Al-Abbas Sugar Mills Sweetens Dividend, But Profits Turn Sour

Al-Abbas Sugar Mills has released its financial results for the quarter and nine months ended June 30, 2024, and the comparative figures for the same period in 2023.

Key Highlights:

Turnover: The company’s net turnover for the quarter ended June 30, 2024, was Rs. 2,239.7 million, compared to Rs. 3,013.6 million in the same period last year. For the nine months ended June 30, 2024, the net turnover was Rs. 11,691.4 million, compared to Rs. 9,445.6 million in the same period last year.
Gross Profit: The gross profit for the quarter ended June 30, 2024, was Rs. 595.7 million, compared to Rs. 1,071.2 million in the same period last year. For the nine months ended June 30, 2024, the gross profit was Rs. 3,340.7 million, compared to Rs. 3,431.3 million in the same period last year.
Operating Profit: The operating profit for the quarter ended June 30, 2024, was Rs. 255.9 million, compared to Rs. 884.0 million in the same period last year. For the nine months ended June 30, 2024, the operating profit was Rs. 2,120.8 million, compared to Rs. 2,934.2 million in the same period last year.
Profit After Tax: The profit after tax for the quarter ended June 30, 2024, was Rs. 149.6 million, compared to Rs. 714.6 million in the same period last year. For the nine months ended June 30, 2024, the profit after tax was Rs. 1,639.6 million, compared to Rs. 2,607.6 million in the same period last year.
Earnings Per Share: The basic and diluted earnings per share for the quarter ended June 30, 2024, was Rs. 8.62, compared to Rs. 41.16 in the same period last year. For the nine months ended June 30, 2024, the basic and diluted earnings per share was Rs. 94.43, compared to Rs. 150.18 in the same period last year.

Overall, Al-Abbas Sugar Mills’ financial performance has declined in the quarter and nine months ended June 30, 2024, compared to the same period last year.

Key Factors:

The company’s net turnover has decreased by 25.63% in the quarter ended June 30, 2024, and by 18.49% in the nine months ended June 30, 2024.
The gross profit has decreased by 44.36% in the quarter ended June 30, 2024, and by 2.63% in the nine months ended June 30, 2024.
The operating profit has decreased by 70.93% in the quarter ended June 30, 2024, and by 27.64% in the nine months ended June 30, 2024.
The profit after tax has decreased by 79.01% in the quarter ended June 30, 2024, and by 36.71% in the nine months ended June 30, 2024.
The basic and diluted earnings per share has decreased by 79.01% in the quarter ended June 30, 2024, and by 36.71% in the nine months ended June 30, 2024.

In conclusion, Al-Abbas Sugar Mills has reported a decline in its financial performance in the quarter and nine months ended June 30, 2024, compared to the same period last year.

Additional Information:

The Board of Directors of Al-Abbas Sugar Mills has recommended an interim cash dividend of Rs. 10.00 per share (100%) for the quarter ended June 30, 2024. This is in addition to the interim dividend of Rs. 15.00 per share (150%) already paid.