Exide Pakistan Announces Strong Financial Results and Dividend for FY 2024

Karachi: Exide Pakistan Limited, in its Board of Directors meeting held on June 29, 2024, at the Registered Office and through Zoom, declared a significant final cash dividend of Rs. 10 per share for the fiscal year ended March 31, 2024. This translates to a payout of 100%, with no additional issuance of bonus or right shares announced.

The meeting highlighted the company’s robust financial performance for the year, showing a marked improvement in profitability and operational efficiency. According to the unconsolidated financial statement for FY 2024, Exide Pakistan reported net sales of Rs. 25,667.60 million, up from Rs. 23,402.18 million in 2023. The gross profit surged to Rs. 4,851.68 million from Rs. 3,362.82 million, reflecting a significant improvement in margins.

Operating profit more than doubled to Rs. 3,012.81 million, compared to Rs. 1,569.66 million in the previous year. The profit after taxation also saw a substantial rise, amounting to Rs. 1,254.62 million, compared to Rs. 754.56 million in 2023, yielding an earnings per share of Rs. 161.50, up from Rs. 97.13.

According to information available from the Pakistan Stock Exchange (PSX), the Annual General Meeting (AGM) is scheduled for July 29, 2024, in Karachi. Shareholders registered by July 22, 2024, will be eligible for the dividend, with the share transfer books remaining closed from July 23 to July 29, 2024.

The company’s consolidated financials echoed the strong performance seen in the unconsolidated report, with total comprehensive income for the year also showing substantial growth. This financial robustness underscores Exide Pakistan’s strategic focus on operational excellence and market expansion.