Lahore: In a recent assembly of shareholders, Nishat Power Limited confirmed a final cash dividend of 50% per ordinary share for the fiscal year ending on June 30, 2024. The decision came during their annual general meeting held on October 24, 2024, at the Emporium Mall’s Nishat Hotel, according to official documents filed with the Pakistan Stock Exchange (PSX).
The certified resolutions indicate the company’s strong performance over the fiscal year, leading to a generous return to shareholders. The total 50% final dividend comes in addition to an interim dividend of 45%, effectively distributing a significant 95% of profits back to shareholders.
According to information available from the Pakistan Stock Exchange (PSX), the shareholders ratified the annual audited financial statements for the year ended June 30, 2024, alongside the directors’ and auditors’ reports. The meeting also featured discussions centered around the company’s future outlook and governance.
Furthermore, the shareholders approved the reappointment of M/s Riaz Ahmad and Co., Chartered Accountants, as the company’s auditors for the upcoming fiscal year ending June 30, 2025. This move reflects confidence in the firm’s previous auditing services.
The company’s CEO also received extended authority to finalize and execute certain administrative duties as deemed necessary throughout the fiscal year. This empowerment is aimed at enhancing operational efficiency and adapting to dynamic market conditions.
Nishat Power Limited’s strategic decisions and strong dividend payout are reflective of its robust financial health and commitment to shareholder value.
ZCZ
Baluchistan Glass Limited Passes Key Resolutions at Annual General Meeting
Hub Chowki: Baluchistan Glass Limited announced the successful adoption of crucial resolutions during its 44th Annual General Meeting, held on October 24, 2024, at Hub Chowki. The resolutions, which are set to enhance the company’s operational strategies and financial governance, were passed in alignment with the directives outlined in the PSX Rule Book.
In a formal declaration, the company’s Chief Financial Officer confirmed that the meeting led to the approval of the audited financial statements for the fiscal year ending June 30, 2024. These statements include comprehensive financial details such as the Statement of Financial Position, Statement of Profit or Loss, and Statement of Cash Flows, among others. The approval underscores the company’s commitment to transparency and accountability in its financial practices.
According to information available from the Pakistan Stock Exchange (PSX), another significant development from the meeting was the reappointment of PKF F.R.A.N.T.S. Chartered Accountants as the statutory auditors for the upcoming fiscal year. The resolution emphasized that the Chief Executive would determine their remuneration, which could see an increase of up to 10% of the existing audit fee.
These moves are part of Baluchistan Glass Limited’s strategy to fortify its financial management and ensure rigorous compliance with auditing standards. These resolutions are expected to support the company’s ongoing growth and stability, reflecting its strong governance frameworks that align with market regulations and shareholder expectations.