KARACHI: Nishat Mills Limited on Friday reported a 21 per cent drop in its annual net profit, due to an increase in the cost of sales.
In a statement to the Pakistan Stock Exchange (PSX), the company reported a net profit of Rs10.508 billion for the year that ended June 30, down from Rs13.299 billion in the same period last year.
The company announced a final cash dividend of Rs3 per share for the year. Earnings per share came in at Rs22.38, compared with Rs32.12 same period last year.The company said its revenue for the year rose to Rs212.5 billion, compared with Rs193.676 billion a year earlier. The cost of sales increased to 178.82 billion from Rs160.51 billion that reduced the profit margins.
Along with the financial results, the board of directors accorded its approval for establishing a wholly owned subsidiary of the company in Turkiye and setting up a liaison office in Bangladesh. Both are subject to applicable regulatory approvals of these countries.
The board has also approved to dispose of 100 per cent equity held in Nishat Hospitality (Private) Limited, a wholly owned subsidiary of the company, subject to the approval of shareholders.