Karachi, April 26, 2022 (PPI-OT): Glass and Ceramics – Tariq Glass Industries Limited

Earnings: Tariq Glass Industries Limited (TGL) announced it 3QFY22 result. The Company reported 3QFY22 earnings of PKR 1.22bn (EPS PKR 8.83), up by +92%y/y compared to PKR 0.63bn (EPS PKR 4.59) in the similar period last year. This brings total profitability for 9MFY22 to PKR 3.85bn (EPS PKR 27.92), up by +2.4xy/y, compared to PKR 1.63bn (EPS PKR 11.86) in the corresponding period last year.

Dividends/Payouts: The Company did not announce any cash dividend along with the result compared to PKR 2.5/share announced during 3QFY21.

Operating performance: During the period under review, TGL reported +32%y/y increase in revenue on the back of increase sales volumes and prices. Moreover, with healthy net sales growth, company also recorded stable gross margins of 32% compared to last year 25%; increase by 716bps. Gross margins improved as the Company increased its prices to pass over the impact of rise in input cost to consumer. Effective tax stood at 28.9% during 3QFY22 (2QFY22: 28.1%) compared to 30.4% in the same period last year bringing total effective tax rate for 9MFY22 to 27.4% compared to 28.7% in the corresponding period last year.