Ellcot Spinning Mills to Hold 36th Annual General Meeting in Lahore

Lahore: Ellcot Spinning Mills Limited, a member of the Nagina Group, is set to hold its 36th Annual General Meeting (AGM) at Lahore, on October 28, 2024. According to the company’s official announcement, the meeting will be conducted both in person and virtually through a video conference facility, allowing for broader shareholder participation.

Key items on the agenda include the ratification and approval of transactions with related parties for the fiscal year ending June 30, 2024. The Board of Directors will also seek authorization to approve related party transactions for the upcoming fiscal year. Ellcot Spinning Mills Limited, in compliance with Section 134(3) of the Companies Act, 2017, will place these transactions before shareholders for formal ratification.

The financial statements for the fiscal year 2023-24 reflect a challenging business environment. The company reported a post-tax profit of Rs. 152.98 million, which represents 0.99% of total sales, compared to Rs. 419.74 million, or 3.43%, for the previous fiscal year. Despite significant increases in power tariffs and a downturn in the yarn market, Ellcot Spinning Mills Limited managed to remain profitable. According to information available from the Pakistan Stock Exchange (PSX), the company’s sales revenue increased by 26.89% to Rs. 15.51 billion, compared to Rs. 12.22 billion for the previous fiscal year.

The AGM will also seek the approval of a final cash dividend of Rs. 5.00 per share (50%) for the fiscal year ending June 30, 2024, as recommended by the Board of Directors. The dividend amounts to Rs. 54.75 million. Additionally, shareholders will vote on the appointment of external auditors for the fiscal year ending June 30, 2025.

In compliance with the Companies (Postal Ballot) Regulations, 2018, shareholders will be able to vote via postal ballot or through e-voting, with the facility commencing on October 24, 2024, and closing on October 27, 2024.