Karachi: Gadoon Textile Mills Limited disclosed its financial outcomes for the fiscal year ended June 30, 2024, during the Board of Directors meeting on August 6, 2024, at Muhammad Ali Society, Karachi. The company reported no new cash dividends or issuance of bonus and right shares for the year.
According to information available from the Pakistan Stock Exchange (PSX), the Board of Directors decided against issuing any final cash dividend, maintaining the interim dividend rate at nil, reflecting the same position for bonus shares and rights issuance. The financial statements indicate a year of cautious financial management amid varying market conditions.
The company recorded a net sales total of Rs. 72,723.982 million for the year 2024, up from Rs. 57,997.240 million in 2023. Despite the increase in sales, the cost of sales also rose, resulting in a gross profit of Rs. 5,017.444 million, down from Rs. 6,167.845 million the previous year.
Operating expenses and other costs impacted the bottom line, with the company’s profit before taxation standing at Rs. 794.548 million, a decrease from Rs. 3,291.867 million reported in 2023. The earnings per share also saw a significant decline to Rs. 28.35 from Rs. 117.44.
The Annual General Meeting is scheduled for September 26, 2024, at the Gadoon Amazai Industrial Estate, Swabi, where shareholders will deliberate on these results and the company’s future strategies. Share Transfer Books will be closed from September 19 to September 26, 2024, to finalize entitlements.
The detailed annual report for Gadoon Textile Mills will be distributed through PUCARS within the stipulated time frame, ensuring compliance and transparency as per regulatory requirements.
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