Karachi, In a corporate briefing session held today, Jubilee Spinning & Weaving Mills Ltd. reported a robust financial performance for the year ended June 30, 2023, to its shareholders and financial analysts. Incorporated on December 12, 1973, and listed on all Pakistan stock exchanges, the company has transitioned from manufacturing and selling yarn to earning rental income and service revenue through its premises and power generation equipment.
For the fiscal year 2023, Jubilee Spinning & Weaving Mills Ltd. announced a significant increase in its profit after taxation, which stood at Rs. 71.61 million, up from Rs. 43.98 million in the previous year. This increase is noteworthy against the backdrop of escalating costs and economic challenges. The company’s revenue rose to Rs. 5.33 million from Rs. 4.96 million in 2022, while gross profit slightly decreased from Rs. 2.07 million to Rs. 2.01 million.
Despite facing heightened administrative and general expenses, which surged to Rs. 65.04 million from Rs. 54.90 million, the company benefited from a substantial increase in other income, reaching Rs. 149.55 million, up from Rs. 106.49 million the previous year. This contributed to a profit from operations of Rs. 86.52 million, significantly higher than the Rs. 53.02 million reported in 2022.
The company also highlighted the adverse effects of inflation and increased costs for major inputs like energy and transportation, which have impacted profit margins across industries. Additionally, the ongoing political uncertainty poses challenges for future business planning.
Jubilee Spinning & Weaving Mills Ltd. expressed caution in its future outlook, citing the difficulty in projecting forward confidently due to the current economic and political landscape.