Karachi: ICC Industries Limited, formerly known as ICC Textiles Limited, reported a significant decrease in their annual profit after taxation, dropping to a loss of 12.44 billion Rupees for the fiscal year ended June 30, 2024. This downturn contrasts sharply with the previous year's loss of 5.21 billion Rupees.

The financial disclosure, submitted to the Pakistan Stock Exchange, detailed that the company's revenue rose to 52.97 billion Rupees in 2024 from 45.32 billion Rupees in 2023. However, the company faced higher direct costs and operating expenses, which surged to 20.09 billion Rupees and 39.08 billion Rupees respectively. According to information available from the Pakistan Stock Exchange (PSX), this escalation in expenses significantly outpaced revenue growth, resulting in a gross profit of 32.88 billion Rupees, only marginally higher than the 31.95 billion Rupees reported last year.

Administrative expenses also increased to 35.25 billion Rupees, and the company reported additional losses from finance costs and changes in the fair value of investment properties, further contributing to the year’s poor financial performance. The Board of Directors, consequently, recommended a nil dividend for the year, marking a cautious approach to capital management.

The company announced that the Annual General Meeting is scheduled for October 28, 2024, at its registered office in Lahore, with the share transfer books to be closed from October 22 to October 28, 2024. The Annual Report will be transmitted to shareholders at least 21 days ahead of the AGM.

The significant financial downturn reflects the challenges ICC Industries has faced in a volatile market, impacting investor sentiments as evident from the nil dividend announcement.