Karachi: Sapphire Fibres Limited has disclosed its financial results for the first quarter ended September 30, 2023, following a board meeting held in Lahore on October 27, 2023, which also included video conferencing. The company presented its financial results as both standalone and consolidated, in Annexure 'A' and Annexure 'B' respectively, with a commitment to transmit the Quarterly Report through PUCARS in due course.

In its standalone financial statement, Sapphire Fibres Limited reported sales of 12,279,254,698 Rupees, slightly up from 12,217,836,087 Rupees in the same period last year. The company saw a decrease in gross profit, posting 1,708,845,742 Rupees in Q1 2023 compared to 2,396,844,236 Rupees in Q1 2022. After accounting for distribution, administrative, and other expenses, along with other income, the company’s profit from operations stood at 1,728,896,681 Rupees. Despite a significant increase in finance costs from 477,749,631 Rupees in Q1 2022 to 670,775,678 Rupees in Q1 2023, the company reported a profit before taxation of 1,058,121,003 Rupees. After a taxation expense of 341,445,747 Rupees, the net profit after taxation amounted to 716,675,256 Rupees, resulting in earnings per share of 34.67 Rupees. This is a decrease from the 1,070,556,677 Rupees profit after taxation and 51.79 Rupees earnings per share reported in the first quarter of the previous year.

On a consolidated basis, the company reported sales of 21,963,556,240 Rupees for Q1 2023, with a gross profit of 2,936,248,909 Rupees. The profit from operations was recorded at 2,491,832,895 Rupees. After finance costs of 753,474,102 Rupees and a share of profit of associates amounting to 1,738,358,793 Rupees, the company posted a profit before taxation of 2,075,876,863 Rupees. Following a taxation expense of 333,309,648 Rupees, the consolidated net profit after taxation amounted to 1,742,567,215 Rupees. The earnings per share attributable to the shareholders of the parent company stood at 66.87 Rupees. The company also reported a non-controlling interest share in the profit amounting to 360,297,135 Rupees.