Karachi, In a recent meeting held on June 28, 2023, the Board of Directors of Exide Pakistan Limited, both physically in Karachi and online via Zoom, made significant recommendations for the company's shareholders.
The board recommended a Final Cash Dividend for the year ended March 31, 2023, at the rate of Rs. 10 per share, equivalent to 100%. This decision reflects the company's strong financial performance and commitment to rewarding its shareholders.
However, there were no recommendations for Bonus Shares, Right Shares, or any other entitlements or corporate actions. The board also confirmed that there were no other price-sensitive pieces of information to be disclosed.
In light of these recommendations, the Share Transfer Books of the company will remain closed from July 24, 2023, to July 29, 2023, inclusive.
Furthermore, Exide Pakistan Limited provided an unconsolidated statement of profit or loss and other comprehensive income for the year ended March 31, 2023. The company reported a net sales figure of Rs. 23,402,183,000, with a cost of sales amounting to Rs. 20,039,365,000.
The gross profit for the year stood at Rs. 3,362,818,000, reflecting a significant increase compared to the previous year. Selling and distribution expenses amounted to Rs. 1,319,875,000, while administration and general expenses reached Rs. 160,608,000.
After considering other income, allowances for expected credit losses, and operating charges, Exide Pakistan Limited achieved an operating profit of Rs. 1,569,660,000.
However, the company faced finance costs of Rs. 417,232,000, resulting in a profit before taxation of Rs. 1,152,428,000. After accounting for net taxation of Rs. 397,866,000, Exide Pakistan Limited reported a profit after taxation of Rs. 754,562,000.
The consolidated statement of profit or loss and other comprehensive income for the year ended March 31, 2023, also demonstrated the company's strong financial performance. The consolidated earnings per share stood at Rs. 97.12, compared to Rs. 3.71 in the previous year.