Karachi: The Board of Directors of the Karachi-based company convened on February 13, 2025, to approve the audited financial results for the fiscal year ending December 31, 2024. During the meeting, held at the 5th Floor of The Harbour Front Building in Clifton, the board declared a final cash dividend of Rs. 2.8 per share, representing a 28% return for shareholders. This announcement follows the interim dividends paid at Rs. Nil per share, as per the company statement.
The company has decided not to issue any bonus or right shares this year and confirmed no other entitlements or corporate actions are planned. The 20th Annual General Meeting (AGM) is scheduled for April 21, 2025, at 3:00 p.m. in Karachi. Shareholders registered by April 14, 2025, will be eligible for the dividend payment and AGM voting rights. The share transfer books will be closed from April 15 to April 21, inclusive.
The company’s annual report will be accessible through PUCARS and the corporate website at least 21 days before the AGM. According to information available from the Pakistan Stock Exchange (PSX), the company’s financials reveal a robust year with notable improvements across various metrics.
For 2024, the company reported a net revenue of Rs. 107.05 billion, up from Rs. 100.24 billion in 2023. The cost of sales increased to Rs. 90.02 billion from Rs. 84.95 billion, resulting in a gross profit of Rs. 17.03 billion, compared to Rs. 15.29 billion in the previous year. Distribution and marketing expenses rose to Rs. 8.29 billion, while administrative costs slightly decreased to Rs. 1.82 billion. Operating profit improved to Rs. 6.83 billion, and profit before taxation increased to Rs. 3.58 billion.
After accounting for taxation of Rs. 1.37 billion, the net profit for 2024 stood at Rs. 2.20 billion, surpassing the previous year’s Rs. 1.51 billion. Earnings per share rose to Rs. 2.87 from Rs. 1.97. The company reported a total comprehensive income of Rs. 2.28 billion, inclusive of a remeasurement gain on post-employment benefits.
The total assets of the company slightly decreased to Rs. 41.68 billion from Rs. 41.89 billion, with non-current assets at Rs. 18.54 billion and current assets at Rs. 23.14 billion. Shareholder equity increased to Rs. 16.46 billion, reflecting a healthier financial position.
The company achieved a net cash inflow from operating activities of Rs. 2.86 billion, despite cash outflows from investing and financing activities amounting to Rs. 2.13 billion and Rs. 1.42 billion, respectively. The cash and cash equivalents at the end of the year were reported at Rs. 2.39 billion.
This comprehensive financial performance underscores the company’s strong market position and commitment to delivering value to its shareholders. The designated market category remains robust, with the company poised for continued growth in the coming year.