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Karachi, Gul Ahmed Textile Mills Limited, one of the leading textile companies, held its Board of Directors meeting on September 25, 2023, at Karachi and through a video link. During the meeting, the Board made several significant recommendations concerning dividends, reserves, and financial results for the fiscal year 2023.
Recommendations by the Board of Directors:
1. Cash Dividend: The Board of Directors has recommended a cash dividend of NIL for the fiscal year 2023.
2. Bonus Shares: Similarly, the recommendation for bonus shares stands at NIL.
3. Right Shares: The Board has also proposed NIL right shares for the shareholders.
4. Any Other Entitlement/Corporate Action: There are no recommendations for any other entitlement or corporate action.
5. Any Other Price-Sensitive Information: The Board discussed the utilization of unappropriated profits and reclassification of reserves.
The Board deliberated on the company’s expansion and diversification strategy, which has led to significant investments enhancing enterprise value for shareholders over the years. Due to these strategic investments, the unappropriated profits of the company have been utilized and are not entirely available for distribution as dividends.
As a result, the Board decided to reclassify a sum of PKR 23 billion from the revenue reserves to separate capital reserves. These capital reserves are undistributable by way of dividend and more accurately reflect the nature of these reserves.
Financial Results:
The audited financial results of Gul Ahmed Textile Mills Limited for the fiscal year ended June 30, 2023, are as follows:
Consolidated Profit and Loss Account:
Sales (net): PKR 138,926,684,000
Cost of Sales: PKR 110,746,798,000
Gross Profit: PKR 28,179,886,000
Operating Profit: PKR 14,689,914,000
Profit before Taxation: PKR 13,489,972,000
Taxation: PKR 821,871,000
Profit after Taxation: PKR 7,315,542,000
Earnings per share (Basic and diluted): PKR 6.62
Separate Profit and Loss Account:
Sales (net): PKR 111,967,612,000
Cost of Sales: PKR 95,288,630,000
Gross Profit: PKR 16,678,982,000
Operating Profit: PKR 10,617,523,000
Profit before Taxation: PKR 679,374,000
Taxation: PKR 5,347,543,000
Profit after Taxation: PKR 5,949,354,000
Earnings per share (Basic and diluted): PKR 5.39
Annual General Meeting:
The Annual General Meeting (AGM) of Gul Ahmed Textile Mills Limited is scheduled to be held on October 27, 2023, in Karachi and through a video link. During the AGM, shareholders will have the opportunity to review and discuss the company’s financial performance, future prospects, and other relevant matters.
Book Closure:
Shareholders are advised that the share transfer books of the company will be closed from October 20, 2023, to October 27, 2023, inclusive of both days. This book closure period will be used for the purpose of attending the Annual General Meeting.
Gul Ahmed Textile Mills Limited’s strategic focus on value creation and prudent financial management reflects its commitment to long-term sustainability and growth. Shareholders and stakeholders are eagerly anticipating the AGM to gain further insights into the company’s strategic direction and financial performance.
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