Karachi, Noon Sugar Mills Limited announced its impressive performance for the quarter ended June 30, 2023. The Board of Directors, in their meeting held on July 26, 2023, recommended various actions to reward shareholders and improve the company’s financial position.

Sales for Q2 2023 reached Rs. 2,692,080,000, showing a decline compared to Rs. 3,625,964,000 in Q2 2022.

Gross profit increased to Rs. 552,879,000 from Rs. 475,554,000 in the previous year’s quarter.

Profit before taxation stood at Rs. 92,530,000, a decrease from Rs. 163,035,000 in 2nd quarter 2022.

Profit after taxation amounted to Rs. 68,822,000, up from Rs. 62,681,000 in the same quarter last year.

Earnings per share for the quarter were reported at Rs. 4.17, compared to Rs. 3.79 in 2nd quarter 2022.

1. Cash Dividend: The Board recommended an Interim Cash Dividend of NIL% at Rs. NIL per share for the quarter, in addition to the Interim Dividends already paid at Rs. NIL per share.

2. Bonus Shares: Shareholders are to receive Interim Bonus shares in proportion of NIL share(s) for every NIL share(s) held, equating to NIL% bonus issuance. This is in addition to the Interim Bonus Shares already issued at NIL%.

3. Right Shares: The Board suggested issuing NIL% Right Shares at par/at a discount/premium of Rs. NIL per share for every NIL share(s) held. The entitlement of right shares will be declared simultaneously and may or may not be applicable on Bonus Shares.

The company’s comprehensive income for the quarter was recorded at Rs. 68,822,000.