Karachi, Dewan Cement Limited, a prominent player in the Pakistani cement industry, disclosed its financial results for the fiscal year 2023 in a recent board meeting held on September 26, 2023. The company reported a loss for the year, along with a qualified audit opinion due to concerns related to the provisioning of markup and classification of current liabilities.

The financial results for the year ending June 30, 2023, revealed a turnover of Rs. 20,199,555, a significant increase from the previous year's Rs. 16,518,299. However, the cost of sales amounted to Rs. 19,752,669, resulting in a gross profit of Rs. 446,886, a stark contrast to the previous year's gross profit of Rs. 1,224,761.

The company faced challenges in controlling distribution costs, which stood at Rs. 136,618, and administrative expenses, which amounted to Rs. 828,789, both contributing to the overall operating loss of Rs. 560,641 for FY 2023. Other income of Rs. 419,858 and finance costs of Rs. 23,983 further impacted the company's profitability, resulting in a loss before taxation of Rs. 164,766. After accounting for taxation, Dewan Cement reported a loss for the year amounting to Rs. 586,306, reflecting a loss per share of Rs. 1.21, compared to the previous year's loss per share of Rs. 1.45.

Notably, the company's auditors issued a qualified opinion on the financial statements, citing concerns related to the non-provisioning of markup and the classification of current liabilities as non-current liabilities.

In light of these financial results, Dewan Cement Limited has not recommended any cash dividend, bonus shares, right shares, or any other entitlement or corporate action to its shareholders for FY 2023. Additionally, no other price-sensitive information has been disclosed at this time.

The Annual General Meetings of the Company are scheduled to be held on October 26, 2023, in Karachi, Pakistan. Shareholders are advised that the Share Transfer Books of the Company will be closed from October 19, 2023, to October 26, 2023, inclusive.

Dewan Cement Limited continues to face challenges in the highly competitive cement industry and aims to address the concerns raised by auditors to enhance its financial stability and outlook.

For more information, shareholders and stakeholders are encouraged to attend the Annual General Meeting or contact the company's investor relations department.