Interloop Achieves Historic FY23 Profit of Over Rs. 20 Billion

Web DeskSeptember 7, 2023
Interloop Achieves Historic FY23 Profit of Over Rs. 20 Billion

Interloop Limited, a textile and garments exporter company, has reported a record profit of Rs. 20.1 billion for the financial year 2022-23.

This marks a significant increase of 63.2 percent compared to the previous year when the company recorded a profit of Rs. 12.3 billion. The earnings per share (EPS) for the year increased to Rs. 14.39, up from Rs. 8.82 in the previous year.

The company’s strong financial performance is attributed to increased sales, which reached Rs. 119.2 billion, a growth of 31.1 percent. However, the cost of sales also increased by 22.3 percent, likely due to higher cotton prices in both local and international markets and the depreciation of the Pakistani Rupee. Distribution expenses were up by 16.8 percent, while administrative expenses saw a significant increase of 33.4 percent.

Also Read: Samsung Reports Massive Profit Drop Due to Excess Inventory

Despite the rising expenses, Interloop Limited’s profitability remained robust, and the company announced a final cash dividend of Rs. 2 per share in addition to the interim cash dividend paid earlier.

Interloop Limited’s strong financial results reflect its position as a leading player in the textile and garments industry, contributing to Pakistan’s export earnings and economic growth.

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