Karachi: The Board of Directors of International Industries Limited reviewed and approved the audited annual financial statements for the fiscal year ended June 30, 2024, during their meeting held at the company's registered office on August 22, 2024. The board declared a final cash dividend of Rs. 3.50 per share, which when combined with the earlier announced interim dividend of Rs. 2.00 per share, culminates in a total annual dividend of Rs. 5.50 per share, equating to a 55% payout.
The company's financial performance for the year reflects significant activity in revenue and cost management. According to information available from the Pakistan Stock Exchange (PSX), the unconsolidated financial statements show a revenue of Rs. 29.203 billion for 2024, up from Rs. 26.787 billion in the previous year. The cost of sales increased to Rs. 25.364 billion from Rs. 23.365 billion, yielding a gross profit of Rs. 3.839 billion compared to Rs. 3.422 billion in 2023.
Operating profits reached Rs. 1.998 billion, supported by other income amounting to Rs. 1.351 billion. After accounting for finance costs and other charges, the profit before income tax stood at Rs. 1.758 billion. The net profit after tax was reported at Rs. 1.473 billion, translating to an earnings per share of Rs. 11.17.
On a consolidated basis, the company recorded a higher revenue of Rs. 99.156 billion, though this was a slight decrease from the previous year's Rs. 100.737 billion. The consolidated net profit was Rs. 3.827 billion, with profits attributable to owners of the holding company at Rs. 2.169 billion and non-controlling interests at Rs. 1.658 billion. Earnings per share on a consolidated basis were Rs. 16.44.
The company also announced that its 76th Annual General Meeting will be conducted on September 27, 2024, via video conferencing. Share Transfer Books will be closed from September 20, 2024, to September 27, 2024, to finalize entitlements for the annual meeting and dividend distribution.
The Annual Report will be disseminated through PUCARS at least 21 days before the meeting and will be accessible on the company's website.