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Karachi, Merit Packaging Limited, a leading name in the packaging industry, has announced a significant development following its Board of Directors meeting held on August 31, 2023. During the meeting, the Board considered and approved the audited financial statements of the company for the fiscal year ending on June 30, 2023.
The approval of the audited financial statements represents a crucial step in ensuring transparency and accountability within the organization. It allows shareholders and stakeholders to gain a comprehensive view of Merit Packaging Limited’s financial performance, highlighting its strengths and areas of focus.
Furthermore, Merit Packaging Limited has announced that its Annual General Meeting (AGM) is scheduled to take place on October 19, 2023, in Karachi. The AGM serves as a vital platform for shareholders to engage with the company’s management, discuss key developments, and participate in decision-making processes.
In preparation for the AGM, the Share Transfer Books of the Company will remain closed from October 12, 2023, to October 19, 2023, inclusive. This closure period allows for the accurate recording of shareholders eligible to attend and vote at the AGM.
The company has also emphasized its commitment to transparent reporting by ensuring the timely transmission of its Annual Report through the Pakistan Ultimate Centralized Automated Reporting System (PUCARS) at least 21 days before the AGM. This practice enables stakeholders to thoroughly review the company’s performance, governance practices, and future prospects.
As detailed in the audited financial statements, Merit Packaging Limited’s financial results for the year ended June 30, 2023, are as follows:
Revenue: PKR 6,340,623,574
Cost of Sales: PKR (5,849,026,445)
Gross Profit: PKR 491,597,129
General and Administrative Expenses: PKR (109,004,812)
Selling and Distribution Expenses: PKR (87,252,291)
Other Income: PKR 33,312,310
Other Operating Expenses: PKR (49,903,304)
Operating Profit: PKR 278,749,032
Financial Charges: PKR (344,284,711)
Loss before Taxation: PKR (65,535,679)
Taxation: PKR (71,066,264)
Loss for the Year: PKR (136,601,943)
(All figures are in Rupees)
The loss per share, both basic and diluted, for the year stands at (0.68), reflecting the company’s financial performance for the fiscal year 2022-2023.
Merit Packaging Limited’s commitment to open and transparent reporting, as demonstrated through the release of its audited financial statements and the announcement of its AGM, reaffirms its dedication to shareholder engagement and corporate governance. The AGM on October 19, 2023, will provide a platform for shareholders to discuss the company’s performance and future plans with the management.
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