Karachi: Kohat Textile Mills Limited has disclosed a significant enhancement in its financial performance for the fiscal year ended June 30, 2024. The company's financial statements reveal a robust increase in net sales and profit after taxation, as detailed in their latest earnings report.

For the year 2024, Kohat Textile Mills recorded net sales of 7,964.14 million rupees, up from 5,952.26 million rupees in 2023, marking an increase in revenue by approximately 33.8%. This growth in sales is attributed to optimized operations and expanded market reach, reflecting a stronger demand for their textile products.

The cost of sales also rose to 6,744.62 million rupees, up from 5,105.14 million rupees in the prior year, aligning with the increased sales volume. Despite this rise, the company managed to significantly boost its gross profit to 1,219.52 million rupees in 2024 from 847.13 million rupees in 2023.

Operating expenses, including distribution and administrative costs, were kept in check but showed a slight increase in line with the overall growth of the business. Profit from operations notably increased to 924.08 million rupees, up from 610.33 million rupees, showcasing effective cost management and operational efficiency.

According to information available from the Pakistan Stock Exchange (PSX), the finance cost for Kohat Textile Mills spiked to 599.72 million rupees, which weighed on the pre-tax profits, culminating at 224.80 million rupees after accounting for minimum tax levies.

Taxation for the year was significantly reduced to 10.69 million rupees, down from 19.44 million rupees in 2023, resulting in a net profit of 214.12 million rupees, more than double the previous year's figure of 85.15 million rupees.

The earnings per share also reflected this growth, rising to 10.29 rupees per share from 4.09 rupees per share in 2023. The financial statement also noted a loss on remeasurement of staff retirement benefit obligations, which impacted the other comprehensive income, resulting in a total comprehensive income of 201.38 million rupees.

Kohat Textile Mills' robust performance in 2024 demonstrates its resilience and strategic adaptability in a challenging economic environment, solidifying its position in the textile industry.