Multan: Allawasaya Textile and Finishing Mills Limited has officially released its financial outcomes for the fiscal year ended June 30, 2024. The company convened a Board of Directors meeting at its registered office in Multan on October 5, 2024, where they ratified these results.

For the year ended June 30, 2024, Allawasaya Textile reported a significant increase in revenue from contracts, totaling Rs. 6.12 billion, up from Rs. 3.78 billion in the previous year. Despite the higher revenue, the company saw a reduction in gross profit, which stood at Rs. 279.73 million, compared to Rs. 144.57 million in 2023. According to information available from the Pakistan Stock Exchange (PSX), the company's operational costs also reflected notable changes. Distribution and marketing expenses, along with administrative expenses, amounted to Rs. 40.08 million and Rs. 94.39 million, respectively.

The company’s financial costs surged to Rs. 406.37 million, contributing to a net loss for the year of Rs. 206.68 million. This loss marked a slight increase from the previous fiscal year's net loss of Rs. 205.96 million.

In accordance with corporate governance practices, Allawasaya Textile declared no dividends, bonus shares, or rights shares for this financial year, maintaining a conservative approach amidst its financial performance. The annual general meeting is scheduled for October 28, 2024, at the company’s headquarters in Multan.

The annual report will be disseminated through PUCARS at least 21 days before the annual general meeting, ensuring stakeholders are well-informed of the company's financial health and strategic direction.