Lahore: Kohinoor Industries Limited reported its annual financial performance for the year ending June 30, 2024. The company witnessed an increase in gross revenue, achieving Rs. 85.654 million, up from Rs. 78.277 million the previous year. Despite the improved revenue, the company saw a decline in profit after taxation, posting Rs. 38.720 million compared to Rs. 43.564 million in the preceding year, attributed to a reversal of deferred tax.

The management of Kohinoor Industries emphasized that the business strategy, focused primarily on renting premises, remains unaffected by environmental factors and market trends. The company's financial position is robust, with minimal debt apart from sponsor loans, which do not impose a financial burden due to their interest-free nature and discretionary repayment terms.

According to information available from the Pakistan Stock Exchange (PSX), no dividends were declared for the year as the company aims to consolidate its financial base amidst accumulated losses. However, Kohinoor Industries is optimistic about its future profitability and potential business ventures that could enhance shareholder value. The Directors' Report highlighted ongoing efforts to explore viable business propositions that could have a positive impact on the company's financials in the upcoming years.

The company has successfully maintained a system of sound internal controls aimed at achieving operational efficiencies, reliable financial reporting, and compliance with statutory laws. The annual general meeting is scheduled for October 28, 2024, where shareholders will deliberate on the audited accounts and appoint auditors for the next fiscal year.