Islamabad: Bestway Cement Limited reported significant financial growth for the fiscal year ending June 30, 2024, alongside a declaration of an increased final cash dividend, according to documents released on July 31.

The company's Board of Directors, convening at the Islamabad registered office, disclosed a final cash dividend of Rs. 8 per share, equivalent to 80%, which complements an earlier interim dividend of Rs. 18 per share or 180%. According to information available from the Pakistan Stock Exchange (PSX), this strategic financial distribution reflects a robust performance over the fiscal period.

Bestway Cement revealed substantial growth in its annual gross turnover, which rose from Rs. 120.18 billion in 2023 to Rs. 145.58 billion in 2024. After accounting for rebates, sales tax, and excise duty, the net turnover increased to Rs. 103.92 billion from Rs. 87.74 billion the previous year. The company managed to bolster its gross profit to Rs. 32.23 billion, up from Rs. 27.32 billion in 2023, driven by effective cost management and enhanced operational efficiencies.

The financial statement shows that operating profit surged to Rs. 28.22 billion from Rs. 24.33 billion, fueled by a decrease in finance costs and a solid share of profit from equity-accounted investees, which posted a net increase to Rs. 4.70 billion from Rs. 3.72 billion. Meanwhile, earnings per share improved to Rs. 23.09 from Rs. 19.94.

Despite the promising results, the company announced no new allocations for bonus or right shares this year. The Annual General Meeting is scheduled for August 28, 2024, with entitlements payable to shareholders registered by August 21. Additionally, the Share Transfer Books will remain closed from August 22 to August 28, 2024.

The record financial outcomes and shareholder returns underscore Bestway Cement's market resilience and strategic planning capabilities in a fluctuating economic environment.