Karachi, The Board of Directors of Pak-Gulf Leasing Company Limited convened for a meeting on September 27, 2023, at the company's registered office and presented several key recommendations for the fiscal year.
Cash Dividend: The Board recommended no final Cash Dividend for the year, which implies a 0% payout to shareholders. An interim dividend of Rs. 3.5 per share, amounting to 35%, has already been paid.
Bonus Shares: The Board has proposed no Bonus Shares to be issued, maintaining the status quo. However, interim Bonus Shares have already been distributed at a rate of 95% (95 shares for every 100 shares held).
Right Shares: The company is planning to issue no Right Shares, either at par, at a discount, or at a premium. This issuance would be in proportion to the shares held.
Annual General Meeting: The Annual General Meeting of Pak-Gulf Leasing Company Limited is scheduled for October 26, 2023, at the company's registered office.
Book Closure: The company's Share Transfer Books will be closed from October 20, 2023, to October 26, 2023, inclusive.
Financial Performance for the Year Ended June 30, 2023:
Pak-Gulf Leasing Company Limited has reported the following financial performance for the fiscal year ended June 30, 2023:
Total Income: The total income for 2023 reached Rs. 262,202,401, compared to Rs. 255,230,917 in 2022.
Operating Profit: The operating profit before provisions stood at Rs. 119,690,516, slightly lower than the previous year's Rs. 122,036,460.
Net Profit: The net profit for the year amounted to Rs. 56,635,687, as compared to Rs. 146,979,027 in the previous year, which has been restated.
Earnings Per Share (EPS): The earnings per share (EPS) for both basic and diluted shares was 1.14 for 2023, down from 2.97 in 2022.
Pak-Gulf Leasing Company Limited's decision to withhold the final Cash Dividend and not issue any additional Bonus or Right Shares reflects its current financial strategy and performance. Shareholders are encouraged to attend the upcoming Annual General Meeting to gain insights into the company's future plans and financial outlook.