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Karachi: Pakistan Cables Limited has disclosed its audited financial outcomes for the fiscal year ending June 30, 2024, along with the decisions taken during the Board of Directors meeting held on August 16, 2024, at the Arif Habib Center and through video conference. The financial review revealed a growth in revenue and several key proposals for shareholder rewards, including the issuance of bonus shares.
The company’s financial performance showed a revenue increase from contracts with customers, reporting Rs. 26.17 billion for 2024 compared to Rs. 21.65 billion the previous year. Despite higher costs of sales which rose from Rs. 18.47 billion to Rs. 22.80 billion, the gross profit increased slightly from Rs. 3.18 billion to Rs. 3.36 billion.
Operating expenses, including marketing, selling, distribution, and administrative costs, totaled Rs. 1.36 billion, up from Rs. 1.16 billion in 2023. Finance costs saw a significant rise to Rs. 1.74 billion from Rs. 954.18 million, reflecting a challenging financial environment.
According to information available from the Pakistan Stock Exchange (PSX), the company’s bottom line was affected by these increased costs, with the profit after tax for the year amounting to Rs. 208.86 million, a decrease from Rs. 723.65 million reported in 2023. Earnings per share also dropped to Rs. 4.22 from Rs. 14.62.
The Board of Directors has recommended the issuance of bonus shares at a 10% ratio, which means shareholders will receive 10 bonus shares for every 100 shares they hold. This proposal is subject to approval during the Annual General Meeting scheduled for September 26, 2024, at the Beach Luxury Hotel. Shareholders are encouraged to participate in the meeting via video conferencing.
Additionally, the company’s Share Transfer Books will be closed from September 20 to September 26, 2024. Shareholders must register their transfers by September 19, 2024, to be eligible for the upcoming entitlements and to participate in the AGM.
Pakistan Cables Limited will also transmit its Annual Report electronically and through PUCARS at least 21 days before the AGM, ensuring shareholders have ample time to review the company’s detailed financial statements and proposals.
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