Karachi: Olympia Mills Limited has released its financial results for the quarter ending September 30, 2024, detailing a substantial year-over-year increase in net profits. The financial report, disclosed to the Pakistan Stock Exchange, shows net earnings of 8.55 billion rupees, a significant rise from the 5.27 billion rupees recorded in the same period last year.
The company, previously known as Olympia Spinning and Weaving Mills Limited, conducted a board meeting at their headquarters in Karachi, where they approved these latest financial statements. According to the details shared, Olympia Mills did not declare any cash dividends, bonus shares, or rights shares for this quarter.
The financial overview highlights a total income of 29.42 billion rupees for the quarter, slightly down from 28.03 billion rupees in the prior year. Despite this slight drop in income, the company managed to significantly cut down its direct operating expenses from 12.42 billion rupees last year to 11.85 billion rupees, leading to a gross profit of 17.57 billion rupees.
Administrative and general expenses have been managed effectively, reduced to 4.33 billion rupees from 5.94 billion rupees the previous year. The other income of the company also saw an increase, contributing 1.33 billion rupees. According to information available from the Pakistan Stock Exchange (PSX), these improvements have played a critical role in bolstering the company's operating profit, which surged to 14.28 billion rupees, compared to 10.89 billion rupees reported last year.
After accounting for a finance cost of 1.05 billion rupees and a taxation charge of 4.69 billion rupees, Olympia Mills Limited posted a robust profit before taxation of 13.24 billion rupees. The company also reported an earnings per share of 0.712 rupees, reflecting the positive impact of their strategic financial management during the quarter.
Olympia Mills Limited stated that they would be transmitting the detailed quarterly report electronically through PUCAR, ensuring stakeholders are fully informed of the company’s financial health and operational progress.