Karachi: United Brands Limited has released its financial results for the year ended June 30, 2024, revealing a comprehensive loss both on unconsolidated and consolidated bases. The disclosure was made to the Pakistan Stock Exchange and highlights a challenging fiscal year for the company.

On an unconsolidated level, the company reported revenues of 1.12 billion rupees for 2024, down from 1.35 billion in 2023. The cost of sales saw a reduction, resulting in a gross profit of 195.48 million rupees, slightly down from 200.35 million rupees the previous year. Despite reductions in other operating expenses, United Brands posted an overall net loss of 58.99 million rupees for the year, improved from a loss of 98.28 million rupees in 2023.

According to information available from the Pakistan Stock Exchange (PSX), on the consolidated front, the revenue for 2024 was reported at 2.43 billion rupees, compared to 2.53 billion rupees in 2023. The consolidated statements also showed a net loss of 45.92 million rupees, a decrease from the loss of 101.26 million rupees in the previous year. The decrease in losses was not sufficient to offset the negative impacts of higher operating and finance costs which increased across the board.

United Brands announced that there would be no dividends, bonus shares, or rights issues, reflecting its financial prudence in a challenging economic environment. The company also scheduled its Annual General Meeting for October 28, 2024, in Karachi, where shareholders are expected to discuss these results and the future outlook.

Furthermore, the share transfer books of the company will remain closed from October 22 to October 28, 2024, to facilitate administrative processes. The annual report of the company will be transmitted to shareholders at least three weeks prior to the Annual General Meeting, in compliance with regulatory requirements.