Security Papers Limited Announces Significant Dividend Increase and Strong Financial Growth in 2024

Karachi: Security Papers Limited declared its annual financial results on July 30, 2024, showcasing substantial growth and announcing a generous dividend distribution. The Board of Directors convened in Karachi to approve the audited financial statements for the fiscal year ended June 30, 2024.

The company recorded a net sales figure of Rs 7.31 billion, a marked increase from Rs 5.79 billion in the previous year. The cost of sales also rose to Rs 5.26 billion from Rs 4.28 billion, resulting in a gross profit of Rs 2.05 billion compared to Rs 1.52 billion in 2023. Administrative expenses were reported at Rs 472.26 million, while other income surged to Rs 1.01 billion from Rs 678.39 million. Profit before taxation was notably higher at Rs 2.39 billion, up from Rs 1.54 billion. After accounting for taxation, the profit after taxation stood at Rs 1.49 billion, up from Rs 967.38 million the previous year. Basic and diluted earnings per share increased from Rs 16.33 to Rs 25.12.

The directors recommended a final cash dividend of Rs 10.00 per share, which is 100% of the share value, culminating in a total annual dividend of Rs 12.50 per share when combined with the earlier interim dividend. This represents an increase from the previous year’s total dividend of Rs 11.00 per share. Additionally, the Board proposed a transfer of Rs 788.77 million from un-appropriated profit to revenue reserves, a significant increase from Rs 295.14 million transferred in 2023.

According to information available from the Pakistan Stock Exchange (PSX), the financial statements for the year ended June 30, 2024 do not yet reflect the effect of these appropriations, which will be accounted for after the fiscal year’s end.

Security Papers Limited has scheduled its Annual General Meeting for September 25, 2024, in Karachi. The Share Transfer Books will remain closed from September 19 to September 25, 2024, to finalize the list of eligible shareholders for the dividend payout and voting rights at the upcoming meeting. Eligibility will be determined by the shareholder registry as of the close of business on September 18, 2024.