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Lahore: In a significant financial announcement, Crescent Steel and Allied Products Limited disclosed robust unconsolidated and consolidated financial results for the fiscal year ending June 30, 2024, during their board meeting on August 7. According to information available from the Pakistan Stock Exchange (PSX), the Company has proposed a final cash dividend of Rs. 3.50 per share, marking a total annual dividend of 55% when combined with the earlier interim dividend. This reward to shareholders is contingent on approval at the upcoming Annual General Meeting scheduled for October 28, 2024, in Lahore.
The sales revenue noted a remarkable increase from Rs. 5.28 billion in 2023 to Rs. 10.75 billion in 2024, more than doubling the figures from the previous year. After accounting for sales tax and cost of sales, Crescent Steel posted a gross profit of Rs. 2.64 billion, up significantly from Rs. 776 million in 2023.
Net income from investments also saw a substantial rise, reaching Rs. 1.07 billion, compared to Rs. 208 million in the preceding year. Despite the higher operating expenses, which summed up to Rs. 865 million, the operating profit surged to Rs. 3.02 billion from a modest Rs. 594 million in 2023.
After accounting for finance costs and taxes, the profit for the year stood at Rs. 1.61 billion, a substantial increase from Rs. 177 million reported last year. The basic and diluted earnings per share also escalated dramatically to Rs. 20.69 from Rs. 2.28.
On the consolidated front, Crescent Steel reported a total sales revenue identical to the unconsolidated figures, with the profit for the year amounting to Rs. 1.27 billion. The consolidated net income figures also included a significant contribution from equity accounted investees, amounting to Rs. 421 million.
The comprehensive income for the year, including other comprehensive income adjustments, was reported at Rs. 1.75 billion unconsolidated and Rs. 1.42 billion consolidated.
Book closure dates are scheduled from October 18 to October 28, 2024, with October 17 as the cut-off for dividend entitlement. This financial closure will precede the Annual General Meeting, where shareholders are expected to vote on the proposed dividend distribution and review the annual report transmitted through PUCARS.
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