Karachi, Century Paper & Board Mills Limited, a prominent name in the paper and board industry, has released its audited financial statements for the fiscal year ended June 30, 2023. The company's Board of Directors convened on August 10, 2023, in Karachi, to review and approve the financial results.
According to the financial data presented in Annexure 'A', Century Paper & Board Mills reported a net turnover of Rs. 47.66 billion for the fiscal year 2022-2023, showing a significant growth compared to Rs. 39 billion recorded in the previous fiscal year. The cost of sales, amounting to Rs. 43.22 billion, was incurred to support the increased production.
Despite the rising costs, the company managed to secure a gross profit of Rs. 4.44 billion, demonstrating the efficacy of its operations. However, general and administrative expenses, along with selling and distribution expenses, were incurred during the year, collectively amounting to Rs. 1.18 billion.
On the positive side, other income of Rs. 275 million contributed to the financial performance. Nonetheless, operating profit amounted to Rs. 3.44 billion after accounting for various operating expenses.
The financial landscape witnessed a substantial change in finance costs, as the company reported a cost of Rs. 2.02 billion compared to Rs. 676.32 million in the prior year. The profit before taxation stood at Rs. 1.42 billion, reflecting the financial outcomes of the fiscal year.
After accounting for taxation of Rs. 516.59 million, Century Paper & Board Mills recorded a net profit of Rs. 904.99 million for the year 2022-2023. This figure is a substantial decline from the previous fiscal year's net profit of Rs. 2.21 billion.
The company reported basic and diluted earnings per share of Rs. 2.25 for the fiscal year 2022-2023, compared to a restated figure of Rs. 5.51 in the previous year.
In light of these financial results, Century Paper & Board Mills Limited has scheduled its Annual General Meeting for September 25, 2023, in Karachi. Furthermore, the Share transfer Books of the Company will remain closed from September 18, 2023, to September 25, 2023, in anticipation of the AGM.
Market analysts and industry experts are likely to scrutinize these results, seeking insights into the company's performance amid economic challenges and changes in the business landscape. This financial disclosure provides a comprehensive view of Century Paper & Board Mills' achievements, challenges, and future strategic directions.