Sialkot: GOC (Pak) Limited has announced its financial results for the year ended June 30, 2024, showing a notable decline in profitability compared to the previous year. The Board of Directors recommended a final cash dividend of PKR 2.00 per share, equivalent to 20%, during a meeting held on October 01, 2024.

According to information available from the Pakistan Stock Exchange (PSX), the company’s revenue for the fiscal year 2024 stood at PKR 578.67 million, down from PKR 691.44 million in 2023. The cost of sales also decreased to PKR 364.39 million from PKR 437.67 million. Gross profit for the year was reported at PKR 214.27 million, a decrease from PKR 253.77 million recorded in 2023.

Distribution costs amounted to PKR 22.55 million, a reduction from PKR 40.64 million in the previous year. Administrative expenses increased to PKR 93.71 million from PKR 76.29 million, while other expenses rose to PKR 13.99 million from PKR 9.89 million. As a result, the total expenses reached PKR 130.25 million, up from PKR 126.62 million in 2023.

Profit from operations dropped to PKR 84.02 million, compared to PKR 126.95 million in the previous fiscal year. Finance costs were reported at PKR 22.48 million, down from PKR 36.54 million, resulting in a profit before levy and taxation of PKR 105.44 million, a decline from PKR 160.92 million.

The company reported a levy of PKR 5.50 million, increasing from PKR 2.62 million in 2023, bringing the profit before taxation to PKR 110.94 million. After accounting for current tax and share of tax of the equity accounted investee, net profit for the year amounted to PKR 98.85 million, significantly lower than PKR 153.76 million recorded in the previous year.

The earnings per share (EPS) also fell to PKR 13.45, down from PKR 20.92 in 2023, reflecting the overall decline in profitability for the year.

The company announced that the Annual General Meeting (AGM) would be held on October 26, 2024, at the Small Industries Estate in Sialkot. The Share Transfer Books will be closed from October 19, 2024, to October 26, 2024, for determining the entitlement of the shareholders. All transfers received at the company’s Lahore office by the close of business on October 18, 2024, will be processed in time for the entitlement.