Qudsia Bano

Synthetic Products Enterprises Limited’s revenue from sales increased by 9% to Rs3 billion in the first six months of the ongoing financial year 2022-23 (6MFY23) from Rs2.7 billion over the corresponding period of the previous fiscal. The company posted a gross profit of Rs508 million in 6MFY23, which was down 6% from gross profit of Rs542 million recorded in 6MFY22.

The company posted a net profit of Rs200 million in the first six months of FY22, recording a 22% decrease compared to the profit of Rs256 million in the corresponding period of the previous year. Import restrictions, sharp and unexpected increases in energy costs, and a significant currency devaluation affected the performance of the company during this period.

Performance in 2021-22

During the fiscal year 2021-22, the company’s gross sales went up to Rs4.2 billion from Rs3.1 billion in FY21, posting an increase of 35% year-on-year. The gross profit for FY22 stood at Rs898 million, up 57% from Rs572 million in FY21.The profit-before-tax increased from Rs322 million in FY21 to Rs638 million in FY22.The after-tax profit also increased from Rs258 million in FY21 to Rs460 million in FY22, posting a growth of 78% year-on-year, reports WealthPK.

In FY21, the earnings per share of the company was Rs2.89, which increased to Rs5.07 in FY22, showing a remarkable growth.

About the company

Synthetic Products Enterprises was incorporated in Pakistan on May 16, 1982 as a private limited company, and was converted into a public limited company on July 21, 2008. It was listed on the Pakistan Stock Exchange on February 10, 2015. The company manufactures and sells plastic auto parts, plastic packaging, molds and dyes.

Credit: Independent News Pakistan-WealthPk