Qudsia Bano

Mehran Sugar Mills Limited’s revenue from sales increased by 56% to Rs2.3 billion in the first quarter of the ongoing financial year 2022-23 (1QFY23) from Rs1.5 billion in the corresponding period of the previous fiscal. The increase in sugar dispatches was a major factor in the turnover improving over the same quarter the previous year.

However, the gross profit of the company decreased by 56% to Rs102 million in 1QFY23 from Rs234.7 million recorded in 1QFY22. But the company posted a big jump in net profit, which swelled to Rs289.3 million in 1QFY23 from Rs81.5 million over the corresponding period of FY22, showing a massive positive growth of 255% year-on-year, reports WealthPK.

Performance in 2021-22

During the fiscal year 2021-22, the company’s gross sales swelled to Rs7.98 billion from Rs6.97 billion in FY21, posting an increase of 14% year-on-year.   The gross profit for FY22 stood at Rs807 million, 27% up from Rs636.8 billion in FY21. Similarly, the profit-after-tax for the year shot up by 1315% to Rs289 million from a loss of Rs23.8 million in FY21.

Except for 2021, when the company’s earnings per share stood negative at Rs-0.49, the EPS remained somewhat healthy with a dip in 2020 and a massive growth of Rs12.89 in 2018. The EPS stood at Rs5.34 in 2022.

About the company

Mehran Sugar Mills was incorporated in Pakistan as a public limited company in December 1965 under the repealed Companies Act, 1913. The company is principally engaged in the manufacturing and selling sugar and its by-products.

Credit: Independent News Pakistan-WealthPk