Sugar sector sees 78% surge in profits in FY23

Sugar millers have reported a record-breaking 78% increase in profits during the financial year 2022-23. The sugar sector, listed on the stock exchange, witnessed a significant surge in profitability for the fiscal year 2023 (FY23), spanning from October 2022 to September 2023. The sector’s net profit soared by 78% year-on-year (YoY), reaching a record high of Rs22 billion. This remarkable growth in earnings is primarily attributed to the surge in sugar prices, leading to higher gross margins.

Furthermore, the ethanol segment, a by-product of sugar, also exhibited improved performance in FY23. This improvement was driven by favourable ethanol selling prices in the international market and the devaluation of the rupee against the dollar.

Read more: https://tribune.com.pk/story/2452954/sugar-sector-sees-78-surge-in-profits-in-fy23