Tariq Glass Industries Reports Fiscal Year Results with No Dividends or Bonuses

Lahore: Tariq Glass Industries Limited, in its latest board meeting held on September 20, 2024, has declared no dividends, bonus issues, or rights shares for the fiscal year ending June 30, 2024. The meeting outlined that all price-sensitive information and corporate actions remain unchanged with no new entitlements.

The company has announced that the Annual General Meeting (AGM) for its shareholders will be scheduled for October 28, 2024, in Lahore, pending approval from the Pakistan Stock Exchange (PSX). The Register of Members and Share Transfer Books will be closed from October 22 to October 28, 2024, with the cut-off for share transfers set at the close of business on October 21.

According to information available from the Pakistan Stock Exchange (PSX), Tariq Glass Industries has demonstrated a notable increase in its financial performance. The company’s revenue rose from 28.43 billion rupees in the previous year to 29.60 billion rupees. The cost of sales showed a decrease, contributing to a gross profit of 7.83 billion rupees, compared to 5.73 billion rupees reported last year.

The financial results revealed that despite substantial increases in administrative and selling expenses, the operating profit surged to 6.75 billion rupees from 4.83 billion rupees. The company also reported additional income streams, including a bargain purchase gain of 915.16 million rupees.

Net profit for the year was reported at 4.37 billion rupees, significantly higher than the 2.52 billion rupees from the previous fiscal year. Earnings per share also increased, from 14.63 rupees to 25.41 rupees. The financial statements, along with disclosures required under Section 96 of the Securities Act 2015 concerning inside information, are provided in the annexures to the shareholders.

The documents will be available through the PUCARS system, ensuring compliance with regulatory requirements and maintaining transparency with the company’s stakeholders ahead of the AGM.

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