Glass: Tariq Glass Industries Limited - Nine Months Ended March 31, 2005 (Un-audited)
TGIL is a public limited company incorporated in the province of Punjab having its registered office located at 49-Bridge Colony Lahore Cantt. The company manufactures and markets glassware viz. ashtrays, fruit sets, ice cream cups and sets, jars, jugs, mugs plates and bowls, printed range, tea cups and sauces, tumblers and water sets.
Manufacturing facilities are situated at 33 kilometer Lahore-Sheikhupura Road. Over the last 20 years, Tariq Glass Industries Ltd has excelled in the art of glass manufacturing. Under the popular brand names of Toyo Nasic, Omroc and Nova, Tariq Glass Industries has become popular household name in the country and its success is now spreading in overseas markets across Europe, Middle East, Africa, Asia and the Far East. The company rightly emphasises that it is a market leader.
Tariq Glass Industries Ltd is listed on the stock market. On 25th July 2005, the closing quotation of its 10-rupee share was recorded at Rs 26.40 per share which is more than 2.5 times of the par value. During the last one year the market value of the share ranged between Rs 26 and Rs 34.50 per share.
During the nine months period under review the company made additions in the operating assets amounting to Rs 13.7 million and capital work-in-progress increased by Rs 15.6 million. The company's own power generation plant has started operations soon after the second quarter. Another light weight tumbler making machine has started commercial production during the 3rd quarter of FY 2004-05.
The net sales revenue of the company amounted to Rs 574.74 million, during the nine months period under review (9M 2004-05). This shows increase in the revenue by Rs 52.98 million as compared to Rs 521.76 million posted in the same period last year (SPLY).
But gross profit was lower at Rs 91.61 million (9M 2003-04: Rs 93.82 million) and gross margin eroded by 2.04 percentage points. Profit before taxation was further down as for the period under review. Pretax profit declined by Rs 7.4 million to Rs 33.82 million as compared to Rs 41.22 million posted in the SPLY.
The 3rd quarter (Q3 2004-05) was a difficult one as compared to previous period results. Main reason for this was sharp increase in the prices of soda ash, natural gas and POL. The sole increase of POL prices in turn increases the prices of all basic raw materials. The said increases have narrowed down profit margin. Due to severe competition of imported/smuggled articles of tableware, the company finds it difficult to pass on the increase in the market.
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Performance Statistics (Million Rupees)
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Balance sheet -As At-
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March 31 June 30
2005 2004
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Share Capital-Paid-up: 100.00 100.00
Accumulated Profits: 96.72 77.37
Shareholders Equity: 196.72 177.37
L.T. Debts: 167.65 163.91
Deferred Liabilities: 22.55 21.01
Current Liabilities: 288.29 212.73
Fixed Assets: 378.69 350.67
L.T. Security Deposits: 3.66 3.96
Current Assets: 292.86 220.39
Total Assets: 675.21 575.02
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Profit & Loss A/c for Nine Months Ended
March 31 2005 2004
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Sales-Net: 574.74 521.76
Gross Profit: 91.61 93.82
Operating Profit: 46.22 54.38
Other Income: 2.12 2.20
Financial (Charges): (12.85) (13.32)
Profit Before Taxation: 33.82 41.22
Profit After Taxation: 29.35 36.21
Earnings Per Share (Rs): 2.93 3.63
Share Price (Rs) on 25/07/05: 26.40 -
Price/Earning Ratio: 9.01 -
Book Value of Share (Rs): 19.67 16.39
Debt/Equity Ratio: 46:54 48:52
Current Ratio: 1.02 1.04
Gross Profit Margin (%): 15.94 17.98
Net Profit Margin (%): 5.11 6.94
R.O.A. (%): 4.36 6.30
R.O.E. (%): 14.91 20.41
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COMPANY INFORMATION: Chairman & Managing Director: Tariq Baig; Director: Omer Baig; Secretary: Waqar Ullah, FCA; Information Technology Consultants: Chartac Business Services (Pvt) Ltd, Registered Office: 49-Bridge Colony Lahore Cantt. Web Address: www.tariqglass.com Works: 33-KM Lahore-Sheikhupura Road.
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