Faisalabad: Interloop Limited, a prominent Pakistani textile firm, announced a significant rise in its annual financial performance for the fiscal year ended June 30, 2024. The company reported a net profit of 15.77 billion rupees, compared to 20.17 billion rupees the previous year, marking a decrease in profit despite higher revenues.

The financial details released show that the company achieved a net sales revenue of 156.13 billion rupees, up from 119.20 billion rupees in 2023. The cost of sales also increased to 112.58 billion rupees from 79.33 billion rupees, leading to a gross profit of 43.54 billion rupees. Operating expenses, comprising distribution, administrative, and other expenses, totaled 16.25 billion rupees.

According to information available from the Pakistan Stock Exchange (PSX), Interloop's earnings per share (EPS) decreased from 14.39 rupees in 2023 to 11.25 rupees in 2024. The consolidated financial statements show a similar trend with a gross profit of 44.17 billion rupees and a final net profit of 16.46 billion rupees, giving an EPS of 11.78 rupees.

The board recommended a final cash dividend of 2.50 rupees per share, amounting to a 25% dividend, in addition to an earlier interim dividend of 2.00 rupees per share for the year. No bonus or right shares were issued. The Annual General Meeting is scheduled for October 24, 2024, at the Interloop Executive Club, Faisalabad.

The company's Annual Report will be transmitted through PUCARS at least 21 days before the Annual General Meeting. Share Transfer Books will remain closed from October 17, 2024, to October 24, 2024, for dividend processing and meeting eligibility.