Kohinoor Mills Limited Reports Financial Results for FY 2023-24
Kasur: Kohinoor Mills Limited (KML), a leading textile manufacturer in Pakistan, announced its financial results for the fiscal year ending June 30, 2024, during its 37th Annual General Meeting held at its registered office in Kasur. The company, listed on the Pakistan Stock Exchange under the textile composite sector, disclosed a challenging year with a loss after tax of PKR 19 million, equivalent to a loss per share of PKR 0.39.
Despite these challenges, KML achieved a revenue of PKR 29.85 billion, up from PKR 28.21 billion in the previous year, marking a modest increase amid difficult economic conditions. The gross profit for the period stood at PKR 4.24 billion, reflecting a gross profit ratio of 14.22%.
According to information available from the Pakistan Stock Exchange (PSX), the company's financial year highlighted several operational and market challenges, including elevated costs for raw materials and energy. These factors, combined with higher financial costs due to rising interest rates, squeezed the profit margins leading to the reported losses.
Further complicating the financial landscape for Kohinoor Mills were the global economic downturn and local fiscal policies affecting the textile sector. However, the company's management remains committed to navigating these turbulent times through strategic measures aimed at improving operational efficiency and cost management.
In line with its commitment to sustainability and ethical practices, KML continued to advance its green manufacturing initiatives. This included significant efforts towards reducing the carbon footprint and optimizing resource use across its operations.
Kohinoor Mills' Board of Directors, under the leadership of Chairman Mr. Rashid Ahmed and Chief Executive Mr. Aamir Fayyaz Sheikh, expressed their dedication to steering the company towards better performance in the upcoming fiscal year. They highlighted the importance of adaptive strategies and innovation in maintaining competitiveness and achieving long-term growth.
Despite the absence of a dividend payout for the year, due to the need to reinforce working capital and prepare for potential fiscal uncertainties, the board remains optimistic about the company’s resilience and future prospects.
KML's Annual Report detailed the company’s performance across its various divisions, including Weaving, Dyeing and Finishing, and Energy, providing shareholders with comprehensive insights into the operational strengths and areas needing attention.