Karachi: Ali Asghar Textile Mills Limited reported a notable surge in its financial performance for the fiscal year ended June 30, 2024, with profits soaring compared to the previous year. The company’s recent financial statement highlights a substantial increase in both revenue and profits.

In the year 2024, the company generated a revenue of 66.40 million from its logistics center services, a slight increase from 63.80 million in the previous year. However, the gross profit saw a more significant boost, climbing to 18.52 million from 31.33 million in 2023.

According to information available from the Pakistan Stock Exchange (PSX), Ali Asghar Textile Mills managed to cut its logistic center service charges, contributing to the gross profit margin improvement. The firm reported administrative expenses of 35.57 million, substantially up from 19.75 million last year, yet managed to maintain a strong profit from operations at 189.97 million, a dramatic increase from the prior year’s 20.43 million.

The company’s finance costs saw a decrease, dropping to 11.54 million from 0.21 million, which significantly helped in boosting the profit before levies and taxation to 190.95 million. Following income tax levies, the net profit after taxation stood at 99.82 million, a marked improvement from 14.24 million in 2023.

The earnings per share also reflected this growth, reporting 2.25 compared to a mere 0.32 in the previous year.

This financial performance indicates a robust fiscal period for Ali Asghar Textile Mills, despite various challenges in the market. The company, located in the Korangi Industrial Area of Karachi, has evidently capitalized on its strategic initiatives to enhance profitability significantly.