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Karachi, Waves Home Appliances Limited (WHALE) has announced its financial results for the year ended 31 December 2022. In a meeting held on 4 May 2023, the Board of Directors approved the annual audited financial results and decided on the following:
a) No cash dividend/bonus/rights/any other entitlement will be given to shareholders.
b) The audited financial results of the company for the year ended 31 December 2022 have been approved.
c) The Board has approved the Company’s Annual Business Plan/Budget for the Financial Year 2023.
d) The circulation of Annual Financial Statements to members of the Company through Quick Response (QR) enabled Code and weblink has been approved subject to shareholders’ approval.
e) The Annual General Meeting (AGM) of the Company will be held on 29 May 2023 at Lahore. For this purpose, share transfer books of the Company will remain closed from 19 May 2023 to 29 May 2023 (both days inclusive).
According to the financial statement, the net revenue for the year ended 31 December 2022 was Rs. 8,956,449,000, while the gross profit was Rs. 1,454,318,000. The profit before taxation was Rs. 519,429,000, and the profit after taxation was Rs. 137,782,000. The basic and diluted profit per share was Rs. 0.18 and Rs. 0.20, respectively.
WHALE’s financial performance in 2022 shows a strong position in the market, and the approval of the Annual Business Plan/Budget for 2023 indicates that the company is planning to continue its growth trajectory in the coming year.