Karachi: Nagina Cotton Mills Ltd. experienced a significant downturn in its financial performance for the fiscal year ended June 30, 2024, as the company reported a dramatic decrease in both profit and sales compared to previous years. The company’s sales plummeted to Rs. 4,597.46 million, a stark contrast to the Rs. 20,448.12 million reported in 2023, reflecting a challenging year for the textile manufacturer.

The company's gross profit for the year stood at Rs. 379.06 million, down significantly from Rs. 1,613.83 million in the prior year, indicating a decline in profitability. The gross profit margin slightly increased to 8.25% from 7.89% in 2023, yet it remained far below the 22.32% recorded in 2021.

Nagina Cotton Mills reported a profit before tax of Rs. 7.73 million, a substantial decrease from Rs. 311.06 million in the previous year. The profit after tax mirrored this decline, with the company reporting the same Rs. 7.73 million, down from Rs. 77.03 million in 2023. Earnings per share after tax fell to Rs. 0.41, a sharp drop from Rs. 4.12 in the preceding year.

According to information available from the Pakistan Stock Exchange (PSX), the company's board declared a cash dividend of Rs. 1.50 per share, a decrease from the Rs. 6.00 per share distributed in 2023. The dividend payout ratio increased to 36.41% from 19.02% the previous year, while the dividend yield stood at 2.86%, lower than the 9.53% recorded last year.

The market value per share as of June 30, 2024, was Rs. 52.5, down from Rs. 62.95 reported a year earlier, reflecting reduced investor confidence amid declining financial performance.