Karachi: EcoPack Limited, a manufacturer of quality PET bottles and preforms, has reported its financial results for the three months ending September 30, 2024. The Board of Directors held a meeting on October 26, 2024, at Karachi, where several key decisions were made regarding shareholder dividends and share distribution.
The company has decided to pay a cash dividend of Rs. NIL per share for the quarter, which remains consistent with the interim dividends already paid. In addition to the cash dividend, the Board has recommended the issuance of interim bonus shares at a rate of NIL shares for every NIL share held. Moreover, the Board also proposed the issuance of NIL% Right Shares at part/a discount/premium of Rs. NIL per share in proportion to existing holdings.
According to information available from the Pakistan Stock Exchange (PSX), these entitlements of right shares will be processed alongside the distribution of bonus shares. No specific entitlements related to the bonus shares were declared. Further corporate actions or price-sensitive information was not disclosed at this time.
The financial statement for the period reveals that the company's revenue from contracts with customers stood at Rs. 1.72 billion, up from Rs. 1.50 billion in the same period last year. However, the gross profit significantly increased to Rs. 283.66 million from Rs. 148.80 million year-over-year. The total operating profit for the quarter was Rs. 204.61 million, showing a robust increase from Rs. 81.20 million in the previous year.
Profit after taxation for the quarter was reported at Rs. 57.12 million, with earnings per share increasing to Rs. 1.18 from Rs. 0.10 in 2023. This reflects significant growth in profitability amidst challenging market conditions.
The complete profit and loss statement has been transmitted through PUCARS for further details, adhering to the reporting standards and schedules.