Baba Farid Sugar Mills Limited Reports Quarterly Financial Results

Karachi, Baba Farid Sugar Mills Limited has released its un-audited financial statement for the quarter ended December 31, 2023. The report, approved by the Board of Directors on January 29, 2024, outlines the company’s financial performance and position in the quarter.

As per the statement, the company’s total assets as of December 31, 2023, stood at 4,917,801,235 rupees. This includes non-current assets valued at 3,514,437,403 rupees, comprising operating fixed assets, capital work in progress, and long-term deposits. Current assets amounted to 1,403,363,832 rupees, which include stores, spares, loose tools, stock in trade, trade debts, loans and advances, short-term prepayments and deposits, other receivables, short-term investment, taxation-net, tax refund due from the government, and cash and bank balances.

The equity and liabilities section reveals an issued, subscribed, and paid-up capital of 94,500,000 rupees, revenue reserves of (2,565,441,359) rupees, directors’ loans amounting to 3,002,700,000 rupees, and surplus on revaluation of fixed assets totaling 2,330,038,563 rupees. The total equity and liabilities are reported at 4,917,801,235 rupees.

For the quarter ended December 31, 2023, the company reported a revenue from contracts with customers at 688,298,541 rupees and a cost of sales of (754,532,135) rupees, resulting in a gross loss of (66,233,594) rupees. The company incurred selling and distribution expenses and general and administrative expenses, but also recorded other income. The operating profit was reported at 20,619,833 rupees.

The financial charges incurred led to a loss before taxation of (76,649,848) rupees. After accounting for taxation, the profit/loss after taxation stood at (70,358,745) rupees, resulting in an earning/loss per share (basic and diluted) of (7.45) rupees.

Baba Farid Sugar Mills Limited, incorporated in 1978, is engaged in the manufacturing and sale of sugar and its by-products. The company is headquartered in Lahore, with a manufacturing facility in Okara, Punjab.

The financial statement provides a detailed insight into the company’s operations and financial status, crucial for investors and stakeholders in assessing the company’s performance.