Indus Dyeing and Manufacturing Reports Mixed Financial Results for FY 2024

Karachi: Indus Dyeing & Manufacturing Co. Limited reported mixed financial results for the fiscal year ended June 30, 2024, with significant differences between its consolidated and unconsolidated financial statements. The company’s Board of Directors disclosed these results following a meeting on October 4, 2024.

According to information available from the Pakistan Stock Exchange (PSX), the company reported a consolidated profit of 532.65 million Rupees for the year, showing a strong recovery compared to the previous year’s profit of 1.99 billion Rupees. The revenue stood at 105.64 billion Rupees, up from 81.65 billion Rupees reported in 2023. This increase in revenue was partly offset by higher distribution costs and administrative expenses which totaled 1.81 billion and 1.11 billion Rupees, respectively.

In contrast, the unconsolidated financial results showed a loss of 416.40 million Rupees before taxation, a stark difference from the 685.79 million Rupees profit in 2023. The revenue from contracts with customers was 57.78 billion Rupees, with a cost of goods sold that pushed the gross profit down to 4.08 billion Rupees.

The company’s earnings per share on a consolidated basis improved significantly, rising to 9.82 Rupees from 36.74 Rupees in the previous year. However, the unconsolidated earnings per share fell drastically to 1.35 Rupees compared to 13.06 Rupees a year earlier.

The Board of Directors also declared no cash dividend for the year, and the company’s share transfer books will remain closed from October 22, 2024, to October 28, 2024, for the upcoming annual general meeting scheduled for October 28, 2024, at the company’s Karachi office. The annual report will be transmitted to shareholders at least 21 days before the meeting.