Security Papers Limited’s financial results for the year ended June 30, 2013

Karachi, August 01, 2013 (PPI-OT): We have to inform you that the Board of Directors of the Company in their meeting held on Wednesday, July 31, 2013 at 12:00 Noon at Karachi, have approved the Financial Statements for the year ended June 30, 2013. The financial results of the Company are enclosed herewith.

We will be sending you 300 copies of the printed “Annual Report” for distribution amongst the members of the Exchange in due course of time.

The Board of Directors of the Company in its meeting held on Wednesday the July 31, 2013 at 12:00 Noon at Karachi recommended the following dividend, bonus shares and appropriation:-

Cash Dividend

A Final Cash Dividend for the year ended June 30, 2013 at Rs 4 per share i.e. 40%. (2012: Rs 6.00 per share i.e. 60%).

Bonus Shares

Bonus shares in the proportion of 2 share(s) for every 10 share(s) held i.e. 20%. (2012: Nil).

Appropriation

A transfer of Rs 73.33million (2012: Rs 131.20 million) from un-appropriated profit to revenue reserves.

The financial statements for the year ended June 30, 2013 do not include the effect of these appropriations, which will be accounted for subsequent to the year-end.

Profit and Loss Account for the Year Ended 30 June 2013

                                                2013                 2012
                                                  (Rupees in ‘000)

Sales-net                                     1,856,926            1,570,912
Cost of sales                                (1,310,772)          (1,057,056)
                                              ---------            ---------
Gross profit                                    546,154              513,856
Administration and general expenses            (162,313)            (143,181)
Other income                                    200,437              252,575
Other operating charges                         (55,165)             (69,817)
                                              ---------            ---------
Operating profit before finance cost            529,113              553,433
Finance costs                                   (61,033)             (43,211)
                                              ---------            ---------
Profit before taxation                          468,080              510,222
Taxation-net                                   (147,848)            (132,121)
                                              ---------            ---------
Profit after taxation                           320,232              378,101
                                              ---------            ---------
                                                           (Rupees)
Earnings per share                                 7.78                 9.19
                                              ---------            ---------

The Annual General Meeting of the Company will be held on Thursday, the August 29, 2013 at 11:00 AM at Hotel Ramada Plaza, Karachi, Star Avenue Terminal No.1, Jinnah International Airport, Karachi.

The above entitlement (s) will be paid to the shareholders whose names will appear in the Register of the Members on August 20, 2013.

The Share Transfer Books of the Company will be closed from August 21 to 29, 2013 (both days Inclusive). Transfers received in order at the office of our Shares Registrar, M/s. Famco Associates (Pvt.) Limited, 1st Floor, State Life Building No.1-A, I.I. Chundrigar Road, Karach-74000 by the close of business on August 20, 2013 will be considered in time to determine the above mentioned entitlement (s) and to attend and vote at the Meeting.

A certificate from the Auditors on Free Reserves will follow shortly.

For more information, contact:
Mrs. Naiyer Muzafar Husain
Chief Executive Officer
Security Papers Limited
Jinnah Avenue, Malir Halt,
Karachi – 75100,
Ph: (92)-021-9248285
Fax No: (92)-021-92 48286