Lahore: Kohinoor Industries Limited has announced its financial results for the fiscal year ended June 30, 2024, revealing no distribution of cash dividends or bonus shares to shareholders.

The company convened its Board of Directors meeting today in Lahore, where it was confirmed that the cash dividend, bonus shares, and any other price-sensitive information would be nil for the year. According to information available from the Pakistan Stock Exchange (PSX), this decision comes despite Kohinoor Industries experiencing a slight increase in its profit after taxation, which stood at Rs 38.72 million, up from Rs 43.56 million the previous year.

The detailed financial statement indicated a rise in rental income from Rs 78.28 million in 2023 to Rs 85.65 million in 2024, while administrative expenses and other expenses showed mixed trends. The operating profit for the year was Rs 81.30 million, an increase from Rs 56.99 million in 2023, aided by other income sources which also saw an uptick from Rs 43.74 million to Rs 50.90 million.

Finance costs were minimal and largely unchanged year-over-year, and the share of loss of associates increased significantly to Rs 3.54 million from Rs 0.37 million. The profit before statutory levies and taxation was reported at Rs 77.75 million, up from Rs 56.60 million in the prior year. However, a substantial increase in provisions for income taxes, which more than tripled to Rs 35.08 million, affected the net profitability.

The company also announced that its Annual General Meeting (AGM) would be held on October 28, 2024, at Lahore, with the share transfer books remaining closed from October 22, 2024, to October 28, 2024. Investors wishing to transfer shares must submit their documents to the Company Registrar, M/s Corplink (Pvt.) Limited in Lahore by October 21, 2024, to be eligible for entitlements and to attend the AGM. The annual report will be made available to shareholders through PUCARS at least 21 days before the meeting.