Karachi: Pakistan Synthetics Limited recently disclosed its financial outcomes for the fiscal year ending June 30, 2024. The company convened its Board of Directors on September 26, 2024, to deliberate and sanction the Audited Financial Statements for the year. According to the detailed accounts, Pakistan Synthetics recorded a notable shift in its fiscal posture.

For the fiscal year 2024, the company posted revenues from contracts with customers amounting to 13,799.51 million rupees, down from the previous year's total of 14,425.23 million. The cost of sales registered at 11,725.40 million rupees, leading to a gross profit of 2,074.12 million. This marks a decline from 2023's gross profit of 2,578.19 million.

Operational expenditures, including administrative, distribution, and selling costs, along with other operating expenses, were recorded at 488.20 million rupees, slightly lower compared to the preceding year's total of 862.08 million. After accounting for these costs, the operating profit stood at 1,585.92 million rupees, compared to 1,716.11 million in 2023.

Other income for the company was listed at 134.97 million rupees, a significant increase from 38.87 million. However, finance costs and losses from investments in associates also rose, culminating in a pre-tax profit of 557.66 million rupees. This was a substantial decrease from 1,372.06 million rupees in the prior year. After taxes, the profit for 2024 totaled 347.77 million rupees, a marked reduction from 797.68 million rupees in 2023, with earnings per share declining from 5.75 to 2.51.

According to information available from the Pakistan Stock Exchange (PSX), no cash dividends have been proposed by the Board for the year ended June 30, 2024. Additionally, the company's shares transfer books will remain closed from October 19 to October 26, 2024, for preparations leading up to the Annual General Meeting scheduled for October 26, 2024, in Karachi.

The financial statements, despite showing a downward trend in profits, outline the company's fiscal maneuvers in a challenging economic environment, emphasizing cost management and revenue generation from core activities. The forthcoming annual meeting will likely provide shareholders further insights into the strategic plans intended to navigate the upcoming fiscal challenges.