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Karachi, United Distributors Pakistan Limited (UDPL) announced its unaudited financial results for the nine months ended March 31, 2023, in a meeting of its board of directors on April 28, 2023. The company’s revenue from contracts with customers amounted to PKR 547,264,000, while the cost of sales stood at PKR 325,101,000. The company’s gross profit for the period was PKR 222,163,000.
UDPL’s marketing and distribution expenses for the period were PKR 157,018,000, while administrative and general expenses amounted to PKR 44,367,000. The company reported an operating profit of PKR 25,818,000. However, the company’s share of profit from an associate was PKR 130,246,000, leading to a loss before income tax of PKR 145,293,000.
The company also reported a comprehensive loss of PKR 559,100,000 for the period ended March 31, 2023, due to the change in fair value of investment carried at fair value through other comprehensive income (OCI). The earnings per share for the period were Rs. 3.84.
In the same meeting, the Board of Directors of UDPL approved the divestment of equity shares of International Brands (Private) Limited held by the Company to Universal Ventures (Private) Limited. The company will divest 11,079,852 shares, representing approximately 4.7% of the total shares. The Chief Executive Officer and Board Investment Committee Chairman of the company were authorized to carry out the valuation, negotiation and finalizing the terms of the transaction along with preparation of necessary documents for the consideration of the Board.
The Board of Directors of UDPL did not recommend any cash dividend, bonus share or right share for the period.