Shahmurad Sugar Mills Limited Reports Half-Year Financial Results

Karachi, Shahmurad Sugar Mills Limited has released its financial results for the half-year ended March 31, 2024. According to information available from the Pakistan Stock Exchange (PSX), the company’s latest financial statements were discussed and approved during the Board of Directors’ meeting, which was held at 11.00 a.m. on May 27, 2024.

The company reported total sales of 10,930,915 thousand rupees for the half-year period, up from 9,578,117 thousand rupees in the same period the previous year. The cost of sales increased to 9,555,970 thousand rupees, leading to a gross profit of 1,374,945 thousand rupees, a decrease from 2,432,427 thousand rupees year-on-year.

Operational costs such as distribution and administrative expenses were reported at 59,135 thousand and 233,099 thousand rupees, respectively. Other expenses totaled 78,965 thousand rupees, while the company earned other income amounting to 370,769 thousand rupees.

The financial results also showed a significant finance cost of 767,894 thousand rupees, impacting the company’s profit before taxation, which stood at 608,697 thousand rupees compared to 2,049,302 thousand rupees in the previous year. After accounting for current and deferred taxation, the profit after taxation was recorded at 425,077 thousand rupees, down from 1,896,527 thousand rupees year-on-year.

Regarding share earnings, the earnings per share (basic and diluted) were 20.13 rupees, a sharp decline from 89.80 rupees in the prior year.

No dividends, bonus issues, or rights shares were announced by the Board of Directors, maintaining a stance of no new entitlements or corporate actions for the period.

The Quarterly Report of the company for the period ended March 31, 2024, will be transmitted through PUCARS within the specified timeframe.