Noon Sugar Mills Reports Substantial Financial Growth in Second Quarter

Lahore, Noon Sugar Mills Limited has announced significant financial growth in its second quarter ending March 31, 2024. According to information available from the Pakistan Stock Exchange (PSX), the company reported a notable increase in net sales, gross profit, and earnings per share.

For the half year ended on March 31, 2024, Noon Sugar Mills achieved net sales of Rs. 5,072 million compared to Rs. 3,581 million in the same period last year. Gross profit rose to Rs. 1,079 million from Rs. 732 million, while earnings before tax increased to Rs. 395 million from Rs. 175 million. After taxation, the earnings were recorded at Rs. 282 million, up from Rs. 134 million in the previous year. The basic earnings per share also saw a significant rise to Rs. 17.07 from Rs. 8.10.

The operational performance of Noon Sugar Mills’ Sugar Division also highlighted a robust season. The mills processed 712,164 metric tons of sugarcane, producing 73,597 metric tons of sugar with an average sucrose recovery of 10.30% over 98 days. This performance marks an improvement from the last year’s 807,367 metric tons of cane processed and 75,717 metric tons of sugar produced over 101 days.

The Distillery Division of Noon Sugar Mills reported a decrease in operation days to 105 from 118, with molasses processed amounting to 35,319 metric tons and ethanol production totaling 6,670 metric tons. Despite challenges, the management remains optimistic about future operations and the strategic initiatives in place to enhance shareholder value.