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Karachi: Habib Sugar Mills Limited released its unaudited condensed interim financial results for the quarter and cumulative three quarters ended June 30, 2024. The report was approved by the Board of Directors on Tuesday, July 30, 2024, in Karachi.
For the first three quarters of 2024, the company reported a gross profit of Rs. 2.17 billion, compared to Rs. 2.51 billion in the same period the previous year. The net sales and services for the three quarters rose to Rs. 15.78 billion, up from Rs. 12.94 billion in 2023. The quarter ended June 2024 saw net sales amounting to Rs. 6.11 billion, compared to Rs. 5.60 billion in the corresponding quarter of 2023.
According to information available from the Pakistan Stock Exchange (PSX), the company’s cost of sales also increased, reaching Rs. 13.61 billion for the three quarters, up from Rs. 10.43 billion the previous year. For the quarter ended June 2024, the cost was Rs. 5.27 billion, up from Rs. 4.41 billion in June 2023.
Operating profit for the three quarters rose to Rs. 2.50 billion from Rs. 1.99 billion the previous year, with the quarter’s operating profit marking a slight increase to Rs. 864.11 million from Rs. 852.13 million. Other income notably increased to Rs. 1.08 billion, significantly higher than the Rs. 415.51 million recorded in the previous year.
Despite the increased revenues and operating profit, the Board of Directors declared no dividends, bonus shares, right shares, or any other entitlements or corporate actions.
Finance costs for the three quarters were reported at Rs. 102.56 million, a decrease from Rs. 191.58 million in 2023. The profit before taxation stood at Rs. 2.40 billion, up from Rs. 1.80 billion the previous year.
After accounting for taxation, the company’s profit after taxation for the three quarters amounted to Rs. 1.86 billion, compared to Rs. 1.37 billion in the same period in 2023. The basic earnings per share increased to Rs. 12.38 from Rs. 9.13, and the diluted earnings per share rose to Rs. 12.66 from Rs. 9.33.