Lahore: At the 33rd Annual General Meeting held on October 26, 2024, Sazgar Engineering Works Limited passed significant resolutions concerning its financial management and shareholder returns. The company adopted its audited financial statements for the fiscal year ended June 30, 2024, and also announced a noteworthy increase in its cash dividend payouts.

The approved financial documents, including the auditor's and chairperson's reports, affirm Sazgar's commitment to transparency and fiscal responsibility. The company reported a distributable profit, allowing for a final cash dividend of 12.00 rupees per ordinary share, which marks a 20% increase over the previously distributed interim dividend. This increase leads to a cumulative annual dividend of 235.52 million rupees.

In corporate governance actions, Sazgar Engineering confirmed the reappointment of M/s Crowe Hussain Chaudhury and Co. as the company’s auditors for the next fiscal year, setting their remuneration at 1.70 million rupees for the annual audit, among other duties outlined in the resolution.

According to information available from the Pakistan Stock Exchange (PSX), these decisions reflect Sazgar’s strong financial health and its aim to reward shareholders amidst a stable economic performance.

The company further solidified its operational leadership, authorizing its Chief Executive Officer and Company Secretary to execute all necessary actions related to the compliance and distribution of dividends, ensuring all legal formalities are meticulously adhered to.

This financial maneuver by Sazgar Engineering not only strengthens its market position but also demonstrates a robust confidence in its ongoing profitability and operational stability.