Karachi: Sitara Chemical Industries Limited has disclosed its financial outcomes for the fiscal year ending June 30, 2024. The Faisalabad-based company reported a net revenue from contracts with customers amounting to Rs. 31.11 billion, marking an increase from the previous year’s Rs. 27.49 billion. Despite the higher revenue, the net profit for the year stood at Rs. 585.51 million, a decrease from Rs. 993.35 million in 2023.

According to information available from the Pakistan Stock Exchange (PSX), the gross profit reached Rs. 4.92 billion, up from Rs. 4.48 billion the previous year. However, increased financial costs, which soared to Rs. 2.35 billion from Rs. 1.61 billion, alongside higher administrative expenses at Rs. 1.13 billion compared to Rs. 980.61 million, pressured the bottom line. Other income improved marginally to Rs. 355.29 million from Rs. 330.55 million.

The Board of Directors, in their September 26 meeting, recommended a final cash dividend of Rs. 10 per share, translating to a 100% dividend yield based on the year’s earnings. No bonus or right shares were issued.

The company’s share transfer books will be closed from October 18 through October 24, 2024, with entitlements finalized for shareholders registered by October 17. The Annual General Meeting is scheduled for October 24, 2024, in Karachi, where the annual report will be reviewed, having been disseminated through PUCARS 21 days prior.

Sitara Chemical Industries, continuing its operations amidst varied financial dynamics, shows a resilient front in its latest fiscal disclosures.