Adam Sugar Mills Ltd. Reports Substantial Increase in Net Sales Revenue for First Nine Months of 2024

Karachi: Adam Sugar Mills Ltd. announced a significant rise in its sales revenue for the nine months ending June 30, 2024, during the company’s latest board meeting held on Monday, July 29, 2024. The financial overview highlighted no distribution of cash dividends, bonus shares, or right shares, maintaining a consistent policy from previous quarters.

In the detailed financial results unveiled, Adam Sugar Mills Ltd. showcased a notable increase in sales revenue, reaching Rs. 7.26 billion for the first nine months of 2024, compared to Rs. 2.95 billion during the same period in 2023. The company’s gross profit surged to Rs. 1.07 billion from Rs. 405.02 million, marking a substantial improvement in operational efficiency.

According to information available from the Pakistan Stock Exchange (PSX), the company’s cost of sales also rose to Rs. 6.19 billion, up from Rs. 2.55 billion, reflecting the increased scale of operations. Despite higher costs, the operational profit increased significantly to Rs. 907.85 million from Rs. 233.81 million.

The financial statement further detailed that the company faced Rs. 425.82 million in financial costs, a notable increase from the previous year’s Rs. 217.94 million. However, other income was reported at Rs. 14.69 million, a decrease from Rs. 23.17 million in the prior year.

Profit before taxation stood at Rs. 459.42 million, a remarkable rise from Rs. 39.04 million in 2023. After accounting for taxation, the profit after taxation was Rs. 311.99 million, compared to Rs. 119.00 million in the previous year. The earnings per share also saw a significant uptick, recorded at Rs. 18.04 compared to Rs. 6.88 in 2023.

The Share Transfer Books of the Company will remain closed from July 22, 2024, to July 29, 2024, for processing entitlements. All transfers received at the company’s share registrar by July 21, 2024, will be considered timely for the above entitlements.

Further details regarding the quarterly performance will be shared through PUCARS as per the stipulated schedule.