Karachi: Supernet Limited, a prominent Pakistani telecommunications provider, announced substantial growth in its annual financial performance for the fiscal year ending June 30, 2024. According to information available from the Pakistan Stock Exchange (PSX), the company disclosed in a recently released document a significant increase in revenue and earnings per share.
The consolidated financial statements for the year show that Supernet’s revenue nearly doubled to 8.50 billion rupees ($8.50 million), up from 3.92 billion rupees ($3.92 million) in the previous year. This growth in revenue comes amid increased operational efficiency and market expansion. The company's cost of services also saw a similar rise, reaching 7.10 billion rupees ($7.10 million).
Operating profits soared to 884.24 million rupees ($0.88 million), a marked improvement from 803.17 million rupees ($0.80 million) in 2023. The profit before taxation followed suit, increasing from 214.97 million rupees ($0.21 million) to 386.90 million rupees ($0.39 million). After accounting for taxes, the net profit attributable to the owners of the holding company was 238.81 million rupees ($0.24 million), up from 185.51 million rupees ($0.19 million) last year.
Earnings per share for the company have also risen, moving from 1.50 rupees per share in 2023 to 1.93 rupees per share in 2024, which reflects the company's strong financial performance and operational efficiency.
Furthermore, Supernet confirmed that there would be no distribution of cash dividends, bonus shares, or right shares this year, emphasizing reinvestment and growth strategies. The annual general meeting is scheduled for October 28, 2024, at the Crowne Plaza Hotel in Islamabad, where shareholders will likely discuss the company’s future strategies and governance.
Supernet’s management has expressed satisfaction with the financial outcomes, which they attribute to strategic planning and robust market demand. The complete financial results will be available on PUCARS, the corporate announcement platform, at least 21 days before the upcoming annual general meeting.