Reported Earnings • May 17
Second quarter 2026 earnings released: EPS: PK₨28.64 (vs PK₨18.91 in 2Q 2025) Second quarter 2026 results: EPS: PK₨28.64 (up from PK₨18.91 in 2Q 2025). Revenue: PK₨35.6b (up 35% from 2Q 2025). Net income: PK₨1.66b (up 52% from 2Q 2025). Profit margin: 4.6% (up from 4.1% in 2Q 2025). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 31% per year but the company’s share price has increased by 40% per year, which means it is tracking significantly ahead of earnings growth. Announcement • May 07
JDW Sugar Mills Limited to Report Q2, 2026 Results on May 15, 2026 JDW Sugar Mills Limited announced that they will report Q2, 2026 results on May 15, 2026 Board Change • Apr 26
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 5 experienced directors. 3 highly experienced directors. 2 independent directors (6 non-independent directors). Independent Director Zafar Iqbal was the last independent director to join the board, commencing their role in 2021. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Reported Earnings • Jan 31
First quarter 2026 earnings released: EPS: PK₨55.17 (vs PK₨27.21 in 1Q 2025) First quarter 2026 results: EPS: PK₨55.17 (up from PK₨27.21 in 1Q 2025). Revenue: PK₨29.1b (down 34% from 1Q 2025). Net income: PK₨3.19b (up 103% from 1Q 2025). Profit margin: 11% (up from 3.5% in 1Q 2025). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 35% per year whereas the company’s share price has increased by 39% per year. New Risk • Jan 31
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 33% This is considered a major risk. Non-cash earnings can arise from many different things. However, if a company consistently has a high level of non-cash earnings, it may be a sign that they are recognizing revenue from customers before the full value of the sales are received as cash or they are not depreciating the value of their assets appropriately. These are practices that inflate earnings, while not providing a similar increase to cash flows. Companies in some select industries naturally have a high level of non-cash earnings and it is not a major concern. However, in the worst case scenario it can be an early sign of performance manipulation by management. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (currently running at an operating cash loss). High level of non-cash earnings (33% accrual ratio). Minor Risk Paying a dividend despite having no free cash flows. Announcement • Jan 22
JDW Sugar Mills Limited to Report Q1, 2026 Results on Jan 29, 2026 JDW Sugar Mills Limited announced that they will report Q1, 2026 results on Jan 29, 2026 Announcement • Jan 02
JDW Sugar Mills Limited Proposes Final Cash Dividend for the Financial Year Ended on September 30, 2025 JDW Sugar Mills Limited proposed payment of Final Cash Dividend @ PKR 25/- (250%) per share, as recommended by the Board on December 22, 2025 in addition to interim cash dividend of PKR 20/- (200%) per share already disbursed, totaling to PKR 45/- (450%) for the financial year ended on September 30, 2025, i.e., PKR 28/- (280%) per share from Sugar Division and PKR 17/- (170%) per share from Power Division. Declared Dividend • Dec 24
Final dividend of PK₨25.00 announced Shareholders will receive a dividend of PK₨25.00. Ex-date: 14th January 2026 Payment date: 13th February 2026 Dividend yield will be 5.2%, which is higher than the industry average of 3.0%. Sustainability & Growth Dividend is well covered by both earnings (33% earnings payout ratio) and cash flows (16% cash payout ratio). The dividend has increased by an average of 16% per year over the past 10 years. However, payments have been volatile during that time. Earnings per share has grown by 39% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. New Risk • Dec 23
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: 5.8% Last year net profit margin: 10% 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 (2.4x net interest cover). Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Profit margins are more than 30% lower than last year (5.8% net profit margin). Announcement • Dec 23
JDW Sugar Mills Limited, Annual General Meeting, Jan 24, 2026 JDW Sugar Mills Limited, Annual General Meeting, Jan 24, 2026. Location: at summit hall, royal palm, golf & country club, 52-canal bank road, lahore Pakistan Announcement • Dec 15
JDW Sugar Mills Limited to Report Fiscal Year 2025 Results on Dec 22, 2025 JDW Sugar Mills Limited announced that they will report fiscal year 2025 results at 9:30 AM, Pakistan Standard Time on Dec 22, 2025 Reported Earnings • Jul 31
Third quarter 2025 earnings released: EPS: PK₨12.43 (vs PK₨6.88 in 3Q 2024) Third quarter 2025 results: EPS: PK₨12.43 (up from PK₨6.88 in 3Q 2024). Revenue: PK₨27.8b (down 22% from 3Q 2024). Net income: PK₨717.9m (up 81% from 3Q 2024). Profit margin: 2.6% (up from 1.1% in 3Q 2024). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 37% per year but the company’s share price has increased by 60% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • May 24
Second quarter 2025 earnings released: EPS: PK₨18.91 (vs PK₨49.53 in 2Q 2024) Second quarter 2025 results: EPS: PK₨18.91 (down from PK₨49.53 in 2Q 2024). Revenue: PK₨26.5b (down 24% from 2Q 2024). Net income: PK₨1.09b (down 62% from 2Q 2024). Profit margin: 4.1% (down from 8.2% in 2Q 2024). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 32% per year but the company’s share price has increased by 66% per year, which means it is tracking significantly ahead of earnings growth. Buy Or Sell Opportunity • May 12
Now 27% overvalued after recent price rise Over the last 90 days, the stock has risen 8.9% to PK₨919. The fair value is estimated to be PK₨725, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 29% over the last 3 years. Earnings per share has grown by 30%. Buy Or Sell Opportunity • Mar 24
Now 20% overvalued after recent price rise Over the last 90 days, the stock has risen 27% to PK₨865. The fair value is estimated to be PK₨720, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 29% over the last 3 years. Earnings per share has grown by 30%. New Risk • Mar 20
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 7.1% 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 (2.2x net interest cover). Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (7.1% average weekly change). Buy Or Sell Opportunity • Feb 07
Now 21% overvalued after recent price rise Over the last 90 days, the stock has risen 43% to PK₨834. The fair value is estimated to be PK₨691, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 29% over the last 3 years. Earnings per share has grown by 30%. Valuation Update With 7 Day Price Move • Jan 10
Investor sentiment improves as stock rises 38% After last week's 38% share price gain to PK₨968, the stock trades at a trailing P/E ratio of 4.2x. Average trailing P/E is 15x in the Food industry in Pakistan. Total returns to shareholders of 405% over the past three years. Announcement • Jan 07
JDW Sugar Mills Limited, Annual General Meeting, Jan 28, 2025 JDW Sugar Mills Limited, Annual General Meeting, Jan 28, 2025. Location: summit hall, royal palm golf & country club, 52-central bank road, lahore. Pakistan Reported Earnings • Jan 05
Full year 2024 earnings released: EPS: PK₨231 (vs PK₨43.86 in FY 2023) Full year 2024 results: EPS: PK₨231 (up from PK₨43.86 in FY 2023). Revenue: PK₨130.6b (up 44% from FY 2023). Net income: PK₨13.4b (up 422% from FY 2023). Profit margin: 10% (up from 2.8% in FY 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 29% per year but the company’s share price has increased by 42% per year, which means it is tracking significantly ahead of earnings growth. Declared Dividend • Jan 05
Final dividend increased to PK₨30.00 Dividend of PK₨30.00 is 100% higher than last year. Ex-date: 20th January 2025 Payment date: 18th February 2025 Dividend yield will be 7.1%, which is higher than the industry average of 3.0%. Sustainability & Growth Dividend is covered by earnings (9% 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 19% per year over the past 10 years. However, payments have been volatile during that time. Earnings per share has grown by 54% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Valuation Update With 7 Day Price Move • Dec 13
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to PK₨725, the stock trades at a trailing P/E ratio of 4.4x. Average trailing P/E is 9x in the Food industry in Pakistan. Total returns to shareholders of 357% over the past three years. New Risk • Aug 23
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: PK₨27.6b (US$99.3m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (currently running at an operating cash loss). High level of non-cash earnings (25% accrual ratio). Minor Risks Paying a dividend despite having no free cash flows. Market cap is less than US$100m (PK₨27.6b market cap, or US$99.3m). Reported Earnings • Aug 01
Third quarter 2024 earnings released: EPS: PK₨6.87 (vs PK₨9.60 in 3Q 2023) Third quarter 2024 results: EPS: PK₨6.87 (down from PK₨9.60 in 3Q 2023). Revenue: PK₨35.7b (up 46% from 3Q 2023). Net income: PK₨397.2m (down 28% from 3Q 2023). Profit margin: 1.1% (down from 2.3% in 3Q 2023). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 20% per year but the company’s share price has increased by 32% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Jul 23
JDW Sugar Mills Limited to Report Q3, 2024 Results on Jul 29, 2024 JDW Sugar Mills Limited announced that they will report Q3, 2024 results on Jul 29, 2024 New Risk • Jun 05
New major risk - Financial position The company's debt is not well covered by operating cash flow. Operating cash flow to total debt ratio: 3.8% This is considered a major risk. If the company's operating cash flows are too small relative to the size of their debt, it increases their balance sheet risk. The company has less cash from operations to cover its expenses from servicing large debt and it increases the risk of liquidity issues. It also extends the time it would take for the company to pay back the debt in full, meaning it may not be able to easily pay it all off in a distress scenario. Currently, the following risks have been identified for the company: Major Risk Debt is not well covered by operating cash flow (3.8% operating cash flow to total debt). Minor Risk Dividend is not well covered by cash flows (dividend per share is over 5x cash flows per share). Reported Earnings • Jun 05
Second quarter 2024 earnings released: EPS: PK₨49.53 (vs PK₨6.26 in 2Q 2023) Second quarter 2024 results: EPS: PK₨49.53 (up from PK₨6.26 in 2Q 2023). Revenue: PK₨34.8b (up 28% from 2Q 2023). Net income: PK₨2.86b (up PK₨2.50b from 2Q 2023). Profit margin: 8.2% (up from 1.3% in 2Q 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 19% per year but the company’s share price has increased by 29% per year, which means it is tracking significantly ahead of earnings growth. Declared Dividend • May 31
Dividend increased to PK₨20.00 Dividend of PK₨20.00 is 100% higher than last year. Ex-date: 4th June 2024 Payment date: 2nd July 2024 Dividend yield will be 9.9%, which is higher than the industry average of 3.0%. Sustainability & Growth Dividend is well covered by both earnings (32% earnings payout ratio) and cash flows (10% cash payout ratio). The dividend has increased by an average of 21% per year over the past 10 years. However, payments have been volatile during that time. Earnings per share has grown by 34% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. New Risk • Feb 21
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Pakistani stocks, typically moving 9.3% a week. This is considered a major risk. Share price volatility 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. It may also indicate 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. Currently, the following risks have been identified for the company: Major Risk Share price has been highly volatile over the past 3 months (9.3% average weekly change). 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₨23.9b market cap, or US$85.6m). Upcoming Dividend • Jan 10
Upcoming dividend of PK₨15.00 per share at 8.3% yield Eligible shareholders must have bought the stock before 17 January 2024. Payment date: 19 February 2024. Payout ratio is on the higher end at 91%, however this is supported by cash flows. Trailing yield: 8.3%. Lower than top quartile of Pakistani dividend payers (11%). Higher than average of industry peers (3.0%). Reported Earnings • Jan 06
Full year 2023 earnings released: EPS: PK₨43.86 (vs PK₨72.34 in FY 2022) Full year 2023 results: EPS: PK₨43.86 (down from PK₨72.34 in FY 2022). Revenue: PK₨90.8b (up 31% from FY 2022). Net income: PK₨2.56b (down 41% from FY 2022). Profit margin: 2.8% (down from 6.3% in FY 2022). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 10% per year but the company’s share price has increased by 28% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Jan 05
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to PK₨449, the stock trades at a trailing P/E ratio of 13.2x. Average trailing P/E is 10x in the Food industry in Pakistan. Total returns to shareholders of 154% over the past three years. Reported Earnings • Jul 28
Third quarter 2023 earnings released: EPS: PK₨9.60 (vs PK₨7.99 in 3Q 2022) Third quarter 2023 results: EPS: PK₨9.60 (up from PK₨7.99 in 3Q 2022). Revenue: PK₨24.5b (up 21% from 3Q 2022). Net income: PK₨554.4m (up 16% from 3Q 2022). Profit margin: 2.3% (down from 2.4% in 3Q 2022). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 25% per year but the company’s share price has only increased by 19% per year, which means it is significantly lagging earnings growth. Reported Earnings • Jun 02
Second quarter 2023 earnings released: EPS: PK₨6.26 (vs PK₨35.70 in 2Q 2022) Second quarter 2023 results: EPS: PK₨6.26 (down from PK₨35.70 in 2Q 2022). Revenue: PK₨27.1b (up 33% from 2Q 2022). Net income: PK₨361.9m (down 83% from 2Q 2022). Profit margin: 1.3% (down from 10% in 2Q 2022). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 32% per year but the company’s share price has only increased by 17% per year, which means it is significantly lagging earnings growth. Board Change • May 26
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 Zafar Iqbal 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. Board Change • May 02
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 Zafar Iqbal 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. Board Change • Mar 15
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 Zafar Iqbal 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. Valuation Update With 7 Day Price Move • Feb 07
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to PK₨318, the stock trades at a trailing P/E ratio of 5.2x. Average trailing P/E is 8x in the Food industry in Pakistan. Total returns to shareholders of 18% over the past three years. Reported Earnings • Jan 14
Full year 2022 earnings released: EPS: PK₨72.34 (vs PK₨77.34 in FY 2021) Full year 2022 results: EPS: PK₨72.34 (down from PK₨77.34 in FY 2021). Revenue: PK₨69.1b (up 5.9% from FY 2021). Net income: PK₨4.32b (down 6.5% from FY 2021). Profit margin: 6.3% (down from 7.1% in FY 2021). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 52% per year but the company’s share price has only increased by 5% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Jan 12
Upcoming dividend of PK₨12.50 per share Eligible shareholders must have bought the stock before 19 January 2023. Payment date: 17 February 2023. Payout ratio is a comfortable 23% but the company is not cash flow positive. Trailing yield: 3.9%. Lower than top quartile of Pakistani dividend payers (13%). Lower than average of industry peers (4.8%). 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 Zafar Iqbal 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. Announcement • Oct 21
JDW Sugar Mills Limited Appoints Syed Mustafa as Director J. D. W. Sugar Mills Limited informed that Syed Mustafa has been appointed as Director of the company with effect from October 19, 2022 in place of Mr. Raheal Masud. Valuation Update With 7 Day Price Move • Oct 10
Investor sentiment improved over the past week After last week's 20% share price gain to PK₨312, the stock trades at a trailing P/E ratio of 2.8x. Average trailing P/E is 10x in the Food industry in Pakistan. Total returns to shareholders of 5.5% over the past three years. Valuation Update With 7 Day Price Move • May 31
Investor sentiment improved over the past week After last week's 17% share price gain to PK₨231, the stock trades at a trailing P/E ratio of 3x. Average trailing P/E is 10x in the Food industry in Pakistan. Total loss to shareholders of 24% over the past three years. Board Change • Apr 27
Less than half of directors are independent There is 1 new director who has joined the board in the last 3 years. The new board member was an independent director. The company's board is composed of: 1 new director. 4 experienced directors. 2 highly experienced directors. 2 independent directors (5 non-independent directors). Independent Director Zafar Iqbal was the last independent director to join the board, commencing their role in 2021. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Reported Earnings • Jan 13
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full year 2021 results: EPS: PK₨77.34 (up from PK₨26.00 in FY 2020). Revenue: PK₨65.3b (up 9.4% from FY 2020). Net income: PK₨4.62b (up 197% from FY 2020). Profit margin: 7.1% (up from 2.6% in FY 2020). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Over the last 3 years on average, earnings per share has increased by 75% per year but the company’s share price has fallen by 4% per year, which means it is significantly lagging earnings. Upcoming Dividend • Jan 12
Upcoming dividend of PK₨10.00 per share Eligible shareholders must have bought the stock before 19 January 2022. Payment date: 18 February 2022. The company is not currently making a profit but it is cash flow positive. Trailing yield: 3.7%. Lower than top quartile of Pakistani dividend payers (10.0%). Lower than average of industry peers (4.4%). Valuation Update With 7 Day Price Move • Jan 06
Investor sentiment improved over the past week After last week's 15% share price gain to PK₨231, the stock trades at a trailing P/E ratio of 5.1x. Average trailing P/E is 13x in the Food industry in Pakistan. Total loss to shareholders of 17% over the past three years. Board Change • Nov 15
Less than half of directors are independent There is 1 new director who has joined the board in the last 3 years. The new board member was not an independent director. The company's board is composed of: 1 new director. 4 experienced directors. 2 highly experienced directors. 1 independent director (6 non-independent directors). Independent Director Asim Bajwa was the last independent director to join the board, commencing their role in 2018. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Board Change • Oct 21
Less than half of directors are independent There is 1 new director who has joined the board in the last 3 years. The new board member was an independent director. The company's board is composed of: 1 new director. 4 experienced directors. 2 highly experienced directors. 2 independent directors (5 non-independent directors). Independent Director Asim Bajwa was the last independent director to join the board, commencing their role in 2018. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Is New 90 Day High Low • Feb 09
New 90-day high: PK₨240 The company is up 3.0% from its price of PK₨234 on 11 November 2020. The Pakistani market is up 11% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Food industry, which is up 11% over the same period. Reported Earnings • Feb 03
First quarter 2021 earnings released: PK₨6.44 loss per share (vs PK₨4.68 profit in 1Q 2020) The company reported a soft first quarter result with weaker earnings and weaker control over costs, although revenues improved. First quarter 2021 results: Revenue: PK₨15.2b (up 2.7% from 1Q 2020). Net loss: PK₨385.3m (down 238% from profit in 1Q 2020). 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 13% per year, which means it is significantly lagging earnings. Is New 90 Day High Low • Jan 08
New 90-day low: PK₨216 The company is down 4.0% from its price of PK₨225 on 09 October 2020. The Pakistani market is up 8.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Food industry, which is up 3.0% over the same period. Is New 90 Day High Low • Oct 05
New 90-day low: PK₨210 The company is down 12% from its price of PK₨240 on 07 July 2020. The Pakistani market is up 13% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Food industry, which is up 8.0% over the same period.