KSB Pumps Company Limited Announces No Dividend for Fiscal Year 2023

Lahore, In a recent board meeting on March 14, 2024, KSB Pumps Company Limited declared no cash dividend for the fiscal year ending December 31, 2023. The decision comes as the company presents its financial results for the year.

For the year concluded on December 31, 2023, KSB Pumps reported a significant increase in sales, reaching Rs. 5,755,039,000, up from Rs. 4,965,061,000 in 2022. Despite higher sales, the cost of goods sold also rose to Rs. 4,581,410,000 from Rs. 4,190,313,000 the previous year. After accounting for administrative, selling, and general expenses, which themselves saw an increase to Rs. 880,295,000 from Rs. 616,875,000, the operating profit stood at Rs. 293,334,000, nearly double the Rs. 157,873,000 reported in 2022.

Other income for the company decreased to Rs. 91,187,000 in 2023 from Rs. 169,660,000 in the preceding year. With a financial cost of Rs. 372,267,000 in 2023, up from Rs. 254,342,000 in 2022, the profit before taxation was significantly lower at Rs. 12,254,000, compared to Rs. 73,191,000 in the prior year. After making provisions for taxation, the net profit after tax for 2023 was a mere Rs. 843,000, down from Rs. 43,342,000 in 2022. The company also reported an other comprehensive income of Rs. 1,868,000 for the year, an improvement from a loss of Rs. 7,029,000 in 2022.

The earnings per share for the year were calculated at Rs. 0.06, a stark decrease from Rs. 3.28 in 2022. The Annual General Meeting is scheduled for April 23, 2024, in Lahore with the company’s Shares Transfer Book remaining closed from February 16 to April 23, 2024. The annual report will be made available through PUCARS at least 21 days before the AGM.