Karachi: AKD Hospitality Ltd. has disclosed its financial results for the fiscal year ended June 30, 2024, revealing a comprehensive profit of PKR 12.20 billion. This marks a significant recovery from the previous year's comprehensive loss of PKR 14.46 billion.

The company reported a revenue increase, rising from PKR 1.20 million in 2023 to PKR 6.00 million in 2024. Despite higher revenues, AKD Hospitality Ltd. announced that there will be no distribution of cash dividends, bonus shares, or right shares to its shareholders this year, as per the board’s recommendations from their latest meeting on October 7, 2024.

The financial statements indicate an improvement in net profit after tax, which stood at PKR 8.36 million in 2024 compared to a loss of PKR 4.96 million in 2023. According to information available from the Pakistan Stock Exchange (PSX), the hospitality company managed to decrease its administrative and general expenses from PKR 5.88 million to PKR 4.18 million year-over-year. Additionally, a notable unrealized gain of PKR 3.84 million was reported, associated with revaluation of investments, contrasting sharply with the previous year's unrealized loss of PKR 9.50 million.

Earnings per share also saw an upturn, registering at PKR 3.33, up from a loss of PKR 1.98 per share last year. The company did not specify any upcoming corporate actions that might affect its market category, and no price-sensitive new information was released at the time of reporting.