Gul Ahmed Textile’s Profit Declines by Over 50% in FY23

Gul Ahmed Textile Mills Limited (PSX: GATM) has posted consolidated profit after tax of Rs. 4.89 billion for the year that ended on June 30, 2023, down by 50.2 percent year-on-year (YoY) from Rs. 9.84 billion in the same period last year. GATM’s board of directors did not announce any dividends for the shareholders. Net sales of the company arrived at Rs. 138.9 billion in FY23, up by 14 percent YoY, as compared to Rs. 121.8 billion in the same period last year. The company posted a gross profit of Rs. 28.1 billion during the period in review against Rs. 27 billion in the same period last year, while the other income declined by 16.7 percent YoY to Rs. 821 million compared to Rs. 986.9 million in FY22. The finance costs drastically almost doubled from Rs. 3.9 billion to Rs. 7.3 billion in FY23. Meanwhile, the company paid Rs. 2 billion in taxes during the full year compared to Rs. 1.85 billion in FY22. The earnings per share of the company declined from Rs. 13.3 in FY22 to Rs. 6.62 in FY23. GATM’s scrip at the bourse closed at Rs. 17.55, down 2.12 percent or Rs. 0.38 with a turnover of 1,107,973 shares on Tuesday.