Gul Ahmed Textile’s FY23 Profit Drops by More Than 50%

Web DeskSeptember 27, 2023
Gul Ahmed Textile's FY23 Profit Drops by More Than 50%

Gul Ahmed Textile Mills Limited (PSX: GATM) has reported a consolidated profit after tax of Rs. 4.89 billion for the fiscal year ending on June 30, 2023. This figure represents a significant decline of 50.2 percent compared to the same period in the previous year when the profit after tax was Rs. 9.84 billion.

The company’s board of directors has decided not to declare any dividends for the shareholders.

In terms of net sales, the company achieved Rs. 138.9 billion in FY23, marking a notable increase of 14 percent year-on-year. This is compared to Rs. 121.8 billion in net sales during the corresponding period in the previous year.

Also Read: Pakistan’s weapons exports increased in FY23

GATM’s gross profit for the review period reached Rs. 28.1 billion, up from Rs. 27 billion in the same period last year. However, the company’s other income decreased by 16.7 percent year-on-year to Rs. 821 million, as opposed to Rs. 986.9 million in FY22.

The finance costs incurred by the company nearly doubled, rising from Rs. 3.9 billion to Rs. 7.3 billion in FY23. Additionally, GATM paid Rs. 2 billion in taxes for the full year, compared to Rs. 1.85 billion in FY22.

The earnings per share (EPS) of the company declined from Rs. 13.3 in FY22 to Rs. 6.62 in FY23.

On the stock exchange, GATM’s share price closed at Rs. 17.55, experiencing a 2.12 percent decrease or a decline of Rs. 0.38. The trading volume amounted to 1,107,973 shares on Tuesday.

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