Karachi: Khairpur Sugar Mills Limited announced a significant increase in its pre-tax profits for the third quarter ended June 30, 2024, reaching Rs. 319,871 million, a marked rise from Rs. 85,425 million in the corresponding period last year. According to information available from the Pakistan Stock Exchange (PSX), this financial growth underscores a successful crushing season, with a record sugar production and enhanced operational efficiencies contributing to the company's robust performance.

During the third quarter, Khairpur Sugar Mills experienced a surge in profitability with a profit after taxation of Rs. 171,009 million, compared to Rs. 62,262 million in the previous year. The earnings per share also increased significantly from 3.89 to 10.69. The company attributed this performance to an extended crushing season which spanned 115 days, increased by 20 days from the previous season, and higher sugarcane yield which saw a crushing total of 831,344.075 metric tons.

The operational success was further highlighted by the sugar production of 89,731 metric tons with a recovery rate of 10.794%, a notable improvement from 10.067% last season. This achievement was supported by the government's pricing policy, where a minimum support price of Rs. 425 per 40 kg of sugarcane was maintained, ensuring fair returns for growers and stable sugar prices throughout the season.

Environmental considerations were also a priority for Khairpur Sugar Mills, as evidenced by the installation of a wastewater treatment facility with a capacity of 3000 cubic meters per day. This initiative, approved by the Sindh Environmental Protecting Agency, aims to alleviate water scarcity and pollution in agriculture, aligning with the Sindh Environmental Policy Act of 2013.

In terms of governance, the board of directors maintained its composition of seven members, including two women, demonstrating the company’s commitment to diverse leadership. The board also continued its focus on stringent audit and human resources practices to sustain its operational excellence and financial health.

In conclusion, the substantial growth in profits and operational advancements set a positive trajectory for Khairpur Sugar Mills Limited, positioning it for continued success in the upcoming fiscal year.