Colgate Palmolive’s sluggish year

Colgate‑Palmolive (Pakistan) Ltd (COLG) closed its financial year ended 30 June 2024 with gross revenue of Rs116 billion, up just 2.4% from Rs113 bn a year earlier. Net revenue grew at a slightly gentler clip of 23.8% to Rs113.23 bn as higher sales‐tax incidence and heavier trade promotions diluted some of the top‑line momentum.

Put together, the year can be characterised as inflation‑led growth carried by margin recovery, rather than a volume‑led expansion. That nuance explains why the market greeted the results with only muted enthusiasm: COLG’s share price eked out a 1.8% gain on the announcement day but quickly drifted lower as investors digested the real‑growth picture.