Lahore: Packages Limited has reported its annual financial results for the year ended December 31, 2024, following a board meeting conducted on March 25, 2025. The meeting, held both at the company’s head office and via Zoom, saw the approval of the Annual Audited Financial Statements and a cash dividend recommendation for shareholders.
The board has announced a cash dividend of Rs. 15.00 per ordinary share, equating to 150%, to be paid to ordinary shareholders. Additionally, a cash dividend is set to be issued to preference share/convertible stockholders, specifically the International Finance Corporation, in line with the Subscription Agreement. However, the company clarified that there would be no issuance of bonus or right shares, and no other corporate actions or entitlements were proposed.
According to information available from the Pakistan Stock Exchange (PSX), the financial statements reveal a total asset value of Rs. 67.14 billion for 2024, a slight decrease from the Rs. 68.38 billion reported the previous year. The company’s equity and liabilities also reflect this change, with total equity at Rs. 55.22 billion, down from Rs. 58.65 billion in 2023.
The company’s unconsolidated statement of financial position highlighted an increase in property, plant, and equipment assets, valued at Rs. 604,130,000, compared to Rs. 357,060,000 in 2023. Meanwhile, long-term investments slightly decreased to Rs. 59.63 billion from Rs. 61.52 billion. Current assets also saw a reduction, with loans, advances, deposits, prepayments, and other receivables totaling Rs. 1.39 billion, down from Rs. 1.92 billion in 2023.
The consolidated statement of cash flows indicates a net cash inflow from operating activities at Rs. 3.14 billion for 2024, compared to Rs. 12.59 billion in the previous year. However, the company experienced a significant net cash outflow from investing activities, amounting to Rs. 20.51 billion, primarily due to payments for property, plant, and equipment and investment properties.
The Annual General Meeting of Packages Limited is scheduled to take place on April 30, 2025, in Karachi. The entitlement for the declared dividend will be paid to shareholders listed in the Register of Members as of April 22, 2025, provided their IBAN details are updated. This announcement comes under the designated market category of financial results.