Karachi January 28 2022: Jauharabad Sugar Mills Limited has crushed 69.08 percent more sugarcane in comparison to corresponding period last year, resulting in 75.12 percent higher production of 20,031 tons in 1Q FY2021/22 compared to 11,439 tons in 1Q FY2020/21 of white refined sugar.
During CY2021/22, the Company started its prevailing crushing season on 18 November, 2021 in the compliance with notification of the Government of Punjab opposed to 15 November, 2020 in the last crushing season and has operated for forty-four days compared to forty-seven days in the last year till the end of reporting period.
Initial recovery, remained at 9.236 percent in 1Q compared to 9.315 percent in the same period last year, a 0.85 percent decrease, which is expected to improve in later part of crushing season.
This year sugarcane price hike is anticipated due to several factors including an increase in sugarcane support price of PKR 225 per maund compared to PKR 200 per maund last year as notified by the Government of Punjab, the price disparity among provinces, involvement of middleman and stiff competition between the millers. The Company through its sustained efforts of cane development, timely payments, financial support to growers and implementation of latest cane sowing and harvesting techniques, will ensure smooth and efficient of sugarcane throughout crushing season.
The Company has posted top line of PKR 749.84 million [1Q FY2020/21: PKR 158.79 million] mainly due to sale of 8,842.500 tons [1Q FY2020/21: Nil] white refined sugar. Despite increase in cost of production and depressed sale prices of white refined sugar, Bottom Line with 258 percent increase has posted a profit of PKR 25.175 million [1Q FY2020/21: PKR 7.032 million). The Company is current with its financial commitments and maintains a cordial relation with all its financial institutions on its penal.
Jauharabad Sugar Mills Limited (formerly known as Kohinoor Sugar Mills Limited) was incorporated in Pakistan in 1968 under the repealed Companies Act 1913 (now Companies Act, 2017). The principal activity of the Company is manufacturing and sale of sugar and its by-products.
