Lahore: Suraj Cotton Mills Limited has disclosed its audited financial statements for the fiscal year ended June 30, 2024, during a board meeting held on September 30, 2024, at the company's headquarters in Lahore. The board approved a substantial cash dividend following a significant increase in the company's profitability.

According to information available from the Pakistan Stock Exchange (PSX), the company has announced a cash dividend of PKR 5 per share, amounting to a 50% payout. This decision comes despite the absence of an interim dividend earlier in the financial year.

The audited financial results revealed a notable improvement in the company's earnings, with a profit after taxation of PKR 1,006.42 million, compared to a loss of PKR 412.28 million in the previous year. Revenue from contracts with customers saw a significant rise to PKR 29.74 billion from PKR 18.86 billion, reflecting a robust growth in business operations.

The gross profit increased dramatically to PKR 2.40 billion, up from PKR 458 million the previous year, driven by efficient cost management and an increase in sales volume. Administrative and other expenses were also tightly controlled, contributing to the improved bottom line.

Furthermore, the board has set the annual general meeting for October 28, 2024, at 10:00 A.M. at the corporate head office in Lahore. Shareholders registered by October 21, 2024, will be eligible for the declared dividends, with the share transfer books remaining closed from October 22 to October 28, 2024.

The company plans to distribute the annual report for FY 2024 through PUCARS within the specified timeframe, ensuring compliance with regulatory requirements and maintaining transparency with investors.