HINOON clarifies position on Profit PK article

In a notification sent to PSX on 16/05/2024, Highnoon Laboratories Limited (HINOON) has announced that it ensures shareholder confidence amidst allegations posed by a magazine article.

The recent article by Profit Magazine about Highnoon Laboratories Limited contained misleading and incorrect information, possibly causing confusion and fluctuations in our share price. We are investigating this matter to understand why the company was targeted with false claims.

Our company has consistently prioritized shareholder well-being, demonstrating significant growth over the years. Earnings per share rose from 24.53 in 2017 to 45.35 in 2023, with increased dividends and bonus shares issued annually. We adhere strictly to all regulations, including those for related party transactions (RPTs) under the Companies Act, 2017.

All RPTs are discussed in the Audit Committee and approved by the Board of Directors. Transactions with our associate companies are transparently disclosed in our financial statements. These transactions have positively impacted our profitability and were presented to shareholders at our recent Annual General Meeting (AGM).

Despite baseless allegations, our consistent profit growth reflects our strong operational integrity and ethical business standards, distinguishing us from competitors struggling in the same industry. This success reaffirms our commitment to ethical business practices.

HINOON shares were last trading at Rs 672.00 today.