Faisalabad: Chenab Limited has reported a substantial financial loss for the fiscal year ending June 30, 2024, as rising operational costs overshadowed an increase in sales. The Board of Directors, in their meeting on December 3, 2024, decided against issuing any dividends or shares, reflecting the company's ongoing financial challenges.

According to the financial statement released, Chenab Limited recorded sales of 3,342.30 million rupees, up from 2,127.98 million rupees in 2023. However, the increase in sales was offset by a rise in the cost of sales, which reached 3,331.43 million rupees, compared to 2,099.84 million rupees the previous year, resulting in a gross profit of 10.87 million rupees, down from 28.14 million rupees in 2023.

Operating expenses saw a significant increase, with selling and distribution expenses rising to 129.64 million rupees from 37.43 million rupees and administrative expenses climbing to 351.09 million rupees from 251.53 million rupees in the previous year. This led to an operating loss of 469.86 million rupees, up from 277.99 million rupees in 2023.

The company's other income increased to 423.57 million rupees from 117.99 million rupees. However, the finance cost also grew to 243.71 million rupees from 223.56 million rupees, contributing to a pre-tax loss of 326.21 million rupees, compared to a loss of 405.14 million rupees in 2023.

According to information available from the Pakistan Stock Exchange (PSX), Chenab Limited's earnings per share stood at negative 2.84 rupees, an improvement from negative 3.52 rupees in 2023. The Board's decision not to propose any cash dividend, ordinary shares, preference shares, bonus shares, right shares, or any other entitlements underscores the company's focus on financial stabilization.

The Annual General Meeting is scheduled for December 27, 2024, at the company's registered office in Faisalabad. During this period, the Share Transfer Books of Ordinary Shares will be closed from December 20 to December 27, 2024. Transfers received by the Company's Registrar in Karachi by December 19, 2024, will be processed in time.

The Annual Report will be made available through PUCARS at least 21 days before the Annual General Meeting.