Karachi: Al-Noor Sugar Mills Limited has disclosed its financial results for the fourth quarter ending December 31, 2024, which reflect a notable decline in profitability compared to the same period last year. The Board of Directors, in a meeting held on January 29, 2025, confirmed no dividends or bonus shares will be distributed for this period, as per the official announcement.

For the quarter ended December 31, 2024, the company's sales stood at 5.61 billion rupees, a decrease from 6.08 billion rupees in the previous year. The cost of sales increased to 5.23 billion rupees from 4.80 billion rupees, resulting in a gross profit of 376.45 million rupees, significantly down from the 1.28 billion rupees recorded in the same quarter of 2023. The company suffered a loss before levies and income tax amounting to 111.29 million rupees, contrasting sharply with the 872.59 million rupees profit achieved in the previous year.

According to information available from the Pakistan Stock Exchange (PSX), Al-Noor Sugar Mills Limited experienced a loss after levies and income tax of 43.10 million rupees, compared to a profit of 470.90 million rupees in the same period last year. The basic and diluted loss per share was recorded at 2.11 rupees, compared to an earnings per share of 23.00 rupees a year ago.

The balance sheet reflects a reduction in total assets to 17.48 billion rupees from 18.20 billion rupees in September 2023. Non-current assets slightly decreased to 11.18 billion rupees, while current assets saw a reduction to 6.30 billion rupees. The company’s equity and liabilities also showed changes, with total equity standing at 6.98 billion rupees and non-current liabilities at 3.77 billion rupees. Current liabilities decreased to 6.73 billion rupees from 7.33 billion rupees in September 2023.

The cash flow statement revealed that the company utilized 94.80 million rupees in investing activities during the quarter. However, there was a positive net cash flow from financing activities amounting to 130.20 million rupees. Consequently, the company reported an increase in cash and cash equivalents, which stood at 1.13 billion rupees at the end of the period, up from 423.19 million rupees at the start.

Despite the financial setbacks, the company has maintained its authorized capital at 500.00 million rupees, with issued, subscribed, and paid-up capital remaining unchanged at 204.74 million rupees. The general reserve is stable at 1.00 billion rupees, while the unappropriated profit slightly increased to 1.34 billion rupees.

Al-Noor Sugar Mills Limited is categorized under the sugar and allied industries market sector, and the latest financial results indicate significant challenges that the company will need to address moving forward.