Gharibwal Cement 51% profit fall in FY18-19

Gharibwal Cement Ltd (GWLC) has released its financial results for the year ended 30 June 2019. The company earned a net profit of PKR736m (US$6.7m) as compared to PKR1.509bn earned in the same period last year, which decreased by 51.2 per cent. The fall in profit has been attributed to a decline in sales and an increase in finance expense.

According to company results, sales decreased by three per cent to PKR11.35bn YoY, as compared to PKR11.70bn in the same period last year.

Administrative expenses declined to PKR376m from PKR383m during the same period last year, alongside distribution expenses which fell to IND213m from PKR246m.

The company in a notification to Pakistan Stock Exchange (PSX) also announced a final cash dividend of PKR0.50/share, ie five per cent. The company will hold its AGM on 26 October to approve financial result.