The Board of Directors of Highnoon Laboratories Limited, in its meeting on March 22, recommended paying cash dividend of Rs 3.00 per share to the shareholders for the year ended 31 December 2011. Company's Chairman Tausif Ahmad Khan informed the members of the Board that 2011 was the most critical year in the history of Highnoon, as it saw oldest and largest business partner, Solvay Pharmaceuticals, parting away because of its global acquisition by Abbot Laboratories.
He was confident while declaring that inspite of this incident the Company recorded revenue of Rs 2.945 billion as compare to Rs 2.637 billion last year showing a growth of 11.67 percent. He added, "It is pertinent to mention that Solvay products used to contribute 30 percent to our net sales." He announced that the Company's management employed strict financial discipline including reduction in financial cost which enabled to improve the bottom line of profit and loss account and recorded an EPS of Rs 5.08 as against Rs 3.87 during 2010.
The Chairman explaining the future business strategies informed that the management is adopting more aggressive policy for launching new products, upgrading and modernising manufacturing facility to bring in greater productivity and cost effectiveness and forming new alliances with multinational companies to introduce their products in Pakistan etc. The Board also decided to hold annual general meeting on April 25.-PR
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