Maqbool Textile Mills Limited (MQTM) reported a net loss of PKR 698.42 million (LPS: PKR 37.89) for FY24, widening from a net loss of PKR 362.73 million (LPS: PKR 19.68) in FY23.
Revenue for FY24 increased by 5% year-on-year to PKR 10.31 billion. Management highlighted a rise in local demand as many textile companies have ceased operations due to high energy costs and markup rates.
The company’s energy mix comprises 90% reliance on MEPCO and FESCO, with the remaining 10% sourced from solar energy. In October 2024, MQTM commissioned a 3.5MW solar plant at a cost of PKR 325 million, addressing part of its 7.9MW energy requirement.
Additionally, the company is working to secure a gas connection to further reduce energy costs. Export activity has been at a standstill for the past few months. However, MQTM has started receiving export inquiries from Bangladesh, China, and Korea and expects to secure new orders early next year.
Looking ahead, the company plans to optimize costs, maximize capacity utilization, refine its sales mix, and focus on value-added segments to improve margins and operational synergies
Important Disclosures
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