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Interloop Limited (ILP), one of Pakistan’s largest textile exporters, saw its profit jump by 115% to Rs9.86 billion during the half year ended December 31.

The company registered a consolidated profit of Rs4.59 billion in the same period last year (SPLY), according to a notice sent to the Pakistan Stock Exchange (PSX) on Tuesday.

Earnings per share (EPS) increased to Rs7.03 in the period under review compared to Rs3.27 in SPLY.

The company also announced an interim cash dividend of Rs2 per share i.e. 20% for the year ending June 30, 2024.

The textile giant’s net sales surged by nearly 40% to Rs73.98 billion during 1HFY24, compared to Rs52.92 billion recorded in the prior year.

Interloop saw its gross profit surging to Rs22.63 billion in 1HFY24, up 66%. Consequently, the company’s profit margin increased to 30.6%, as compared to 25.8% in SPLY.

On the other hand, the company’s operating expenses rose over 40% year-on-year, to Rs8.14 billion in 1HFY24.

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

The textile exporter’s ‘other income’ showed exponential growth of 2,115% YoY, hitting Rs332.32 million in 1HFY24, compared to just Rs15 million in SPLY.

Its cost of finance ballooned to Rs4.8 billion in 1HFY24, an increase of 85%. The increase comes as interest rates increased significantly during the year.

Consequently, profit before tax clocked in at Rs10.88 billion in 1HFY24, as compared to Rs5.26 billion in SPLY, an increase of 107%.

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 activewear. In addition, it produces yarn for textile customers. It is also one of the largest exporting firms in Pakistan and among the largest listed companies on PSX.

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

Last year in December, ILP acquired Top Circle Hosiery Mills Co., Inc., USA.

Comments

200 characters
T.Qurashi Feb 20, 2024 06:04pm
Well done Interloop!
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Az_Iz Feb 20, 2024 06:05pm
Great company. While APTMA in general is always crying about energy costs, this company is delivering results. And being vertically integrated, the results are that much more impressive.
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Zulfiqar Feb 20, 2024 10:43pm
Thier profit increased that's why they are firing employees. When they were at start, they respect thier employees. Now they are on peak and disrespecting thier values
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Az_Iz Feb 21, 2024 01:58am
@Zulfiqar , labor and other efficiencies are necessary for a company to be successful. Good companies then invest the money to grow the bussiness, which will create more jobs.
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Muhammad Jamil Feb 21, 2024 07:14pm
@Az_Iz, Infact, Zulfi is referring to disrespect of employees. Cost cutting through reduction of workforce is different.
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