Jahangir Siddiqui & Co buys 2.5m shares of Azgard-9

KARACHI: Jahangir Siddiqui & Co Ltd has announced on Thursday that it has bought 2.5 million shares of Azgard-9 at the rate of Rs 14.51/share.

According to a notice at Pakistan Stock Exchange (PSX), the company has bought these shares through Central Depository Company (CDC) on May 13, 2020 at Rs 14.51 per shares, which is above Rs 5 of the current share value of this company. The current trading value of Azgard-9 is Rs 9.77/ share at 1:30 at PSX board.

The JS group did not mention in the notice, where from it purchased these shares. However, JS group is already running the affairs of Azgard-9 Ltd.  

The Company is a composite spinning, weaving, dyeing and stitching unit engaged in the manufacturing and sale of yarn, denim and denim products.

During this nine months’ period, the sales of the Company have increased by almost 5.9 per cent as compared to the same period of the previous year. Due to the onset of the Coronavirus, results for the quarter have been negatively impacted.

Operating profit of these nine months is Rs 1,395.02 million after an increase of almost 27% when compared with the operating profit of same period of last year. The Company has been able to achieve before tax profit of Rs 406.10 million as compared to profit before tax of Rs 162.79 million during the same period of last year.

Prior to the onset of the Coronavirus, the Company’s overall performance has been slowly and gradually improving. However, at the moment it is unclear as to what to expect in the near future as the effect of the virus will be sever on the business of the company.

In the meantime, the management continues its efforts to try and manage the affairs of the company as best as possible through these uncertain times, the company said in its financial report.

About The Author