Islamabad, Redco Textiles Limited, a prominent player in the textile industry, unveiled its financial results for the year ended June 30, 2023, following a board meeting held today at their registered office in Islamabad.
The Board of Directors recommended the following actions:
Cash Dividend: The company proposed a cash dividend to its shareholders.
Bonus Shares: Shareholders may receive bonus shares.
Right Shares: Right shares are also being considered.
Any Other Entitlement/Corporate Action:
The company is exploring additional entitlements or corporate actions.
Any Other Price-Sensitive Information: No other price-sensitive information was disclosed.
Regarding the financial performance, the company reported the following figures for the year ended June 30, 2023:
Sales: PKR 870,963,477
Cost of Sales: PKR 821,183,461
Gross Profit: PKR 49,780,016
Distribution Cost: PKR 539,899
Administrative Expenses: PKR 25,043,426
Other Operating Expenses: PKR 9,781,964
Operating Profit: PKR 14,414,727
Other Income: PKR 81,488,463
Finance Cost: PKR 1,792,070
Profit Before Taxation: PKR 94,111,120
Taxation (Current Tax): PKR 16,071,815
Taxation (Deferred Tax): PKR 194,241
Profit for the Year: PKR 77,845,064
Earnings per Share (Basic and Diluted): 1.579 PKR
The Annual General Meeting (AGM) of the company is scheduled to take place on Friday, October 27, 2023, in Islamabad. Shareholders are encouraged to mark their calendars for this important event.
Furthermore, the Share Transfer Books of Redco Textiles Limited will remain closed from October 20, 2023, to October 27, 2023, inclusive. Transfers received by the share registrar, M/s Corplink (Pvt) Ltd., at the close of business on October 19, 2023, will be considered for the purpose of the aforementioned entitlements.
Additionally, the company has committed to transmit its Annual Report to shareholders through PUCARS at least 21 days prior to the AGM, ensuring transparency and compliance with regulatory requirements.
Redco Textiles Limited looks forward to engaging with its shareholders at the upcoming AGM and aims to continue delivering value to its stakeholders in the coming year.