Hifsa Raja

Feroze1888 Mills Limited (FML) sales revenue decreased 7.25% to Rs23 billion in the first six months of fiscal year 2022-23 (6MFY23) from Rs25 billion over the corresponding period of the previous fiscal. Similarly, the company’s gross profit decreased by 3.3% to Rs4.7 billion in 6MFY23 from Rs4.6 billion in 6MFY22. The profit-before-taxation, however, jumped 52% to Rs3.08 billion from Rs2.02 billion in 6MFY22. The profit-after-taxation also jumped 51% to Rs2.7 billion in 6MFY23 from Rs1.8 billion in 6MFY22, reports WealthPK.

FML – 1QFY23 (July-Sept)

In the first quarter of FY23, FML’s sales decreased by 20.63%, but the gross profit increased by 17.27% compared to the same period of FY22. During this quarter, FML posted sales of Rs9.9 billion, gross profit of Rs2 billion and gross profit ratio of 22.25%.

The company posted net profit of Rs1.7 billion and net profit ratio of 19.61% in 1QFY23.

FML – 2QFY23 (Oct-Dec)

In the second quarter (October-December) of FY23, FML’s revenue increased by 3.81%, but gross profit decreased by 14.20% compared to the same period of FY22. FML posted revenue of Rs14.2 billion, gross profit of Rs2.79 billion and gross profit ratio of 19.5% in 2QFY23.

The company posted a net profit of Rs968 million and net profit ratio of 6.7% in 2QFY23.

Industry comparison

Sapphire Textile Mills Limited, Sapphire Fibres Limited, Nishat Mills Limited, and Kohinoor Textile Mills Limited are regarded as rivals of Feroze1888 Mills Limited. Sapphire Textile Mills Limited has the largest market capitalisation of Rs23.8 billion followed by Rs23.2 billion of FML. The market value of Kohinoor Textile Mills Limited is Rs15.9 billion.

Company profile

Feroze1888 Mills Limited is principally engaged in the production and export of towels. The company is a manufacturer and exporter of yarn and Terry products, besides making textiles for home, hospitality and healthcare. It offers products for bath, beach and kitchen sections.

Credit: Independent News Pakistan-WealthPk