Karachi: In a significant disclosure to the Pakistan Stock Exchange, Hum Network Limited has announced its financial results for the fiscal year ending June 30, 2024, indicating notable shifts in its financial position but maintaining a conservative stance on shareholder dividends. According to information available from the Pakistan Stock Exchange (PSX), the media conglomerate reported a lack of any cash dividends, bonus shares, or rights shares for this period, despite witnessing an increase in its annual profits.

The company's unaudited financial statements reveal a robust growth in net income, showing a profit of PKR 2.61 billion for 2024, an increase from PKR 2.15 billion the previous year. This improvement is attributed to a significant rise in revenues, which totaled PKR 8.31 billion, up from PKR 6.29 billion in 2023. Operating costs, however, also saw a rise, with production costs alone climbing to PKR 4.00 billion from PKR 3.54 billion.

In terms of consolidated results, Hum Network's profit after taxation reached PKR 2.95 billion for 2024, up from PKR 1.92 billion in 2023. This was on the back of increased group revenue, which surged to PKR 12.35 billion from PKR 7.57 billion. Notwithstanding these financial gains, the company's management has opted not to distribute dividends.

Additionally, the company's management has announced that the Annual General Meeting (AGM) will be held on October 28, 2024, with a book closure from October 21 to October 28, 2024, for dividend entitlement and AGM purposes.

These financial disclosures are critical for investors as they provide a transparent view into Hum Network's operations and financial health, amidst an economic backdrop that continues to challenge the media industry in Pakistan.