Interloop’s profit surges to Rs20.17bn in FY23

Interloop Limited, one of Pakistan’s largest textile exporters, saw its profit jump by 63% to Rs20.17 billion in fiscal year 2023 that ended June 30.

The company registered a profit of Rs12.36 billion in the same period last year (SPLY), according to the notice sent to the Pakistan Stock Exchange (PSX) on Thursday.

Earnings per share (EPS) increased to Rs14.39 in the period under review compared to Rs8.82 in SPLY.

The company also announced a final cash dividend of Rs2 per share i.e. 20% for the year. This was in addition to the interim cash dividend already paid at Rs3 per share during the fiscal year.

The textile giant’s net sales surged by over 31% to Rs119.2 billion during FY23, compared to Rs90.89 billion recorded in the prior year.

Interloop saw its gross profit surging to Rs39.87 billion in FY23, up 53%.

On the other hand, the company’s operating expenses inched up over 26% year-on-year, to Rs12.92 billion in FY23.

The company’s other income showed growth of 177% YoY, hitting Rs158.24 million in FY23, compared to Rs57.12 million in SPLY.

Meanwhile, the company’s cost of finance jumped to Rs5.53 billion in FY23, an increase of 122%. The increase comes as interest rate increased significantly during the year.

Established in 1992, Interloop was listed on the country’s stock exchange in 2019.

The company is a vertically-integrated, multi-category company that manufactures hosiery, denim, knitted apparel and active wear. In addition, it produces yarn for textile customers.

All of its plants are located in the province of Punjab.