Karachi, Ittefaq Iron Industries Limited held its annual board meeting today to discuss and recommend the financial results for the year ended June 30, 2023. The company released its profit and loss statement, highlighting key financial figures for the year.

Cash Dividend and Bonus Issue:

The Board of Directors recommended a final cash dividend for the year 2023 at Rs. NIL per share, equivalent to NIL%. Additionally, the Board proposed a bonus issue of NIL%, and there were no recommendations for right shares.

Financial Performance:

The net sales for the year 2023 amounted to Rs. 8,284,453,567, compared to Rs. 11,225,260,621 in the previous year.

The cost of sales for the year was Rs. 8,143,263,667, as opposed to Rs. 10,716,240,783 in 2022.

Gross profit for the year stood at Rs. 141,189,900, reflecting a decrease from the previous year's figure of Rs. 509,019,838.

Other operating income amounted to Rs. 24,116,983, up from Rs. 10,475,322 in 2022.

Distribution and selling costs totaled Rs. 98,941,644, compared to Rs. 84,696,630 in the previous year.

Administrative and general expenses amounted to Rs. 106,752,160, an increase from Rs. 88,329,021 in 2022.

Other operating costs were Rs. 28,893,183, contrasting with Rs. 70,957,239 in the prior year.

Finance costs were Rs. 75,466,898, up from Rs. 53,293,074 in 2022.

The company reported a loss before taxation of Rs. (144,747,002) for the year 2023, in stark contrast to the profit of Rs. 222,219,196 in 2022. After taxation, the company recorded a loss of Rs. (93,786,476) for 2023, whereas it had reported a profit of Rs. 234,051,010 the previous year.

Earnings per share for the year 2023 were (0.65), while in 2022, it was 1.62.

The Board of Directors emphasized that the financial statements included additional notes (1 to 51) integral to the comprehensive understanding of the company's financial performance.

Investors and stakeholders will be keenly watching the developments and future strategies of Ittefaq Iron Industries Limited as it navigates these financial challenges in the coming year.