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Karachi: Al-Abbas Sugar Mills Limited has announced its financial results for the nine-month period and quarter ended June 30, 2024, with the Board of Directors meeting on July 26, 2024, to finalize the figures. The company declared an interim cash dividend of Rs. 10.00 per share for the quarter, amounting to a 100% dividend, which is in addition to the 150% dividend already paid earlier at Rs. 15.00 per share.
According to information available from the Pakistan Stock Exchange (PSX), the financial highlights include a significant increase in turnover-net, which rose from Rs. 9,445,648 thousand in the nine months ended June 30, 2023, to Rs. 11,691,371 thousand in the same period in 2024. This represents a strong performance despite varying market conditions.
For the quarter ended June 30, 2024, the turnover-net was Rs. 2,239,737 thousand, compared to Rs. 3,013,628 thousand in the corresponding quarter of the previous year. The company experienced a reduction in gross profit for the quarter from Rs. 1,071,246 thousand in 2023 to Rs. 595,739 thousand in 2024, though the nine-month gross profit remained robust.
The profit after taxation for the nine months ended June 30, 2024, stood at Rs. 1,639,592 thousand, down from Rs. 2,607,557 thousand in the previous year. Earnings per share also saw a decrease from Rs. 150.18 to Rs. 94.43.
Al-Abbas Sugar Mills emphasized its operational efficiencies and strategic financial management in navigating the fiscal period. The company’s share transfer books will remain closed from August 05, 2024, to August 07, 2024, to facilitate the processing of the dividend payments.
The quarterly report, including detailed profit and loss accounts and comparative figures, will be transmitted separately through PUCARS within the specified timeframe, ensuring full transparency and compliance with regulatory requirements.