Karachi: In a recent meeting at its Karachi office, the Board of Directors of Next Capital announced that no dividends, bonus shares, or rights shares will be distributed for the fiscal year ended June 30, 2024. This decision follows a year of mixed financial results, where operating revenue saw significant growth, but overall profits declined.

The financial results highlighted a substantial increase in operating revenue, rising from Rs. 119.20 million in 2023 to Rs. 166.55 million in 2024. Despite this growth, the company reported a net loss of Rs. 21.73 million for the year, a slight improvement from the Rs. 97.21 million loss recorded in the previous year.

According to information available from the Pakistan Stock Exchange (PSX), Next Capital has experienced fluctuating fortunes with notable increases in capital gains on sales of investments, which jumped from Rs. 10.37 million in 2023 to Rs. 47.36 million in 2024. However, unrealized gains on investments showed negative figures, and high administrative and operating expenses continued to strain the company’s financial health.

The company's finance costs nearly doubled, exacerbating the financial challenges faced during the year. These were primarily due to increased borrowings and higher interest rates, which significantly impacted the bottom line.

Next Capital also confirmed that there will be no other corporate actions or entitlements issued to shareholders. The Annual General Meeting (AGM) is scheduled for October 25, 2024, at the company's registered office, where shareholders will discuss these results and the future direction of the company.

The Share Transfer Books will be closed from October 18 to October 25, 2023, to prepare for the AGM. All transfer requests received at the close of business on October 17, 2024, will be processed in time for the meeting.