Faisalabad: Amtex Limited announced a series of financial resolutions and outcomes from its Board of Directors meeting held in Faisalabad on October 4, 2024, including a cash dividend, the issuance of bonus and right shares, alongside detailed annual financial results. The meeting outlined several key strategies aimed at rewarding shareholders and sustaining the company’s growth trajectory.

The company declared a final cash dividend of Rs. Nil per share for the fiscal year ended June 30, 2024, which complements the interim dividends already disbursed at a rate of Nil%. Additionally, the board recommended the issuance of bonus shares at a ratio of Nil: Nil, which will be distributed among the shareholders on record, building on the Nil% interim bonus shares previously issued.

Amtex will also issue Nil% Right Shares at par/value adjusted for premium/discount, intended to strengthen its equity base and support future expansions. These shares will be offered at Rs. NIL per share for every existing share held, although the entitlement to these right shares does not extend to the bonus shares holders.

According to information available from the Pakistan Stock Exchange (PSX), the company’s financial performance for the year reflected significant growth. Amtex reported a net revenue of Rs. 2.79 billion for 2024, marking an increase from Rs. 1.69 billion in 2023. The gross profit soared to Rs. 434.39 million, up from Rs. 124.93 million in the previous year. This was accompanied by a robust growth in other income, which escalated to Rs. 484.74 million from Rs. 318.39 million.

Administrative and selling expenses, alongside financial costs, outlined the company’s scaled operations, while the workers' profit participation and welfare funds showcased Amtex's commitment to its employees' welfare amidst growing profitability. The profit after income tax stood at Rs. 91.61 million, adjusted from Rs. 137.91 million in 2023.

The earnings per share (EPS) for the year diluted to Rs. 0.35 from Rs. 0.53 the previous year, reflecting the expanded share base due to the issuance of additional shares.

The Annual General Meeting for Amtex is scheduled for October 28, 2024, at the company’s registered office in Faisalabad. During this period, the company's share transfer books will remain closed from October 20 to October 28, 2024.

The strategic financial decisions and promising financial performance report of Amtex underline its continuous efforts to enhance shareholder value and sustain its growth trajectory in the competitive textile sector.