Interloop Limited, Pakistan’s one of the leading textile and garments exporter company, has posted its highest-ever profit of more than Rs. 12.3 billion in the ongoing financial year as a result of new opportunities, stable operations, and sustainable growth by avoiding incidents of risk, maximizing efficiency in production, and profit enhancement through several means.
As per the financial results, the profitability recorded a whopping growth of 96 percent year-on-year as compared to the profit of the last year which stood at Rs. 6.2 billion. The board also announced a dividend of Rs. 2 per share. Additionally, the earnings per share of Interloop also surged to 13.76 from 7.
According to the stock filing, a total of Rs. 359 million will be used out of the share premium account of the company and applied towards the issue of 35,934,535 ordinary shares of Rs. 10 each to be allocated as fully paid bonus shares in the proportion of four ordinary shares for every hundred shares held by a shareholder of the company.
Read more: Here’s list of Pakistan’s top ten companies with highest export value in FY22
Interloop Limited produces denim, hosiery, knitwear, and seamless products. The company exports these products to a number of famous brands including Nike, Levi’s, Adidas, Puma, and Reebok.
The company operates in different export markets through partners and associates including Japan, the Netherlands, the USA, Switzerland, etc.
In another development, Fitch Solutions has revised the real GDP growth forecast for the financial year 2022-23 down to 0.2 percent, from 0.6 percent previously, saying that the devastating floods in Pakistan would weigh on agricultural production and worsen the country’s external imbalances.
In its recent report Fitch Solutions stated, “Fitch Solutions expects floods in Pakistan to exacerbate the already weak economic outlook and political situation. A harsh monsoon season and melting glaciers have caused rainfall in Pakistan to come in at 44.3 percent above normal, and the country has been grappling with floods and mudslides since June.”