ISLAMABAD: Four mega companies operating in Pakistan reported huge profits in 2023. Some companies have reported half-yearly profits while some have announced full-year financial results, ending June 2023.
Nestle Pakistan reported a bumper profit of 17.58 billion rupees for six months (from Jan-June 2023). The post-tax profit of Nestle Pakistan Limited amounted to 10.98 billion rupees for the first half of the year, ending June 2023.
The value of the company’s share surged by 242 rupees in the stock market this year.
Similarly, Engro Fertilizers earned 13.91 billion rupees profit before tax payment from January to June 2023.
File photo of Pakistani currency notes as four mega companies report huge profits in 2023.
After payment of taxes, the net profit of the company fell to 5.46 billion rupees. It means the company paid a major chunk of its profit to the government as tax in the first half of this calendar year.
Earlier, Habib Bank Limited stunned corporate circles by reporting a bumper profit of 51.5 billion rupees for the half-year, ending June 2023.
The bank’s net profit ended at 26.33 billion rupees after the payment of taxes to the government. HBL is among the top three banks in Pakistan in terms of size and profitability.
Moreover, Colgate-Palmolive Pakistan Limited reported 16.55 billion rupees pre-tax profit for the fiscal year 2022-23, ending June 2023. The profit after tax of the company closed at 10.49 billion rupees. The value of the share of the company in the stock market increased by 99.48 rupees during the period under review.
Importantly, all these mega companies have shared their financial results with the Pakistan Stock Exchange, SECP, and their shareholders. It is a mandatory requirement for the listed companies in Pakistan.
The profitability of the multinational companies in Pakistan does not indicate any crisis in the country. However, foreign companies suffered a blow in 2023 because of a massive devaluation of the rupee and multiple curbs on imports.
