Lahore: Stylers International Limited has demonstrated significant financial growth in its latest quarterly report for the period ending September 30, 2024. The Lahore-based textile company reported a substantial increase in revenue, achieving PKR 4.88 billion, up from PKR 2.59 billion in the same period last year, marking an 118% increase in volume.
According to information available from the Pakistan Stock Exchange (PSX), the company's gross profit also saw a considerable increase, rising from PKR 532.56 million in September 2023 to PKR 827.55 million in September 2024. This improvement was largely attributed to a more favorable customer and product mix, coupled with a lower exchange rate, which enhanced competitiveness in international markets.
The company faced significant cost pressures, notably in administrative expenses, which escalated to PKR 443.50 million due to increases in minimum wages and adjustments given to employees during a peak inflation period in October 2023. Other income contributed PKR 72.04 million, slightly down from PKR 75.91 million the previous year.
Finance costs decreased to PKR 52.67 million from PKR 63.36 million, reflecting better financial management and lower borrowing costs. Despite these challenges, the company managed a net profit before tax of PKR 403.43 million, a stark improvement from PKR 288.77 million a year ago.
The directors of Stylers International highlighted the economic challenges faced by Pakistan, including stringent financial conditions and supply chain disruptions. However, the Pakistani textile sector continues to be a strong contributor to the national economy, with increased demand in key markets despite a 100% increase in tax regime affecting export sales.
Looking forward, Stylers International remains optimistic about its future prospects, particularly with its ongoing expansion project "Sunshine," aimed at increasing production capacity and operational efficiencies. This project is expected to significantly enhance the company's growth and ability to meet rising global demand.