Karachi: Kohinoor Textile Mills Limited announced in a board meeting held on September 11, 2024, in Lahore, the financial results for the fiscal year ending June 30, 2024, and strategic advances amounting to Rs. 1,000 million to its subsidiaries. According to information available from the Pakistan Stock Exchange (PSX), this announcement included the approval of sizeable loans to Maple Leaf Cement Factory Limited and Maple Leaf Capital Limited, aimed at bolstering their working capital needs, contingent upon shareholder approval under Section 199 of the Companies Act, 2017.
The Board of Directors disclosed no changes to cash dividends, bonus shares, or rights issues for the shareholders. Additionally, reciprocal financial facilities have been orchestrated between the said subsidiaries to enhance liquidity, reflecting a concerted effort to stabilize operational capacities without altering shareholder returns.
Financially, Kohinoor Textile reported a consolidated revenue of Rs. 124.61 billion for 2024, up from Rs. 104.12 billion in 2023, marking a significant rise in profitability. The operating profit stood at Rs. 30.33 billion, a substantial increase from Rs. 19.86 billion the previous year. This performance underscores a robust growth trajectory despite maintaining dividend payouts at previous levels.
The strategic financial maneuvers, such as the inter-company loans, are poised to further integrate and stabilize the financial operations across the conglomerate, ensuring sustained growth and operational synergy among its entities.