Karachi, Pakistan Paper Products Limited informed Pakistan Stock Exchange about the recommendations made by the board of directors in the meeting held at Karachi on September 16, 2021.
The agenda of the meeting was discussion of profit and loss account for Year ended June 30, 2021 which portrayed a profit of Rs. 70,565,192 with earnings per share 8.82 basic and diluted respectively.
Further, 30% payment of cash dividend, bonus shares and right shares was agreed.
Furthermore, the share transfer books of the company will remain closed from October 16, 2021 to October 25, 2021 (both days inclusive).
Pakistan Paper Products Ltd came into existence in 1951. At that time, our newly founded country had to import all its paper products which were resulting in the drain of valuable foreign Exchange. Realizing the need of the times, Mr. Hashim B. Sayeed (Late), founder and former Chairman of Pakistan Paper Products Limited, armed with machinery and technical knowhow from Germany decided to set up a paper converting unit in Pakistan.
In 1962, Pakistan Paper Products became a Private Limited Company. In 1964, it became a Public Limited company and was quoted on the Karachi Stock exchange and till today it is one of the oldest listed companies at Pakistan Stock Exchange (PSX). The company is principally engaged in the production and sale of sensitized papers, pro-labels and exercise books.
The total number of shares is 8,000,000. The Earnings per share is 1.95 in 2020 which were 2.25 in 2019. The Profit after Taxation is 15,570,000 in 2020 which was 17,975,000 2019.