Lahore: Stylers International Limited, in their Board of Directors meeting held in Lahore on September 30, 2024, has approved their financial statements for the fiscal year ended June 30, 2024. The company declared a final cash dividend of Rs. 0.75 per share, amounting to a total annual payout of Rs. 1.75 per share or 17.5%. Additionally, the board proposed an increase in authorized share capital from PKR 5.60 billion to PKR 6.40 billion.

The financial results, showcasing a mix of achievements and challenges, were formally endorsed during the September meeting. Stylers International reported a revenue decrease from PKR 15.22 billion in 2023 to PKR 14.44 billion in 2024. Despite the reduction in revenue, the company managed a gross profit of PKR 2.97 billion, compared to PKR 3.56 billion in the previous year.

According to information available from the Pakistan Stock Exchange (PSX), the decrease in revenue was offset by lower costs of sales, which dropped from PKR 11.65 billion in 2023 to PKR 11.47 billion in 2024. The cost control contributed to a profit after taxation of PKR 1.48 billion, a decline from PKR 2.52 billion in the prior year.

Earnings per share for the year stood at PKR 3.41, down from PKR 5.83 in 2023. The board did not propose the issuance of bonus or right shares this year. The company plans to seek shareholder approval for the proposed increase in share capital during the upcoming Annual General Meeting scheduled for October 28, 2024. The meeting will be accessible through video conferencing to accommodate all shareholders.

Shareholders registered by October 21, 2024, will be eligible for the dividend, with the company’s Share Transfer Books remaining closed from October 22 to October 28, 2024. These measures are part of the company’s compliance with corporate and regulatory requirements, including a necessary disclosure in accordance with the Securities Act, 2015.

The finalized annual financial statements will be disseminated through PUCARS at least 21 days before the Annual General Meeting, ensuring transparency and providing shareholders ample time to review the company’s fiscal health and strategic direction.