AIRLINK 173.15 Increased By ▲ 15.74 (10%)
BOP 10.65 Increased By ▲ 0.28 (2.7%)
CNERGY 8.52 Increased By ▲ 0.20 (2.4%)
CPHL 97.46 Increased By ▲ 4.57 (4.92%)
FCCL 47.25 Increased By ▲ 0.52 (1.11%)
FFL 15.42 Increased By ▲ 0.54 (3.63%)
FLYNG 28.13 Increased By ▲ 1.15 (4.26%)
HUBC 138.91 Increased By ▲ 4.90 (3.66%)
HUMNL 12.81 Increased By ▲ 0.29 (2.32%)
KEL 4.54 Increased By ▲ 0.33 (7.84%)
KOSM 5.55 Increased By ▲ 0.16 (2.97%)
MLCF 62.26 Increased By ▲ 1.38 (2.27%)
OGDC 214.75 Increased By ▲ 6.23 (2.99%)
PACE 5.55 Increased By ▲ 0.15 (2.78%)
PAEL 44.86 Increased By ▲ 4.08 (10%)
PIAHCLA 18.70 Decreased By ▼ -0.10 (-0.53%)
PIBTL 10.74 Increased By ▲ 0.76 (7.62%)
POWER 12.26 Increased By ▲ 0.30 (2.51%)
PPL 173.87 Increased By ▲ 5.10 (3.02%)
PRL 36.22 Increased By ▲ 1.19 (3.4%)
PTC 23.56 Increased By ▲ 0.57 (2.48%)
SEARL 95.31 Increased By ▲ 2.21 (2.37%)
SSGC 39.13 Increased By ▲ 3.56 (10.01%)
SYM 14.02 Increased By ▲ 0.36 (2.64%)
TELE 7.23 Increased By ▲ 0.28 (4.03%)
TPLP 10.29 Increased By ▲ 0.29 (2.9%)
TRG 64.68 Increased By ▲ 4.01 (6.61%)
WAVESAPP 10.04 Increased By ▲ 0.34 (3.51%)
WTL 1.33 Increased By ▲ 0.03 (2.31%)
YOUW 3.70 Increased By ▲ 0.05 (1.37%)
BR100 12,492 Increased By 252.4 (2.06%)
BR30 37,694 Increased By 1300.9 (3.57%)
KSE100 116,189 Increased By 2036.1 (1.78%)
KSE30 35,750 Increased By 549.8 (1.56%)

The board of Nishat Mills Limited (NML), the flagship company of Nishat Group, has approved to dispose off 100% equity held in Nishat Hospitality while also giving its green-light to establish a wholly-owned subsidiary in Turkiye and a liaison office in Bangladesh.

The company made these announcements in its notice to the Pakistan Stock Exchange (PSX) on Friday. It also announced financial results for fiscal year 2023-24 in the notice, showing a profit of Rs10.5 billion

“The Board of Directors has accorded its approval for the establishment of a wholly owned subsidiary company in Republic of Türkiye subject to applicable regulatory approvals, and in compliance with laws of Republic of Türkiye,” read the notice.

Similarly, NML’s board accorded its approval for setting up a liaison office in Bangladesh, “subject to applicable regulatory approvals, and in compliance with laws of People’s Republic of Bangladesh”.

Additionally, the BoD also approved the disposal of 100% equity held in Nishat Hospitality (Private) Limited, a wholly-owned subsidiary of NML. The development is subject to the approval of shareholders.

Earlier, NML’s board had also given its nod to establish a private limited company in the United Kingdom (UK).

Meanwhile, as per NML’s latest consolidated financial results provided to the PSX on Friday, the company’s profit after tax declined primarily due to a significant increase in the cost of sales and finance cost compared to the corresponding period of the previous year.

Resultantly, the company saw its Earnings Per Share (EPS) at Rs22.38 per share in FY24, as compared to an EPS of Rs32.12 in FY23.

The company also announced a cash dividend of Rs3 per share i.e. 30% for FY24.

The company had earlier stated that high energy cost, costly financing, and the imposition of unprecedented government taxation have escalated the cost of doing business, affecting the textile industry’s current performance and future prospects.

Established in 1951, Nishat Mills Limited is engaged in spinning, weaving, printing, dyeing, bleaching, and stitching and apparel business. NML deals in yarn, linen, and other products made from raw cotton and synthetic fibre.

The company is also in the business of generating and supplying electricity.

Comments

Comments are closed.