Lahore: The Board of Directors of Sapphire Fibres Limited has approved a final cash dividend of Rs. 10.00 per share, equivalent to 100%, for the financial year ending June 30, 2024. The decision was made during a board meeting held on September 27, 2024, in Lahore and via video conference.

In addition to the dividend announcement, the board disclosed a reclassification of Rs. 27.50 billion from general reserves and unappropriated profits to capital reserves. The board noted that these funds would be earmarked for capacity expansion and long-term investments, aligning with the company’s strategy of diversification and enterprise value enhancement for shareholders.

According to information available from the Pakistan Stock Exchange (PSX), the reclassification was necessary to accurately reflect the nature of the company’s reserves, which have been significantly impacted by ongoing investments in the expansion strategy.

The company's financial results for the year ending June 30, 2024, reveal that standalone sales totaled Rs. 47.42 billion, compared to Rs. 46.45 billion in the previous year. However, gross profit decreased to Rs. 5.66 billion from Rs. 8.92 billion in 2023. Despite this, the company posted a profit before tax of Rs. 2.99 billion, down from Rs. 5.22 billion in the previous year.

Consolidated financial results also showed a decline in profits, with sales reaching Rs. 67.55 billion compared to Rs. 65.46 billion in 2023. Profit before tax for the consolidated group stood at Rs. 4.39 billion, down from Rs. 7.91 billion in the previous year. The consolidated earnings per share for the year were Rs. 186.90, compared to Rs. 328.27 in 2023.

The Annual General Meeting (AGM) is scheduled for October 28, 2024, in Karachi and will also be accessible via video conference. The company's Share Transfer Books will remain closed from October 22 to October 28, 2024. Shareholders whose transfers are received by the close of business on October 21, 2024, will be eligible to attend the AGM.