Karachi: SAILA Industries Limited has announced its financial results for the year ended June 30, 2024, revealing a reduction in losses and improved revenue figures, both on consolidated and unconsolidated bases.

In its unconsolidated financial statement, SAILA Industries reported a gross revenue of Rs. 4.50 billion for 2024, up from Rs. 3.40 billion in 2023. After accounting for commissions, discounts, and sales tax, the net revenue stood at Rs. 3.80 billion, compared to Rs. 2.89 billion the previous year. The cost of sales also increased, reaching Rs. 3.50 billion, resulting in a gross profit of Rs. 300.43 million, more than double the Rs. 126.51 million recorded in 2023.

The company's operational challenges were evident as administrative, distribution, and other operating expenses totaled Rs. 154.27 million. However, this was offset by other income of Rs. 6.79 million. Finance costs were substantial at Rs. 249.99 million, leading to a pre-tax loss of Rs. 144.81 million. The effective tax benefit was Rs. 69.32 million, reducing the net loss to Rs. 75.49 million, an improvement over last year's Rs. 105.21 million loss. The loss per share also improved from Rs. 5.27 to Rs. 3.78.

On the consolidated front, SAILA Industries reported a gross revenue of Rs. 6.59 billion for 2024, compared to Rs. 5.18 billion in 2023. After similar deductions, the net revenue was Rs. 5.56 billion. Despite higher costs of sales and services totaling Rs. 5.12 billion, the gross profit rose to Rs. 446.84 million from Rs. 259.09 million.

Administrative and distribution costs were notably higher in the consolidated results, reaching Rs. 269.00 million in total. With finance costs at Rs. 271.82 million and levies at Rs. 61.59 million, the consolidated pre-tax loss was Rs. 147.41 million. Thanks to tax benefits of Rs. 68.14 million, the post-tax loss was narrowed to Rs. 79.27 million, compared to the previous year’s Rs. 130.85 million. Loss per share on a consolidated basis improved from Rs. 6.91 to Rs. 4.17.

According to information available from the Pakistan Stock Exchange (PSX), SAILA Industries Limited has shown resilience in a challenging economic environment, managing to reduce its losses through increased revenues and cost management strategies. The results highlight the company's ongoing efforts to stabilize its financial position and mitigate the impacts of high operational costs and financial charges.