Karachi: Sunrays Textile Mills Limited (STML) convened its 33rd Annual General Meeting (AGM) on October 28, 2024, to discuss the company's financial results and approve future plans. The meeting was held at the Indus Dyeing and Manufacturing Company Limited venue in Karachi's Korangi Industrial Area.
The shareholders confirmed the minutes from the previous AGM held on October 27, 2023, and approved the audited financial statements for the year ended June 30, 2024. According to information available from the Pakistan Stock Exchange (PSX), the statements highlighted a significant year-over-year sales increase from Rs. 9.4 billion to Rs. 20.148 billion. However, the net profit after tax decreased from Rs. 287.816 million to Rs. 177.193 million. The financials suggest an expansion in operations, paired with a rise in costs that have impacted the bottom line.
The AGM also addressed the reappointment of the company’s auditors, Messers Yousuf Adil, Chartered Accountants, for the upcoming fiscal year. A resolution was passed to ratify transactions with related parties as disclosed in the financial statements. The meeting further approved future related party transactions for the 2024-2025 financial year, giving the board discretionary powers to manage these dealings to facilitate smooth business operations.
Furthermore, a noteworthy resolution involved the shareholders' approval of transactions carried out with related parties during the fiscal year ended June 30, 2024, as stated in the financial statement note 44. These transactions are part of regular business dealings that require ratification to ensure transparency and adherence to corporate governance norms.
The AGM also focused on compliance with corporate governance standards and the company's commitment to maintaining robust financial controls and reporting mechanisms. The financial statements, alongside various reports from the directors and auditors, are accessible through a dedicated web link provided to shareholders, enhancing transparency and ease of access to corporate information.