Dar es Salaam Textile Mills Reports Progress in Nine-Month Financials

Karachi: Dar es Salaam Textile Mills Limited has announced its financial results for the nine months ending March 31, 2024, marking significant progress in its strategic initiatives. According to information available from the Pakistan Stock Exchange (PSX), the company has navigated challenging economic conditions, achieving a turnaround from a net loss to reporting a net profit.

Over the period, Dar es Salaam Textile Mills focused on a strategic pivot towards trading, which included exploring growth through a merger with a complementary entity. This initiative led to the signing of a Memorandum of Understanding in September 2023, followed by shareholder approval at an Extraordinary General Meeting in December 2023. The merger is currently undergoing a court approval process, with management expressing optimism about its completion and the potential benefits it promises.

Financially, the company recorded a net profit of PKR 3.381 million, equivalent to earnings per share (EPS) of PKR 0.04. This marks a positive shift from a net loss of PKR 6.556 million and an EPS of PKR -0.08 during the same period last year. Despite these gains, the company’s financial position has not allowed for the distribution of dividends to shareholders at this time.

The directors of Dar es Salaam Textile Mills credit the positive outcome to the resilience and prudent decision-making of the management team, along with continued support from stakeholders. The company remains committed to navigating future challenges and seizing opportunities to enhance shareholder value.

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