Karachi, Thatta Cement Company Limited (TCC), one of Pakistan's leading cement manufacturers, has disclosed its recommendations and financial results for the fiscal year ending June 30, 2023. In a meeting held on September 26, 2023, the company's Board of Directors discussed various matters, including dividends and corporate actions, setting the stage for its upcoming Annual General Meeting.
Dividend and Corporate Actions:
In the recent board meeting, Thatta Cement Company Limited's Board of Directors recommended the following for the year ended June 30, 2023:
i. Cash Dividend: Nil
ii. Bonus Shares: Nil
iii. Right Shares: Nil
iv. Any Other Entitlement or Corporate Action: Nil
v. Any Other Price-Sensitive Information: Nil
The company's shareholders will receive no cash dividends, bonus shares, right shares, or other corporate actions for the mentioned period. Thatta Cement Company Limited has not disclosed any other price-sensitive information at this time.
Annual General Meeting:
The Annual General Meeting of Thatta Cement Company Limited is scheduled to take place on October 26, 2023, in Karachi. Shareholders are encouraged to participate in this important event to discuss and make decisions on key matters concerning the company's operations and future direction.
Share Transfer Book Closure:
The Share Transfer Books of the Company for Ordinary Shares will remain closed from October 19, 2023, to October 26, 2023, inclusive. During this period, shareholders will not be able to transfer their ordinary shares.
Financial Results:
Thatta Cement Company Limited also released its financial results for the year ended June 30, 2023. The company reported significant growth in both its unconsolidated and consolidated profits.
Unconsolidated Financial Highlights (Rupees in thousands):
Sales - net: 5,410,132 (2023) vs. 4,263,894 (2022)
Gross profit: 420,512 (2023)
Profit before taxation: 364,528 (2023)
Profit for the year: 249,077 (2023)
Earnings per share - basic and diluted: 2.50 Rupees (2023)
Consolidated Financial Highlights (Rupees in thousands):
Sales - net: 5,527,127 (2023) vs. 4,393,830 (2022)
Gross profit: 658,969 (2023)
Profit before taxation: 437,872 (2023)
Profit for the year: 309,666 (2023)
Earnings per share - basic and diluted: 3.11 Rupees (2023)
The company's consolidated profit for the year attributable to equity holders of the Holding Company was 286,903 Rupees, while non-controlling interests accounted for 22,763 Rupees.
Thatta Cement Company Limited's financial performance reflects its continued commitment to growth and profitability in the cement industry.
For further details and discussions on the company's performance and recommendations, shareholders are encouraged to attend the upcoming Annual General Meeting on October 26, 2023.