Karachi: Colgate-Palmolive (Pakistan) Limited has officially approved its annual financial statements and declared a substantial final cash dividend during its Annual General Meeting (AGM) held on September 27, 2024. The company also reappointed its auditors and adopted innovative measures for distributing annual reports to its shareholders.

In a key development, the members authorized the distribution of the Annual Report including the Annual Audited Financial Statements, Auditors' Report, Directors' Report, and Chairman's Review through QR-enabled codes and web links. This move is set to streamline access to corporate reports and enhance shareholder engagement. According to information available from the Pakistan Stock Exchange (PSX), this decision aligns with modern digital practices, reflecting the company's adaptation to technological advancements in corporate communication.

Furthermore, the AGM saw the adoption of the audited financial statements for the year ended June 30, 2024. The reports received, considered, and approved include the Directors' and Auditors' reports, affirming the company's financial health and operational accountability.

The shareholders also resolved to reappoint M/s A. F. Ferguson and Co., Chartered Accountants, as the company's auditors until the next AGM in 2025. The remuneration for the auditors will be determined by the Chairman or Chief Executive Officer in consultation with the auditors, ensuring continued excellence in financial scrutiny.

Highlighting the company's robust financial performance, a final cash dividend of 345% (Rs. 34.50 per ordinary share of Rs. 10 each) was declared for the fiscal year ending June 30, 2024. This substantial dividend follows an interim dividend already paid at Rs. 22.50 per share, equivalent to 225%. The final dividend will be paid to shareholders registered as of September 19, 2024, significantly rewarding the company's investors.

These resolutions reflect Colgate-Palmolive Pakistan's commitment to strong governance practices and shareholder value creation, amidst maintaining transparency and adherence to regulatory requirements as stipulated by the PSX.