Karachi: Saif Textile Mills Limited has released its financial results for the fiscal year ended June 30, 2024, showcasing a remarkable recovery with a net profit of Rs. 11.57 million, a stark contrast to the previous year's loss of Rs. 1.13 billion.

In the year 2024, Saif Textile Mills achieved a net sales revenue of Rs. 12.25 billion, up from Rs. 11.69 billion in 2023. This increase in revenue contributed significantly to the company's financial recovery. The cost of sales saw a decrease to Rs. 10.46 billion from Rs. 11.23 billion the previous year, resulting in a gross profit of Rs. 1.79 billion compared to just Rs. 462.42 million in 2023.

According to information available from the Pakistan Stock Exchange (PSX), the company's operational efficiency improved markedly. Distribution costs rose slightly to Rs. 229.26 million, while administrative expenses decreased to Rs. 250.66 million, down from Rs. 339.47 million. Other income for the company saw a substantial increase, reaching Rs. 633.04 million, boosted by various operational efficiencies and perhaps some strategic gains in asset management.

Finance costs remained a significant charge on the income statement at Rs. 1.64 billion, but this did not deter the overall profitability trajectory. The company reported an operational profit of Rs. 1.92 billion, recovering from an operational loss of Rs. 80.43 million in 2023.

The net profit before taxation stood at Rs. 283.71 million, recovering from a pre-tax loss of Rs. 1.58 billion in the previous year. After accounting for tax levies, which totalled Rs. 152.50 million, and other taxations, the net profit after tax was confirmed at Rs. 11.57 million. The earnings per share turned positive to Rs. 0.44, up from a loss of Rs. 42.93 per share the previous year.

These financial results mark a significant turnaround for Saif Textile Mills, reflecting robust management and operational adjustments over the past year that have begun to yield substantial financial improvements.