKR1.743bn from PKR1.232bn in the FY22-23. The company reported increased finance income, lower finance costs and income tax.

Earnings per share saw a 41.2 per cent increase to PKR4.35 from PKR3.08.