Fast Cables Limited Announces Modest Dividend Amid Financial Growth

Lahore: Fast Cables Limited (PSX: FCL) has declared a final cash dividend for the fiscal year ended June 30, 2024, as part of its annual financial disclosures. The Lahore-based company’s board, convening on September 18, 2024, approved a distribution of Rs. 1.25 per share, which translates to a 12.5% dividend.

According to information available from the Pakistan Stock Exchange (PSX), the company’s financial performance saw an increase in net profits, despite rising costs associated with distribution and administration. Fast Cables posted a revenue of Rs. 36.02 billion for 2024, up from Rs. 32.86 billion the previous year. The cost of revenue also rose, reaching Rs. 29.29 billion compared to Rs. 26.96 billion in 2023, resulting in a gross profit of Rs. 6.73 billion, an increase from Rs. 5.89 billion.

The board recommended no issuance of bonus or right shares, maintaining a focus on direct shareholder returns via dividends. The statement of profit or loss attached as an annexure detailed the operational financial dynamics, including a net profit of Rs. 1.89 billion for the year, up from Rs. 1.74 billion in 2023.

Earnings per share also saw a slight increase, moving from Rs. 3.47 in 2023 to Rs. 3.68 in 2024. The company managed to lower other operating expenses, which decreased from Rs. 549,618 thousand to Rs. 508,391 thousand, while finance costs rose significantly from Rs. 1.04 billion to Rs. 1.36 billion.

The Annual General Meeting (AGM) is scheduled for October 28, 2024, in Lahore, where shareholders will vote on the proposed dividend. Shareholders listed in the Register of Members as of October 21, 2024, will be eligible for the dividend. The company’s Share Transfer Books will remain closed from October 22 to October 27, 2024, to facilitate the dividend processing.

Fast Cables will transmit its annual report electronically and through PUCARS, ensuring TRE Certificate holders and shareholders are well-informed ahead of the AGM.

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