Lahore: Abdullah Shah Ghazi Sugar Mills Limited has announced its financial results for the period ending December 31, 2024, revealing continued financial challenges. The Board of Directors, in a meeting held on January 30, 2025, at 65 - Infantry Road, Lahore, decided against recommending any cash dividends, bonus shares, or right shares for the period. The company also did not report any other entitlements or corporate actions, and indicated that no price-sensitive information was applicable at this time.

The financial statements, which include the Statement of Profit and Loss, Statement of Financial Position, Statement of Changes in Equity, and Statement of Cash Flows, have been uploaded to PUCARS and the company’s website for the benefit of exchange members.

The company reported a significant gross loss of 46.69 million rupees for 2024, compared to a gross loss of 72.13 million rupees in 2023. Operating expenses decreased to 38.01 million rupees from 48.22 million rupees the previous year. Despite a rise in other income to 14.91 million rupees from 0.66 million rupees in 2023, Abdullah Shah Ghazi Sugar Mills recorded a pre-tax loss of 69.78 million rupees, an improvement from the 119.69 million rupees loss in the prior year.

Taxation for the period amounted to 20.24 million rupees, resulting in a net loss after taxation of 49.54 million rupees, compared to a loss of 84.90 million rupees in 2023. The basic and diluted earnings per share stood at negative 0.63 rupees, an improvement from negative 1.07 rupees the previous year.

According to information available from Pakistan Stock Exchange (PSX), the company’s total assets as of December 31, 2024, were valued at 3.45 billion rupees, up from 3.33 billion rupees on September 30, 2024. Non-current assets, including property, plant, and equipment, accounted for 3.33 billion rupees, while current assets were valued at 115.15 million rupees.

The company’s liabilities were substantial, with share capital and reserves recording a deficit of 695.09 million rupees. Non-current liabilities stood at 1.18 billion rupees, and current liabilities were reported at 2.96 billion rupees.

Despite the financial challenges, the company managed a positive cash flow from operating activities amounting to 128.88 million rupees, a turnaround from the 63.17 million rupees negative cash flow in the previous year. However, cash flow from investing activities remained negative at 134.21 million rupees, primarily due to fixed capital expenditures. Financing activities generated a positive cash flow of 10.69 million rupees, largely due to unsecured long-term loans from related parties.

The company’s cash and bank balances improved, closing at 6.66 million rupees on December 31, 2024, compared to 1.29 million rupees at the beginning of the period. Despite these improvements, Abdullah Shah Ghazi Sugar Mills Limited continues to face significant financial hurdles as reflected in its comprehensive loss and accumulated deficit.