Chashma Sugar Mills Limited Announces Financial Results and Dividend for FY2023

Karachi, Chashma Sugar Mills Limited has disclosed its financial outcomes for the fiscal year ended September 30, 2023, in a Board of Directors meeting held on February 2, 2024, at 11:00 a.m. The board has resolved to distribute a final cash dividend of Rs. 5.00 per share, which is equivalent to 50% for the concluded fiscal year.

The financial year 2023 showcased a significant increase in gross sales, reaching Rs. 29,371,617 thousand from Rs. 19,274,279 thousand in 2022. After accounting for sales tax, government levies, and discounts, net sales stood at Rs. 26,375,717 thousand, a considerable rise from the previous year’s Rs. 17,094,813 thousand. The cost of sales was reported at Rs. 20,188,453 thousand, leading to a gross profit of Rs. 6,187,264 thousand, more than double the profit of Rs. 2,866,696 thousand in 2022.

Operating expenses, including selling and distribution expenses and administrative and general expenses, were recorded at Rs. 866,016 thousand and Rs. 1,009,357 thousand, respectively. The company also reported net impairment losses on financial assets at Rs. 66,964 thousand. Other income for the year was Rs. 267,688 thousand, contributing to an operating profit of Rs. 4,317,648 thousand, a significant improvement from Rs. 1,618,212 thousand in 2022.

Finance costs for the year amounted to Rs. 2,738,368 thousand. Pre-tax profits soared to Rs. 1,579,280 thousand, compared to Rs. 505,434 thousand in the preceding year. The year concluded with a net profit of Rs. 1,699,139 thousand, marking a substantial increase from Rs. 43,548 thousand in 2022. Earnings per share were dramatically higher at Rs. 59.22 compared to Rs. 1.52 in 2022.

The Annual General Meeting is scheduled for February 26, 2024, at 11:00 a.m. at the company’s registered office in Mardan. The Share Transfer Books will remain closed from February 16, 2024, to February 26, 2024, for dividend processing. Transfers received by the close of business on February 16, 2024, will be considered timely for the dividend entitlement.