Fakiha Tariq

Ghani Glass Limited (GHGL) outperformed its peers in the glass and ceramics sector by posting the highest revenue and profits in the first half (July-December) of the ongoing fiscal year 2022-23, WealthPK reports. The glass and ceramics sector as a whole recorded revenue of Rs44 billion, of which GHGL posted the highest Rs19 billion. Of the sector’s total gross profit of Rs9.4 billion, GHGL’s share was the largest at Rs5.3 billion. GHGL posted the highest net profit of Rs3.7 billion, again making the lion’s share of the sector’s overall net profit of Rs4.7 billion in 6MFY23. The sector’s gross profit and net profit ratios clocked in at 21% and 11%, respectively.

The glass and ceramics sector on Pakistan Stock Exchange (PSX) comprises nine companies with GHGL leading the way with a market capitalisation of Rs30.2 billion. Tariq Glass Industries limited (TGL) with a market cap of Rs11.1 billion and Ghani Value Glass Limited (GVGL) with a market cap of Rs4.4 billion rank second and third in the sector. Balochistan Glass Limited (BGL) and Shabbir Tiles and Ceramics Limited (STCL) stood fourth and fifth.

Ghani Global Glass Limited (GGGL), Karam Ceramics Limited (KCL) and Frontiers Ceramics Limited (FRCL) with market caps of Rs1.7 billion, Rs1 billion and Rs610 .5 million rank sixth, seventh and eighth, respectively. Regal Ceramics Limited (REGAL) currently has a defaulter status on PSX.

In 1HFY23, GHGL posted the highest revenue of Rs19 billion followed by TGL with gross sales of Rs13 billion. STCL posted the third highest revenue of Rs6.3 billion followed by FRCL Rs2 billion and GVGL Rs1.7 billion GGGL posted revenue of Rs1 billion, which was the sixth highest of the sector in 1HFY23. KCL posted sales of Rs233 million. BGL posted the lowest sales of Rs125 million in 1HFY23.

In 1HFY23, six out of eight firms remained profitable. GHGL and TGL maintained first and second spots in terms of profit making in 1HFY23. GHGL posted the highest gross profit of Rs5.3 billion and TGL posted the second highest gross profit of Rs2.5 billion in 1HFY23. STCL and GVGL posted the third and fourth highest gross profit of Rs944 million and Rs589 million , respectively. GGGL’s gross profit stood at Rs257 million and FRCL’s Rs225 million in 1HFY23. BGL and KCL posted gross losses of Rs86 million and Rs333 million, respectively.

GHGL posted the highest net profit of Rs3.7 billion followed by TGL, which posted net profit of Rs1.2 billion in 1HFY23. GVGL and GGGL earned the third and fourth highest net profits of Rs283 million and Rs61 million. FRCL’s net profit was Rs53 million. However, BGL, STCL and KCL posted net losses of Rs165 million, Rs196 million and Rs382 million in 1HFY23. TGL reported the highest earnings per share value of Rs7.49 in 1HFY23 in the glass and ceramics sector. However, the EPS values of GHGL (Rs4.5), GVGL (Rs3.66), FRCL (Rs1.42) and GGGL (Rs0.26) dropped during the period.

BGL, STCL and KCL bore loss per share of Rs0.63, Rs0.82 and Rs26.32, respectively, in 1HFY23.

Credit: Independent News Pakistan-WealthPk