Karachi, In a pivotal decision, Shahtaj Textile Limited’s Board of Directors, in their meeting held on September 21, 2023, have proposed a substantial cash dividend of 65%, equivalent to Rs. 6.50 per share. This move reflects the company’s commitment to rewarding its shareholders for their trust and investment.

The final financial results for the year 2023 are as follows:

Sales: The company reported net sales of Rs. 8,085,182, marking a significant increase compared to the previous year’s Rs. 7,455,486.

Gross Profit: Despite increased sales, the cost of goods sold amounted to Rs. 7,444,245. Consequently, the gross profit for the year stood at Rs. 640,937, showing resilience amid market challenges.

Operating Expenses: Distribution expenses were recorded at Rs. 102,928, while administrative expenses and other operating expenses were Rs. 142,133 and Rs. 20,102, respectively.

Finance Costs: The company incurred finance costs of Rs. 214,342, compared to Rs. 86,455 in the previous year.

Profit Before Taxation: Shahtaj Textile Limited reported a profit before taxation of Rs. 237,155 in 2023, down from Rs. 401,726 in 2022.

Profit After Taxation: After accounting for taxation of Rs. 84,137, the company achieved a net profit of Rs. 153,018 for the year 2023, as opposed to Rs. 300,049 in the preceding fiscal year.

The earnings per share (EPS) for the year have been calculated at Rs. 15.84, representing a decrease from the previous year’s EPS of Rs. 31.06.

The Board’s decision to recommend a cash dividend of 65% underscores Shahtaj Textile Limited’s commitment to sharing its success with its shareholders. This dividend distribution reflects the company’s confidence in its financial stability and future prospects.

Shareholders and stakeholders are encouraged to stay informed about the company’s financial performance and participate actively in the decision-making process. The proposed cash dividend is expected to provide a significant return on investment for shareholders.

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