Board Meeting in Progress of Al-Abbas Sugar Mills Limited

Karachi, Al-Abbas Sugar Mills Limited informed Pakistan Stock Exchange that a meeting of the Board of Directors of the Company scheduled to be held on May 30, 2022 at Karachi to consider the Interim Financial Statements for the period ended March 31, 2022 is in progress.

Al-Abbas Sugar Mills Limited was incorporated in May 1991 and was listed in on April 1992 at the Karachi Stock Exchange Limited.

The company has two major units located at Mirwah Gorchani and Dhabeji Thatta. The unit is located at Mirwah Gorchani with installed sugarcane crushing capacity of 8,500 Tons per day and processing capacity of molasses into quality industrial alcohol of 170,000 liters per day. The other unit is located at Dhabeji Thatta and has capacity to manufacture 27,220 M.T of different alloys per annum. The tank terminal unit of the Company is located at Kemari Karachi with storage capacity of 34,900 M.T of liquids.

AL-Abbas Sugar Mills was started the sugar production in 1994 industrial alcohol in 2000, alloys in 2005 and power generation in 2010. Also major chunk of our alcohol production is being exported to Europe, Japan, UAE, Saudi Arabia and Philippine.

As part of Company strategic planning, the Company acquired Al-Abbas Industries Limited in 2007. At that time Al-Abbas Industries Limited have one of the country’s biggest medium density fibre board plant, manufacturing facilities to produce various types of alloys product to meet the whole country demand, and 15 MW captive power plant. Subsequently, the Al-Abbas Industries Limited merged into the Al-Abbas Sugar Mills Limited.

The total number of shares company has issued are 17,362,300, where earning Per Shares (EPS) was 71.67 in 2020 and in 2019 it was 64.05 per share. The Profit After Tax has increased up to 1,244,347,000 in 2020 which was 1,111,978,000 in 2019.