ISLAMABAD: Many leading textile mills, listed at Pakistan Stock Exchange (PSX) have reported billions of rupees profits in 2022.
Details obtained by The Truth International (TTI) indicated that seven textile mills have reported over 29 billion rupees profit in first three quarters of the ongoing fiscal year.
Gul Ahmed Textile, Indus Dyeing, Fazal Cloth and Suraj Cotton are on top of the textile mills which have reported the highest amount of profits from July 2021 to March 2022 (three quarters). Textile mills, listed at PSX, have reported their profits to shareholders and regulators on June 1, 2022.
Gul Ahmed Textile is top of others in earning a huge profit. The company has reported 7.68 billion rupees gross profit for three quarters of the outgoing fiscal year 2021-22. Net profit of the textile mill closed at 6.17 billion after payment of taxes to the Federal Board of Revenue. Gul Ahmed, nonetheless, has reported a paltry increase of Rs10.01 in its share-price during the period under review.
Indus Dyeing and Manufacturing Company Limited has earned Rs7.49 billion profit for three quarters, to be the second largest profit-oriented textile company during first three quarters of 2021-22 fiscal year.
The post-tax profit of this textile company closed at 6.92 billion rupees. The value of the company’s share increased by 127.73 rupees from July 2021 to March 2022.
Meanwhile, Fazal Cloth is the third largest textile mill in term of profit generating during the period under review. The company has earned Rs5.43 billion gross profit, Rs 4.84 billion net profit while value of its share edged up by Rs161.56, the highest ever in comparison with other textile mills in Pakistan.
Suraj Cotton has also reported a hefty profit of Rs3.25 billion in first three quarters of the 2021-22 fiscal year, ending June 2022. Net profit of the textile mill closed at Rs2.53 billion with 57.23 rupees increase in value of its share in the stock market.
Reliance Weaving too has earned Rs2.78 billion gross profit and Rs2.52 billion net profit during the said period while the price of company’s share improved by 82 rupees. Furthermore, Sunrays Textile has reported 1.54 billion gross profit and Rs1.46 billion net profit with a gain of Rs70.77 in value of its share from July 2021 to March 2022.
Likewise, Sitara Chemical, Colony Textile, Dawood Lawrencepur and some others have also earned profit in first nine months of FY2021-22. Importantly, not a single textile mill has indicated payment of dividend or bonus to shareholders in although the mills have earned over Rs29 billion profits, which they shared with the Pakistan Stock Exchange.