Karachi: Pakistan Paper Products Limited (PPP) has declared a solid financial performance for the fiscal year ended June 30, 2024, alongside a notable 40% cash dividend for its shareholders. This announcement was made in a board meeting on September 24, 2024.

The company reported net sales of Rs. 1,927.28 million for the year, up from Rs. 1,745.90 million the previous year, reflecting a growth in revenue. According to information available from the Pakistan Stock Exchange (PSX), the cost of sales also increased to Rs. 1,536.02 million from Rs. 1,454.58 million, resulting in a gross profit of Rs. 391.27 million, up from Rs. 291.32 million last year.

Administrative, selling, and other operating expenses totaled Rs. 101.91 million, compared to Rs. 76.95 million in the previous year. The operating profit stood at Rs. 289.36 million, compared to Rs. 214.37 million in the prior year. Other income was slightly lower at Rs. 1.60 million, while finance costs were reduced significantly to Rs. 59.85 million from Rs. 83.94 million. The profit before taxation was Rs. 231.10 million, with a net profit after taxation of Rs. 155.91 million, which marks a substantial increase from the previous year’s Rs. 89.03 million.

Earnings per share were reported at Rs. 19.49, a rise from Rs. 11.13 last year, reflecting the company’s improved profitability. The Board has decided not to issue any bonus or right shares this year.

The company’s Annual General Meeting is scheduled for October 24, 2024, at the registered office in Karachi. The share transfer books will be closed from October 22 to October 24, 2024, and entitlements will be paid to the shareholders listed as of October 21, 2024.

In compliance with the PSX regulations and the Companies Act 2017, PPP will transmit its audited financial statements to the PSX via PUCARS and will also submit hard copies to the Securities and Exchange Commission of Pakistan (SECP). Additionally, the financial statements will be made available on the company’s website.