AUHARABAD Sugar Mills Limited Reports Mixed Financial Performance in Q3 and Nine Months of 2024

Lahore: Financial results for AUHARABAD Sugar Mills Limited for the third quarter and the cumulative nine months ending on June 30, 2024, reflect a mixed performance with variations in net sales and profitability.

During the meeting held in Lahore on July 27, 2024, the Board of Directors announced that no dividends, bonus shares, or rights shares would be issued, maintaining a stance of no entitlement or corporate action for this period. The approved financial statements indicated a notable fluctuation in net sales, which recorded a slight increase from 4.87 billion rupees in the nine months of the previous year to 4.90 billion rupees in 2024. However, quarterly sales saw a decrease from 968.94 million rupees in 2023 to 776.89 million rupees.

According to information available from the Pakistan Stock Exchange (PSX), AUHARABAD Sugar Mills also reported changes in its cost structure. The cost of sales decreased overall, leading to a gross profit of 994.37 million rupees for the nine months, up from 792.43 million rupees in the previous year. Operating profits followed this upward trend, growing from 611.18 million rupees to 800.72 million rupees in the same period.

The financial strain was evident in the finance costs, which surged significantly to 738.63 million rupees from 472.14 million rupees, impacting the company’s profitability. The profit before taxation for the nine-month period stood at 92.60 million rupees, a decrease compared to 137.58 million rupees in the prior year. After accounting for taxation, the profit after taxation was 110.76 million rupees, an improvement over 83.29 million rupees reported last year.

For the third quarter alone, the company experienced a loss before taxation of 97.51 million rupees compared to a profit of 67.53 million rupees in the same quarter the previous year. The quarter’s after-tax figures also reflected a loss of 67.61 million rupees, contrasting with a profit of 37.47 million rupees in 2023.

The company plans to transmit the un-audited condensed interim financial statements for the third quarter and nine months of 2024 through PUCARS within the specified timeframe.