Lahore: Ibrahim Fibres Limited's Board of Directors approved the financial results for the year ending December 31, 2024, during a meeting held on March 14, 2025, at the company's headquarters in New Garden Town, Lahore. The report reveals a substantial increase in profit, despite the absence of cash dividends, bonus shares, right shares, or any other corporate actions this fiscal year.

For the year 2024, Ibrahim Fibres reported net sales of 120.67 billion rupees, a modest increase from the previous year's 119.76 billion rupees. The cost of goods sold was recorded at 110.92 billion rupees, slightly up from 110.79 billion rupees in 2023, leading to a gross profit of 9.74 billion rupees, compared to 8.97 billion rupees the previous year.

Operating expenses showed an incremental rise, with selling and distribution expenses amounting to 752.90 million rupees, and administrative expenses climbing to 2.52 billion rupees. Other operating expenses increased significantly to 744.79 million rupees from 290.75 million rupees in 2023. These factors resulted in an operating profit of 3.99 billion rupees, up from 3.74 billion rupees in 2023.

According to information available from the Pakistan Stock Exchange (PSX), Ibrahim Fibres Limited’s profit before taxation stood at 3.87 billion rupees, an increase from the previous year’s 3.31 billion rupees. After accounting for levy and taxation expenses of 153.77 million rupees and 1.51 billion rupees respectively, the company's profit for the year rose substantially to 2.36 billion rupees, a significant leap from 303.50 million rupees in 2023. The earnings per share, calculated on both basic and diluted bases, were recorded at 7.60 rupees, a stark improvement from 0.98 rupees in the preceding year.

Despite the financial gains, the company experienced a reduction in comprehensive income due to a remeasurement of staff retirement gratuity, which showed a loss of 264.87 million rupees. After adjustments for deferred tax, the total comprehensive income for the year was 2.20 billion rupees, compared to 199.36 million rupees in 2023.

The Annual General Meeting is slated for April 25, 2025, in Lahore. The Share Transfer Books will be closed from April 18 to April 25, 2025, to finalize the list of eligible members attending the meeting. Transfers completed by the close of business on April 17, 2025, at CDC Share Registrar Services Limited in Karachi, will be considered timely. The company's Annual Report will be accessible via PUCARS at least 21 days before the scheduled meeting.