Qudsia Bano

The revenue of Dynea Pakistan Limited – a provider of adhesive and surfacing solutions – increased by 9% to Rs4.9 billion in the first half of the ongoing financial year 2022-23 (1HFY23) from Rs4.5 billion over the corresponding period of the previous year.

However, the gross profit of the company decreased 33% to Rs635.5 million in 1HFY23 from Rs955.6 million recorded in 1HFY22. The company posted a net profit of Rs166 million in 1HFY23 compared to a profit of Rs494.7 million over the corresponding period of FY22, showing a negative growth of 66% year-on-year.

Performance in 2021-22

During the fiscal year 2021-22, the company’s gross sales jumped to Rs9.5 billion from Rs6.8 billion in FY21, posting an increase of 40% year-on-year.   The gross profit for FY22 stood at Rs1.6 billion, 2% down from Rs1.64 billion in FY21.The profit-after-tax for the year went down by 34% to Rs621.5 million from Rs938.6 million in FY21.

In FY21, the company’s earnings per share stood at Rs49.73, but plunged to Rs32.93 in FY22, showing a massive decline of 34% year-over-year.

Company profile

Dynea Pakistan Limited was incorporated in Pakistan as a public limited company under the Companies Act, 1913 (now the Companies Act, 2017) on June 20, 1982. The company is engaged in manufacture and sale of formaldehyde, urea/melamine formaldehyde, and molding compound.

Credit: Independent News Pakistan-WealthPk