Hifsa Raja

The sales of Al-Noor Sugar Mills Limited increased 3% to Rs2.16 billion in first three months of the Fiscal Year 2021-22 (3MFY22) from Rs2.10 billion over the corresponding period of FY2020-21, reports WealthPK.

The gross profit increased by 26% to Rs572 million in 3MFY22 from Rs454 million over the same period of FY21,.

The profit-before-taxation stood at Rs242 million, up by 67%, from Rs145 million in 3MFY21.

The after-tax profit increased 93% to Rs106 million from Rs55 million in 3MFY21.

The earnings per share (EPS) stood at Rs5.19 in 3MFY22 compared to Rs2.70 over the same period in FY21, showing an increase of 92%.

As of September 30, 2021, directors, their spouse(s), and minor children owned 17.64% of the company’s total shares; associated companies, undertakings & related parties 13.51%; NBP, NIT and ICP 1.29%; public sector companies 2.77% ; mutual funds 9.27%; general public 55.08%; joint stock companies 0.41% and ‘others’ 0.04%.

Financial Performance

During the fiscal year 2020-21, the company generated sales of Rs10.7 billion against Rs10.9 billion in 2019-20, registering a decline of 1%.  The gross profit for FY21 was Rs1.70 billion, registering an increase of 1% over Rs1.69 billion in FY20. The profit-before-tax for FY21 was Rs451 million compared to Rs429 million in FY20, showing an increase of 5%. Similarly, the profit-after-tax for FY21 was Rs210 million as compared to Rs202 million in FY20, showing an increase of 4%.

The EPS dropped to minus Rs5.9 in 2018 and then steadily increased to Rs9.25 in 2019, to Rs9.89 in 2020 and to Rs10.3 in 2021.

The company’s profitability – gross and operating profits – remained depressed in 2018, but improved in 2019. In 2020, the profitability increased. The mills sustained its gross profit and operating profits in 2021.

Al-Noor Sugar Mills Limited was incorporated in Pakistan on August 8, 1969 as a public limited company. The company manufactures sugar, medium density fiber (MDF) board, and power units.

Credit: Independent News Pakistan-WealthPk