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Pakistan's Sugar Sector Records Record Earnings in FY23
The sugar sector in Pakistan achieved a milestone with record earnings of Rs22 billion in the fiscal year 2023, marking a substantial 78% increase year-on-year. The surge in earnings is attributed to a rise in sugar prices, resulting in improved gross margins for the sector. The performance of ethanol, a by-product of sugar, also contributed to the sector's success in FY23. Ethanol experienced enhanced performance due to favorable selling prices in the international market, coupled with the devaluation of the Pakistani rupee. The robust financial results underscore the positive trends and profitability within Pakistan's sugar industry during the specified fiscal period.
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