Karachi, National Foods Limited, a leading name in the food industry, has unveiled its financial results for the fiscal year ending on June 30, 2023, and has made significant recommendations to its shareholders.
Cash Dividend of Rs. 2.50 per Share
During the Board of Directors meeting held on September 7, 2023, the company recommended a final cash dividend of Rs. 2.50 per share, representing a substantial 50% dividend yield. This decision reflects the company's commitment to creating value for its shareholders.
Bonus Shares Recommendation
Additionally, the Board of Directors has proposed issuing bonus shares to the shareholders. For every share held, the company plans to issue bonus shares in the proportion of NIL, effectively equating to a NIL% issuance of bonus shares.
Annual General Meeting on October 19, 2023
The Annual General Meeting (AGM) is scheduled to take place on October 19, 2023, at 3:00 p.m., at the Beach Luxury Hotel in Karachi. Shareholders interested in attending the AGM via video link will have the opportunity to do so.
The entitlement for the cash dividend and bonus shares will be granted to shareholders whose names appear in the Register of Members on October 13, 2023.
Book Closure Period
To facilitate the aforementioned entitlements, National Foods Limited will close its share transfer books from October 13, 2023, to October 19, 2023, inclusive.
In the unconsolidated statement of profit or loss and other comprehensive income, the company reported a significant increase in profit for the year ending June 30, 2023, with a total profit of Rs. 2,188,040, compared to Rs. 1,965,078 in the previous year.
The consolidated statement of profit or loss and other comprehensive income revealed impressive figures, with sales reaching Rs. 64,322,287, a substantial increase from Rs. 45,525,608 in 2022. The company's gross profit amounted to Rs. 18,193,879, reflecting its strong financial performance.
Earnings per Share
The company's earnings per share (basic and diluted) for the year stood at Rs. 9.39, a growth from Rs. 8.43 in the previous year, showcasing the company's commitment to enhancing shareholder value.
National Foods Limited continues to thrive in the competitive food industry, and its financial results for the year 2023 demonstrate its dedication to delivering value to its shareholders. The upcoming Annual General Meeting promises to provide further insights into the company's strategic direction and future prospects.