Pakistan Aluminium Beverage Cans Limited (PABC), the only aluminium can-maker in the country, aims to enhance its production capacity by over 26%, the company said in a notice sent to the Pakistan Stock Exchange (PSX) on Friday.

The company said its Board of Directors, during a meeting held on October 26, "approved capital project with the objective to enhance rated production capacity to 1,200 million cans per annum (p.a.) (currently 950 million cans) and also to eliminate bottlenecks in existing capacities and equalize capacities of all processes.”

PABC said the project is expected to commence commercial operations by July 2023.

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Back in August, the can-maker successfully commenced the project for the enhancement of production capacity, under which the rated production capacity was increased from 700 million cans p.a. to 950 million cans p.a.

As per the company’s latest financials, PABC’s net sales increased by Rs5.10 billion to reach Rs10.85 billion, during the nine months ended September 30, 2022, recording a growth of 88.79% in comparison with the corresponding period last year.

Sales growth was driven by currency devaluation and metal price increases, as well as volumetric sales growth.

This performance has translated into Earnings per Share of Rs6.83 for nine months ended September 30, 2022. The gross profit during the period under review stood at 34.11%, compared to 34.92% during the corresponding period last year. The profit after tax has increased by Rs1,274 million to reach Rs2,468 million, an increase of 106.66%, compared to corresponding period last year.

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Last year in June, PABC raised Rs4.6 billion against an offering of 94 million shares at a strike price of Rs 49 per share, 40% above the floor price of Rs35 per share. The plan was to raise Rs3.3 billion.

At the time of filing this report, the share of PABC was being traded at Rs45.51, up by Re0.21 or 0.46%.