Karachi: Mitchell's Fruit Farms Limited has reported a significant turnaround in its financial performance for the fiscal year ended June 30, 2024. According to the company's latest financial statement, the net profit surged to PKR 456.24 million from a modest PKR 59.20 million in the previous year, marking a substantial improvement in profitability.

The company's revenue totaled PKR 2.64 billion in 2024, showing a slight decrease from PKR 2.72 billion in 2023. Despite a marginal drop in revenue, gross profit rose from PKR 648.12 million in 2023 to PKR 789.17 million in 2024. The increase in gross profit was primarily due to a reduction in cost of sales, which decreased to PKR 1.85 billion from PKR 2.08 billion year-over-year.

Operating profit also saw a significant rebound, climbing to PKR 270.53 million in 2024 from just PKR 15.44 million in 2023. According to information available from the Pakistan Stock Exchange (PSX), this recovery in operating profit can be attributed to a substantial decrease in selling and distribution expenses, which dropped from PKR 444.88 million in 2023 to PKR 343.69 million in 2024, and a decrease in administrative expenses from PKR 187.80 million to PKR 174.94 million.

Other income for the company also saw a notable increase, rising to PKR 371.67 million in 2024 from PKR 107.69 million in the previous year. This boost played a key role in offsetting the impact of increased finance costs, which escalated to PKR 964.86 million from PKR 850.83 million.

Overall, the company's financial health has improved markedly over the course of the year, as evidenced by its strong bottom line. The earnings per share also reflected this positive trend, improving to PKR 19.95 from a loss of PKR 2.59 per share in 2023.