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Karachi, Power Cement Limited, a prominent player in the Pakistani cement industry, has made significant announcements following its recent Board of Directors meeting held via video link on September 28, 2023. The key recommendations include no cash dividend, bonus shares, or right shares, and no other entitlement or corporate action. Additionally, there is no other price-sensitive information to disclose at this time.
The company also enclosed its financial results for the year ended June 30, 2023, labeled as “Annexure-A.” These results reflect the following financial figures (in Rupees in ‘000):
Revenue from contracts with customers: 28,939,096
Cost of sales: (22,071,255)
Gross profit: 6,867,841
Selling and distribution expenses: (1,895,898)
Administrative expenses: (367,107)
Other (loss) / income: (881,716)
Reversal allowance on trade receivables: 8,978
Profit from operations: 3,732,098
Finance income: 17,778
Finance costs: (3,830,787)
Loss before taxation: (80,911)
Taxation: 249,904
Profit (loss) after taxation: 168,993
Furthermore, the financial statement includes details of other comprehensive income (loss), which consists of changes in fair value of cash flow hedges and actuarial losses on remeasurement of defined benefit obligations. The total comprehensive income (loss) for the year amounted to 284,572 Rupees.
In addition, Power Cement Limited has announced that its Annual General Meeting (AGM) for the year 2023 will be held on October 25, 2023, at 11:30 am. Shareholders are urged to take note of this date for their participation.
The company has also informed its shareholders that the Share Transfer Books will be closed from October 18, 2023, to October 25, 2023, inclusive. Share transfers received by the Share Registrar, M/s. CDC Share Registrar Services Limited, at the close of business on October 16, 2023, will be processed in time for the AGM.
Moreover, Power Cement Limited has announced that the Annual Report for the year ended June 30, 2023, will be transmitted through the Pakistan Universal Communication Access Regulation System (PUCARS) within the specified timeframe.
With these significant updates, Power Cement Limited continues to navigate the evolving landscape of the cement industry, keeping its stakeholders informed and engaged.
The post Power Cement Limited Announces Board Recommendations and AGM Date for 2023 appeared first on Pakistan Company News.