ISLAMABAD: Redco Textiles Limited has announced robust financial results for the fiscal year ended June 30, 2024. The company witnessed a dramatic increase in sales, which rose from PKR 870.96 million in 2023 to PKR 1.47 billion in 2024, according to financial statements released ahead of its Annual General Meeting scheduled for October 28, 2024.

The company's cost of sales also saw a substantial increase, reaching PKR 1.36 billion in 2024, up from PKR 821.18 million the previous year. Despite this, Redco Textiles managed to grow its gross profit significantly to PKR 105.46 million from PKR 49.78 million in 2023. According to information available from the Pakistan Stock Exchange (PSX), this growth has been attributed to both increased revenue and improved cost management strategies.

The administrative expenses and distribution costs for Redco Textiles were PKR 24.25 million and PKR 2.33 million, respectively, contributing to a total operating profit of PKR 60.98 million—a significant increase from PKR 14.41 million in 2023. Other income for the company also showed a remarkable rise, reaching PKR 111.61 million.

Net income for Redco Textiles significantly outpaced last year, with the company reporting a profit of PKR 212.08 million for the year, compared to PKR 77.85 million in 2023. The earnings per share also increased to 4.302, reflecting the company's strong performance and profitability.

The Board of Directors has announced that no cash dividends, bonus shares, or rights shares will be issued this year. The Share Transfer Books will be closed from October 21 to October 28, 2024. All share transfers received at the Lahore office by the close of business on October 20, 2024, will be eligible for entitlement to the transferees.