IIL holds 76th annual general meeting 2024

KARACHI: International Industries Limited (IIL), a leading manufacturer of steel, stainless steel, and plastic pipes and fittings, successfully concluded its 76th Annual General Meeting (AGM) and Corporate Briefing Session for the financial year ended 2024 at its headquarters in Karachi. The AGM was chaired by Mr. Mustapha Chinoy, Non-Executive Director, and CBS was chaired by the Mr. Sohail Bhojani, CEO. The Directors, senior management, investors and shareholders, attended the events both physically and virtually. During the events, stakeholders were presented with IIL’s financial performance, key milestones, and strategic initiatives undertaken throughout the year. Mr. Sohail Bhojani, Chief Executive Officer of IIL, opened the meeting by sharing that despite a challenging global and local economic environment, IIL achieved solid financial results in FY 2024. The company posted a revenue of PKR 29 billion, reflecting a year-on-year growth of 9%, with a net profit of PKR 1.4 billion. The performance was driven by operational efficiencies, strategic investments, and continued efforts in the export markets. The Board of Directors recommended a final cash dividend of PKR 3.50 per share for the year ended June 30, 2024, which was approved by the shareholders. This is in addition to the interim dividend of PKR 2.00 per share declared earlier in the year. Mr. Bhojani expressed optimism about IIL’s strategic direction for the coming year, outlining the key priorities that includes diversification of the revenue streams, continued focus on technological enhancements to improve operational efficiency, and expansion of international market presence through global subsidiaries program.