Lahore: In the annual financial review, Shahzad Textile Mills Limited disclosed a significant increase in sales for the fiscal year ending June 30, 2024, amounting to Rs. 11.01 billion, representing a 31.15% growth compared to the previous year. However, the company still posted a loss after taxation of Rs. 98.78 million, an improvement from last year's Rs. 269.24 million loss. The company has navigated through challenges such as high cotton prices and interest rates which have pressured the cost structure, affecting overall profitability.

This year's financial statements also showed a gross profit of Rs. 517.47 million up from Rs. 234.37 million the prior year, underlining some efficiency gains despite the tough operating environment. According to information available from the Pakistan Stock Exchange (PSX), total assets were reported at Rs. 5.87 billion, while liabilities summed to Rs. 1.88 billion.

The company announced its 46th Annual General Meeting scheduled for October 28, 2024, at its registered office in Lahore. The agenda includes the adoption of financial statements, reappointment of auditors, and ratification of transactions with related parties.

Looking ahead, Shahzad Textile remains committed to enhancing operational efficiencies and expanding its market reach to mitigate the impact of financial strains and leverage emerging opportunities in both local and international markets.