Islamabad, Punjab Oil Mills Limited, an ISO 9001, 14001, 45001, FSSC 22000, and Halal Certified Company, has shared the outcomes of its Board of Directors meeting held on September 23, 2023, at the prestigious Punjab Club in Lahore.
During the meeting, the Board of Directors approved the company's financial results for the fiscal year ending on June 30, 2023, and made the following recommendations for the benefit of its shareholders:
1. CASH DIVIDEND: A final cash dividend for the year ended June 30, 2023, at Rs. 1.50 per ordinary share, representing a generous 15% of the nominal value of the shares.
2. BONUS SHARES: The company has already issued interim bonus shares at a rate of 20% on June 27, 2023, for the fiscal year ending June 30, 2023.
3. RIGHT SHARES: Nil
4. ANY OTHER ENTITLEMENT I CORPORATE ACTION: Nil
5. ANY OTHER PRICE SENSITIVE INFORMATION: Nil
These resolutions are a testament to Punjab Oil Mills Limited's commitment to delivering value to its shareholders while maintaining prudent financial management practices.
The company further disclosed its financial results for the year ended June 30, 2023, as detailed in Annexure "A."
Sales (Net): Rs. 9,844,949,849
Cost of Sales: Rs. 8,923,619,822
Gross Profit: Rs. 921,330,027
Operating Expenses: Rs. 8,021,272,625
Selling and Distribution Cost: Rs. 364,694,596
Administrative Expenses: Rs. 36I,945,551
Operating Profit: Rs. 294,687,140
Finance Cost: Rs. 261,948,291
Other Charges: Rs. 126,743,946
Other Income: Rs. 13,708,239
Profit before Taxation: Rs. 140,452,185
Taxation: Rs. 21,496,106
Profit after Taxation: Rs. 121,956,079
Earnings per Share (Basic and Diluted): Rs. 5.54
Comparatively, in the previous fiscal year ending on June 30, 2022, the company reported:
Sales (Net): Rs. 8,837,676,009
Cost of Sales: Rs. 8,021,272,625
Gross Profit: Rs. 816,403,384
Operating Expenses: Rs. 605,507,139
Selling and Distribution Cost: Rs. 243,561,588
Administrative Expenses: Rs. 361,945,551
Operating Profit: Rs. 294,687,140
Finance Cost: Rs. 261,948,291
Other Charges: Rs. 48,269,571
Other Income: Rs. 14,149,948
Profit before Taxation: Rs. 62,419,519
Taxation: Rs. 32,725,208
Profit after Taxation: Rs. 29,694,311
Earnings per Share (Basic and Diluted): Rs. 8.67
These financial results illustrate Punjab Oil Mills Limited's financial performance and growth over the fiscal years, highlighting its resilience and commitment to delivering value to its shareholders. The company's decision to offer cash dividends and bonus shares reflects its dedication to enhancing shareholder wealth. The company is all set to host its Annual General Meeting on October 26, 2023, at its registered office in Islamabad, during which these recommendations will be presented to its valued shareholders for approval.