Karachi: Gul Ahmed Textile Mills Ltd has reported its financial results for the fiscal year ended June 30, 2024, with a slight increase in consolidated profit after income tax, reaching 4.85 billion rupees compared to the previous year's 4.90 billion rupees.
The Karachi-based company, in a recent board meeting, decided against distributing any cash dividends, bonus shares, or rights shares for the year. According to information available from the Pakistan Stock Exchange (PSX), the net sales for the year rose significantly to 172.48 billion rupees from 138.93 billion rupees the previous year, while the cost of sales also increased, resulting in a gross profit of 28.74 billion rupees.
The total operational expenses, including selling and distribution costs, administrative costs, and other operating costs, amounted to 16.52 billion rupees, slightly higher than last year's 14.69 billion rupees. This led to an operating profit of 12.22 billion rupees, a decrease from 13.51 billion rupees in 2023.
Other income for the year was reported at 2.16 billion rupees, significantly up from 805.37 million rupees last year, helping offset a finance cost of 7.66 billion rupees. The profit before income tax stood at 6.72 billion rupees.
On the taxation front, Gul Ahmed Textile encountered 371.75 million rupees in income tax, a shift from a tax rebate last year, which contributed to a net profit after taxes of 4.85 billion rupees.
The separate profit and loss account mirrors the consolidated trends, with net sales totaling 143.15 billion rupees and an operational profit of 9.98 billion rupees, alongside a profit after taxation of 4.73 billion rupees.
The Annual General Meeting (AGM) is scheduled to be held both in person in Karachi and via video link on October 26, 2024. The company’s share transfer books will be closed from October 19 to October 26, 2024, for the purpose of attending the AGM. Transfers received by FAMCO Share Registration Services in Karachi by October 18, 2024, will be eligible for any entitlements.
The annual report will be available through PUCARS at least 21 days prior to the AGM, ensuring stakeholders have ample time to review the company’s performance over the past fiscal year.