Qudsia Bano

Panther Tyres Ltd.’s revenue climbed 20.2% to PKR13.9 billion in the nine months ending March 31, 2022, compared with PKR11.57 billion in the corresponding period of last year, reports WealthPK. The company also saw a minor gain in volume, primarily attributable to the rise in product selling prices. The gross profit decreased by 18.9% during the nine months of FY2022 and remained at about PKR1.5 billion from PKR1.8 billion in the corresponding period of the previous year. The net income decreased 58.7% to PKR270 million compared to PKR652 million in the corresponding period last year.

As of June 30, 2021, directors, chief executive officers, and their spouses and minor children owned 71.99% shares of the company, banks, development financial institutions, and non-banking financial institutions 0.49% of the total shares, insurance companies 5.74%, modarabas and mutual funds 11.18%, general public (local) 8.25%, general public (foreign) 0.02%, joint stock companies 1.20% and others 0.30% shares.

Financial Performance

During the fiscal year 2020-21, the company maintained a strong sales trend generating net sales revenue of PKR16.2 billion with an increase of 40% as against PKR11.6 billion in 2019-2020. The gross profit for the year 2020-21 was PKR2.5 billion, 47% up from PKR1.7 billion in the previous year. Profit after taxation for the year was PKR851 million with an increase of 238% compared to a profit of PKR251.8 million in the corresponding period of the previous year.

The earnings per share (EPS) witnessed a mix of trends in recent years. In 2018, the EPS was high standing at PKR6.09 and then dropped to PKR 2.14 in 2019. However, it again increased to PKR2.52 in 2020. In 2021, the EPS registered a remarkable growth and jumped to PKR 7.06.

Panther Tyres Limited was incorporated as a private limited company under the Companies Act, 1913, and was converted into a public limited company with effect from 10th October 2003. The company is principally engaged in the manufacture and sale of tyres and tubes for vehicles.

Credit: Independent News Pakistan-WealthPk