Karachi, Hi-Tech Lubricants Limited informed Pakistan Stock Exchange about the recommendations made by the board of directors in the meeting held at Lahore on February 24, 2023.
The agenda of the meeting was discussion of unconsolidated and consolidated profit and loss account for quarter ended December 31, 2022 which portrayed a profit of Rs. 106,533,001 and (89,056,828) with earnings per share 0.99 and (0.64) basic and diluted respectively.
Further, nil payment of cash dividend, bonus shares and right shares was agreed.
Hi-Tech Lubricants Limited was incorporated in Pakistan on 1984. The Principal Activity of the Company is to procure and distribute petroleum products. During 2017, Oil and Gas Regulatory Authority (OGRA) has granted license to establish an Oil Marketing Company (OMC), subject to some conditions.
On 31 May 2019, Oil and Gas Regulatory Authority (OGRA) has granted permission to the Company to operate new storage facility at Sahiwal and marketing of petroleum products in province of Punjab.
The total numbers of shares are 116,004,000. The Earnings per share is (0.35) in 2020 which was (3.75) in 2019. The Company had a loss of Rs. 40,118,000 in 2020 which was 434,817,000 in 2019.