LAHORE - A corporate briefing session by Treet Corporation Limited (TCL) took place on 21st December 2021 via online meeting where company representative apprised notable financial analysts and investors about TCL’s financial performance in the year ended 2021 and the future outlook of the company.
Syed Sheharyar Ali, Group CSO & Executive Director of Treet Group, attended the corporate briefing session and Mr. Mohtashim Aftab - CFO Treet Group briefed the attendees about the company’s financial performance.
In FY21, TCL posted consolidated net sales of PKR 14.2b (FY 2020 Rs. 11.11b) and a PAT of PKR 547.88m (FY 2020 Rs. 2.65b loss after-tax). In terms of its divisions, the highest contribution of 53% to the net sales was the blades segment which posted PKR 7.6b net sales with an increase of 25.4% YoY. Battery division was the second biggest contributor with net sales of PKR 3.6b, up by 62.90% YoY, followed by corrugation division which brought net sales of 1.74b, up by 16.93% YoY.
Moving forward, management stated deleveraging Treet Group is currently the main aim in an environment of increasing interest rates. Regarding this, the company CFO said it is in process of reprofiling short-term debt (partially) into long-term debts to deal with the issue. The company is resuming the construction of the new facility of Renacon Pharma at FIEDMC and aims to spin off the battery segment from Modaraba into a separate company.