Karachi: Ahmed Hassan Textile Mills Limited, a notable entity in the textile sector, reported a closure of its financial year on June 30, 2024, with a notable decrease in profitability and the absence of dividends, as announced during a board meeting on October 5, 2024, in Multan.

The company's revenue for the fiscal year 2024 amounted to PKR 5.08 billion, compared to PKR 4.33 billion in 2023, marking an increase in total revenue. However, the cost of goods sold also rose, from PKR 3.96 billion in the previous year to PKR 4.77 billion, leaving a gross profit of PKR 306.63 million, down from PKR 369.58 million in 2023.

According to information available from the Pakistan Stock Exchange (PSX), no dividends or bonus shares will be distributed this year, with all shareholder entitlements reported as nil. This decision comes in light of the financial results showing a contraction in net profits—PKR 40.66 million this year compared to PKR 92.92 million in the previous year, a significant reduction in profitability.

The company also detailed its operational costs, which included selling and distribution expenses of PKR 33.03 million and administrative expenses of PKR 75.50 million. Other operating expenses amounted to PKR 7.75 million. The finance cost, which has a substantial impact on the profitability, was reported at PKR 116.27 million.

Furthermore, the earnings per share have seen a dramatic decrease from PKR 10.97 in 2023 to PKR 4.80 in 2024. The Annual General Meeting is scheduled for October 28, 2024, at Multan, and the share transfer books will remain closed from October 21 to October 28, 2024.