Karachi: First Dawood Properties Limited, formerly known as First Dawood Investment Bank Limited, has disclosed its financial results for the fiscal year ending June 30, 2024. The Board of Directors, in a meeting on September 12, 2024, decided against issuing any cash dividends, bonus shares, right shares, or other corporate entitlements. According to information available from the Pakistan Stock Exchange (PSX), this decision reflects the company's financial stance as detailed in the profit and loss statements for the period.
The reported figures show a considerable variance from the previous year's results. The profit after taxation stands at 6.701 million, significantly down from 15.039 million in the preceding year. The basic and diluted earnings per share have also decreased to 0.045 from 0.101. These financial metrics are part of a broader statement showing a decline in net profits despite a slight increase in overall income from 59.376 million to 68.343 million.
The auditors' report raised concerns regarding the recognition of a deferred tax asset valued at 135.82 million, which they recommend should be derecognized due to insufficient evidence of its recoverability in future fiscal periods. This adjustment would reduce both the deferred tax asset and equity by the same amount, impacting the reported profits.
The Annual General Meeting is scheduled for October 24, 2024, in Karachi, where shareholders will further discuss these outcomes. The share transfer books will remain closed from October 17 to October 24, 2024, to prepare for the entitlements of the transferees.
First Dawood Properties Limited remains committed to transmitting the annual report via PUCARS and in hard copy, ensuring stakeholders are well-informed of the company's fiscal health and strategic direction.