Tariq Glass Industries Ltd squeezed out growth in a tricky year for Pakistan’s glass and ceramics market, leaning on pricing power and tighter cost control even as demand cooled enough to idle a furnace. The group’s subsidiary, Baluchistan Glass Ltd, remains in rehabilitation mode with all three of its plants temporarily shut, but a phased restart plan and a pivot toward pharmaceutical glass suggest a more constructive year ahead if energy supply stabilises.
Revenue growth was steady rather than spectacular: net sales increased 13% year-on-year to Rs33,562 million (from Rs29,599 million), while gross profit climbed 33% to Rs10,415 million, pushing the gross margin up to 31% from 26%. Operating profit grew 38% to Rs9,294 million as selling and administrative costs remained contained. The content in this publication is expensive to produce. But unlike other journalistic outfits, business publications have to cover the very organizations that directly give them advertisements. Hence, this large source of revenue, which is the lifeblood of other media houses, is severely compromised on account of Profit’s no-compromise policy when it comes to our reporting. No wonder, Profit has lost multiple ad deals, worth tens of millions of rupees, due to stories that held big businesses to account. Hence, for our work to continue unfettered, it must be supported by discerning readers who know the value of quality business journalism, not just for the economy but for the society as a whole.To read the full article, subscribe and support independent business journalism in Pakistan
