Loads Limited Reports Annual Financial Results

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Karachi: Financial Results for the Year Ended June 30, 2024

In a recent board meeting at Karachi on September 18, 2024, Loads Limited reviewed its financial outcomes for the fiscal year concluding on June 30, 2024. The Board of Directors announced a lack of dividends and share bonuses, maintaining a cautious approach in the face of operational outcomes.

Revenue for the year registered at PKR 4,490.36 million, a slight decrease from the previous year’s PKR 4,493.83 million. Despite the reduced revenue, the company managed to decrease its cost of sales to PKR 3,611.84 million from PKR 3,761.96 million, leading to a gross profit of PKR 878.52 million compared to PKR 732.88 million last year.

According to information available from the Pakistan Stock Exchange (PSX), administrative, selling, and general expenses were reported at PKR 257.08 million, contributing to an operating profit of PKR 884.28 million, a significant recovery from last year’s operating loss of PKR 1,173.85 million. The improvement in operating profit was further supported by other income totaling PKR 1,815.59 million, largely offsetting the increased finance costs which amounted to PKR 627.58 million.

Profit before income taxes was recorded at PKR 256.70 million, a dramatic improvement from the previous year’s loss of PKR 1,772.18 million. Income taxes for the period were favorable, contributing to a net profit of PKR 826.59 million, a stark contrast to last year’s loss of PKR 1,255.67 million. Earnings per share stood at PKR 3.29, recovering from a loss of PKR 5.00 per share in the preceding year.

The board has also announced that Mr. Munir K. Bana will replace Mr. M. Mohtashim Aftab as a member of the Board Audit Committee. Additionally, the Annual General Meeting is scheduled for October 24, 2024, at 10:00 am in Karachi, with the Share Transfer Books to be closed from October 17, 2024, to October 24, 2024.

The annual report will be available through PUCAR 21 days before the AGM, providing shareholders with detailed financial statements and operational insights for the year.

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