Rawalpindi: Kohinoor Mills Limited reported a significant downturn in its financial performance for the year ended June 30, 2024, in a meeting of the Board of Directors held on September 16, 2024, at Rawalpindi Road, District Kasur.

According to information available from the Pakistan Stock Exchange (PSX), the company's revenue increased slightly from PKR 28.21 billion in 2023 to PKR 29.85 billion in 2024. However, the cost of sales also rose, leading to a reduced gross profit of PKR 4.25 billion compared to PKR 5.87 billion the previous year.

The operational and administrative costs continued to climb, with distribution costs reaching PKR 1.45 billion and administrative expenses totaling PKR 739.68 million. The company recorded a loss before taxation of PKR 15.69 million, a stark contrast to the profit of PKR 2.04 billion in 2023. This was further impacted by financial costs and levies that contributed to a net loss of PKR 19.71 million, leading to a negative earnings per share of PKR 0.39.

In light of these results, the Board decided against issuing any cash dividends, bonus shares, or other entitlements for the year. The audited financial results have been made available to shareholders and regulatory bodies.

The 37th Annual General Meeting (AGM) is scheduled for October 28, 2024, at the company's registered office on Manga Raiwind Road, District Kasur. The share transfer books will be closed from October 22 to October 28, 2024, to determine the voting rights for the AGM.

This financial disclosure aligns with Sections 96 and 131 of the Securities Act 2015, ensuring full transparency in Kohinoor Mills' financial and operational activities.