Karachi: Gul Ahmed Textile Mills Limited, a prominent entity in the textile sector, released its financial results for the half-year ending December 31, 2024. The Board of Directors, meeting on February 24, 2025, at the 22nd Floor, Ocean Mall in Clifton, Karachi, and virtually, resolved not to issue any cash dividends, bonus shares, right shares, or other corporate actions for the period under review.

According to the financial statements, the company's consolidated condensed interim profit and loss account presented a modest profit after taxation of 1.02 billion rupees for the six months ending December 31, 2024. This represents a slight decrease from the 1.09 billion rupees earned in the same period the previous year. Other comprehensive income for the same period amounted to 2.48 million rupees.

The consolidated statement of changes in equity indicates an ending balance of 48.35 billion rupees as of December 31, 2024, up from 47.33 billion rupees as of June 30, 2024. This growth reflects the company's retained earnings and reserves, despite the absence of new capital inflows from dividends or stock issuances.

According to information available from the Pakistan Stock Exchange (PSX), the company’s share capital remained unchanged at 7.40 billion rupees, and the total reserves, including capital reserves against long-term investments and other allocations, stood at 23.00 billion rupees.

The textile firm's decision against declaring dividends or issuing new shares aligns with its focus on maintaining financial stability amid fluctuating market conditions. The company plans to transmit its half-yearly report through PUCARS within the prescribed timeframe, providing stakeholders with detailed financial insights.

Gul Ahmed's financial position as of the end of 2024 reflects a strategic positioning in the designated market category, focusing on internal consolidation and reserve management to navigate the challenges within the textile industry.