Jahangir Tareen’s Sugar Mills Register 170% Increase In Profits After Sugar Price Hike
Following the increase in the price of sugar, PTI stalwart Jahangir Tareen’s JDW Sugar Mills, the largest white sugar producer in the country, have earned 170% more gross profit in last three months.
JDW Sugar Mills Limited has announced its financial results for the first quarter that ended on 31st December 2019. According to the results, the company posted a profit after tax of Rs. 138.92 million compared to a loss of Rs. 353 million recorded in the same period last year.
The revenue was up by 61.45% to Rs. 13.19 billion during the first quarter as compared to Rs. 8.17 billion recorded in the same period last year. The sales have increased mainly due to an increase in average selling prices of sugar, molasses, and carryover sugar stocks.
The Sugar Division comprises three sugar mills units, JDW Unit-I , JDW Unit-II and JDW Unit-III in the districts of Rahim Yar Khan and Ghotki. It is one of the largest groups in the sugar sector and contributes approximately 15-17% of the country’s sugar production.