Karachi: S.S. Oil Mills Limited has reported a significant recovery in its financial performance for the first quarter ended September 30, 2024, marking a notable turnaround from a loss in the previous year to a profitable quarter this year.

During the quarter under review, S.S. Oil Mills witnessed a substantial increase in sales, rising from Rs. 385.86 million in 2023 to Rs. 1.44 billion in 2024. According to information available from the Pakistan Stock Exchange (PSX), this surge reflects a resilient performance despite challenging conditions including a ban on GMO seed imports and limited availability of NON-GMO seeds.

The company's gross profit followed suit, escalating to Rs. 114.29 million from a modest Rs. 14.22 million in the previous year. Net profit after tax was notably positive at Rs. 28.41 million, reversing the previous year's loss of Rs. 33.28 million. This recovery is attributed to the management’s strategic navigation of increasing financial costs due to rising Kibor rates.

Earnings per share (EPS) improved dramatically to Rs. 5.02, compared to a loss per share of Rs. 5.88 in 2023. The director’s report highlighted the economic challenges faced due to local recessionary trends and uncertain economic conditions, yet remained optimistic about overcoming these hurdles through dedicated management and staff efforts.

The board expressed gratitude towards customers, suppliers, and bankers for their ongoing support, which has been integral to the company’s progress. The positive results have also been a testament to the hard work and dedication of the company’s workforce, who are expected to continue their efforts to ensure further improvements in the coming months.