Karachi: National Silk and Rayon Mills Limited reported a robust increase in turnover, marking a 23% rise for the fiscal year ending June 30, 2024, despite prevailing economic challenges. The company's financial performance, highlighted during a recent corporate briefing session, demonstrated resilience in the face of high input costs and a challenging economic environment.

For the fiscal year 2024, the company's turnover increased to 2,154.20 million from 1,758.08 million in 2023. Gross profit rose to 155.61 million, up from 53.49 million the previous year. Operating profit showed a significant improvement, reaching 97.82 million compared to 5.15 million in the prior year. Profit before taxation also improved to 96.41 million from a loss of 3.63 million in 2023. The company reported a net profit after taxation of 66.30 million, contrasting sharply with a loss of 22.93 million in 2023.

According to information available from the Pakistan Stock Exchange (PSX), the company has maintained a stable capital structure with shareholders' equity remaining constant at 155.53 million over the years. The surplus on revaluation of fixed assets remained at 1,123.28 million, and net current assets increased to 787.18 million in 2024 from 609.51 million in the previous year.

The company attributes its financial success to its continued focus on operational excellence, product portfolio diversification, and cost reduction strategies. The stable exchange rate and economic improvements also contributed to the favorable results.

Looking ahead, National Silk and Rayon Mills acknowledges the ongoing challenges within Pakistan’s textile sector, including sluggish global economic recovery, reduced domestic consumer demand, and rising energy costs. However, the recent resumption of the IMF program has been a positive development, ensuring that external financing needs will be met and maintaining stability in the external position.

The company remains committed to sustainable growth and value creation through efficient business operations and leadership in the textile sector. It aims to balance economic support, debt sustainability, and structural reforms while maintaining social cohesion.