Dawood Hercules Announces Dividend and Reports Disposal of Thermal Energy Assets

Karachi: Dawood Hercules Corporation Limited has announced financial results for the second quarter and first half of 2024, along with a declaration of a cash dividend and a significant divestment involving its thermal energy assets. According to information available from the Pakistan Stock Exchange (PSX), the Board of Directors approved these decisions on August 23, 2024.

For the quarter ending June 30, 2024, Dawood Hercules declared an interim cash dividend of Rs. 3 per share, amounting to a 30% payout. This follows an earlier interim dividend of Rs. 5 per share or 50%, reflecting robust financial health and confidence in ongoing operations.

In a major strategic move, Engro Corporation Limited, under the umbrella of Dawood Hercules, has divested its entire shareholding in EPQL, EPTL, and SECMC. These transactions, handled by Liberty Power Holding Pvt. Limited among others, adhere to the International Financial Reporting Standard 5, indicating these operations as discontinued in the 2024 consolidated financial statements.

The financial performance for the period highlighted a profit after taxation of 3.83 billion Rupees from unconsolidated operations, a dip from the previous year’s 6.22 billion Rupees. Consolidated figures from continuing operations tell a similar story, with a profit of 3.27 billion Rupees, significantly lower than the 10.67 billion Rupees recorded last year, reflecting challenges and adjustments in strategic operations.

Additionally, the company has scheduled the closure of its Share Transfer Books from September 6 to September 7, 2024, to facilitate the processing of the declared dividend. Shareholders registered by the end of business on September 5, 2024, will be eligible for the dividend payout.

The comprehensive details of the company’s financial activities, including profits from discontinued operations and adjustments in various expense categories, are documented in Annexures A and B of the un-audited financial statements.

The post Dawood Hercules Announces Dividend and Reports Disposal of Thermal Energy Assets appeared first on .