LAHORE: Azgard Nine Limited has officially announced its financial outcomes for the fiscal year ending June 30, 2024, with significant declines noted in net profit and earnings per share as compared to the previous year. According to information available from the Pakistan Stock Exchange (PSX), the company has opted not to distribute dividends this year, maintaining a cautious approach amidst operational challenges.
On September 30, 2024, the Board of Directors convened and approved the year-end financial statements, which depicted a net profit after tax of 529.58 million Rupees for 2024, a sharp decrease from 1.47 billion Rupees recorded in 2023. The earnings per share followed this downtrend, dropping from 2.99 in 2023 to just 1.08.
The total sales revenue for the year stood at 36.74 billion Rupees, an increase from the 31.57 billion Rupees reported last year. However, this was offset by a rise in cost of sales, which escalated to 31.93 billion Rupees from 26.48 billion Rupees, reducing the gross profit to 4.81 billion Rupees from 5.09 billion Rupees in 2023.
Administrative expenses saw an increment, registering at 911.09 million Rupees up from 847.59 million Rupees in the previous year. The company also recorded other income at 495.56 million Rupees, a noticeable rise from 304.62 million Rupees in the prior year, which helped mitigate some financial pressures.
The board also announced that the annual general meeting is scheduled for October 28, 2024, and highlighted that the share transfer books of the company would be closed from October 22, 2024, to October 28, 2024. Additionally, Azgard Nine disclosed that their financial audit report for 2024 included a qualified opinion from the auditors due to unresolved claims related to a litigation issue with Montebello S.r.l., a factor that might influence future financial disclosures and stock market performance.
As per the documentation submitted to the Pakistan Stock Exchange, Azgard Nine is handling significant financial litigation, which continues to be a considerable factor in its financial planning and strategy.