Lahore, Reliance Cotton Spinning Mills Limited, a leading textile manufacturer, has declared a final cash dividend of Rs. 4.00 per share, amounting to 40% of the share's face value, for the fiscal year ending June 30, 2023.
This announcement came following the company's Board of Directors meeting held on September 26, 2023, in Lahore, which was also conducted via video conference. The financial results of the company for the fiscal year 2023 were presented during the meeting, with standalone results in Annexure 'A' and consolidated results in Annexure 'B.'
The key financial highlights for the year ended June 30, 2023, are as follows:
Standalone Financial Results (Annexure 'A'):
Sales: Rs. 11,048,839,608
Gross Profit: Rs. 1,705,455,508
Profit before taxation: Rs. 1,004,647,116
Profit after taxation: Rs. 839,109,917
Earnings per share (basic and diluted): Rs. 81.53
Consolidated Financial Results (Annexure 'B'):
Sales: Rs. 11,048,839,608
Gross Profit: Rs. 1,705,455,508
Profit before taxation: Rs. 1,440,852,812
Profit after taxation: Rs. 1,196,950,454
Earnings per share (basic and diluted): Rs. 116.30
In addition to announcing the cash dividend, Reliance Cotton Spinning Mills Limited informed shareholders that the Annual General Meeting (AGM) will be held on Thursday, October 26, 2023, at 12:30 p.m. The AGM will take place at the Trading Hall, Cotton Exchange Building, I.I Chundrigar Road, Karachi. Shareholders may also participate in the AGM via video conference.
Furthermore, the Share Transfer Books of the company will be closed from October 20, 2023, to October 26, 2023, inclusive. Share transfers received by Hameed Majeed Associates (Private) Limited by the close of business on October 19, 2023, will be eligible to attend the AGM.
The company will transmit its Annual Report through PUCARS at least 21 days before the AGM, providing shareholders with comprehensive information about the company's performance and outlook for the future.
Reliance Cotton Spinning Mills Limited remains committed to delivering value to its shareholders and maintaining transparency in its operations. The declaration of a 40% cash dividend reflects the company's strong financial performance for the fiscal year 2023, reinforcing its position as a reliable and profitable player in the textile industry.