Karachi: Jubilee Spinning and Weaving Mills Limited has announced its financial results for the year ended June 30, 2024, showcasing significant growth in revenue and profits, according to a statement released on October 3, 2024.
The company reported a dramatic increase in revenue from contracts with customers, totaling Rs. 10,940.06 million in 2024, up from Rs. 5,337.93 million in 2023. The cost of revenue also rose to Rs. 7,501.00 million, resulting in a gross profit of Rs. 3,449.02 million for the year, a substantial improvement over Rs. 2,016.39 million in the previous year.
Administrative and general expenses accounted for Rs. 66.64 million, slightly up from Rs. 65.04 million in 2023. However, a significant boost came from other income, which surged to Rs. 209.50 million from Rs. 149.56 million, leading to a profit from operations of Rs. 146.29 million, nearly double the Rs. 86.52 million seen last year.
The finance costs for Jubilee Spinning and Weaving were minimal, impacting the profits slightly. The profit before income tax reached Rs. 146.26 million, a robust increase from Rs. 86.28 million in the previous year. According to information available from the Pakistan Stock Exchange (PSX), the company's profit before income tax surged to Rs. 144.67 million in 2024, from Rs. 71.61 million in 2023, with a notable levy impacting the taxable profit.
After accounting for income tax expenses, Jubilee Spinning and Weaving Mills Limited closed the year with a net profit of Rs. 184.35 million, a significant leap from Rs. 71.61 million in 2023. Earnings per share also increased, from Rs. 2.20 in 2023 to Rs. 5.67 in 2024.
The financial statements have been audited by the statutory auditors and have been found to accurately represent the company's financial position, ensuring compliance with international financial reporting standards. The directors of the company have expressed their satisfaction with the financial performance and are optimistic about the future growth prospects, focusing on maintaining strong revenue streams and managing operational costs effectively.