Karachi: BIAFO Industries Limited has announced its financial results for the fiscal year ended June 30, 2024, witnessing a notable decline in net turnover and profits. The company, a key player in supplying to the mining, cement, and oil and gas sectors, recorded a net turnover of Rs. 2,405.08 million, down 11.35% from the previous year's Rs. 2,713.10 million.

According to information available from the Pakistan Stock Exchange (PSX), the decrease in turnover reflects the broader economic challenges faced by the industry, including high inflation and increased operational costs. Despite significant increases in supplies to the mining and cement sectors, overall sales were hampered by reduced activity in oil and gas exploration due to prevailing security issues.

BIAFO Industries reported a gross profit of Rs. 1,015.50 million for the year, compared to Rs. 1,183.96 million in 2023. The net profit after tax stood at Rs. 295.03 million, resulting in earnings per share of Rs. 6.36, a decrease from Rs. 13.10 in the previous year. The profitability ratios have declined due to rising finance costs, higher income taxes, and impairment losses recorded against overdue export proceeds from a customer in Africa.

Despite these challenges, the company declared a significant dividend, continuing its tradition of rewarding shareholders. A final cash dividend of 23% (Rs. 2.30 per share) has been announced, matching the interim dividend and bringing the total cash dividend for the year to 46%.

The company also invested Rs. 23 million in capital expenditures to upgrade its infrastructure and modernize plant and machinery. This is part of BIAFO's ongoing strategy to enhance production efficiency and maintain high standards of safety and environmental sustainability.

Looking ahead, BIAFO Industries is focusing on strengthening its market position both locally and internationally, with particular attention on Africa and South Asian countries. The company's leadership remains committed to navigating the challenging economic landscape while capitalizing on emerging opportunities in large mining and infrastructure projects.

On behalf of the Board, the Chairperson expressed gratitude towards the employees, shareholders, customers, suppliers, and business partners for their continued support and contribution to the company's enduring success.