Karachi, In a recent meeting held on May 13, 2023, the Board of Directors of Huffaz Seamless Pipe Industries Limited in Karachi has recommended several financial measures and shared the company's annual financial results for the year ended June 30, 2021.
The board recommended a Final Cash Dividend for the mentioned period at Rs NIL % per share, which will be in addition to the interim Dividend(s) already paid at Rs NIL % per share.
Furthermore, the board proposed the issuance of Bonus shares in the proportion of NIL share(s) for every NIL share(s) held, in addition to the Interim Bonus shares already issued at NIL%.
The board did not recommend any Right Shares or any other entitlement/corporate action. Additionally, no other price-sensitive information was provided.
Looking at the company's financial results, for the year ended June 30, 2021, the revenue from contracts with customers (Net) stood at Rs 97,243,000 compared to Rs 341,615,000 in the previous year. The cost of revenue from contracts with customers was reported as Rs 166,602,000, resulting in a gross profit of (Rs 69,359,000) as compared to Rs 73,457,000 in the previous year.
The statement of profit or loss also indicates that the company incurred selling and distribution costs of Rs 7,197,000 and administrative expenses of Rs 27,010,000, resulting in a loss of (Rs 105,826,000) after taxation.
The Annual General Meeting of Huffaz Seamless Pipe Industries Limited is scheduled to take place on June 8, 2023, in Karachi. Shareholders whose names appear in the Register of Members on May 6, 2023, will be entitled to the recommended dividends. Moreover, the share transfer books of the company will remain closed from May 31, 2023, to June 8, 2023, inclusive.