SSGC has made a major financial comeback in the fiscal year 2024, posting a profit of Rs. 8.29 billion. This is a big improvement compared to last year’s loss of Rs. 836 million.
The company’s earnings per share increased to Rs. 9.41, while its net revenue reached Rs. 465.87 billion. SSGC also reported an operating profit of Rs. 25.15 billion, showing solid performance despite higher finance costs.
This turnaround was mainly due to an increase in “other income” and lower expenses. However, it’s important to note that the company’s gross profit was slightly lower compared to the previous year.
Despite the strong numbers, SSGC’s auditors raised a serious concern. They highlighted Rs. 47.48 billion in doubtful receivables money the company expects but may not receive. Most of this amount is owed by major clients like K-Electric and Pakistan Steel Mills.
