Qudsia Bano

Cherat Packaging Limited announced its financial results for the first six months of the financial year 2022-23 (6MFY23), reporting a steady growth in revenue, WealthPK reports. The company’s revenue increased by 20% year-on-year to R7.8 billion. However, the gross profit decreased by 12% to Rs1 billion from R1.1 billion in the previous year. The company's profit-before-tax decreased by 63% to Rs284 million in 6MFY23 from Rs775 million in the same period last year.

This decrease was attributed to a rise in operating expenses during the period under review. The company's net profit also decreased 63% to Rs204 million in 6MFY23 from R554 million in the same period last year. Despite the challenges, the company continues to invest in its infrastructure, production capacity, and human resources.

Performance in 2021-22

The company reported a total revenue of Rs13.5 billion in FY22, posting a 20% increase over the previous year's revenue of Rs11.2 billion. Cherat Packaging's gross profit for the year stood at Rs2.3 billion, up 19% from Rs1.9 billion in FY21. The company's profit-before-tax was Rs1.3 billion, showing a 16% increase over Rs1.1 billion in the previous year. Cherat Packaging's net profit for the year was Rs885 million, a 4% rise compared to the previous year's net profit of Rs855 million.

The earnings per share for the year stood at Rs20.83, up 4% from Rs20.12 in 2020-21. Cherat Packaging performed well during the year despite facing challenges posed by the Covid-19 pandemic. The company's revenue growth was driven by higher demand for its packaging solutions, which were widely used in the food, pharmaceutical, and other industries.

About the company

Cherat Packaging Limited was incorporated in Pakistan as a public company limited by shares in 1989. Its main business activities are manufacturing, marketing and sale of paper sacks, polypropylene bags, and flexible packaging material.

Credit: Independent News Pakistan-WealthPk