Qudsia Bano

The sales of Ghazi Fabrics International Limited increased by 36% to Rs8.6 billion in the financial year 2021-22 from Rs6.3 billion the previous year.

However, the gross profit decreased 30% to Rs385 million during the FY22 from Rs549 million in FY21. The operating profit also decreased 54% to Rs159 million from Rs346 million in FY21. Similarly, the profit-after-tax fell 96% to Rs7.6 million in FY22 from Rs196 million in FY21, reports WealthPK.

Shareholding

As of June 30, 2022, directors, the chief executive officer, their spouses, and minor children owned 63.4513% of the company’s shares. NIT and ICP held 0.0352% of the shares, and banks, development financial institutions, non-banking financial institutions and insurance companies held 0.3815%. Modarabas and mutual funds owned 0.0034% of the shares, general public (local) 16.0962%, (foreign) 19.7545% and ‘others’ 0.1964%.

Performance in 2021

During FY21, the company registered sales revenue of Rs6.3 billion, which was 35% higher than Rs4.7 billion in FY20. The gross profit for the period stood at Rs549 million, up a whopping 299% from Rs137 million the previous year. The after-tax profit for the period came in at Rs196 million, showing an increase of 188% over a loss of Rs223 million during FY20.

The company's earnings per share (EPS) remained in the negative territory in 2019 and 2020, but recovered from the slump and climbed to Rs6.02 in 2021. The EPS, however, dropped to Rs0.23 in 2022.

Credit : Independent News Pakistan-WealthPk