Lahore: Crescent Steel and Allied Products Limited, a leading player in Pakistan's steel industry, has released its financial results for the half year ended December 31, 2024. The results, considered and approved by the company's Board of Directors at a meeting on January 31, 2025, include an interim cash dividend of Rs. 2.00 per share, equating to a 20% payout to shareholders.
According to the financial statements, the company reported total assets worth 12.27 billion rupees as of December 31, 2024, compared to 10.50 billion rupees on June 30, 2024. The company's non-current assets, including property and investments, totaled 5.29 billion rupees, while current assets reached 6.97 billion rupees.
The financial results showed a significant increase in stock-in-trade and trade debts, amounting to 2.44 billion rupees and 1.83 billion rupees, respectively. These figures indicate a strong operational performance during the period.
On the equity side, Crescent Steel's share capital and reserves stood at 8.12 billion rupees, reflecting an improvement from 7.72 billion rupees at the end of the previous fiscal year. The company reported non-current liabilities of 435.80 million rupees, while current liabilities were 3.71 billion rupees.
According to information available from Pakistan Stock Exchange (PSX), the company's revenue reserves increased to 6.32 billion rupees, up from 5.92 billion rupees. The cash dividend will be distributed to shareholders whose names appear in the Register of Members on February 13, 2025.
Despite the positive financial indicators, the company recorded a net cash outflow from operating activities of 1.22 billion rupees for the six months ended December 31, 2024. This contrasts with a net cash inflow of 163.98 million rupees during the same period in 2023.
The company's investing activities saw a net cash outflow of 258.65 million rupees, primarily due to capital expenditures and net investments. However, financing activities generated a net cash inflow of 1.01 billion rupees, driven by short-term loan proceeds.
Crescent Steel's Board of Directors has recommended no bonus or right shares for the period. The company's share transfer books will be closed from February 14, 2025, to February 18, 2025, to finalize the dividend entitlement.
In conclusion, Crescent Steel's financial results for the half year demonstrate robust asset growth and a commitment to rewarding shareholders through dividends, despite challenges in operating cash flow. The company's performance will be closely watched by investors as it navigates the dynamic steel market.