Karachi: Shield Corporation Limited announced its financial outcomes for the fiscal year ended June 30, 2024, revealing a significant downturn in performance compared to the previous year. The results were disclosed following a board meeting on Thursday, September 26, 2024.

In the fiscal year 2024, the company posted net sales of 3,867.12 million Rupees, down from 4,357.63 million Rupees in 2023. According to information available from the Pakistan Stock Exchange (PSX), this decrease was primarily due to a substantial drop in gross profit, which stood at 870.76 million Rupees this year compared to 1,132.35 million Rupees last year.

Shield Corporation experienced a challenging year marked by increases in various operational costs. Selling and distribution expenses surged to 894.26 million Rupees, up from 625.27 million Rupees in the previous year. Administrative and general expenses slightly rose to 64.45 million Rupees. The company also reported other operating expenses of 8.89 million Rupees alongside an operating loss of 66.91 million Rupees, a stark contrast to the operating profit of 430.96 million Rupees in 2023.

Finance costs for the year escalated to 300.97 million Rupees from 203.13 million Rupees, contributing further to the financial strain. The company’s pre-tax loss deepened to 418.03 million Rupees, down from a profit of 210.13 million Rupees in the preceding year. After accounting for taxation benefits of 55.35 million Rupees, the net loss for the year was 362.68 million Rupees, a significant decline from a profit of 144.96 million Rupees in 2023.

In light of these results, the Board of Directors decided against distributing dividends, issuing bonus shares, or rights shares this year.

The annual report for Shield Corporation Limited for the year ended June 30, 2024, will be made available through PUCARS within the specified time frame.