Karachi: Matco Foods Limited, in a recent board meeting conducted both in Karachi and via Zoom on September 5, 2024, declared no new dividends or share distributions for the fiscal year ended June 30, 2024, maintaining a static shareholder return policy. According to information available from the Pakistan Stock Exchange (PSX), the company also announced the schedule for its upcoming Annual General Meeting, to be held on October 24, 2024, pending PSX approval.

The company released its financial results revealing a notable downturn, with a consolidated net loss of Rs. 284.61 million for the year, compared to a profit of Rs. 559.94 million in the previous year. The unconsolidated financials also reflected a loss, marking Rs. 262.47 million against last year's profit of Rs. 555.62 million. Both segments reported significant increases in finance costs and administrative expenses, impacting the overall profitability.

Sales grew to Rs. 27.70 billion from Rs. 20.01 billion the previous year on a consolidated basis, and similarly on an unconsolidated basis, from Rs. 19.99 billion to Rs. 27.70 billion. However, the increased revenue could not offset the higher costs of sales, which also rose substantially.

The financial statements, detailed in Annexures 1 and 2 of the report, outline the expenses and income adjustments that led to the year's losses. The company did not propose any new corporate actions or entitlements, such as issuing bonus or right shares, further reflecting a cautious approach amid financial tightening.

The company's share transfer books will remain closed from October 18 to October 24, 2024, with October 17 being the cutoff date for transfer receipt. This period aligns with the preparations for the Annual General Meeting where shareholders will discuss the year's financial outcomes and future strategies.