Karachi: In a recent financial disclosure, Pakistan Hotels Developers Ltd. (PHDL) announced a substantial increase in revenue for the fiscal year ended June 30, 2024, yet confirmed that it will not issue any dividends, including cash, bonus shares, or rights shares. The Board of Directors of PHDL, during their meeting on October 4, 2024, also declared that no other corporate actions or entitlements would be distributed.

The company's revenue from discontinued operations rose to Rs. 728.52 million in 2024, up from Rs. 559.04 million in the previous year. Despite higher gross profits, which increased from Rs. 243.30 million in 2023 to Rs. 351.18 million in 2024, and a significant jump in other income from Rs. 5.73 million to Rs. 187.50 million, the board opted against dividend payouts.

According to information available from the Pakistan Stock Exchange (PSX), the net profit after taxation also showed a positive trend, standing at Rs. 446.88 million compared to just Rs. 44.13 million in 2023. The earnings per share surged from Rs. 2.45 to Rs. 24.83.

This decision comes amidst a broader context where the company is navigating its financial strategy post-discontinuation of certain operations. The annual general meeting is scheduled for October 28, 2024, with the company's share transfer books to be closed from October 21 to October 28, 2024, to facilitate this process.