Khairpur Sugar Mills Reports Significant Growth in Half-Year Financials

Karachi, Khairpur Sugar Mills Limited disclosed its financial results for the half-year ending March 31, 2024, revealing a substantial increase in profits compared to the previous year.

The company achieved a pre-tax profit of Rs. 389,093 million for the period, a significant rise from Rs. 73,909 million recorded during the same period last year. According to information available from the Pakistan Stock Exchange (PSX), post-taxation profits also saw a robust increase, reaching Rs. 175,206 million against Rs. 23,291 million in the prior year. Earnings per share rose sharply to 10.94 from 1.45.

This financial year has been marked by increased operational efficiency and significant technological advancements, reflected in the performance metrics of the crushing season. The season commenced on November 16, 2023, and concluded on March 9, 2024, during which the company crushed 831,344.075 metric tons of sugarcane. This resulted in the production of 89,731 metric tons of sugar, achieving a record recovery rate of 10.794%. The prior season had a lower output of 48,635 metric tons of sugar from 483,067.945 metric tons of sugarcane, with a recovery rate of 10.067%.

Furthermore, the company highlighted improvements in environmental management, including the installation of a new waste water treatment facility with a daily capacity of 3000 cubic meters. This initiative aligns with the requirements of the Sindh Environmental Policy Act 2013 and has been approved by the Sindh Environmental Protecting Agency (SEPA).

The Board of Directors, including seven members with diverse roles and responsibilities, emphasized their commitment to maintaining high standards of corporate governance and operational excellence.