Karachi: Quice Food Industries Limited disclosed its financial results for the fiscal year ended June 30, 2024, revealing a significant increase in losses compared to the previous year. The company, which held its Board of Directors meeting on September 27, 2024, in Karachi, has announced that there will be no cash dividends, bonus shares, or rights shares issued, reflecting a cautious approach in light of its fiscal results.

According to information available from the Pakistan Stock Exchange (PSX), the company's sales for the year stood at 903.25 million rupees, up from 838.45 million rupees in 2023. However, increased sales costs, which climbed to 777.26 million rupees from 714.57 million rupees the previous year, significantly dented the gross profit. The gross profit marginally increased from 123.88 million rupees in 2023 to 125.99 million rupees in 2024.

Operational costs further stressed the financial structure of Quice Food Industries. Distribution costs and administrative expenses collectively amounted to 148.93 million rupees, up from 131.70 million rupees last year, leading to an operating loss of 22.94 million rupees. This loss widened significantly compared to the 7.82 million rupees reported in 2023.

Other income for the year was reported at 4.03 million rupees, slightly up from 3.69 million rupees the previous year. Despite this minor increase, the company faced a stark rise in levies to 8.11 million rupees from 7.80 million rupees, further deepening the loss before taxation to 27.14 million rupees — more than double the previous year's figure of 12.33 million rupees.

The company's Annual General Meeting (AGM) is scheduled for October 28, 2024, and will be held at the registered office in Karachi. The Share Transfer Books will remain closed from October 22, 2024, to October 28, 2024, to facilitate the administrative proceedings surrounding the AGM.

The financial year's challenges are clearly reflected in the loss per share, which has deepened from 0.125 rupees in 2023 to 0.276 rupees in 2024. These results and the absence of shareholder remunerations indicate a period of reassessment and potential strategic realignment for Quice Food Industries as it moves forward into the next fiscal year.