Karachi: Dawood Equities Limited (DEL) has released its financial results for the fiscal year ended June 30, 2024, marking a substantial turnaround with a profit after taxation of PKR 30.63 million, a stark contrast to the previous year's loss of PKR 24.07 million.

According to information available from the Pakistan Stock Exchange (PSX),in the details provided, DEL's revenue from contracts with customers doubled from PKR 62.34 million in 2023 to PKR 134.15 million in 2024. The significant growth in revenue contributed to a profit before income tax of PKR 43.56 million, as compared to a loss of PKR 17.16 million in the prior year. This improvement was primarily driven by a notable increase in capital gains on the disposal of investments, which shifted from a loss of PKR 0.73 million to gains of PKR 18.52 million.

Administrative expenses increased to PKR 53.88 million from PKR 44.64 million, reflecting heightened operational activity. Despite these higher costs, the overall financial health of the company improved, with earnings per share rising from a loss of PKR 0.88 to a gain of PKR 1.11.

The Board of Directors, in a meeting on September 27, 2024, decided against declaring a cash dividend, bonus issue, rights shares, or any other form of entitlement or corporate action for the year. According to the information available from the Pakistan Stock Exchange (PSX), this decision aligns with the company's strategy to consolidate financial gains and sustain growth.

Furthermore, DEL has announced that the Annual General Meeting (AGM) is scheduled for October 25, 2024, in Karachi. Share Transfer Books will be closed from October 19 to October 25, 2024, to facilitate the processing of entitlements for shareholders.

In a move towards enhanced shareholder communication, the Annual Report will be made available through PUCARS at least 21 days prior to the AGM, and hard copies will be distributed as required.