Bestway Cement Limited Announces Interim Cash Dividend and Quarterly Financial Results

Karachi: Bestway Cement Limited reported a substantial increase in its quarterly financial performance and declared an interim cash dividend, as per the latest filings with the Pakistan Stock Exchange. The announcement was made following a board meeting on October 23, 2024, detailing the financial results for the quarter ended September 30, 2024.

The company declared an interim cash dividend of 80% at Rs. 8 per share. No new bonus or right shares were issued. According to information available from the Pakistan Stock Exchange (PSX), the financial details provided showed a marked improvement in profitability and operational efficiency compared to the same quarter the previous year.

For the quarter, Bestway Cement Limited posted a gross turnover of Rs. 38.16 billion, up from Rs. 36.23 billion during the corresponding period in 2023. After accounting for rebates, discounts, and taxes, the net turnover stood at Rs. 24.80 billion, compared to Rs. 25.86 billion a year ago. The company achieved a gross profit of Rs. 8.12 billion, higher than the Rs. 7.17 billion recorded last year.

The operational profit for the quarter was reported at Rs. 6.91 billion, an increase from Rs. 6.31 billion in the previous year. This was achieved despite a rise in administrative and distribution expenses. The net finance cost for the quarter was Rs. 2.45 billion, while the company also reported a share of profit of Rs. 1.53 billion from equity-accounted investees.

Profit before tax for the quarter was Rs. 6.15 billion, and the company achieved a net profit of Rs. 4.06 billion, resulting in earnings per share of Rs. 6.81, up from Rs. 5.16 in the same quarter the previous year.

Shareholders registered by November 4, 2024, will be eligible for the dividend, which is scheduled for disbursement following the closure of the company’s transfer books from November 5 to 7, 2024. The financial performance reflects Bestway Cement’s sustained growth and robust operational strategy in a competitive market.

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