Karachi: Reliance Cotton Spinning Mills Limited has announced a final cash dividend of Rs. 4.00 per share, or 40%, for the fiscal year ended June 30, 2024. The decision was approved by the Board of Directors during a meeting held on September 27, 2024, in Lahore, attended in person and via video conference.

In addition to the dividend announcement, the company revealed significant financial figures for the year, with total sales reaching Rs. 14.65 billion, a notable increase from Rs. 11.05 billion in the previous year. Despite this growth in sales, the company also experienced rising costs, with the cost of sales amounting to Rs. 12.28 billion, up from Rs. 9.34 billion in 2023. This resulted in a gross profit of Rs. 2.37 billion for the year, compared to Rs. 1.70 billion in 2023.

According to information available from the Pakistan Stock Exchange (PSX), Reliance Cotton Spinning Mills Limited's financial performance has shown resilience amid fluctuating costs and other economic factors. The company recorded a profit before tax of Rs. 1.45 billion, up from Rs. 1.28 billion in the prior year, and a net profit of Rs. 1.50 billion, compared to Rs. 1.20 billion in 2023. The company’s earnings per share (EPS) increased to Rs. 145.28, up from Rs. 116.30 in the previous year.

In a significant corporate action, the Board of Directors also decided to reclassify Rs. 6.50 billion from general reserves to capital reserves, which are specifically allocated for capacity expansion and long-term investments. The decision reflects the company's ongoing strategy of expansion and diversification, aimed at enhancing long-term shareholder value.

The Annual General Meeting (AGM) of the company is scheduled for October 28, 2024, at the company’s Karachi office, with an option to join via video conference. The Share Transfer Books will remain closed from October 22 to October 28, 2024, and transfers received by the close of business on October 21, 2024, will be eligible for participation in the AGM.