Karachi: Goodluck Industries Limited has announced a significant decrease in profit after taxation for the fiscal year ended June 30, 2024, despite an increase in turnover. The company reported a profit after taxes of PKR 3.26 billion, down from PKR 4.33 billion the previous year, marking a decline amid rising costs and challenging economic conditions.

During the fiscal year, the company’s turnover rose to PKR 2.17 billion from PKR 1.77 billion in the prior year, largely attributed to higher sales of wheat products. This increase in sales was partially offset by higher commodity costs, abnormal increases in electricity, and transportation charges. According to information available from the Pakistan Stock Exchange (PSX), administrative expenses also rose to PKR 25.70 million from PKR 21.31 million in the previous year.

The Board of Directors has proposed a dividend of PKR 3.00 per ordinary share, amounting to a total payout of PKR 900 million, pending approval at the upcoming Annual General Meeting. Additionally, the company has set aside PKR 14.87 million for gratuity for the year.

In an effort to manage costs, the Chief Executive and the Board have decided to forgo their fees and remunerations for the year. Looking ahead, the company has decided against any major new investments due to the prevailing economic situation in the country.

The audit for the year was conducted by Muniff Ziauddin and Co., who will be eligible for re-appointment at the next annual meeting. The company assures that it remains compliant with the corporate governance requirements mandated by the Securities and Exchange Commission of Pakistan.

Goodluck Industries continues to focus on maintaining robust internal controls and compliance with International Financial Reporting Standards, ensuring the reliability of its financial reporting.