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Lahore, Ibrahim Fibres Limited disclosed its financial results for the first quarter ended March 31, 2024, following a Board of Directors meeting held on April 23, 2024. The company announced no changes in cash dividends, bonus shares, right shares, or any other corporate actions.
In the first quarter of 2024, Ibrahim Fibres Limited posted net sales of 33,772,237,984 rupees, compared to 29,715,756,333 rupees in the same period last year. The cost of goods sold increased to 31,571,326,771 rupees from 26,301,812,514 rupees, leading to a gross profit of 2,200,911,213 rupees, down from 3,413,943,819 rupees in the previous year.
Selling and distribution expenses were reported at 201,845,586 rupees, up from 169,166,794 rupees, while administrative expenses rose to 555,894,453 rupees from 534,264,978 rupees. Other operating expenses decreased to 70,818,205 rupees from 179,771,403 rupees. The finance cost was recorded at 592,353,206 rupees, more than doubling from 243,371,459 rupees in the first quarter of 2023.
Despite higher sales, net profit for the period was significantly lower at 362,458,603 rupees, compared to 1,886,653,356 rupees a year earlier. Earnings per share also fell to 1.17 rupees from 6.08 rupees. The company will transmit the full quarterly report through PUCARS within the specified timeframe.