AKD Research has released a report on JDW Sugar Mills Ltd. (JDWS) following the company’s recent analyst briefing on its financial results and future outlook. In Summary, the company reported revenue of PKR 114.7 billion in SY25, down 1% year over year from PKR 116.0 billion in the same period last year. Despite lower production and weak crop yields, revenue remained relatively stable, largely due to the sale of carry-over inventory from the previous year.

The company’s revenue mix consists of Sugar (92%), Co-Power Generation (5%), Corporate Farms (3%), and Ethanol (1%).

JDWS reported earnings of PKR 6.4 billion (EPS: PKR 111.0) in SY25, a 51% year-over-year decline from PKR 13.0 billion (EPS: PKR 225.2) in the same period last year. This decline was primarily attributed to the lack of one-off gains recorded in the previous year, including approximately PKR 9 billion from carry-over sugar inventory and around PKR 4.3 billion in co-power generation arrears received from CPPA following the settlement of disputed bagasse pricing.

Management noted that the company’s 26,000-acre corporate farm meets 7-8% of its sugarcane requirements. Additionally, JDWS operates two bagasse-based cogeneration plants with a combined capacity of 53.4 MW, which functioned at nearly 100% load factor throughout the year, supported by adequate in-house bagasse, except during brief maintenance shutdowns.