SYNTHETIC PRODUCTS ENTERPRISES LIMITED ANNOUNCES 2024 ANNUAL FINANCIAL RESULTS

Lahore: Synthetic Products Enterprises Limited disclosed its financial outcomes for the fiscal year ended June 30, 2024, in a meeting held by its board of directors on August 15, 2024, in Lahore, Pakistan. The board declared an interim cash dividend of 0.8 per share, amounting to a 16% dividend rate for the period.

According to information available from the Pakistan Stock Exchange (PSX), the company reported a net sales revenue of 6.97 billion for 2024, up from 6.43 billion in 2023. The cost of sales increased to 5.64 billion from 5.12 billion, resulting in a gross profit of 1.32 billion, marginally higher than the previous year’s 1.31 billion.

Operating expenses for the year included administrative costs of 325.48 million and selling and distribution expenses of 58.57 million. The operating profit for the year was 938.02 million, a decrease from 1.00 billion reported in 2023. Other income for the company significantly rose to 187.83 million from 61.28 million.

The finance costs were reported at 133.27 million, marginally down from 135.48 million the previous year. The profit before income taxes stood at 910.38 million, with the company facing a taxation expense of 266.85 million. After taxation, the net profit for the year was 640.97 million, significantly higher than 491.10 million in 2023.

Earnings per share for 2024 were calculated at 3.36, compared to 2.47 in the prior year. The Annual General Meeting for the company is scheduled to be held on October 26, 2024, at 11:00 AM in Lahore. The share transfer books will remain closed from October 20 to October 26, 2024, for dividend entitlement.

The post SYNTHETIC PRODUCTS ENTERPRISES LIMITED ANNOUNCES 2024 ANNUAL FINANCIAL RESULTS appeared first on .