Haseeb Waqas Sugar Mills Limited Reports Loss in 2023 Financial Results

Karachi, Haseeb Waqas Sugar Mills Limited recently disclosed its un-audited financial results for the year ended December 31, 2023, revealing a significant loss in its operations. The financial data, reflecting the company’s performance, was announced to the stakeholders through the Pakistan Stock Exchange.

For the year 2023, Haseeb Waqas Sugar Mills Limited reported net sales of PKR 82,649,478, a substantial increase from the previous year’s figure of PKR 35,555,628. Despite this rise in sales, the cost of goods sold amounted to the same value as the sales, resulting in a gross loss for the company. This scenario was similar to the year 2022, where the cost of goods sold equaled the net sales, leading to no gross profit.

The company’s operating expenses, consisting primarily of administrative and general expenses, further impacted its financial status. These expenses amounted to PKR 3,225,071 in 2023, slightly higher than the PKR 3,073,833 incurred in 2022. The loss before taxation was reported at PKR 85,874,549 for 2023, a significant increase from the PKR 38,629,461 loss reported in the previous year.

Finance costs also added to the company’s financial challenges. In 2023, these costs were a mere PKR 2,304, a drastic change from the finance income of PKR 61,212,011 in 2022. This shift from finance income to finance cost further exacerbated the loss before taxation.

The deferred tax for the year 2023 was reported at PKR 18,314,905, contributing to a net loss after taxation. The final loss after taxation for 2023 stood at PKR 67,561,948, compared to a profit of PKR 82,818,165 in 2022.

Earnings per share also reflected the company’s downturn, with a basic loss of PKR 2.09 per share in 2023, contrasting sharply with the earnings of PKR 2.56 per share in the previous year.

Haseeb Waqas Sugar Mills Limited’s financial results for 2023 indicate significant challenges in profitability and operational efficiency, contrasting with the profitable year it had in 2022.