International Packaging Films Limited Reports Year-End Financials with No Dividends or Share Actions

Karachi: International Packaging Films Limited has disclosed its financial results for the year ended June 30, 2024, in a board meeting held on September 10, 2024. According to information available from the Pakistan Stock Exchange (PSX), the company has declared no cash dividends, bonus shares, right shares, or any other entitlements or corporate actions for the period, reflecting a conservative approach in its current financial strategy.

The financial outcomes, as noted in the consolidated and unconsolidated statements (Annexures I and II), present a nuanced picture of the company’s fiscal health. The unconsolidated statement shows a gross profit of PKR 3,891,741,000 from revenues of PKR 17,088,885,000 for 2024, with a notable decrease in profits after taxation to PKR 1,137,513,000, compared to PKR 2,082,046,000 in 2023. This year’s earnings per share also dipped to PKR 1.79 from PKR 3.58.

In the consolidated statement, the company faced a deferred tax charge of PKR 1,850,743,300 due to major capitalization in its unlisted subsidiaries, Global Packaging Films (Private) Limited and Petpak Films (Private) Limited. Excluding this tax charge, the consolidated profit after tax would have been PKR 1,147,893,254, with PKR 1,419,477,153 attributable to the owners of the holding company. However, the consolidated statement recorded a net loss for the year of PKR 702,850,000, a stark contrast to the profit of PKR 1,887,657,000 in the previous year.

The Annual General Meeting is set for October 23, 2024, in Karachi, with the Share Transfer Books closed from October 17 to October 23, 2024. The Annual Report will be distributed via PUCARS at least 21 days prior to the AGM.