Karachi, The Board of Directors of International Knitwear Limited, in their meeting held today in Karachi, has announced their recommendations for the fiscal year ended June 30, 2023.
Cash Dividend: The company has recommended a final cash dividend of Rs. 1.00 per ordinary share of Rs. 10.00 each, amounting to 10.00% for the year ended June 30, 2023.
Bonus Shares: There are no bonus shares recommended for distribution.
Right Shares: There are no right shares recommended for issuance.
These recommendations have been made under Section 199 of the Company Act, 2017, and are now subject to approval by the shareholders.
Annual General Meeting: The 33rd Annual General Meeting of International Knitwear Limited is scheduled to take place on October 27, 2023, in Karachi.
Book Closure: Shareholders are hereby informed that the shares transfer books of the company will be closed from October 21, 2023, to October 27, 2023, both days inclusive.
Financial Results for the year ended June 30, 2023:
Net Sales for 2023 amounted to Rs. 611,489,441, as compared to Rs. 670,262,761 in 2022.
Gross profit for 2023 stood at Rs. 80,705,713, showing an increase from Rs. 59,741,166 in 2022.
Profit before taxation for 2023 reached Rs. 37,130,960, a significant rise from Rs. 27,585,414 in the previous year.
After taxation, the company reported a profit of Rs. 22,073,905 for 2023, which is nearly on par with the previous year’s profit of Rs. 22,084,733.
The earnings per share (EPS) for both basic and diluted shares remained stable at Rs. 2.28.
International Knitwear Limited continues to demonstrate financial stability and growth, with the board’s recommendation of a cash dividend being a positive development for its shareholders. Shareholders are encouraged to participate in the upcoming Annual General Meeting to discuss these recommendations and the company’s performance over the past fiscal year.
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