Lahore, The Board of Directors of Gharibwal Cement Limited (GCL) convened a meeting today in Lahore and made several key recommendations and announcements.
Dividend and Corporate Actions:
The Board of Directors recommended the following for the shareholders:
Cash Dividend: Nil
Bonus Shares: Nil
Right Shares: Nil
Any Other Entitlement/Corporate Action: Nil
Solar Power Plant Approval:
In a significant development, the Board of Directors approved the installation of a Solar Power Plant with a capacity of up to 10 MW. This decision underscores Gharibwal Cement Limited's commitment to sustainability and reducing its environmental footprint.
Annual General Meeting (AGM):
The company announced that the Annual General Meeting (AGM) of Gharibwal Cement Limited is proposed to be held on October 26, 2023. In connection with the AGM, the share transfer books of the company will remain closed from October 19 to October 26, 2023, both days inclusive.
Financial Results for the year ended June 30, 2023:
Revenue: Gharibwal Cement Limited reported revenue from contracts with customers amounting to Rs. 18,315,894, showing growth compared to Rs. 16,193,788 in 2022.
Gross Profit: The gross profit for 2023 reached Rs. 3,793,340, a slight increase from Rs. 3,787,670 in the previous year.
Profit before Taxation: The company reported a profit before taxation of Rs. 2,711,966 for 2023, compared to Rs. 2,753,888 in 2022.
Profit after Taxation: After taxation, Gharibwal Cement Limited reported a profit of Rs. 1,232,407 for 2023, down slightly from Rs. 1,354,723 in the previous year.
The earnings per share (EPS) for both basic and diluted shares stood at Rs. 3.08, reflecting a decrease from Rs. 3.38 in the previous year.
While the company's financial performance remained stable, the decision to install a 10 MW Solar Power Plant signals a strategic move towards sustainable energy solutions. Shareholders and stakeholders are encouraged to participate in the upcoming Annual General Meeting to discuss these developments and the company's future initiatives.