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Lahore, Octopus Digital Limited has disclosed its financial outcomes for the year ending 31 December 2023, revealing no distribution of cash dividends, bonus shares, rights shares, or any other entitlements to its shareholders. The announcement was made following a board meeting held on Wednesday, 03 April 2024, which was conducted in Lahore and online.
The company’s standalone revenue for the year was reported at 903,118 thousand rupees, up from 687,010 thousand rupees in 2022, indicating a significant increase. However, the cost of revenue also rose to 397,655 thousand rupees from 309,422 thousand rupees the previous year. Despite higher costs, Octopus Digital achieved a gross profit of 505,463 thousand rupees, compared to 377,588 thousand rupees in 2022.
Operating expenses, including administrative and selling expenses, totaled 313,852 thousand rupees, up from 203,820 thousand rupees in the previous year. Nevertheless, the company managed to post a profit before taxation of 523,066 thousand rupees, an increase from 430,171 thousand rupees in 2022. The net profit after taxation stood at 515,808 thousand rupees, compared to 405,063 thousand rupees the previous year, with earnings per share increasing to 3.49 from 2.74.
On a consolidated basis, Octopus Digital reported a revenue of 919,672 thousand rupees for 2023, against 687,010 thousand rupees in 2022. The gross profit, however, slightly decreased to 373,591 thousand rupees from 377,588 thousand rupees. The company’s consolidated net profit after taxation was 373,412 thousand rupees, slightly below the previous year’s 405,063 thousand rupees, with basic earnings per share at 2.52, down from 2.74.
The Annual General Meeting (AGM) of Octopus Digital is scheduled for Monday, 29 April 2024, at 10:00 A.M. in Lahore. The company has announced that its share transfer books will be closed from 22 April 2024 to 29 April 2024, for the purpose of the AGM. Share transfers received in order by the close of business on 19 April 2024 will be considered for the purpose of attending and voting.