Amreli Steels Limited Reports Annual Loss with No Dividend Distribution

Karachi: Amreli Steels Limited has reported a net loss for the fiscal year ending June 30, 2024. The company’s financial statements reveal a significant increase in losses compared to the previous year, despite managing to reduce some costs.

On September 23, 2024, the Board of Directors held a meeting in Karachi where it was decided that there would be no distribution of cash dividends, bonus shares, right shares, or any other entitlements for the year. The decision comes in light of the company’s financial results, which showed a net loss of PKR 6.11 billion for the year, up from PKR 0.70 billion in 2023.

According to information available from the Pakistan Stock Exchange (PSX), the detailed financial statement, referred to as Annexure-A, outlines the components of the company’s financial downturn. Sales for the year were reported at PKR 38.78 billion, with costs of sales amounting to PKR 36.37 billion, resulting in a modest gross profit of PKR 2.40 billion. However, high distribution and administrative expenses, along with other costs, led to an operating loss of PKR 130.79 million. Finance costs and additional levies further compounded the losses, culminating in a loss before taxation of PKR 6.11 billion.

Amreli Steels also announced that its Annual General Meeting is scheduled for October 26, 2024, in Karachi. The Share Transfer Books will be closed from October 18 to October 26, 2024, with the cutoff for transfer receipts set at the close of business on October 17, 2024. Additionally, the company’s annual report will be made available on their website and transmitted through PUCARS at least 21 days before the meeting.

This financial performance indicates a challenging period for Amreli Steels, with no immediate relief through corporate actions or price-sensitive information as the company navigates through its financial difficulties.

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