Lahore: Nishat Mills Limited disclosed its financial results for the fiscal year ending June 30, 2024, including significant international expansion initiatives and a stable dividend payout. The Board of Directors convened in Lahore on September 27, 2024, unveiling a series of corporate resolutions.
The company reported a final cash dividend of Rs. 3 per share, amounting to a 30% payout, consistent with its financial strategy for rewarding shareholders. This announcement came alongside the financial results showing a net profit of Rs. 6.37 billion, a decrease from the previous year's Rs. 12.17 billion. Despite fluctuations in operational costs, the company has maintained a solid profit base.
According to information available from the Pakistan Stock Exchange (PSX), Nishat Mills revealed plans for a wholly owned subsidiary in the Republic of Turkiye and a liaison office in the People's Republic of Bangladesh. These strategic moves are subject to regulatory approvals and compliance with local laws, reflecting the company's agenda for global footprint expansion.
Revenue figures presented a mixed picture, with the consolidated revenue for the year reaching Rs. 212.51 billion, marking an increase from Rs. 193.68 billion in 2023. However, profit from operations saw a slight decrease, ending the year at Rs. 23.30 billion compared to Rs. 24.23 billion in the preceding year.
Other financial maneuvers include the divestiture of Nishat Hospitality (Private) Limited, a wholly owned subsidiary, contingent upon shareholder approval. This decision aligns with the company’s broader strategy of optimizing its asset portfolio for better financial health.
In terms of share performance, the basic and diluted earnings per share decreased to Rs. 22.38 from Rs. 32.12 in the previous year, illustrating the challenges faced during the fiscal period. The company's strategic responses to these challenges include focusing on operational efficiency and market expansion to bolster profitability.
The Annual General Meeting (AGM) is scheduled for October 28, 2024, in Lahore, with the company’s shares set to be closed from October 21 to October 28, 2024, for dividend entitlement and AGM participation.