First National Equities Limited Announces No Dividends; Recommends Bonus and Right Shares

Lahore, First National Equities Limited held a meeting of its Board of Directors on September 27, 2023, in Lahore, during which several key recommendations were made for the fiscal year.

Cash Dividend: The Board of Directors recommended no cash dividend for the year ended on an unspecified date, with no interim dividends issued either.

Bonus Shares: In line with the decision, the Board has suggested issuing no bonus shares for every share held, and no interim bonus shares have been issued.

Right Shares: The Board has proposed issuing no right shares at par, at a discount, or at a premium of Rs. NIL per share. This issuance would be in the proportion of no shares for every no shares held. The entitlement of right shares, whether declared simultaneously, will be determined, or not applicable to the Bonus Shares as mentioned above.

Annual General Meeting: The company's Annual General Meeting is scheduled to take place on October 27, 2023, in Lahore.

Book Closure: Shareholders should note that the Share Transfer Books of the company will be closed from October 20, 2023, to October 27, 2023, both days inclusive.

Financial Performance for the Year Ended June 30, 2023:

The company's financial performance for the fiscal year ended June 30, 2023, reflects the following:

Operating Revenue: The operating revenue for 2023 was Rs. 20,649,683, compared to Rs. 58,302,044 in 2022.

(Loss)/Profit After Taxation: The company reported a loss of Rs. 87,494,329 in 2023, in contrast to a profit of Rs. 62,700,831 in 2022.

Earnings Per Share (EPS): The earnings per share (EPS) for 2023 was -0.33, while it was 0.43 in 2022.

Statement of Comprehensive Income for the Year Ended June 30, 2023:

Total Comprehensive (Loss)/Income: The total comprehensive (loss)/income for the year 2023 was -Rs. 85,784,052, compared to Rs. 42,642,470 in 2022.

The company's financial results indicate a challenging year, with no dividends recommended and a notable loss reported. Shareholders are encouraged to attend the Annual General Meeting to gain a deeper understanding of the company's performance and its future plans.