Adam Sugar Mills Limited Reports Increase in Half-Year Profits

Karachi, Adam Sugar Mills Limited has disclosed its financial results for the half-year ended March 31, 2024, following a board meeting at the company’s registered office on May 24, 2024. According to the results, the company will not be issuing any cash dividends, bonus shares, or rights shares. The financial performance showed significant improvements in profits compared to the previous year.

The company reported a gross profit of 876,474,194 for the half-year ended March 31, 2024, up from 416,985,900 in the same period last year. This increase came despite a rise in sales revenue to 3,091,137,971, from 2,580,816,944 in the previous year. According to information available from the Pakistan Stock Exchange (PSX), administrative expenses rose to 108,774,725 from 99,075,658, while selling and distribution costs decreased slightly to 115,305,022 from 122,939,073.

Operating profit for the half-year was reported as negative 224,721,368, a deterioration from the negative 120,124,315 observed the previous year. However, the profit before taxation rose substantially to 469,382,682 from 172,491,696. The profit after taxation for the half-year stood at 346,270,542, compared to 122,423,693 in the previous year.

The earnings per share also saw an increase, moving from 7.08 in the half-year ended March 2024 to 20.03, reflecting a positive turnaround in the company’s profitability.