JDW’s expansion of its ethanol production

JDW Sugar Mills Limited (PSX: JDWS) has released its condensed interim accounts for the nine‑month period ended 30 June 2025, and the numbers underline a challenging year for the country’s largest sugar producer.

Gross revenue fell 4% to Rs97.9 billion (9M‑FY24: Rs102.0 bn), while net sales after taxes and commissions eased to Rs84.7 bn from Rs89.4 bn – a 5% contraction that management attributes to a sharp correction in domestic sugar prices during the first half of the fiscal year.

As costs rose faster than sales, gross profit halved to Rs9.87 bn (9M‑FY24: Rs18.10 bn), pulling the gross margin down to 12% from 20 pc. The directors note that molasses realisations have also dipped 25% year‑on‑year, squeezing by‑product economics.

On the bottom line, profit after tax plunged 63% to Rs3.09 bn, translating into earnings per share of Rs53.39 versus Rs144.86 a year earlier.