Karachi: International Steels Limited (ISL) has disclosed its financial results for the fiscal year ending June 30, 2024, confirming a significant performance with a final cash dividend of Rs. 3 per share. This results in a cumulative annual dividend of Rs. 5.5 per share when combined with the previously distributed interim dividend.

According to information available from the Pakistan Stock Exchange (PSX), the Board of Directors convened on August 20, 2024, via video conference to review and approve the company's annual audited financial results. The declared final cash dividend reflects a 30% return per share, contributing to a total dividend payout of 55% for the fiscal year.

The company's revenue from contracts with customers was reported at Rs. 69,299.63 million, down from the previous year's Rs. 76,753.34 million. Despite the decline in revenue, ISL managed a gross profit of Rs. 8,573.19 million, with cost reductions in sales significantly influencing the bottom line. Operating expenses, including selling, distribution, and administrative expenses, totaled Rs. 2,563.21 million.

Operating profit stood at Rs. 6,009.98 million, though it noted a decrease from the Rs. 9,221.40 million reported in 2023. The finance costs for the period were reduced to Rs. 856.09 million from Rs. 2,264.17 million, aiding in maintaining profitability. The profit before tax was calculated at Rs. 4,474.43 million, with net profit reaching Rs. 3,654.81 million.

The earnings per share (EPS) also saw an increase, reaching Rs. 8.40 compared to Rs. 8.09 in the previous year. The 17th Annual General Meeting is scheduled for September 24, 2024, at the Beach Luxury Hotel in Karachi, with provisions for virtual attendance. Share transfer books will remain closed from September 17 to September 24, 2024.

ISL has announced that the annual report will be available electronically and through PUCARS, ensuring transparency and accessibility for all shareholders.