Century Paper & Board Mills Reports Decline in Annual Profits

Karachi: Century Paper & Board Mills Limited disclosed a decrease in profits for the fiscal year ending June 30, 2024, according to the audited financial results approved by the Board of Directors on August 16, 2024.

The financial overview provided in Annexure ‘A’ indicates that the company’s turnover decreased from 47.66 billion rupees in 2023 to 42.02 billion rupees in 2024. The cost of sales also saw a reduction, contributing to a gross profit of 4.07 billion rupees, down from 4.44 billion rupees the previous year. According to information available from the Pakistan Stock Exchange (PSX), general and administrative expenses rose to 976.71 million rupees, and finance costs were registered at 1.85 billion rupees, significantly impacting the bottom line.

The company’s profit before income tax stood at 963.05 million rupees for 2024, compared to 1.15 billion rupees in 2023. After accounting for income tax, the net profit for the year was recorded at 523.89 million rupees, with earnings per share decreasing from 2.25 rupees to 1.30 rupees.

Notably, the board announced no cash dividend or issuance of bonus shares for the year. The Annual General Meeting is scheduled for October 28, 2024, in Karachi, where shareholders will discuss these results and company strategies moving forward.

The share transfer books of the company will remain closed from October 21 to October 28, 2024, with FAMCO Share Registration Services handling the share transfers up to October 20, ensuring eligibility for meeting attendance.

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