Ghani Glass Limited reported earnings per share of PKR 6.75 in FY24 against PKR 8.10 in FY23, a drop of 17%. The company reported revenue of PKR 47.8 Bn in FY24 against PKR 41 Bn in SPLY showing a rise of 16%.
Gross margin for FY24 clocked in at 27% against 31% in FY23. This was primarily due to pressure on prices due to reduced demand in the local market.
GHGL has also shut down a furnace at its float glass plant due to low demand. The company has seen strong growth in exports to Philippines in FY24 to PKR 3 Bn against PKR 1 Mn in FY23.
Management believes that this growth is sustainable. Going forward, the management expects demand to remain subdued and therefore exert pressure on prices and margins.
Important Disclosures
Disclaimer: This report has been prepared by Chase Securities Pakistan (Private) Limited and is provided for information purposes only. Under no circumstances, this is to be used or considered as an offer to sell or solicitation or any offer to buy. While reasonable care has been taken to ensure that the information contained in this report is not untrue or misleading at the time of its publication, Chase Securities makes no representation as to its accuracy or completeness and it should not be relied upon as such. From time to time, Chase Securities and/or any of its officers or directors may, as permitted by applicable laws, have a position, or otherwise be interested in any transaction, in any securities directly or indirectly subject of this report Chase Securities as a firm may have business relationships, including investment banking relationships with the companies referred to in this report This report is provided only for the information of professional advisers who are expected to make their own investment decisions without undue reliance on this report and Chase Securities accepts no responsibility whatsoever for any direct or indirect consequential loss arising from any use of this report or its contents At the same time, it should be noted that investments in capital markets are also subject to market risks This report may not be reproduced, distributed or published by any recipient for any purpose.
