Karachi: Olympia Mills Limited, a textile company formerly known as Olympia Spinning & Weaving Mills Limited, announced its financial results for the fiscal year ended June 30, 2024, showing significant growth in profits compared to the previous year. According to information available from the Pakistan Stock Exchange (PSX), the Karachi-based company's net profit after taxation rose to 19.73 million rupees, up from 17.60 million rupees in the previous fiscal year.

The company's net income increased to 121.88 million rupees in 2024, up from 104.65 million rupees in 2023. This improvement was despite an increase in direct operating expenses, which amounted to 48.56 million rupees. However, the profit from the principal line of business was notably higher, at 73.33 million rupees compared to 55.40 million rupees in the prior year.

Administrative and general expenses for Olympia Mills were recorded at 25.19 million rupees, alongside other expenses totaling 29.20 million rupees. The operating profit stood at 44.12 million rupees. Finance costs for the year were reduced to 5.95 million rupees from 6.87 million rupees in 2023, contributing to a higher pre-tax profit of 38.17 million rupees.

The company's earnings per share also increased, from 1.47 rupees per share in 2023 to 1.64 rupees per share in 2024. Olympia Mills has announced that it will not be issuing any cash dividends, bonus shares, or rights shares for this fiscal year.

The annual general meeting for Olympia Mills Limited is scheduled for October 25, 2024, and the report of the fiscal year will be transmitted electronically through PUCAR.