Jehangir Tareen’s JDW Sugar Mills Limited, the largest white sugar producer in the country, has announced its financial results for the first quarter that ended on 31st December 2019.
The company posted a profit after tax of Rs. 138.92 million compared to a loss of Rs. 353 million recorded in the same period last year.
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The revenue was up by 61.45% to Rs. 13.19 billion during the first quarter as compared to Rs. 8.17 billion recorded in the same period last year. The sales have increased mainly due to an increase in average selling prices of sugar, molasses, and carryover sugar stocks.
The cost of revenue was posted at Rs. 11.75 billion, up by 54% as compared to Rs. 7.63 billion in the same quarter last year, taking the gross profits to Rs. 1.45 billion as compared to Rs. 538 million.
The company’s administrative expenses stood at Rs. 331.83 million as compared to Rs. 208.20 million, showing an increase of 59.50%. Other income has increased to Rs. 81.38 million against Rs. 79.76 million.
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Due to higher interest rates, the finance cost of the company has increased by 18.56% to Rs. 877.53 million as compared to Rs. 740.14 million.
As per the financial results, the company’s earnings per share stood at Rs. 2.32 compared to a loss per share of Rs. 5.91.
The Sugar Division comprises three sugar mills units, JDW Unit-I , JDW Unit-II and JDW Unit-III in the districts of Rahim Yar Khan and Ghotki.
It is one of the largest groups in the sugar sector and contributes approximately 15-17% of the country’s sugar production. It is also managing Sugarcane Corporate Farms over an area of 24,000 acres in Punjab and Sindh.
At the time of filing this report, JDWS’s shares at the bourse were trading at Rs. 350, up by Rs. 11.12 or 3.28% with a turnover of 400 shares on Tuesday.