Nimir Resins Limited Declares 10% Cash Dividend Amidst Challenging Financial Year

Lahore: The Board of Directors of Nimir Resins Limited, meeting on September 18, 2024, in Lahore, resolved to distribute a cash dividend of 10%, equivalent to Re. 1 per share, for the fiscal year ending June 30, 2024. This decision was reached following a review of the company’s audited financial statements, which noted a decrease in net profit despite maintaining solid revenue streams.

According to information available from the Pakistan Stock Exchange (PSX), Nimir Resins Limited reported a total revenue of Rs. 10.18 billion for 2024, down from Rs. 11.06 billion in the previous year. After accounting for sales tax, net sales stood at Rs. 8.58 billion, compared to Rs. 9.37 billion in 2023.

The cost of sales saw a slight reduction, tallying Rs. 7.42 billion, which helped in achieving a gross profit of Rs. 1.17 billion, slightly less than Rs. 1.21 billion reported last year. However, increased distribution costs and a notable rise in administrative expenses, from Rs. 98.70 million to Rs. 141.04 million, impacted the operational profitability.

Operating profit for the year was calculated at Rs. 887.49 million, a decrease from Rs. 992.38 million in 2023. This downturn continued through the financial outlines, with finance costs escalating to Rs. 444.96 million, further eroding earnings.

Pre-tax profits were reported at Rs. 434.79 million, down from Rs. 575.91 million a year earlier, and after provisioning for taxes, the net profit for 2024 stood at Rs. 270.38 million, a decrease from the previous year’s Rs. 385.87 million. Consequently, earnings per share also dropped to Rs. 1.91 from Rs. 2.73.

The company has scheduled its 60th Annual General Meeting for October 26, 2024, in Lahore. Share transfer books will be closed from October 20 to October 26, 2024, with entitlements to attend and vote at the AGM based on shares held at the close of business on October 18, 2024.

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