Descon Oxychem Limited Reports No Dividends or Share Distribution for Q1 2024

Karachi, Descon Oxychem Limited announced that its Board of Directors, in a meeting held on April 17, 2024, decided against distributing any cash dividends, bonus shares, or right shares for the period ending March 31, 2024. The company’s unconsolidated and consolidated financial results were also approved during the meeting and are detailed in Annexures “A” and “B”.

The financial performance for the first quarter shows a gross profit of PKR 244,195 thousand, a decrease from the PKR 566,544 thousand reported in the same period last year. Sales decreased to PKR 1,443,470 thousand from PKR 1,699,937 thousand in the previous year. The company’s profit after taxation stood at PKR 120,473 thousand, down from PKR 293,086 thousand reported in March 2023. The earnings per share also dropped to PKR 0.69 from PKR 1.67.

The company’s nine-month performance mirrored this trend, with sales totaling PKR 4,342,915 thousand compared to PKR 5,182,648 thousand in the previous year. The profit after taxation for the nine-month period was PKR 386,421 thousand, significantly lower than the PKR 1,300,899 thousand reported last year. The earnings per share for this period were PKR 2.21, compared to PKR 7.43 the previous year.

Descon Oxychem has announced that the Quarterly Report will be transmitted separately through PUCARS within the specified timeframe.