Karachi: Prosperity Weaving Mills Limited disclosed its financial results for the year ended June 30, 2024, showing a significant rise in revenue and comprehensive income despite facing some increased costs and finance charges. The details, shared in the company’s latest financial statement, indicate a strong performance in the textile sector amid fluctuating market conditions.

For the fiscal year 2024, the company reported a revenue of 18.75 billion rupees, up from 14.65 billion rupees in the previous year, marking an increase of 27.97%. However, the cost of sales also rose to 17.56 billion rupees from 13.56 billion rupees, keeping the gross profit growth relatively moderate at 1.18 billion rupees, compared to 1.09 billion rupees in 2023. According to information available from the Pakistan Stock Exchange (PSX), these figures reflect the company's resilience in managing production costs and pricing strategies effectively in a challenging economic environment.

Operating profit for the year stood at 593.81 million rupees, marginally higher than last year’s 551.70 million rupees. This was supported by other income streams totaling 42.39 million rupees. However, the finance cost, which surged to 408.80 million rupees from 238.88 million rupees, impacted the profitability before tax, resulting in a figure of 227.39 million rupees, down from 344.56 million rupees in the previous year.

The company’s taxation liabilities also showed variability with a provision for taxation at 93.65 million rupees, turning around from a gain of 18.62 million rupees last year, leading to a profit after taxation of 86.65 million rupees, a decrease from 153.13 million rupees in 2023.

Moreover, other comprehensive income showed remarkable growth, totaling 264.38 million rupees driven by substantial fair value gains on investments and a revaluation surplus on land, contrasting with a loss the previous year.

Earnings per share for the company declined to 4.69 rupees from 8.29 rupees, reflecting the mixed financial dynamics over the fiscal year. The full financial results underline the challenges and opportunities faced by Prosperity Weaving Mills as it navigates through economic shifts and market demands within the textile industry category.