Karachi: Olympia Mills Limited's Board of Directors convened on February 25, 2025, at their meeting in the Landhi Industrial Area, Karachi, to approve the company's financial results for the second quarter ending on December 31, 2024. The announcement revealed that the company has maintained its issued, subscribed, and paid-up capital at 120.00 million rupees, with no cash dividend, bonus shares, or right shares declared for the period.
The company's total equity has increased to 42.17 million rupees from 38.51 million rupees as of June 30, 2024. This increase is attributed to a rise in revenue reserves and a reduction in liabilities. Current liabilities saw a slight decrease, with total liabilities reported at 654.96 million rupees compared to 669.73 million rupees in the previous period.
According to information available from the Pakistan Stock Exchange (PSX), Olympia Mills Limited reported a net profit after taxation of 14.90 million rupees for the half-year ended December 31, 2024, showing an improvement from 11.93 million rupees in the corresponding period of the previous year. The earnings per share for the current period stood at 1.24 rupees, up from 0.99 rupees in the previous year.
In terms of operational growth, Olympia Mills Limited has approved an increase in the capacity of its solar power system to 725 KW, with a total estimated cost of 60.00 million rupees. This expansion is expected to enhance the company's sustainable energy initiatives and operational efficiency.
The company's total assets were reported at 698.99 million rupees, a decrease from 709.86 million rupees as of June 30, 2024. This reduction was primarily due to a decrease in non-current assets, particularly investment property, which now stands at 612.33 million rupees, down from 617.99 million rupees.
Olympia Mills Limited also reported a net cash generation of 25.53 million rupees from operating activities, reflecting an increase from 20.91 million rupees in the previous year. However, net cash used in investing activities was reported at 0.03 million rupees, with a significant outflow in financing activities amounting to 26.39 million rupees.
The company's financial position underscores its commitment to sustainable growth, with strategic investments and a focus on enhancing operational capabilities. The detailed financial report for the period ended December 31, 2024, will be transmitted electronically through PUCAR, providing stakeholders with comprehensive insights into the company's financial health and strategic direction.