Lahore: Shezan International Limited, a prominent consumer goods company, reported a significant decrease in its annual profit, according to the audited financial statements approved by the board on September 28, 2024. The company's profit plummeted to 462.81 million PKR for the financial year ended June 30, 2024, from a profit of 47.81 million PKR in the previous year.

According to information available from the Pakistan Stock Exchange (PSX), Shezan International's revenue from contracts with customers netted 8.15 billion PKR, a slight increase from last year's 8.75 billion PKR. However, the cost of revenue surged, leading to a reduced gross profit of 1.61 billion PKR compared to 2.08 billion PKR in 2023.

The company faced heightened distribution expenses amounting to 1.18 billion PKR and administrative costs of 381.25 million PKR, contributing to a net operating loss of 1.68 billion PKR. Additionally, Shezan International incurred a significant finance cost of 332.07 million PKR.

The financial results were part of the broader corporate announcement, which also stated that no cash dividends, rights shares, or bonus shares would be distributed this year, reflecting the company's conservative financial approach amidst its profitability challenges.

The Annual General Meeting is scheduled for October 26, 2024, in Lahore, with the Share Transfer Books to be closed from October 20 to October 26, 2024. The company’s annual report will be available through PUCARS at least 21 days before the meeting.