Wah Nobel Chemicals Announces Rs. 10 Per Share Cash Dividend for FY 2023

Business & Finance

Karachi, Wah Nobel Chemicals Limited has announced its recommendations following the Board of Directors' meeting held on September 7, 2023, in Wah Cantt. The board has proposed the following actions:

(i) Cash Dividend: A final cash dividend for the fiscal year ended June 30, 2023, at the rate of Rs. 10 per share, equivalent to 100%. It's worth noting that no interim dividend was paid during the year.

(ii) Bonus Shares: NIL

(iii) Right Shares: NIL

(iv) Any other Entitlement/Corporate Action: NIL

The company's Annual General Meeting (AGM) is scheduled for October 26, 2023, and will be held at the Head Office situated on G.T. Road, Wah Cantt. Shareholders are advised to mark their calendars for this important event.

The entitlements mentioned above will be disbursed to shareholders whose names appear in the Register of Members on October 19, 2023. To facilitate this process, the share transfer books of the company will be closed from October 20, 2023, to October 26, 2023, inclusive.

Additionally, Wah Nobel Chemicals Limited will ensure the timely transmission of its Annual Report through PUCA RS (Public Unlisted Companies Automated Reporting System), providing shareholders with at least 21 days to review the report before the AGM.

The financial statement for the fiscal year ended June 30, 2023, is as follows:

Revenue - net: 4,383,436,397 (2022: 3,309,605,501)

Cost of sales: (3,499,521,193) (2022: (2,851,970,920))

Gross profit: 883,915,204 (2022: 457,634,581)

Administrative and general expenses: (19,861,874) (2022: (16,293,099))

Selling and distribution expenses: (19,819,794) (2022: (14,213,243))

Operating profit: 844,233,536 (2022: 427,128,239)

Finance cost: (92,856,705) (2022: (69,402,373))

Other expenses: (51,011,500) (2022: (24,239,122))

Allowance for expected credit losses: (44,998,984) (2022: (30,737,085))

Other income: 13,390,013 (2022: 10,316,540)

Profit before taxation: 668,756,360 (2022: 313,066,199)

Taxation: (219,525,898) (2022: (103,943,483))

Profit for the year: 449,230,462 (2022: 209,122,716)

Other comprehensive income for the year:

Items that will not be classified to profit or loss:

Gain / (loss) on remeasurement of defined benefit plan: 2,535,624 (2022: (3,217,494))

Related tax impact: 5.1

Other comprehensive (loss) / income for the year - net of tax:

Total comprehensive income for the year: 451,766,086 (2022: 205,905,222)

Earnings per share - basic and diluted (Rupees): 49.91 (2022: 23.24)