Karachi: The Searle Company Limited released its financial results for the fiscal year ending June 30, 2024, with the Board of Directors holding a meeting on October 7, 2024, to discuss the outcomes and future strategies. According to information available from the Pakistan Stock Exchange (PSX), no dividends, bonus shares, or rights shares will be issued this year, reflecting a conservative stance in light of the financial data presented.
The financial results revealed a notable downturn in the company’s profitability compared to the previous year. The consolidated financial statements showed a loss of Rs. 2.41 billion for the year, a significant decline from the Rs. 478.23 million profit reported in 2023. This loss was largely driven by a drastic drop in profit from discontinued operations, which plummeted from a gain last year to a loss of Rs. 3.85 billion this year.
Revenue from contracts with customers on a consolidated basis increased from Rs. 26.18 billion in 2023 to Rs. 29.40 billion in 2024, marking an improvement. However, the unconsolidated figures paint a less favorable picture, with the company incurring a loss of Rs. 3.33 billion for the year, a stark contrast to the Rs. 302.13 million profit in the previous year. Distribution costs and finance costs were major contributors to the operational challenges, overshadowing a slight increase in other income, from Rs. 987.73 million in 2023 to Rs. 356.76 million in 2024.
Moreover, the annual general meeting is scheduled for October 28, 2024, where shareholders will convene to discuss these results and the company's future direction. The share transfer books will remain closed from October 22 to October 28, 2024, to prepare for the entitlements associated with the meeting.
The company remains committed to transparency and shareholder engagement, as evidenced by the forthcoming AGM and the provision of detailed financial statements for shareholder review. As the company navigates through these challenging financial times, strategic adjustments and operational improvements will be pivotal in steering towards recovery.