Hifsa Raja

Ghani Glass Limited (GHGL) sales climbed 36% to Rs21.97 billion in the first nine months of the previous fiscal year 2021-22 (9MFY22) from Rs16.2 billion over the corresponding period of FY21.

The gross profit, showing a 69% growth, stood at Rs6.52 billion in 9MFY22 compared to Rs3.85 billion over the same period of FY21.

The operating profit reached Rs4.84 billion, 78% higher than Rs2.72 billion in 9MFY21.

Similarly, profit-before-taxation in 9MFY22 stood at Rs4.75 billion, up 72% from Rs2.76 billion in 9MFY21.

The after-tax profit grew 74% to Rs4.71 billion in 9MFY22 from Rs2.70 billion in 9MFY21.

Earnings per share (EPS) stood at Rs5.62 in 9MFY22 compared to Rs3.22 over the same period in FY21, showing a growth of 75%, reports WealthPK.

As of June 30, 2021, directors, their spouse(s) and minor children owned 52.72% of the company’s total shares. Associated companies, undertakings & related parties owned 0.070% of the shares, NIT and ICP 0.63%, banks, development financial institutions, non-banking financial institutions 0.17%, insurance companies 0.015%, Modarabas and mutual funds 0.26%, general public (local) 36.35%, (foreign) 0.011% and ‘others’  9.74%.

Financial Performance

During the fiscal year 2020-21, the company generated sales of Rs21.47 billion against Rs17.09 billion in 2019-20, registering an increase of 26%. The gross profit for FY21 was Rs4.85 billion, registering a growth of 86% over Rs2.60 billion in FY20. The operating profit for FY21 grew 118% to Rs3.16 billion from Rs1.44 billion in FY20. The profit-before-tax for FY22 was Rs3.17 billion compared to Rs1.60 billion in FY20, showing an increase of 98%.

Similarly, profit-after-tax for FY22 was Rs3.21 billion as compared to Rs1.51 billion in FY21, showing an increase of 113%.

The earnings per share remained flat, ranging from Rs5.6 in 2018 to Rs5.98 in 2019. However, EPS plunged to Rs2.02 in 2020 before rebounding to Rs4.16 in 2021.

Profit or Loss over the Years

Profitability – gross and operating profits – remained depressed in 2018, but improved in 2019. In 2020, the profitability decreased, but improved significantly in 2021.

Ghani Glass Limited was incorporated in Pakistan in 1992 as a limited liability company under the Companies Ordinance, 1984, (now Companies Act, 2017). The company is engaged in manufacturing and sale of glass containers and float glass.

Credit : Independent News Pakistan-WealthPk