Lahore May 6 2022: G3 Technologies Limited (GTECH) is actively in process for setting up of import substitute Calcium Carbide project already announced in Hattar Economic Zone, according to company filling to the exchange.
“Alhamdulillah, the Letter of Credit for the import of Pakistan’s one and only Calcium Carbide plant has already been opened.” says Chief Executive Officer Mr. Atique Ahmad Khan.
The project shall provide completely import substitution to Pakistan, besides enabling the Company to tap the export market. The plant shall also indigenize the production of many by-products. An overall market of US$ 25Million revenue is aimed to be tapped through this plant.
The Board of Directors of your Company in their meeting held on April 14, 2022 has decided to merge the Company (G3 Technologies Limited/GTECH) with/into Ghani Chemical Industries Limited,(an associated company/largest manufacturer of Industrial & Medical gases in Pakistan). This decision would greatly benecial to your Company as well as shareholders of the Company.
Company commenced its operational activities during the month of November 2021 which were suspended since October 2004. In the current year directors of the Company made their entire efforts to revive the operational activities and as the result Company has initially commenced its operations in Chemical sector.
For the period ended March 31, 2022, your company succeeded to book the gross sales of Rs. 59.14 million, net sales are Rs. 49.28 million whereas cost of sale is Rs. 50.16 million, in the result the gross loss was Rs. 0.88 million. During the period administration expenses are increased from Rs.11.72 million to Rs. 23.46 million
as compared to the same period of last year, after the effect of other operating expenses and written back/other income the bottom line showed a net Profit after taxation of Rs. 9.29 million as compared to loss of Rs. 7.04 in the same period of last year, your company has succeeded profit earning per share Rs. 0.06 as
compared to loss of Rs. (0.35) per share in the corresponding period of last year.
