Baluchistan Wheels Limited Announces Robust Year-End Financial Results and Final Dividend

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Karachi: Baluchistan Wheels Limited disclosed its financial results for the year ended June 30, 2024. The company convened its Board of Directors meeting at Karachi Gymkhana on August 19, 2024, where it declared a final cash dividend and provided details on its financial performance.

The company announced a final cash dividend of Rs.3.00 per share, amounting to a 30% payout. This follows the interim dividends previously disbursed at Rs.10 per share, totaling a 100% payout for the year. Despite not issuing any bonus shares or rights shares, the company demonstrated significant financial growth as reflected in its annual financial statements.

According to information available from the Pakistan Stock Exchange (PSX), Baluchistan Wheels Limited has shown substantial improvements in its financial health over the past year. The turnover reached Rs.2.17 billion, up from Rs.1.68 billion in the previous year. The company’s cost of sales was Rs.1.71 billion, resulting in a gross profit of Rs.468.53 million, a considerable increase from Rs.325.93 million in 2023.

Administrative expenses for the year amounted to Rs.155.26 million, while selling and distribution expenses totaled Rs.84.31 million. After accounting for other incomes and expenses, the operating profit stood at Rs.355.65 million, a significant improvement from Rs.207.31 million in the prior year.

The profit before taxation was reported at Rs.350.09 million, with net profit after tax amounting to Rs.240.67 million, leading to an earnings per share increase to Rs.18.05 from Rs.10.23 in 2023.

The Annual General Meeting (AGM) is scheduled for September 21, 2024, in Baluchistan. The entitlements will be awarded to shareholders listed in the Register of Members as of September 12, 2024. The company’s Share Transfer Books will be closed from September 13 to September 21, 2024, to facilitate the processing of transfers.

The annual report will be distributed through PUCARS at least 21 days before the AGM, ensuring shareholders are well-informed of the company’s operations and financial status ahead of the meeting.

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