Lahore: Baba Farid Sugar Mills Limited has announced its financial results for the quarter ending December 31, 2024, revealing a significant decline in profits compared to the same period last year. The Board of Directors convened on January 24, 2025, at the company’s registered office in Lahore to approve the unaudited accounts for the quarter.
For the quarter ending December 31, 2024, Baba Farid Sugar Mills Limited reported revenue from contracts with customers amounting to 1.48 billion rupees, an increase from the 1.24 billion rupees recorded for the same period in 2023. Despite the rise in revenue, the cost of sales also increased, reaching 1.26 billion rupees compared to 969.28 million rupees in the previous year.
This resulted in a gross profit of 222.43 million rupees, down from 268.85 million rupees in 2023. The company faced higher selling and distribution expenses, which soared to 19.96 million rupees from 7.13 million rupees, and general and administrative expenses rose to 68.39 million rupees from 53.16 million rupees the previous year.
Other operating expenses showed a significant decrease to 833,449 rupees from 11.42 million rupees, while other income dropped to 17.47 million rupees from 31.25 million rupees in 2023. The overall operating profit stood at 150.72 million rupees, a decline from 228.39 million rupees in the previous year.
Financial charges saw a sharp increase to 121.18 million rupees from 54.52 million rupees, contributing to a reduction in profit before levy, which was reported at 29.54 million rupees compared to 173.87 million rupees in 2023. After accounting for a levy of 17.13 million rupees, the profit for the period was 12.41 million rupees, a stark contrast to the 158.13 million rupees recorded last year.
According to information available from the Pakistan Stock Exchange (PSX), the basic and diluted earnings per share for the quarter dropped significantly to 131 rupees from 16.73 rupees in the prior year. The company plans to release its quarterly report through PUCARS in due time, providing further insights into its financial performance.