Ansari Sugar Mills Limited Reports Reduced Losses in 2021

Karachi, Ansari Sugar Mills Limited has announced its financial results for the year ended September 30, 2021, to the Pakistan Stock Exchange, showing a notable reduction in losses compared to the previous year. The company’s net sales surged to Rs. 405,166,580 in 2021 from Rs. 175,563,971 in 2020, marking a significant increase in revenue.

The cost of sales for the year 2021 was recorded at Rs. 275,263,383, up from Rs. 118,566,094 in 2020, resulting in a gross profit of Rs. 129,930,197 for 2021, a substantial improvement from Rs. 56,997,874 in 2020.

Operating expenses, encompassing selling and distribution costs alongside administrative expenses, were reported at Rs. 72,689,151 for 2021, compared to Rs. 7,693,470 in 2020. Despite the rise in operating expenses, the company managed to maintain a healthy operating profit due to the significant increase in gross profit.

However, finance costs remained a considerable burden, with the company incurring Rs. 421,199,755 in 2021, a decrease from Rs. 607,481,599 in 2020. This reduction in finance costs contributed to a lower loss before taxation, which stood at Rs. 348,610,604 in 2021, improving from a loss of Rs. 599,788,089 in the prior year.

After accounting for taxation benefits of Rs. 91,949,628 in 2021, compared to Rs. 162,319,144 in 2020, the net loss after taxation was reported at Rs. 256,560,976 for 2021, down from Rs. 437,468,945 in 2020. This improvement is reflected in the loss per share, which decreased to Rs. 4.57 in 2021 from Rs. 7.79 in 2020.