Karachi: DIN Textile Mills Limited concluded its financial year on June 30, 2024, with substantial losses, as revealed in the Board of Directors meeting held on September 27, 2024, in Karachi. The company announced that it will not be distributing dividends, bonus shares, or rights shares to its shareholders for the year.

According to information available from the Pakistan Stock Exchange (PSX), DIN Textile Mills reported a net sales total of Rs. 39.61 billion for 2024, an increase from the previous year's Rs. 32.31 billion. Despite the higher sales, the company's cost of sales also rose significantly to Rs. 37.29 billion, resulting in a reduced gross profit of Rs. 2.32 billion compared to Rs. 3.10 billion in 2023.

The company's financial strain was further exacerbated by high distribution costs of Rs. 384.00 million and administrative expenses amounting to Rs. 397.66 million. Additionally, other operating expenses and finance costs were considerable, with the latter surging to Rs. 3.98 billion, significantly higher than the previous year's Rs. 3.01 billion.

The financial year ended with DIN Textile Mills posting a net loss of Rs. 2.77 billion, a stark increase from the Rs. 867.52 million loss recorded in 2023. The loss per share also deepened to Rs. 52.77 from Rs. 16.53 the previous year. This outcome has led to the Board's decision against recommending any form of shareholder dividends or shares, highlighting the challenges faced by the company over the financial period.

This decision reflects the company's cautious approach in light of its financial results, prioritizing stability and potential recovery over distributions to shareholders.