Karachi, Shadab Textile Mills Limited has disclosed key recommendations and financial results following a meeting of the company's Board of Directors held on September 27, 2023, at its Registered Office in Lahore.

The Board has made the following recommendations:

1. Cash Dividend: The company proposes a Cash Dividend of Nil.

2. Bonus Shares: There will be no issuance of Bonus Shares.

3. Right Shares: The company does not intend to issue Right Shares.

4. Any Other Entitlement / Corporate Action: No additional entitlement or corporate action is recommended.

5. Any Other Price-Sensitive Information: There is no other price-sensitive information to report.

The financial results for the year ending June 30, 2023, are as follows (in Thousands of Rupees):

Sales-net: 5,962,782 (2023) - 5,297,444 (2022)

Cost of Sales: 5,779,130 (2023) - 4,784,455 (2022)

GROSS PROFIT: 183,652 (2023) - 512,989 (2022)

Administrative and General Expenses: 140,023 (2023) - 124,103 (2022)

Selling and Distribution Expenses: 2,089 (2023) - 10,038 (2022)

OPERATING PROFIT: 41,540 (2023) - 378,848 (2022)

Finance Costs: 137,046 (2023) - 71,681 (2022)

Other Charges: 21,678 (2023)

Other Income: 2,933 (2023) - 7,008 (2022)

(LOSS)/PROFIT BEFORE TAXATION: (92,573) (2023) - 292,497 (2022)

Taxation: 15,169 (2023) - 97,242 (2022)

(LOSS)/PROFIT AFTER TAXATION: (107,742) (2023) - 195,255 (2022)

BASIC AND DILUTED (LOSS)/EARNING PER SHARE - (RUPEES): (6.49) (2023) - 11.76 (2022)

The company's Annual General Meeting is scheduled for October 28, 2023, at the Registered Office in Lahore. Additionally, the Share Transfer Books of the company will remain closed from October 22, 2023, to October 28, 2023, inclusive.