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Islamabad, Redco Textiles Limited reported a significant improvement in profitability for the nine-month period ending March 31, 2024, according to the latest financial disclosures to the Pakistan Stock Exchange. The Board of Directors confirmed that there will be no cash dividends, bonus shares, right shares, or any other entitlements issued at this time.
The Islamabad-based company recorded a net sales increase to 1,053,668,783 Rupees for the nine months of 2024, up from 644,084,316 Rupees in the same period of the previous year. Gross profit turned positive, totaling 31,498,416 Rupees, compared to a loss of 21,604,232 Rupees in 2023. The improvement was noted despite the cost of sales outpacing the sales growth, reaching 1,022,170,367 Rupees.
Operating expenses for the period totaled 22,362,716 Rupees, with administrative expenses and distribution costs contributing to most of the outlay. Nonetheless, operating profit stood at 9,135,700 Rupees, reversing from a loss of 43,293,250 Rupees in the prior year.
The financials also showed a robust other operating income of 104,549,324 Rupees, which helped lift the profit before taxation to 111,977,244 Rupees. After accounting for taxation, the profit for the period was 92,941,113 Rupees, a substantial turnaround from a loss of 50,599,971 Rupees in 2023. Earnings per share for the nine months were recorded at 1.885 Rupees.