Lahore: EMCO Industries Limited has experienced a decline in profit after tax for the fiscal year ending June 30, 2024, according to the latest financial results approved by the company’s Board of Directors. The detailed figures reveal a year-over-year reduction in earnings, from a profit after tax of PKR 292.92 million in 2023 to PKR 219.00 million in 2024, a decrease accompanied by a rise in revenue and operating costs.

In the year ended June 30, 2024, EMCO Industries generated revenue of PKR 4.19 billion, up from PKR 3.55 billion in the previous year, marking a substantial growth in sales. However, the cost of revenue also escalated from PKR 2.58 billion to PKR 3.07 billion, leading to a gross profit of PKR 1.12 billion compared to PKR 964.35 million in 2023.

Operating expenses, including administration and sales and distribution, rose to PKR 270.12 million from PKR 200.51 million, while financial and other charges significantly increased to PKR 392.71 million, up from PKR 247.99 million the previous year. This surge in financial charges notably impacted the operating profit, which slightly improved from PKR 763.84 million to PKR 853.59 million.

According to information available from the Pakistan Stock Exchange (PSX), other income and expenses further influenced the financial standing of EMCO Industries, with other expenses amounting to PKR 103.44 million compared to PKR 95.90 million in 2023. The profit before levy and taxation was PKR 357.44 million, a decrease from PKR 419.95 million in the prior year.

The Board, which met online on September 24, 2024, also addressed shareholder distributions. They declared no cash dividends, bonus shares, or rights issues for the period. Additionally, the company announced the scheduling of its Annual General Meeting for October 24, 2024, at ICC House, Lahore. Share Transfer Books will remain closed from October 17 to October 24, 2024, with transfers processed timely if received by October 16, 2024.

The Annual Report will be available to shareholders at least 21 days before the Annual General Meeting, ensuring compliance with regulatory requirements and providing shareholders ample review time.