Mughal Iron and Steel Industries Limited Announces Final Cash Dividend of Rs. 3.20 per Share for FY 2023

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Lahore, Mughal Iron and Steel Industries Limited (MISIL) held its Board of Directors meeting on September 22, 2023, in Lahore, where they approved the audited financial statements for the fiscal year ending June 30, 2023. The board also recommended a final cash dividend of Rs. 3.20 per share, equivalent to 32% for the year.

The audited financial statements for the year ending June 30, 2023, revealed that MISIL achieved a net sales figure of Rs. 67,390,170,763, showing a positive trend compared to the previous fiscal year’s net sales of Rs. 66,152,807,655. The company’s gross profit for the year amounted to Rs. 9,671,027,890, slightly lower than the previous year’s figure of Rs. 10,127,887,579.

Expenses for sales and marketing decreased from Rs. 245,614,961 in 2022 to Rs. 155,129,806 in 2023. Administrative expenses also showed a reduction from Rs. 704,940,843 in the previous year to Rs. 682,086,170 in 2023. The company reported other charges of Rs. 353,845,442 and made an allowance for expected credit losses of Rs. 34,444,853. Furthermore, MISIL generated other income amounting to Rs. 324,057,598.

Despite higher finance costs of Rs. 4,423,182,001 compared to Rs. 2,622,145,797 in 2022, MISIL posted a profit before taxation of Rs. 4,346,397,216 for the fiscal year ending June 30, 2023. After accounting for taxation, the company reported a profit of Rs. 3,480,484,791 for the year.

Additionally, the company disclosed other comprehensive income, including remeasurement gains and losses on defined benefit obligations, impairment losses recognized on reclassification from property, plant, and equipment, and revaluation surpluses on property, plant, and equipment.

As part of its recommendations, the Board of Directors of MISIL announced a final cash dividend of Rs. 3.20 per share for the year ending June 30, 2023, representing 32% of the share’s value. Furthermore, the Board stated that there would be no bonus shares or right shares issued.

In light of these developments, MISIL announced that its Annual General Meeting for the year would be held on October 28, 2023, in Lahore. The company’s share transfer books will remain closed from October 19, 2023, to October 28, 2023, during which period physical transfers and Central Depository System (CDS) Transaction IDs received in order by the Company’s Share Registrar, M/s. THK Associates (Private) Limited, will be considered for entitlement to dividends and participation in the Annual General Meeting.

MISIL also assured its shareholders that the Annual Report of the Company would be transmitted through PUCARS at least 21 days before the Annual General Meeting, in accordance with regulatory requirements.

With the positive financial performance and the announcement of a significant cash dividend, shareholders of Mughal Iron and Steel Industries Limited can look forward to promising returns as the company continues its operations and expansion strategies.

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