Artistic Denim Mills earns profit of Rs353.9 million

KARACHI: Artistic Denim Mills Limited has declared a final cash dividend of Rs2/share for the year ended June 30, 2021, a bourse filing said on Monday.

The company posted a net profit of Rs353.9 million, translating into the earnings per share (EPS) of Rs4.21 in FY21, up 211 per cent, compared with the profit of Rs113.69 million and the EPS of Rs1.35 in the previous year.

The increase in the profitability can be attributed to higher sales, which surged 24 per cent to Rs9.8 billion in FY21, compared with Rs7.9 billion in FY20.

Other income during the period under review declined 48 per cent to Rs103.9 million, while the finance cost increased 33 per cent to Rs221.6 million.

Sazgar Engineering Works declares 30% bonus shares

Sazgar Engineering Works has declared 30 per cent bonus shares to capitalise the company’s free reserves of Rs139.4 million.

The company would issue 13.949 million ordinary shares of Rs10/share.

Sazgar Engineering posted a net profit of Rs75.7 million, translating into the earnings per share (EPS) of Rs1.63 for the year ended June 30, 2021, up 174 per cent, compared with the profit of Rs27.6 million (EPS: 0.7) in the previous year.

The sales revenues during the year almost doubled to Rs4.03 billion, compared with Rs2.8 billion recorded in FY20.

Other income increased 18.12 per cent to Rs17.6 million in FY21, while the finance cost declined 67 per cent to Rs21.18 million during the year given the low interest rate regime.