Lahore: Service Global Footwear Limited has announced that its 6th Annual General Meeting (AGM) will take place on April 28, 2025, at 9:30 a.m. at the Shalimar Tower Hotel, located adjacent to Servis House on Main Gulberg. The meeting will discuss and approve several important business items pertaining to the financial year ending December 31, 2024.
The AGM will first address the ordinary business agenda, which includes the review and adoption of the company's audited separate and consolidated financial statements for 2024. These documents, alongside the Directors' and Auditors' Reports and the Chairman's Review Report, are available for download on the company's official website, in compliance with Section 223(7) of the Companies Act, 2017.
Additionally, a final cash dividend of PKR 4 per share, equating to 40%, is on the agenda for approval. This dividend recommendation comes from the Board of Directors and covers the fiscal year ending December 31, 2024. Furthermore, the meeting will consider the re-appointment of M/s. Riaz Ahmad and Company, Chartered Accountants, as the company's auditors, as endorsed by both the Audit Committee and the Board of Directors.
The AGM will also consider special business, specifically a resolution for renewing the working capital loan investment of up to PKR 4.50 billion in Service Industries Limited. This renewal, which extends the existing agreement set to expire on June 30, 2025, by one year to June 30, 2026, will be debated and potentially modified as a special resolution.
According to information available from the Pakistan Stock Exchange (PSX), Service Global Footwear Limited experienced notable financial fluctuations over the past year. The company's equity and reserves increased by 10.9% to PKR 7,210.92 million, while its long-term financing facilities and current liabilities witnessed declines of 18.4% and 5.4%, respectively.
The company's net sales for 2024 rose by 15.5% to PKR 17.39 billion, with the cost of sales also increasing by 23.3% to PKR 14.50 billion. Despite these gains, the gross profit fell by 12.5% to PKR 2.89 billion. The financial charges decreased significantly by 33.8%, and the company reported a 2.1% rise in profit before tax to PKR 1.63 billion. However, the profit after tax saw a decline of 6.5% to PKR 1.11 billion.
Service Global Footwear Limited is categorized under the consumer goods sector in the market. The upcoming AGM will be a pivotal moment for shareholders and stakeholders to gauge the company's performance and future strategies.