Mughal Iron and Steel Announces Financial Results for Fiscal Year 2024 with AGM Scheduled in October

Lahore: In a recent board meeting held by Mughal Iron and Steel Industries Limited, the company reviewed and approved its audited financial statements for the fiscal year ending June 30, 2024. The meeting took place on September 20, 2024, in Lahore, where no dividends, bonus shares, or rights shares were declared for the shareholders.

According to information available from the Pakistan Stock Exchange (PSX), the company reported gross sales of PKR 105.55 billion for the year, an increase from last year’s PKR 76.49 billion. After accounting for sales tax, net sales stood at approximately PKR 92.38 billion. Despite higher gross profits, the company faced significant finance costs amounting to PKR 6.36 billion, leading to a pre-tax loss of PKR 89.86 million. However, due to tax reversals, the final reported profit for the year was PKR 2.00 billion, down from PKR 3.48 billion the previous year.

The Annual General Meeting (AGM) is scheduled for October 26, 2024, at Lahore. Share transfer books will be closed from October 17 to October 26, 2024, to determine shareholder eligibility for AGM participation.

Further corporate details and financial disclosures, including the Annual Report, will be made available through the Pakistan Unified Corporate Annual Report System (PUCARS) at least three weeks before the AGM as mandated by regulations.

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