Karachi: S.S. Oil Mills Limited, a major player in Pakistan's oil milling industry, has reported a substantial decline in profits for the fiscal year 2024, marking a challenging period for the company. According to the company's recently released operating and financial data, the firm witnessed a loss after tax of 147.84 million rupees, compared to a profit after tax of 134.34 million rupees in 2023.

The company's sales revenue also experienced a steep decline, dropping to 4,516.35 million rupees in 2024 from 6,230.79 million rupees the previous year. This reduction in sales revenue is reflective of a broader decrease in the company's financial performance.

The cost of goods sold in 2024 amounted to 4,283.58 million rupees, which, while lower than the 5,652.46 million rupees recorded in 2023, did not correspond to a proportionate increase in gross profit. The gross profit for 2024 was reported at 232.76 million rupees, a significant decline from the 578.34 million rupees achieved in 2023.

Operating profit for the year also saw a downturn, falling to 177.28 million rupees in 2024 from 527.77 million rupees in the previous fiscal year. Additionally, the company reported a loss before tax of 91.87 million rupees for 2024, a reversal from the 354.20 million rupees profit before tax recorded in 2023.

According to information available from the Pakistan Stock Exchange (PSX), S.S. Oil Mills Limited maintained its paid-up capital at 56.58 million rupees throughout the year. The company's current assets as of 2024 stood at 2,419.56 million rupees, showing an increase from 1,810.96 million rupees in 2023. However, current liabilities were not disclosed in the most recent data.

The financial results underscore the challenging market conditions faced by S.S. Oil Mills Limited in the past year, highlighting the company's efforts to navigate a volatile economic landscape.