Packages Limited Reports Unchanged Dividends and Share Entitlements; Posts Mixed Financial Results for First Half of 2024

Karachi: Packages Limited, a key player in the packaging industry, held its Board of Directors meeting on August 27, 2024, via Zoom and at its head office, where the financial outcomes for the first half of the year ending June 30, 2024, were discussed. The Board approved the unaudited condensed interim financial statements and confirmed that no changes would be made to cash dividends, bonus shares, right shares, or any other entitlements for shareholders.

According to information available from the Pakistan Stock Exchange (PSX), the company’s unaudited financial statement highlights a fluctuation in profitability with varying performance indicators over the six months ended June 30, 2024. Notably, the company reported a consolidated net revenue of 88.35 billion Rupees for the period, up from 75.91 billion Rupees in the previous year. Despite higher revenues, the consolidated gross profit saw a decrease to 18.61 billion Rupees from 20.32 billion Rupees.

The unconsolidated figures for Packages Limited showed a profit before income tax of 970.19 million Rupees for the first half of 2024, a noticeable improvement from 892.33 million Rupees in 2023. However, profit after tax for the period stood at 819.18 million Rupees, compared to 686.59 million Rupees year-over-year. Basic earnings per share also rose from 6.97 Rupees to 8.45 Rupees.

On the expenses side, the company saw significant increases in both administrative and distribution costs on a consolidated basis, with marketing costs nearly doubling to 4.61 billion Rupees from 2.82 billion Rupees. The finance costs associated with these activities also escalated to 9.10 billion Rupees from 5.90 billion Rupees.

Despite the mixed financial performance, the company maintained a stable policy concerning shareholder dividends and rights, reflecting its prudent financial management during uncertain economic times. The full half-yearly report will be made available on the company’s website and transmitted through PUCARS within the specified timeframe.

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