Lahore: Sapphire Textile Mills Limited, a leading textile manufacturer, disclosed its financial results for the first quarter ended September 30, 2024, showcasing significant growth in net turnover and profit.

The company's net turnover increased to 23,559.08 million Rupees, up from 19,747.02 million Rupees in the same quarter of the previous year. The gross profit also rose, reaching 3,768.53 million Rupees compared to 3,209.29 million Rupees in 2023. These figures reflect a robust performance despite the volatile market conditions.

Operational costs, including distribution and administrative expenses, saw an uptick in line with the expansion in turnover. Distribution costs were reported at 831.49 million Rupees, up from 568.73 million Rupees, while administrative expenses grew to 266.79 million Rupees from 218.75 million Rupees. Other operating expenses increased to 105.22 million Rupees from 67.09 million Rupees.

According to information available from the Pakistan Stock Exchange (PSX), Sapphire Textile Mills has managed to improve its operational efficiency, which is evident from the substantial growth in profit from operations, which stood at 2,890.29 million Rupees, an increase from 2,804.74 million Rupees in the previous year.

The financial results also highlighted a decrease in finance costs, which dropped significantly to 1,281.32 million Rupees from 1,754.34 million Rupees, alleviating some of the financial burdens on the company. The profit before income tax surged to 1,552.52 million Rupees, up from 713.25 million Rupees in 2023, demonstrating the company's enhanced profitability.

Profit after tax stood at 1,033.55 million Rupees, showing a marked improvement from 712.58 million Rupees in the previous year. The earnings per share also increased to 47.65 Rupees, up from 32.85 Rupees, reflecting a positive return to shareholders.

The Board of Directors met on October 29, 2024, through a combination of in-person and virtual attendance, to approve these results. The financial statements of the company, along with the consolidated results of its subsidiaries, were reviewed and ratified during this meeting.

The detailed quarterly report, as stipulated by financial regulations, will be separately transmitted through PUCARS within the prescribed timeline, ensuring compliance and transparency in disclosures.