Service Industries (PSX: SRVI) Reports Financial Results for Year Ending December 2024. The company announced a profit after tax of Rs. 324 million (Earnings Per Share of Rs. 6.9), representing a significant decline of 76% compared to the previous year.
Service Industries declared a cash dividend of Rs. 15 per share for its shareholders.
Revenue for the period decreased sharply by 71%, while gross profit plummeted by 96% year-over-year. The substantial reduction in financial charges and other income, amounting to Rs. 3.3 billion, played a crucial role in partially offsetting these losses and contributing to the company's overall profitability.
Services Industries has low exposure in KSE100 Index and no exposure in KSE30 and KMI30 Indices.
SRVI has lagged behind the KSE100 by 15% over the past 3 months.
And over the past 1 year SRVI overperformed the KSE100 by 52%.
The Company also announced following price sensitive information.
"Approved joint venture of its wholly owned subsidiary, Service Tyres (Private) Limited (STPL), with TrailerMaster CVS. Inc., China for manufacturing of Brake Drums in Pakistan for buses, trucks and lorries under the name of Service TruckMaster (Private) Limited (to be incorporated) and investment by STPL of up to
USD 4 million as equity and USD 7 million in the form of guarantees in favor of its lenders (in equivalent Pakistani Rupees), from time to time, in Service TruckMaster (Private) Limited (to be incorporated)."
https://dps.psx.com.pk/download/document/250111.pdf
