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Karachi, Faran Sugar Mills Limited has announced its financial results for the first quarter ended December 31, 2023. The Board of Directors, in their meeting held on January 26, 2023, in Karachi revealed significant financial figures, including sales and profits, and confirmed that there would be no cash dividend, bonus issue, or right issue for this period.
The company reported net sales of Rs. 2,454,471,978 for the quarter, an increase from Rs. 2,191,367,050 in the same period of the previous year. The cost of sales was recorded at Rs. 2,177,785,456, resulting in a gross profit of Rs. 276,686,522, compared to Rs. 66,774,357 in 2022.
Operating expenses, including administrative and selling & distribution costs, were reported at Rs. 59,831,558 and Rs. 15,607,124 respectively. The operating profit for the quarter stood at Rs. 201,247,840, a turnaround from an operating loss of Rs. 14,775,400 in the previous year.
Other charges and income, along with finance costs, were also reported. The company’s profit before taxation was Rs. 215,279,416, in contrast to a loss before taxation of Rs. 1,597,969 in 2022. After accounting for taxation, Faran Sugar Mills Limited’s profit after taxation was Rs. 86,416,969, compared to a loss after taxation of Rs. 122,305,567 in the previous year.
The earnings per share (basic and diluted) were Rs. 2.67, showing a significant improvement from Rs. 8.01 in 2022. The financial performance of Faran Sugar Mills indicates a substantial recovery and growth in the first quarter of 2024.