Karachi, Johnson and Phillips (Pakistan) Limited informed Pakistan Stock Exchange about the recommendations made by the board of directors in the meeting held at Karachi on February 10, 2023.
The agenda of the meeting was discussion of profit and loss account for quarter ended December 31, 2022 which portrayed a loss of Rs. 1,965 with loss per share 0.36 basic and diluted respectively.
Further, nil payment of cash dividend, bonus shares and right shares was agreed.
Furthermore, the share transfer books of the company will remain closed from February 18, 2023 to February 25, 2023 (both days inclusive).
After the creation of Pakistan in 1947, J&P was the first foreign company to open a sales office in the country. In 1948, J&P opened a small sales office in Karachi. By 1949, J&P had built two production bays and an office block at Sindh Industrial trading Estates, Karachi where it commenced the manufacture of low tension Switchboards incorporating imported circuit breakers and switch-fuses. In 1954, work started on two new productions bays and these were completed early the following year. Jigs were imported and machinery bought to extend the range of manufacture to High Tension Switchboards.
J&P, a pioneer in the electrical development of Pakistan was the first company to manufacture H.T. Oil Circuit Breakers in country, in 1961. In 1958 a further production bay was added to the existing J&P factory, and in September 1961, Some more machinery-jigs, tools and fixtures, were installed at the new production unit and the manufacture of High tension Oil Circuit breakers were commenced. The first two circuit breakers were manufactured in Pakistan were sent to the independent short Circuit Test Station of K.E.M.A. in Holland where they successfully passed the stringent Short Circuit Test to the latest British standards.
In 1968, the J&P product range was diversified to include Distribution Transformers. A unit for the manufacture of Distribution Transformers was added to our factory in 1968. Orders were immediately received from electricity Authorities in Pakistan – WAPDA and the Karachi Electricity Supply Corporation. J&P equipment supplied in 1968 to K-Electric and WAPDA is still operating satisfactory.
The symbol “JOPP” is being used by the stock exchange for the shares of Johnson and Phillips (Pakistan) Limited.