Karachi, Ibrahim Fibres Limited, a prominent name in the textile industry, has revealed its Board of Directors' approval of the company's financial results for the first half of 2023. The results were announced following a meeting held in Lahore on August 18, 2023.

The key highlights of the financial results are as follows:

Quarter Ended June 30, 2023

Sales - net - Rupees 30,396,601,865

Cost of goods sold - (Rupees 27,114,885,556)

Gross profit - Rupees 3,281,716,309

Selling and distribution expenses - Rupees 6,695,660,128

Administrative expenses - (Rupees 1,236,701,643)

Other Operating Expenses - (Rupees 2,363,276,277)

Finance cost - Rupees 2,045,014,666

Other income - Rupees 19,376,046

Profit before taxation - Rupees 2,064,390,712

Provision for taxation - (Rupees 2,189,799,185)

Profit (Loss) for the period - (Rupees 125,408,473)

Earnings per share - Basic and Diluted

Q2 2023: (0.40) - 2022: 7.04

Half year 2023: 5.67 - 2022: 18.69

The financial statement reflects the company's performance for the specified periods. While there was a decline in sales compared to the previous year, the cost of goods sold remained relatively stable. Gross profit, selling and distribution expenses, administrative expenses, and other operating expenses also showed changes reflecting market dynamics and business operations.

Ibrahim Fibres Limited assures that the Half-Yearly Report for the period ending June 30, 2023, will be shared with stakeholders through the relevant channels, specifically through PUCARS, in accordance with the stipulated timeframes.

This announcement signifies the company's commitment to transparency and accountability, offering investors and stakeholders valuable insights into the financial health and performance of Ibrahim Fibres Limited.