Profits Jump at Hi-Tech

Pakistani lube supplier Hi-Tech Lubricants Ltd. reported a 61 percent jump in its annual net profit, thanks to higher sales and lower finance costs.

Hi-Tech posted a consolidated net profit of approximately Rs 518 million (U.S. $4.9 million) for its year-ended June 30, up from Rs 322 million in the same period last year, the company said in a regulatory filing.

Consolidated net sales rose 28 percent year on year to Rs 7.01 billion during 2015-16, compared to Rs 5.47 billion a year earlier. Hi-Tech distributes South Koreas SK Lubricants Ltd.s Zic brand of finished lubricants to more than 150 sellers in Pakistan.

The company reported that its finance costs fell nearly 28 percent to Rs 18 million for the full year. However, total expenses surged 39 percent to Rs 1.2 billion during the period.

Hi-Tech had raised about Rs 1.8 billion (U.S. $17.3 million) earlier this year through its initial public stock offering to launch a chain of retail fuel outlets in the domestic market, and to install additional filling lines at its blending plant in Lahore to tap potential growth in the countrys industrial sector. The company began commercial production on Aug. 3 at its blending plant, which has capacity of 30,000 metric tons per year.