Multan: Reliance Weaving Mills Limited announced its financial results for the fiscal year ended June 30, 2024, during a board meeting held post-PSX trading hours on September 30, 2024, in Multan. The company declared no dividends, bonus shares, or rights offerings as part of its financial disclosures for the year.

The company achieved a net sales revenue of 41.46 billion rupees, a notable increase from the previous year's 32.69 billion rupees. The cost of sales also rose, leading to a gross profit of 4.84 billion rupees, up from 3.62 billion rupees in 2023. However, the net profit after taxation decreased to 119.60 million rupees from 203.11 million rupees the previous year.

The decrease in earnings per share from 6.59 to 3.88 highlights a challenging fiscal environment, despite the increase in operational revenues. According to information available from the Pakistan Stock Exchange (PSX), administrative and distribution expenses along with other costs have continued to exert pressure on the company's profitability.

Finance costs for the company surged significantly, reaching 3.89 billion rupees up from 2.45 billion rupees last year, contributing to the squeeze on the bottom line. The company also reported a shift in its financial position with a share of loss from associates, noted as 118.36 million rupees, a stark contrast to the previous year’s 465.37 million rupees profit share.

The financial statements of Reliance Weaving Mills Limited will be further discussed during the Annual General Meeting scheduled for October 28, 2024. The company also announced that its share transfer books will be closed from October 22 to October 28, 2024.