Qudsia Bano

Cherat Packaging Limited’s revenue from sales increased 23% to Rs3.8 billion in the first quarter of the ongoing financial year 2022-23 (1QFY23) from Rs3.1 billion in the corresponding period of the previous fiscal. Similarly, the gross profit of the company increased 6% to Rs602 million in 1QFY23 from Rs565 million recorded in 1QFY22. The company’s operating profit also increased 5% to Rs491 million in 1QFY23 from Rs469 million over the corresponding period of FY22. However, its net profit decreased to Rs162 million in 1QFY23 from Rs272 million in 1QFY22, reports WealthPK.

Performance in 2021-22

During the fiscal year 2021-22, the company’s gross sales went up to Rs13.5 billion from Rs11.2 billion in FY21, posting an increase of 20% year-on-year.  The gross profit for FY22 stood at Rs2.3 billion, up 19% from Rs1.9 billion in FY21. The profit-after-tax for the year went up by 4% to Rs885.5 million from Rs855.1 million in FY21.

Earnings Per Share

The earnings per share (EPS) of the company was high in 2017 at Rs23.71, but then kept decreasing till 2020. However, the EPS rebounded to Rs20.12 in 2021 from Rs1.65 in 2020 and edged up to Rs20.83 in 2022.

About the company

Cherat Packaging 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