Karachi: Artistic Denim Mills Limited has disclosed its financial outcomes for the fiscal year ending June 30, 2024, revealing a significant downturn in net profit compared to the previous year. The Karachi-based company announced these results following a Board of Directors meeting on September 28, 2024.

For the fiscal year 2024, Artistic Denim reported a turnover of PKR 20.81 billion, marking an increase from PKR 17.07 billion in 2023. Despite higher sales, the cost of sales also surged, resulting in a gross profit of PKR 2.44 billion compared to PKR 2.92 billion last year.

The operational expenses, including distribution and administrative costs, were slightly offset by other incomes amounting to PKR 174.49 million. However, high finance costs of PKR 1.22 billion substantially impacted the company's profitability, culminating in a net profit of PKR 331.72 million, a steep decline from PKR 1.06 billion in 2023.

According to information available from the Pakistan Stock Exchange (PSX), Artistic Denim Mills has proposed a final cash dividend of PKR 1.00 per share, which translates to 10% for the year ended June 30, 2024. The Board has not recommended issuing any bonus or right shares.

The 32nd Annual General Meeting (AGM) is scheduled to be held on October 25, 2024, at the premises of Dewan University, Karachi. Shareholders will review and approve these financial results, among other agenda items.

Additionally, the company's Share Transfer Books will remain closed from October 17, 2024, to October 25, 2024, for dividend entitlement to the transferees. These details ensure that shareholders are prepared for the financial discussions and voting procedures at the upcoming AGM.