First half sees net profits rise by over 90% at ADM
Karachi-based producer Artistic Denim Mills (ADM) has reported that net profits for the first six months rose by 92.3% year on year, bringing in around $1.7 million or 466 million Pakistani rupees.
Net sales were down 5.9% versus the year previous, however, which the company framed in light of “substantial macroeconomic challenges”. The unaudited figure given for its net sales between July 1 and December 31 was approximately $27 million (7.5 billion Pakistani rupees).
ADM notably experienced 66.6% revenue growth over the 12 months of fiscal 2022, which ended last June 30.
In a nod to the various supply issues faced by local textile mills in recent months, the manufacturer also noted that “raw material must be available to the entire sector”, if mills are to maintain operations and export levels.
