Karachi, Al-Ghazi Tractors Limited, a prominent player in the agricultural machinery sector, has disclosed the outcomes of its recent Board of Directors meeting held via video conferencing on August 15, 2023. The meeting encompassed significant recommendations for various financial actions along with the release of the company’s financial results for the half-year ending on June 30, 2023.

The following recommendations were put forth by the Board of Directors:

i. Cash Dividend:

An interim cash dividend for the first half of 2023 has been recommended at Rs. NIL per share, representing NIL% of the share value. This is supplementary to the Interim Dividend(s) previously issued at Rs. NIL per share, equating to NIL%.

ii. Bonus Shares:

The Board has proposed issuing Bonus Shares at a proportion of NIL share(s) for every NIL share(s) held, constituting NIL% of the shareholding. This is an addition to the Interim Bonus Shares already distributed at NIL%.

iii. Right Shares:

The Board’s suggestion involves issuing NIL% Right Shares at par, at a discount, or at a premium of Rs. NIL per share, based on a proportion of NIL share(s) for every NIL share(s). It has been clarified that the entitlement of right shares will or will not be applicable on Bonus Shares as declared above.

iv. Any Other Entitlement/Corporate Action:

NIL

v. Any Other Price-Sensitive Information:

NIL

The financial results for the half-year ending on June 30, 2023, are as follows:

Revenue from Contracts with Customers: Rs. 10,577,842

Cost of Sales: Rs. (8,878,368)

Gross Profit: Rs. 1,699,474

Distribution Expenses: Rs. (93,053)

Administrative Expenses: Rs. (210,500)

Other Income: Rs. 209,540

Other Expenses: Rs. (129,531)

Finance Costs: Rs. (156,802)

Profit Before Taxation: Rs. 1,319,128

Income Tax Expense: Rs. (746,507)

Profit for the Period: Rs. 572,621

Earnings per Share (Rupees) – Basic and Diluted:

June 30, 2022: 9.88

June 30, 2023: 13.31

These results indicate the company’s performance in terms of revenue, costs, profits, and taxes for the specified period. Al-Ghazi Tractors Limited’s ability to navigate through the market challenges and capitalize on opportunities is highlighted in the financial figures. The recommendations made by the Board of Directors provide insights into the company’s strategic decisions and commitment to enhancing shareholder value.