The sugar mill of Jahangir Khan Tareen – ruling party PTI’s leader and used to very close to Prime Minister Imran Khan – has declared a phenomenal increase of 248 per cent in annual profit for year ended September 30, 2021.
Jahangir Khan Tarin is director of JDW Sugar Mills.
JDW Sugar Mills Limited on Wednesday shared its financial results with the Pakistan Stock Exchange (PSX).
The board of the company in a meeting held on January 05, 2022 recommended a final cash dividend for the financial year ended September 30, 2021 at Rs10 per share i.e. 100 per cent.
Gross profit of the company increased to Rs10.13 billion for the year under review as compared with Rs7.59 billion in the preceding year.
According to JDW website, Tareen’s experience in business world began when he was made the CEO of his family-owned beverages business in Multan in 1981.
Over the next eight years, he increased the business manifold and in the year 1989 Pepsico International offered him a franchise in Lahore.
Tareen took over the franchise in 1991 as the Chairman of Riaz Bottlers (Pvt) Limited and developed it into one of the Pakistan’s best operating franchise.
He went into sugar business and established his first sugar mills in 1992 as JDW Sugar Mills. This has grown into Pakistan’s largest and most efficient Sugar milling operations (JDW Sugar Mills). This is the only Sugar Mill in the country, which is supported by its own Sugarcane Plantation (30,000 acres) and Sugar cane research organisation.
The Mills runs an extensive community development programme geared towards increasing yield and profitability of small farmers while also funding education and health initiatives in its area of operations.
The per acre yield of sugarcane in Rahim Yar Khan has doubled due to the Cane Development Program of JDW Sugar Mills. While per acre production cost has been reduced by innovative cultivation and production techniques.
It’s due to the combined efforts of sugarcane development, farmers’ training, motivating farmers with timely payments, that sucrose recovery in the operating area of JDW Sugar Mills jumped from 8.2 per cent to almost 11 per cent in 2016.