Hifsa Raja

Yousaf Weaving Mills Limited’s sales increased 44% to Rs739 million in the first nine months of the previous financial year 2021-22 (9MFY22) from Rs513 million in the same period of the preceding fiscal.

The gross profit increased 15% year-on-year to Rs66 million in 9MFY22 from Rs57 million in 9MFY21.

The before-tax profit increased 22% in 9MFY22 to Rs24.5 million from Rs20.16 million in the same period of FY21.

The post-tax profit jumped 23% to Rs15.3 million in 9MFY22 from Rs12.42 million in 9MFY21, reports WealthPK.

Performance in FY21

During the fiscal year 2020-21, the company’s net sales jumped 74% to Rs723 million from Rs415 million in 2019-20. 

The company shed the gross loss of Rs31 million it sustained in FY20 and posted a huge gross profit of Rs84 million in FY21. 

The company recovered from a before-tax loss of Rs69 million in FY20 and earned a before-tax profit of Rs28 million in FY21. 

The company also posted a Rs17 million net profit in FY21 compared to a net loss of Rs75 million in FY20.

The earnings per share was minus in 2019 and 2020, but recovered in 2021 and 2022.

Shareholding pattern

As of June 30, 2021, the general public/individuals (local) segment was the major shareholder of the company, owning 85.06% of the total shares.

The directors, the chief executive officer, their spouses and minor children owned 12.99% of shares and joint stock companies held 1.54%.

The company remained steady in generating sales revenues from 2017 to 2019, but sales dipped in 2020. However, the company's before and after-tax earnings have been negative.

Yousaf Weaving Mills Limited was incorporated on January 17, 1988, as a public limited company under the Companies Ordinance of 1984 (now the Companies Act, 2017).

The company is engaged in textile weaving, spinning and sale of processed fabric.

Credit : Independent News Pakistan-WealthPk