Habib Sugar Mills Limited Reports Growth in Quarterly Financial Results

Karachi, Habib Sugar Mills Limited, in a board meeting held on January 24, 2024, at the Imperial Court in Karachi approved the unaudited condensed interim financial results for the first quarter ended December 31, 2023. The Board announced no cash dividend, bonus shares, right shares, or any other entitlement or price-sensitive information for this period.

The financial results revealed a significant growth in the company’s performance compared to the same quarter in the previous year. For the quarter ending December 31, 2023, Habib Sugar Mills Limited reported net sales and services of Rs. 4,688,066,000, an increase from Rs. 3,261,404,000 in the previous year. The cost of sales stood at Rs. 4,120,976,000, up from Rs. 2,784,490,000 in 2022, leading to a gross profit of Rs. 567,090,000 compared to Rs. 476,914,000 in the same quarter of the previous year.

Selling and distribution expenses were reported at Rs. 83,948,000, and administrative expenses were Rs. 90,208,000, both showing an increase from the previous year. Other operating expenses decreased to Rs. 55,796,000 from Rs. 102,567,000. The company reported an operating profit of Rs. 815,735,000, a substantial increase from Rs. 366,845,000 in the previous year.

The finance income, net of finance cost, was Rs. 248,645,000, a reversal from a net finance cost of Rs. 110,069,000 in 2022. The profit before taxation for the quarter was Rs. 865,436,000, up from Rs. 354,329,000 in the previous year. After accounting for taxation of Rs. 270,000,000, the profit after taxation stood at Rs. 595,436,000, significantly higher than Rs. 284,329,000 recorded in the same period of the previous year. Earnings per share increased to Rs. 3.97 from Rs. 1.90 in the previous year.

These results reflect a strong financial performance by Habib Sugar Mills Limited in the first quarter, showcasing its robust growth in revenue and profitability.