Karachi, In a recent meeting held on September 21, 2023, at its Registered Office in Lahore, the Board of Directors of Ittefaq Iron Industries Limited recommended the following actions for the fiscal year ended June 30, 2023:

1. Cash Dividend: The Board has proposed a final Cash Dividend for the year, amounting to Rs. NIL per share, representing NIL% of the share's nominal value.

2. Bonus Issue: A NIL% Bonus Share issue has been recommended by the Board of Directors.

3. Right Shares: The Board has also suggested the issuance of NIL% Right Shares.

Additionally, the company provided its financial results for the fiscal year ending on June 30, 2023:

Sales - net: Rs. 11,225,260,621

Cost of sales: Rs. 8,143,263,667

Gross profit: Rs. 141,189,900

Other operating income: Rs. 24,116,983

Distribution and selling cost: Rs. 98,941,644

Administrative and general expenses: Rs. 106,752,160

Other operating cost: Rs. 28,893,183

Finance cost: Rs. 75,466,898

Loss/profit before taxation: (Rs. 144,747,002)

Taxation: Rs. 50,960,526

Loss/profit after taxation: (Rs. 93,786,476)

The company's earnings per share for the year, both basic and diluted, are reported at (Rs. 0.65), compared to the previous year's (Rs. 1.62).

The entitlements mentioned will be distributed to shareholders whose names are listed in the register of members as of a date yet to be determined.

Furthermore, the share transfer books of Ittefaq Iron Industries Limited will remain closed from October 20, 2023, to October 26, 2023 (inclusive of both days), and any transfers made after this period will not be eligible for the aforementioned entitlements.