Reported Earnings • May 05
Third quarter 2026 earnings released: PK₨1.65 loss per share (vs PK₨2.83 loss in 3Q 2025) Third quarter 2026 results: PK₨1.65 loss per share (improved from PK₨2.83 loss in 3Q 2025). Revenue: PK₨2.89b (down 37% from 3Q 2025). Net loss: PK₨138.1m (loss narrowed 42% from 3Q 2025). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 128 percentage points per year, which is a significant difference in performance. New Risk • Apr 26
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Pakistani stocks, typically moving 9.6% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (0.1x net interest cover). Earnings have declined by 31% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (9.6% average weekly change). Market cap is less than US$100m (PK₨7.74b market cap, or US$27.8m). Announcement • Apr 23
Artistic Denim Mills Limited to Report Q3, 2026 Results on Apr 29, 2026 Artistic Denim Mills Limited announced that they will report Q3, 2026 results on Apr 29, 2026 Reported Earnings • Mar 02
Second quarter 2026 earnings released: PK₨1.72 loss per share (vs PK₨0.12 profit in 2Q 2025) Second quarter 2026 results: PK₨1.72 loss per share (down from PK₨0.12 profit in 2Q 2025). Revenue: PK₨3.18b (down 22% from 2Q 2025). Net loss: PK₨144.6m (down PK₨155.0m from profit in 2Q 2025). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 104 percentage points per year, which is a significant difference in performance. Announcement • Feb 19
Artistic Denim Mills Limited to Report First Half, 2026 Results on Feb 26, 2026 Artistic Denim Mills Limited announced that they will report first half, 2026 results on Feb 26, 2026 Reported Earnings • Oct 02
Full year 2025 earnings released: PK₨5.37 loss per share (vs PK₨3.95 profit in FY 2024) Full year 2025 results: PK₨5.37 loss per share (down from PK₨3.95 profit in FY 2024). Revenue: PK₨18.4b (down 12% from FY 2024). Net loss: PK₨451.1m (down 236% from profit in FY 2024). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 64 percentage points per year, which is a significant difference in performance. Announcement • Oct 01
Artistic Denim Mills Limited, Annual General Meeting, Oct 25, 2025 Artistic Denim Mills Limited, Annual General Meeting, Oct 25, 2025. Location: at the premises of the dewan university, plot no. 30 - a/1, sector 23, korangi industrial area, karachi Pakistan Announcement • Sep 23
Artistic Denim Mills Limited to Report Fiscal Year 2025 Results on Sep 29, 2025 Artistic Denim Mills Limited announced that they will report fiscal year 2025 results at 9:30 AM, Pakistan Standard Time on Sep 29, 2025 New Risk • Aug 13
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Pakistani stocks, typically moving 8.0% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (1.0x net interest cover). Minor Risks Share price has been volatile over the past 3 months (8.0% average weekly change). Market cap is less than US$100m (PK₨4.97b market cap, or US$17.6m). Reported Earnings • Mar 05
Second quarter 2025 earnings released: EPS: PK₨0.12 (vs PK₨1.15 in 2Q 2024) Second quarter 2025 results: EPS: PK₨0.12 (down from PK₨1.15 in 2Q 2024). Revenue: PK₨4.08b (down 28% from 2Q 2024). Net income: PK₨10.3m (down 89% from 2Q 2024). Profit margin: 0.3% (down from 1.7% in 2Q 2024). Over the last 3 years on average, earnings per share has fallen by 18% per year but the company’s share price has only fallen by 11% per year, which means it has not declined as severely as earnings. New Risk • Nov 06
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 24% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (1.4x net interest cover). Minor Risks Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (0.8% net profit margin). Market cap is less than US$100m (PK₨3.39b market cap, or US$12.2m). Reported Earnings • Oct 05
Full year 2024 earnings released: EPS: PK₨3.95 (vs PK₨12.63 in FY 2023) Full year 2024 results: EPS: PK₨3.95 (down from PK₨12.63 in FY 2023). Revenue: PK₨20.8b (up 22% from FY 2023). Net income: PK₨331.7m (down 69% from FY 2023). Profit margin: 1.6% (down from 6.2% in FY 2023). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 18% per year but the company’s share price has fallen by 21% per year, which means it is significantly lagging earnings. Declared Dividend • Oct 02
Dividend reduced to PK₨1.00 Dividend of PK₨1.00 is 71% lower than last year. Ex-date: 15th October 2024 Payment date: 15th November 2024 Dividend yield will be 2.5%, which is lower than the industry average of 4.3%. Sustainability & Growth Dividend is covered by earnings (53% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 13% per year over the past 10 years. However, payments have been volatile during that time. Earnings per share has remained steady over the last 5 years. Unless this trend deteriorates, it should provide adequate earnings cover for the dividend. Announcement • Oct 01
Artistic Denim Mills Limited, Annual General Meeting, Oct 25, 2024 Artistic Denim Mills Limited, Annual General Meeting, Oct 25, 2024. Location: at the premises of the dewan university, plot no.30-a/1,sector 23, korangi industrial area, karachi Pakistan New Risk • Sep 30
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Pakistani stocks, typically moving 7.5% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (1.7x net interest cover). Minor Risks Paying a dividend despite having no free cash flows. Share price has been volatile over the past 3 months (7.5% average weekly change). Profit margins are more than 30% lower than last year (2.7% net profit margin). Market cap is less than US$100m (PK₨3.30b market cap, or US$11.9m). Valuation Update With 7 Day Price Move • Sep 12
Investor sentiment improves as stock rises 26% After last week's 26% share price gain to PK₨49.28, the stock trades at a trailing P/E ratio of 7.4x. Average trailing P/E is 6x in the Luxury industry in Pakistan. Total loss to shareholders of 45% over the past three years. Valuation Update With 7 Day Price Move • Jul 08
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to PK₨38.96, the stock trades at a trailing P/E ratio of 5.9x. Average trailing P/E is 6x in the Luxury industry in Pakistan. Total loss to shareholders of 51% over the past three years. New Risk • Jun 04
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 2.7% Last year net profit margin: 6.4% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (1.7x net interest cover). Minor Risks Paying a dividend despite having no free cash flows. Profit margins are more than 30% lower than last year (2.7% net profit margin). Market cap is less than US$100m (PK₨4.14b market cap, or US$14.9m). Buy Or Sell Opportunity • May 07
Now 22% overvalued Over the last 90 days, the stock has fallen 1.1% to PK₨48.44. The fair value is estimated to be PK₨39.65, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 27% over the last 3 years. Earnings per share has grown by 52%. Buy Or Sell Opportunity • Apr 09
Now 21% overvalued Over the last 90 days, the stock has fallen 8.2% to PK₨47.83. The fair value is estimated to be PK₨39.68, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 27% over the last 3 years. Earnings per share has grown by 52%. Reported Earnings • Oct 07
Full year 2023 earnings released: EPS: PK₨12.63 (vs PK₨7.79 in FY 2022) Full year 2023 results: EPS: PK₨12.63 (up from PK₨7.79 in FY 2022). Revenue: PK₨17.1b (up 4.4% from FY 2022). Net income: PK₨1.06b (up 62% from FY 2022). Profit margin: 6.2% (up from 4.0% in FY 2022). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 67% per year but the company’s share price has fallen by 5% per year, which means it is significantly lagging earnings. New Risk • Jul 18
New minor risk - Dividend sustainability The company has an unstable dividend paying track record. The dividend has had an annual drop of over 20% in the past. Dividend yield: 3.6% This is considered a minor risk. If the company has cut or reduced its dividend in the past, it may be a sign that the underlying business is too cyclical to consistently maintain or grow the dividend over the long-term. It may also indicate the company prioritizes other outcomes instead of maintaining the dividend. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (2.3x net interest cover). Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Market cap is less than US$100m (PK₨4.64b market cap, or US$16.5m). Reported Earnings • Feb 26
Second quarter 2023 earnings released: EPS: PK₨2.63 (vs PK₨0.76 in 2Q 2022) Second quarter 2023 results: EPS: PK₨2.63 (up from PK₨0.76 in 2Q 2022). Revenue: PK₨3.83b (up 11% from 2Q 2022). Net income: PK₨220.7m (up 246% from 2Q 2022). Profit margin: 5.8% (up from 1.8% in 2Q 2022). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 22% per year but the company’s share price has fallen by 3% per year, which means it is significantly lagging earnings. Board Change • Nov 16
Less than half of directors are independent Following the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 5 non-independent directors. Independent Director Muneer Ahmed was the last independent director to join the board, commencing their role in 2021. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Upcoming Dividend • Oct 06
Upcoming dividend of PK₨2.00 per share Eligible shareholders must have bought the stock before 13 October 2022. Payment date: 15 November 2022. Trailing yield: 3.4%. Lower than top quartile of Pakistani dividend payers (11%). Lower than average of industry peers (4.5%). Announcement • Oct 06
Artistic Denim Mills Limited, Annual General Meeting, Oct 25, 2022 Artistic Denim Mills Limited, Annual General Meeting, Oct 25, 2022, at 16:00 Pakistan Standard Time. Valuation Update With 7 Day Price Move • Aug 04
Investor sentiment improved over the past week After last week's 16% share price gain to PK₨65.05, the stock trades at a trailing P/E ratio of 13.4x. Average trailing P/E is 2x in the Luxury industry in Pakistan. Total returns to shareholders of 70% over the past three years. Board Change • Apr 27
No independent directors Following the recent departure of a director, there are no independent directors on the board. The company's board is composed of: No independent directors. 7 non-independent directors. Director Muneer Ahmed was the last director to join the board, commencing their role in 2021. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Valuation Update With 7 Day Price Move • Feb 24
Investor sentiment deteriorated over the past week After last week's 17% share price decline to PK₨70.15, the stock trades at a trailing P/E ratio of 14.5x. Average trailing P/E is 3x in the Luxury industry in Pakistan. Total returns to shareholders of 28% over the past three years. Reported Earnings • Oct 29
First quarter 2022 earnings released: EPS PK₨2.12 (vs PK₨1.50 in 1Q 2021) The company reported a solid first quarter result with improved earnings and revenues, although profit margins were weaker. First quarter 2022 results: Revenue: PK₨4.41b (up 89% from 1Q 2021). Net income: PK₨178.4m (up 42% from 1Q 2021). Profit margin: 4.0% (down from 5.4% in 1Q 2021). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 34% per year but the company’s share price has increased by 8% per year, which means it is well ahead of earnings. Upcoming Dividend • Oct 07
Upcoming dividend of PK₨2.00 per share Eligible shareholders must have bought the stock before 14 October 2021. Payment date: 15 November 2021. Trailing yield: 2.5%. Lower than top quartile of Pakistani dividend payers (10%). Lower than average of industry peers (3.5%). Reported Earnings • Sep 28
Full year 2021 earnings released: EPS PK₨4.21 (vs PK₨1.35 in FY 2020) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2021 results: Revenue: PK₨9.81b (up 24% from FY 2020). Net income: PK₨353.9m (up 211% from FY 2020). Profit margin: 3.6% (up from 1.4% in FY 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 33% per year but the company’s share price has increased by 8% per year, which means it is well ahead of earnings. Reported Earnings • Apr 29
Third quarter 2021 earnings released: EPS PK₨0.39 (vs PK₨1.39 in 3Q 2020) The company reported a poor third quarter result with weaker earnings, revenues and profit margins. Third quarter 2021 results: Revenue: PK₨2.32b (down 12% from 3Q 2020). Net income: PK₨32.4m (down 72% from 3Q 2020). Profit margin: 1.4% (down from 4.4% in 3Q 2020). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 31% per year but the company’s share price has increased by 8% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Mar 11
Investor sentiment deteriorated over the past week After last week's 16% share price decline to PK₨95.30, the stock is trading at a trailing P/E ratio of 45.6x, down from the previous P/E ratio of 54.3x. This compares to an average P/E of 9x in the Luxury industry in Pakistan. Total returns to shareholders over the past three years are 47%. Reported Earnings • Feb 25
Second quarter 2021 earnings released: EPS PK₨1.12 (vs PK₨1.58 in 2Q 2020) The company reported a poor second quarter result with weaker earnings, revenues and profit margins. Second quarter 2021 results: Revenue: PK₨2.12b (down 17% from 2Q 2020). Net income: PK₨94.3m (down 29% from 2Q 2020). Profit margin: 4.4% (down from 5.2% in 2Q 2020). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 19% per year but the company’s share price has increased by 15% per year, which means it is well ahead of earnings. Is New 90 Day High Low • Jan 04
New 90-day high: PK₨134 The company is up 140% from its price of PK₨56.00 on 06 October 2020. The Pakistani market is up 10.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Luxury industry, which is up 16% over the same period. Valuation Update With 7 Day Price Move • Dec 30
Investor sentiment improved over the past week After last week's 16% share price gain to PK₨134, the stock is trading at a trailing P/E ratio of 52.9x, up from the previous P/E ratio of 45.7x. This compares to an average P/E of 8x in the Luxury industry in Pakistan. Total returns to shareholders over the past three years are 110%. Valuation Update With 7 Day Price Move • Dec 28
Investor sentiment improved over the past week After last week's 16% share price gain to PK₨123, the stock is trading at a trailing P/E ratio of 48.5x, up from the previous P/E ratio of 41.6x. This compares to an average P/E of 9x in the Luxury industry in Pakistan. Total returns to shareholders over the past three years are 92%. Valuation Update With 7 Day Price Move • Dec 17
Investor sentiment improved over the past week After last week's 18% share price gain to PK₨105, the stock is trading at a trailing P/E ratio of 41.3x, up from the previous P/E ratio of 35.1x. This compares to an average P/E of 8x in the Luxury industry in Pakistan. Total returns to shareholders over the past three years are 64%. Is New 90 Day High Low • Dec 16
New 90-day high: PK₨97.39 The company is up 74% from its price of PK₨55.98 on 15 September 2020. The Pakistani market is flat over the last 90 days, indicating the company outperformed over that time. It also outperformed the Luxury industry, which is up 7.0% over the same period. Valuation Update With 7 Day Price Move • Dec 03
Market bids up stock over the past week After last week's 17% share price gain to PK₨91.16, the stock is trading at a trailing P/E ratio of 35.9x, up from the previous P/E ratio of 30.7x. This compares to an average P/E of 8x in the Luxury industry in Pakistan. Total returns to shareholders over the past three years are 35%. Reported Earnings • Oct 29
First quarter earnings released Over the last 12 months the company has reported total profits of PK₨213.6m, down 74% from the prior year. Total revenue was PK₨8.45b over the last 12 months, up 6.2% from the prior year. Valuation Update With 7 Day Price Move • Oct 21
Market bids up stock over the past week After last week's 21% share price gain to PK₨86.33, the stock is trading at a trailing P/E ratio of 63.8x, up from the previous P/E ratio of 52.8x. This compares to an average P/E of 8x in the Luxury industry in Pakistan. Total returns to shareholders over the past three years are 57%. Valuation Update With 7 Day Price Move • Oct 13
Market bids up stock over the past week After last week's 16% share price gain to PK₨64.68, the stock is trading at a trailing P/E ratio of 47.8x, up from the previous P/E ratio of 41.4x. This compares to an average P/E of 8x in the Luxury industry in Pakistan. Total returns to shareholders over the past three years are 6.9%. Is New 90 Day High Low • Oct 13
New 90-day high: PK₨64.68 The company is up 21% from its price of PK₨53.25 on 15 July 2020. The Pakistani market is up 8.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Luxury industry, which is up 13% over the same period. Upcoming Dividend • Oct 07
Upcoming Dividend of PK₨3.00 Per Share Will be paid on the 16th of November to those who are registered shareholders by the 14th of October. The trailing yield of 5.4% is below the top quartile of Pakistani dividend payers (7.2%), but it is higher than industry peers (4.5%). Reported Earnings • Oct 06
Full year earnings released - EPS PK₨1.35 Over the last 12 months the company has reported total profits of PK₨113.7m, down 87% from the prior year. Total revenue was PK₨7.94b over the last 12 months, up 2.2% from the prior year. Profit margins were 1.4%, which is lower than the 11% margin from last year. The decrease in margin was driven by higher expenses. Reported Earnings • Sep 29
Full year earnings released - EPS PK₨1.35 Over the last 12 months the company has reported total profits of PK₨113.7m, down 87% from the prior year. Total revenue was PK₨7.94b over the last 12 months, up 2.2% from the prior year. Profit margins were 1.4%, which is lower than the 11% margin from last year. The decrease in margin was driven by higher expenses. 
