Karachi: Ali Asghar Textile Mills Limited has demonstrated a significant financial turnaround in 2024, highlighted by a notable increase in profits and revenues, according to data presented at the company's Corporate Briefing Session. The company's financial performance over the past six years shows a marked improvement, with 2024 being a standout year.

For the fiscal year ending in 2024, Ali Asghar Textile Mills reported a revenue of 66.40 million PKR from its logistic center service, a steady increase from 63.80 million PKR in 2023 and 52.59 million PKR in 2022. The gross profit for 2024 was 18.52 million PKR, a decrease from the previous year's 31.33 million PKR, yet it remains a positive figure compared to negative results in earlier years.

Operating profit saw a dramatic rise to 202.49 million PKR in 2024, from just 10.90 million PKR in 2023. Profit before levies and taxation also surged to 190.64 million PKR, compared to 10.69 million PKR the previous year. The company’s profit after tax stood at 99.82 million PKR in 2024, up from 14.24 million PKR in 2023.

Shareholders' equity increased significantly to 2.22 billion PKR in 2024 from 1.55 billion PKR in the previous year. Total assets also rose to 2.52 billion PKR, compared to 1.65 billion PKR in 2023, reflecting the company's strengthened financial position.

According to information available from the Pakistan Stock Exchange (PSX), earnings per share pre-tax rose to 4.29 PKR in 2024, up from 0.24 PKR in 2023. Post-tax earnings per share increased to 2.25 PKR, from 0.32 PKR in the previous year. The market value per share reached 25.73 PKR in 2024, a significant rise from the consistent 2.07 PKR in the preceding years.

Despite the positive performance, the company did not declare any cash dividends per share for the year 2024. The breakup value per share, including valuation surplus, increased to 49.95 PKR from 34.99 PKR in 2023.

The company's current ratio stood at 8.44:1 in 2024, slightly down from 8.84:1 in 2023. The total debt to total assets ratio increased to 12% from 6% in 2023, while the debt-equity ratio rose to 13% from 6% in the previous year.

These financial results underscore Ali Asghar Textile Mills Limited's robust recovery and growth trajectory in 2024, setting a positive tone for the company's future endeavors.