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Sugar price hike sees a 170% increase in profit for Jahangir Tareen’s sugar mills

Sugar price hike sees a 170% increase in profit for Jahangir Tareen’s sugar mills

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Following the increase in the price of sugar, PTI Jahangir Tareen’s JDW Sugar Mills, the largest white sugar producer in the country, have earned 170% more gross profit in last three months.

The revenue went up by 61.45% to Rs. 13.19 billion during the first quarter as compared to Rs. 8.17 billion recorded in the same period last year. The sales have increased mainly due to an increase in average selling prices of sugar, molasses, and carryover sugar stocks.

How has the sugar price hike affected the rest of Pakistan?

A serious case of sugar shortage has emerged in Pakistan as the country already stumbles amid a wheat crisis that has jacked up prices of bread to more than Rs12-15 apiece. During the incumbent government’s 15 months, sugar prices have shot up to as high as Rs64 a kilo. However, over the past week, the wholesale rate rose from Rs64 to Rs74 per kg and an acute shortage surfaced in the country. The affect of the hike is mostly on the poor. However, amid the hike, Jahangir Tareen’s sugar mills enjoy an increase in profit.

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