Lahore: In their recent board meeting held on August 20, 2024, at 1-Ahmed Block, New Garden Town, Lahore, the Board of Directors of Ibrahim Fibres Limited approved the financial results for the half-year ended June 30, 2024.

According to information available from the Pakistan Stock Exchange (PSX), the company reported significant business activities yet displayed mixed financial performance. The sales for the half-year ended June 30, 2024, reached PKR 63.99 billion, up from PKR 60.11 billion in the corresponding period of the previous year, marking a modest increase in revenue.

Despite the rise in sales, the company’s gross profit saw a decline, settling at PKR 4.78 billion in 2024 compared to PKR 6.70 billion during the same period in 2023. The cost of goods sold escalated to PKR 59.21 billion from PKR 53.42 billion, exerting pressure on the gross margins.

The financial statement detailed further expenditures: selling and distribution expenses stood at PKR 397.47 million, and administrative expenses climbed to PKR 1.22 billion in the first half of 2024. The company also faced a higher finance cost of PKR 973.99 million, up from PKR 570.21 million in 2023.

Ultimately, the net profit for the period was PKR 1.14 billion, a decrease from PKR 1.76 billion recorded in the previous year. The earnings per share for the first half of 2024 were reported at PKR 3.69, down from PKR 5.67 in 2023.

The company declared no cash dividend, bonus shares, right shares, or any other entitlements or corporate actions that might impact shareholder value, indicating a conservative approach towards capital distribution amidst financial flux.

The complete half-yearly report for Ibrahim Fibres Limited will be transmitted to shareholders through PUCARS within the specified timeframe as the firm continues navigating the challenging economic landscape.