Karachi: Feroze1888 Mills Limited has experienced a significant decline in its profits for the fiscal year ended June 30, 2024. Despite achieving sales growth, the company’s profitability was notably lower compared to the previous year.

In 2024, the company’s net sales increased to PKR 69.76 billion from PKR 57.05 billion in 2023, marking an upward trend in revenue generation. However, the cost of sales also rose sharply to PKR 57.93 billion, up from PKR 44.10 billion, which impacted the overall profitability.

According to information available from the Pakistan Stock Exchange (PSX), Feroze1888 Mills reported a gross profit of PKR 11.83 billion in 2024, a decrease from PKR 12.96 billion in 2023. This decline was further compounded by higher distribution and administrative costs, which totaled PKR 6.44 billion, compared to PKR 5.34 billion in the previous year.

The company’s operating profit stood at PKR 5.38 billion, nearly half of the PKR 11.77 billion reported in 2023. Finance costs more than doubled during the year, exerting additional pressure on the bottom line. The net profit after taxation plummeted to PKR 572.34 million, a drastic fall from PKR 8.97 billion in the prior year. This resulted in basic and diluted earnings per share of PKR 1.43, down from PKR 22.46.

Feroze1888 Mills declared no dividends, bonus shares, or rights shares for the year, and no other price-sensitive corporate actions were announced. The Annual General Meeting is scheduled to be held on October 28, 2024, in Karachi, with the Share Transfer Books closing from October 22 to October 28, 2024.

This financial performance signals a challenging year for Feroze1888 Mills, reflecting the impacts of increased costs and financial expenses on its profitability.

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