- Ashburn, United States
- Mar, 24th, 23
Out of six active glass and ceramics firms, Balochistan Glass Limited (BGL) raised its market value from Rs2.3 billion to Rs2.5 billion in the 2QFY23, making it the only glass and ceramics firm which has earned 12% return on the market value of equity (ROME), reports WealthPK. Tariq Glass Industries Limited (TGL) was reported to be the biggest loser, bearing the market value loss of 44% during 2QFY23.
Pakistan’s glass and ceramics sector includes eight public limited companies, among which the top six remained active on the PSX during the second quarter of the fiscal 23. During the second quarter (Oct to Dec) of the fiscal year 23, Pakistan’s glass and ceramics sector as a whole underwent a market value loss of Rs14 billion, on average.
The market value of the glass and ceramics sector at the start of 2QFY23 was reported to be Rs67 billion, which dropped by 21% to Rs53 billion on the last trading day of the 2QFY23. With a market cap of Rs31.1 billion, Ghani Global Limited (GHGL) is the largest company as per market capitalisation in the sector. In 2QFY23, GHGL started trade with a market value of Rs34 billion and ended at Rs31 billion. It lost 7% of its market value in 2QFY23. Tariq Glass Industries Limited (TGL) is the second-largest firm that experienced a massive loss of 44% on the invested money [by its investors]. TGL’s market value dropped from Rs19 billion to Rs11 billion by the end of the second quarter of the Fiscal Year 23.
Ghani Value Glass Limited (GVGL) with a market cap of Rs4.2 billion is the third-biggest company registered in the glass and ceramics sector. GVGL reported a market value loss of 29% in the second quarter of FY23. Its value dropped from Rs5.4 billion to Rs3.8 billion by the end of 2QFY23. Balochistan Glass Limited (BGL) with a market cap of Rs2.7 billion is the fourth largest company in its sector. It was the only prosperous firm in terms of market value in the glass and ceramics sector during 2QFY23.
BGL’s market value increased from Rs2.3 billion to Rs2.5 billion and witnessed 12% incremental return on the market value of equity. Shabbir Tiles and Ceramics Limited (STCL) is the fifth largest company whose market value dropped by 37% in 2QFY23. Lastly, Ghani Global Glass Limited (GGGL) is the sixth largest active company with a market cap of Rs1.7 billion. GGGL’s market value dropped by 33% during the second quarter of the fiscal 23.
Credit : Independent News Pakistan-WealthPk