Karachi: Indus Motor Company Limited concluded its 35th Annual General Meeting on October 3, 3024, at ICAP Auditorium, Karachi, and via a video link, where shareholders passed several key resolutions concerning the fiscal year ending June 30, 2024.

According to information available from the Pakistan Stock Exchange (PSX), the meeting led to the adoption of audited financial statements for the year ended June 30, 2024, alongside auditors' and directors' reports. Shareholders approved these documents, affirming the company's financial health and strategic direction.

A significant decision was the approval of a final cash dividend of 430% or Rs. 43 per share, which will be distributed to the shareholders listed in the Members Register as of September 26, 2024. This follows a combined interim cash dividend previously paid at 717% or Rs. 71.70 per share, making the total dividend for the fiscal year 2023-2024 reach 1,147% or Rs. 114.70 per share.

Moreover, the assembly resolved to transfer Rs. 6,500.00 million into the General Reserve, underscoring the company’s solid financial standing and commitment to future growth.

The meeting also addressed the appointment of auditors for the coming fiscal year. M/s A.F. Ferguson & Co. Chartered Accountants were reappointed as the company's auditors for the year ending June 30, 2025, with a fixed remuneration of Rs. 4,350,000 per annum, exclusive of half-year review, other certifications, and out-of-pocket expenses. Additionally, the shareholders authorized management to negotiate and agree upon any additional audit fees that may arise from new SECP guidelines or other legal requirements.

The resolutions reflect Indus Motor Company’s proactive governance and strategic financial management, aimed at maintaining robust growth and rewarding shareholder trust through substantial dividends.