Qudsia Bano

Sapphire Fibres Limited reported sales of Rs21.51 billion during the first six months of the current fiscal year 2022-23, registering a growth of 12% over the sales of Rs19.19 billion recorded in the same period of last year. However, the gross profit in 6MFY23 fell 6% to Rs3.8 billion from Rs4 billion in 6MFY22. Also, the post-tax profit fell 11% to Rs2.45 billion in 6MFY23 from Rs2.75 billion in 6MFY22, reports WealthPK.

Performance in 2021-22

During the fiscal year 2021-22, the company’s gross sales jumped to Rs43.6 billion from Rs27.5 billion in FY21. As the sales increased significantly, the gross profit in FY22 registered a huge growth of 161% and stood at Rs10.2 billion compared to Rs3.9 billion in FY21. The increase in sales and gross profit also translated into a big pre-tax profit, which registered a growth of 164% and jumped to Rs7 billion in FY22 from Rs2.6 billion in FY21. As such, the net profit in FY22 leapt to Rs6.2 billion from Rs2.2 billion in FY21, posting a massive 173% growth year-on-year.

In FY22, the earnings per share stood at Rs300.67 as opposed to Rs198.98 for FY21, posting a sustained growth of 51%.

About the company

Sapphire Fibres was incorporated in Pakistan on June 05, 1979, as a public limited company under the Companies Act, 1913 (now the Companies Act, 2017). The company manufactures and sells yarn, fabrics and garments.

Credit: Independent News Pakistan-WealthPk