Image Pakistan revenue climbs 41% year-on-year

October 04, 2022

Qudsia Bano

Image Pakistan Limited’s revenue climbed 41% to Rs1 billion in the first nine months of the fiscal year 2021-22 compared with Rs718 million over the corresponding period of fiscal 2020-21.

During first 9MFY22, the gross profit of the company climbed 69% to Rs453 million from Rs269 million in the corresponding period of FY21.

The net income increased 58% to Rs111 million compared with a profit of Rs70 million in the corresponding period of FY21, reports WealthPK.

As of June 30, 2021, directors, chief executive officers, their spouses and minor children owned 29.74% of the company’s shares.

Associated companies owned 0.17% of the shares; banks, development financial institutions and non-banking financial institutions held 0.11% of the shares; insurance and leasing companies held 0.59%; Modarabas and mutual funds 2.89%; general public (local) 59.17%; other companies 5.35%; and joint stock companies 1.84%.

Financial results in 2020-21

During the fiscal year 2020-21, the company generated net sales of Rs1 billion, up 148% from Rs403 million in fiscal 2019-20. The gross profit for FY21 stood at Rs442 million, 106% up from Rs214 million the previous year. The profit-after-taxation reached Rs115 million, up 414% from Rs22 million in FY20.

The earnings per share (EPS ) of the company witnessed a mix trend during recent years. In 2018, the EPS was high and stood at Rs1.5, but then it dropped to Rs0.39 in 2020. However, in 2021, the EPS registered a remarkable growth and jumped to Rs2.02. 

Image Pakistan Limited, formerly known as Tri-Star Polyester Limited, was established in Pakistan as a public-limited company on November 14, 1990, under the Companies Ordinance, 1984. The company's main business activities include manufacturing and selling embroidered fabric, ready-to-wear clothing and polyester filament yarn.

Credit : Independent News Pakistan-WealthPk