Lahore: Maple Leaf Cement Factory Limited disclosed its financial results for the year ended June 30, 2024, during a board meeting held at its registered office in Lahore on September 10, 2024. The company confirmed it will not issue any dividends, bonus shares, or rights shares for the fiscal year. Additionally, the board approved significant loans to bolster the working capital of its associated companies.
According to the financial statements released, Maple Leaf Cement experienced a year-on-year increase in revenue, reporting PKR 66.45 billion for 2024 compared to PKR 62.08 billion in 2023. This translates into a gross profit of PKR 22.43 billion for the recent year, up from PKR 19.36 billion the previous year. The company attributed the improvement to increased operational efficiencies and a reduction in certain overhead costs.
Despite these gains, the board declared no dividends for the year, maintaining a cautious financial stance. Instead, the board resolved to invest up to PKR 1,000 million in loans and advances to Kohinoor Textile Mills Limited and Maple Leaf Capital Limited, both associated entities, to satisfy their working capital needs. This decision is subject to shareholder approval, as stipulated by Section 199 of the Companies Act, 2017.
According to information available from the Pakistan Stock Exchange (PSX), the audited financial outcomes also showed an operating profit of PKR 14.34 billion for 2024, an increase from PKR 13.07 billion in 2023. The financial results further detailed that the net profit after taxes reached PKR 6.92 billion, marking an improvement over the PKR 5.77 billion recorded in 2023.
Maple Leaf Cement’s board also announced that the Annual General Meeting is scheduled for October 28, 2024. The company's Share Transfer Books will be closed from October 22 to October 28, 2024, to determine shareholder eligibility for voting rights at the meeting. This announcement is aligned with the requirements of Sections 96 and 131 of the Securities Act, 2015, and the company's annual report will be made available to shareholders via PUCARS at least 21 days prior to the AGM.