Safe Mix Concrete Limited Declares 20% Final Dividend Amid Profit Drop

Karachi: Safe Mix Concrete Limited has announced a final cash dividend of Rs. 2 per share, which is equivalent to a 20% dividend for the fiscal year ending June 30, 2024, as per the latest board meeting held in Karachi on September 20, 2024. The company’s financial statements show a decline in net revenue and profit from the previous year.

The company’s annual revenue decreased to Rs. 1.26 billion from Rs. 1.43 billion a year earlier, while the profit after taxation fell to Rs. 111.61 million from Rs. 133.37 million in the previous fiscal year. The decrease in revenue and subsequent profit drop reflects a challenging year for the company, characterized by a reduction in gross profit and an increase in finance costs, which rose from Rs. 40.87 million to Rs. 52.23 million.

According to information available from the Pakistan Stock Exchange (PSX), the decrease in profit before taxation, which stood at Rs. 146.65 million compared to Rs. 206.97 million in 2023, is indicative of increased operational pressures. The earnings per share also saw a downturn, falling from Rs. 5.33 in 2023 to Rs. 4.46 in 2024.

Further, no bonus or right shares were issued as part of the year’s financial decisions. The company’s share transfer books will remain closed from October 18 to October 25, 2024, for the preparation of the annual general meeting scheduled for October 25, 2024, in Karachi.

Shareholders intending to participate in the dividend entitlement must ensure their transfers are registered by October 17, 2024, with THK Associates, the company’s share registrar in Karachi.

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