Faisalabad: The Board of Directors of a prominent Faisalabad-based company convened on September 26, 2024, to review and approve the financial results for the fiscal year ended June 30, 2024. The meeting, held at the company's registered office in Regency the Mall, outlined several key decisions, including operational expansions and modifications to share capital, but declared no cash dividends or share entitlements for the year.

The company reported a revenue of 1.81 billion rupees from contracts with customers for the fiscal year 2024, up from 1.58 billion rupees the previous year, resulting in a gross profit of 228.89 million rupees, an increase from 182.10 million rupees in 2023. Despite higher revenues, the company opted not to distribute dividends or issue bonus or right shares.

According to information available from the Pakistan Stock Exchange (PSX), the company's financial health appears stable with a profit after taxation of 114.71 million rupees, up from 102.38 million rupees the previous year, and a basic and diluted earnings per share of 8.71 rupees.

In terms of expansion, the board approved leasing additional spinning units starting October 1, 2024, in response to increased yarn conversion orders, signaling a strategic move to boost production capacity. Moreover, the board proposed an increase in the company's authorized share capital from 170 million rupees to 300 million rupees. This increase would adjust the share structure to 30 million ordinary shares at 10 rupees each, pending member approval at the upcoming Annual General Meeting (AGM) scheduled for October 26, 2024.

The company's annual report will be available via PUCARS 21 days prior to the AGM, and the share transfer books will remain closed from October 18, 2024, to October 26, 2024, to determine the shareholders eligible to attend the meeting.