ISLAMABAD: Many textile mills in Pakistan have reported huge profits in first quarter of the ongoing financial year 2021-20 amid growing economic activities and exports in the wake of lifting of lockdowns in the country and abroad.
Sharp increase in the value of dollar against the local currency and a significance growth in textile exports contributed to impressive increase in profits of textile companies in 2021.
Nishat Mills, Guld Ahmed Textile, Dawood Lawrencepur, Reliance Cotton and Premium Textile are the leading mills which have reported profits in billion(s) during first quarter, July-Sept period of the ongoing financial year.
Nishat Mills has informed its shareholders today that the company has earned a record profit of Rs5.10 billion (pre-tax) in first quarter of the ongoing FY22. However, the post-tax profit of Nishat Mills amounted to 4.603 billion while the earning per share of the company stood at 11.91 rupees during this period.
Meanwhile, Fazal Cloth Mills earned 1.735 billion rupees profit before tax and post-tax profit of the company stood at 1.557 billion rupees. Earnings per share of the company amounted to 51.90 rupees in first three months of the ongoing fiscal year.
Moreover, Dawood Lawrencepur earned 2.364 billion pre-tax and 1.761 billion rupees after tax profit in the period under review. Lawrencepur told its shareholders on Nov 3, 2021, that the company has recorded an increase of 30.42 billion rupees in the price of its share in the stock market during July-Sept period of 2021 (1st quarter).
Gul Ahmed Textile has reported 1.591 billion rupees pre-tax profit of 1.166 billion rupees in first quarter of FY2021-22 and after payment of taxes, net profit of the company amounted to 1.166 billion rupees while its per share earning stood at 2.73 rupees during this period.
Similarly, Premium Textile Mills also earned 1.14 billion rupees pre-tax and 1.097 billion rupees post-tax profit in this period while company’s earnings per share surged by 178.12 rupees.
In addition to the above-quoted mills, many other textile mills have reported profit such as Shahtaj Textile Limitd, Crescent Jute Products, National Silk and Rayon Mills, Hamid Textile, Service Industries Textiles, Crescent Cotton Mills, Zephyr Textiles, Dar-es-Salam Textile Mills, Masood Textiles, Redco Textiles, Ideal Spinning Mills and J.A. Textiles, etc.
All these textile companies have reported their profits to Pakistan Stock Exchange (PSX) on Wednesday (Nov 3), 2021.
Textile exports of Pakistan surged to a record high level of $6.04 billion during July-October FY 2021-22. It showed a yearly growth of 26.86% against the textile exports of $4.76 billion in the corresponding period in last fiscal year.
According to All Pakistan Textile Mills Association (APTMA), in Oct 2021, the textile exports recorded a substantial increase of 25.5% in comparison with the same month last year. In October 2021, Pakistan’s textile exports surged to a new high of $1.619 billion from around $1.29 billion in October 2020.
