Karachi: In its latest financial disclosures, Javedan Corporation Limited revealed a significant downturn in its annual results for the fiscal year ended June 30, 2024. The data, which reflects a challenging economic environment, was announced following a board meeting in Karachi on September 19, 2024.

The company posted a revenue of 4.22 billion rupees for 2024, a stark decrease from the previous year's 16.83 billion rupees. This substantial drop in revenue also impacted the gross profit, which fell to 2.51 billion rupees from 9.03 billion rupees year-over-year. Additionally, net income sharply declined, settling at 1.63 billion rupees compared to 8.01 billion rupees reported at the end of the 2023 fiscal year.

The financial costs for Javedan Corporation also painted a grim picture, with net finance costs increasing year-over-year to 166.06 million rupees from 519.96 million rupees. This increase comes despite a reduction in marketing and selling expenses, which decreased from 92.60 million rupees in 2023 to 38.53 million rupees in 2024.

According to information available from the Pakistan Stock Exchange (PSX), the board of directors has declared a final cash dividend of 4 rupees per share, which marks a 40% dividend for shareholders. This decision comes at a time when the company is navigating through noticeable financial turbulence.

In a move reflecting the company’s conservative approach towards capital distribution amidst its declining profitability, the board declared no issuance of bonus or right shares this year.

The Annual General Meeting is scheduled to take place on October 26, 2024, in Karachi, with the Share Transfer Books to be closed from October 18 to October 26, 2024. This period will be crucial for shareholders planning to attend and vote as it aligns with the company’s strategic adjustments in response to its financial results.