Qudsia Bano

PACE Pakistan Ltd.’s revenue climbed 498% to PKR755 million in the nine months ending March 31, 2022, compared with PKR126 million in the corresponding period last year, reports WealthPK. The gross profit registered a growth of 155% during the nine months of FY2022 and remained at PKR204.4 million from PKR80.2 million in the corresponding period of the previous year. The company also incurred an exchange loss on foreign currency convertible bonds which occurred in a net loss of PKR 250.7 million during the nine months of FY2022 compared with a profit of PKR135.4 million in the corresponding period the previous year.

Annual Results 2020-21

As of June 30, 2021, associated companies’ undertakings and related parties owned 15.27% shares, banks, development financial institutions, and non-banking financial institutions 0.44%, general public (local) held 64.68%, foreign companies held 11.54% and others 7.65% shares.

Financial Performance

During the Fiscal Year 2021, the company generated net sales revenue of PKR 214 million with a decrease of 12% as against PKR244 million in 2019-2020. The gross profit for the year 2020-21 was PKR138 million, 108% up from the gross profit of PKR 66 million the previous year. Loss after taxation for the year was PKR46 million with a decrease of 88% compared to a loss of PKR398 million in the corresponding period the previous year.

The earnings per share of the company remained negative in recent years. Pace (Pakistan) Limited is a public limited company that builds, acquires, manages and sells condominiums, departmental stores, shopping plazas, supermarkets, utility stores, and housing societies, and carries out commercial, industrial, and other related activities in and out of Pakistan.

Credit : Independent News Pakistan-WealthPk