Lahore, In a recent meeting held on September 2, 2023, the Board of Directors of Synthetic Products Enterprises Limited (SPEL) recommended several important financial decisions for the company, including dividends, bonus shares, and right shares. The decisions were detailed in the company's Statement of Profit or Loss for the year ended June 30, 2023.
Cash Dividend: The board has recommended a final cash dividend of Re. 0.5 per share, equivalent to 10% of the share's value for the fiscal year ending on June 30, 2023. This cash dividend is in addition to the interim dividend of Rs. 0.25 per share, which is 5% of the share's value, already paid out.
Bonus Shares: The Board of Directors has proposed issuing bonus shares in the proportion of NIL share(s) for every NIL share(s) held, effectively resulting in no bonus shares. This recommendation complements the interim bonus shares already issued.
Right Shares: The board has also recommended issuing NIL% right shares at a premium or discount of Rs. NIL per share in the proportion of NIL share(s) for every NIL share(s). The entitlement of right shares will not be applicable to the previously declared bonus shares.
Annual General Meeting: The company's Annual General Meeting is scheduled to be held on October 26, 2023, in Lahore.
Share Transfer Books Closure: The Share Transfer Books will be closed from October 20, 2023, to October 26, 2023, inclusive. Transfers received at THK Associates (Pvt.) Ltd. in Karachi, up to the close of business on October 19, 2023, will be considered for the purpose of the aforementioned entitlement to the transferees.
Availability of Annual Report: The Annual Report of the company will be transmitted through PUCARS within the specified time and will also be accessible on the company's website at www.spelgroup.com.
Financial Performance: The company reported a strong financial performance for the year ended June 30, 2023, with sales of Rs. 6,430,965,444. Gross profit stood at Rs. 1,313,246,457, and profit after taxation amounted to Rs. 491,097,540.
Earnings per Share: The earnings per share for the year were reported at Rs. 2.47, as compared to Rs. 2.70 in the previous fiscal year.
Synthetic Products Enterprises Limited continues to make strategic decisions to enhance shareholder value and is gearing up for its upcoming Annual General Meeting where these recommendations will be put forth for approval.