Lahore: The National Silk and Rayon Mills Ltd. announced a significant rise in its net turnover and contributions to the national exchequer, highlighting robust operational improvements and strategic financial management for the fiscal year ended June 30, 2024.

In the fiscal year 2024, the company's net turnover reached Rs. 2,154.20 million, marking a notable 23% increase from the previous year's Rs. 1,758.08 million. According to information available from the Pakistan Stock Exchange (PSX), this performance underscores the company's adept adaptation to economic pressures and strategic market positioning.

The profitability of National Silk and Rayon was further evidenced by a sharp increase in profit after taxation, which stood at Rs. 66.30 million compared to a loss of Rs. 22.93 million in the previous year. This turnaround reflects effective cost management and operational efficiencies despite ongoing challenges in the textile sector, including high input costs and energy prices.

Contributions to the national exchequer were notably higher, with the company contributing Rs. 436.48 million in the form of various taxes, showing an increase from Rs. 348.15 million in the previous year. The rise in contributions highlights the company's role as a responsible corporate citizen amid economic recovery phases.

The company decided against declaring a dividend for 2024, citing the need to maintain liquidity and support ongoing and future operational requirements in a high-interest rate environment. This decision aligns with the company's strategy to fortify its financial position against continuous economic volatility.

Furthermore, the National Silk and Rayon Mills Ltd. remains committed to corporate social responsibility, with substantial financial support directed towards employee welfare and community initiatives, reinforcing its role in societal development alongside business pursuits.