Transmission of Quarterly Report for the period Ended March 31, 2026

Period Ended

Ivlarch 31, 2026

Condensed Interim

Financial Statements

(Un-Audited) For the

AL-ABBAS 01

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SUGAR MILLS LTD.

02

Half Yearly Report

March 2026

BOARD OF DIRECTORS STATUTORY AUDITORS

Muhammad Suleman Chawla Chairman BDO Ebrahim & Co. Asim Ghani Chief Executive Officer Chartered Accountants

Asma Aves Cochinwala Director

Darakshan Zohaib Director

Haroon Askari Director

Muhammad Salman Hussain Chawala Director Shahid Hussain Jatoi Director

Suleman Lalani Director

Sultan Rehman Director

COMPANY SECRETARY

COST AUDITORS

UHY Hassan Naeem & Co. Chartered Accountants

REGISTERED OFFICE

2nd Floor, Pardesi House, Survey No. 2/1,

Zuhair Abbas R.Y. 16, Old Queens Road, Karachi - 74000

Tel: 92-21-111-111-224

CHIEF FINANCIAL OFFICER Fax: 92-21-32470090

Website: https://www.aasml.com

Danish Wasim

HEAD OF INTERNAL AUDIT

SHARE REGISTRAR OFFICE

M/s. CDC Share Services Limited

Syed Osama Sohail CDC House-99B, Block 'B', S.M.C.H.S

Main Shahra-e-faisal, Karachi-74400

AUDIT COMMITTEE

Haroon Askari Chairman

FACTORIES/STORAGE LOCATIONS

Asma Aves Cochinwala Member 1) Mirwah Gorchani, Distt. Mirpurkhas, Sindh Darakshan Zohaib Member

Muhammad Salman Hussain Chawala Member 2) Main National Highway, Dhabeji, Sindh Muhammad Suleman Chawla Member

Shahid Hussain Jatoi Member 3) Oil Installation Area, Kemari, Karachi, Sindh

HUMAN RESOURCE AND REMUNERATION COMMITTEE

Haroon Askari Chairman

Asim Ghani Member

Shahid Hussain Jatoi Member

Suleman Lalani Member

Muhammad Suleman Chawla Member

BANKERS

Al Baraka Bank Pakistan Limited Allied Bank Limited

Askari Bank Limited Bank Alfalah Limited

BankIslami Pakistan Limited Bank Al Habib Limited

MCB Bank Limited MCB Islamic Bank

National Bank of Pakistan The Bank of Punjab Meezan Bank Limited Samba Bank Limited Soneri Bank Limited United Bank Limited

AL-ABBAS 03

SUGAR MILLS LTD.

Dear Members, Assalam-o-Alaikum!

The Directors of the Company are pleased to present the unaudited condensed interim financial statements for the half year ended March 31, 2026, along with comparative figures for the same period last year.

Financial results

Below is a summary of the Company's financial performance for the half year ended March 31, 2026, compared to the corresponding period last year:

March 31, 2026 March 31, 2025

(Rupees in thousands)

During the period under review, the Company's overall profitability declined. This was primarily attributable to a significant reduction in sales volume of sugar and ethanol and the average selling prices of ethanol. Additionally, the comparative period of the previous year included a one-off receipt of a long-outstanding sugar export subsidy amounting to Rs. 231 million.

SUBSEQUENT EVENT AND DIVIDEND

In its meeting held on May 18, 2026, the Board of Directors proposed an interim cash dividend of Rs. 7.5 per share (75%) for the half year ended March 31, 2026. The accompanying condensed interim financial statements do not reflect the impact of this proposed interim dividend.

OPERATING SEGMENT RESULTS

Below is a detailed performance breakdown by divisions:

SUGAR Division

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Here is an overview of the financial and operational performance of our Sugar division for the half year ended March 31, 2026:

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Half Yearly Report

March 2026

Financial Performance

March 31, 2026 March 31, 2025

(Rupees in thousands)

For the half year ended March 31, 2026, the Sugar Division recorded net sales of Rs. 963.762 million, representing a significant decline compared to Rs. 2,783.516 million in the corresponding prior-year period. This decrease was primarily driven by lower sales volumes.

Despite the decline in sales, sugar production increased by 7.93% compared to the previous season, mainly due to improved sucrose recovery.

ETHANOL Division

Here is the table summarizing the financial and operational performance of our Ethanol division:

Financial Performance

March 31, 2026 March 31, 2025

(Rupees in thousands)

Operational Performance Operational Data

AL-ABBAS 05

SUGAR MILLS LTD.

2025-26 2024-25

Production (M. Tons) - Unit I and II 12,255 21,080

Sales (M. Tons) 14,709 18,340

The Ethanol Division continued its export-oriented operations, contributing to the Country's foreign currency earnings. However, revenue declined compared to the corresponding prior-year period, primarily due to lower sales volumes and reduced average selling prices.

Other Segments

This segment reported a net profit of Rs. 152.845 million for the half year ended March 31, 2026, compared to Rs.

72.305 million in the corresponding prior-year period. The significant increase in profitability was primarily driven by a surge in average investments in mutual funds, which generated higher capital gains, and improved occupancy levels at the bulk storage terminal. The terminal is now operating at near-optimal capacity.

Operations of the Power, Chemical, and Alloy division are expected to recommence once economic conditions improve and production becomes commercially viable.

FUTURE PROSPECTS

This year, the country's sugar production increased significantly from 5.862 million tons last year to 7.615 million tons. This figure will further rise with the addition of beet sugar production. Moreover, a portion of the sugar imported last year remains unconsumed in the country. Overall, sugar production has registered an increase of nearly 30% compared to the previous year.

Although the government has not issued any notification regarding the minimum sugarcane support price this year, sugar exports continue to be regulated. The substantial increase in domestic sugar supply has exerted considerable downward pressure on sugar prices. Currently, the market is experiencing an imbalance between demand and supply, forcing millers to sell below their production cost. The industry is actively requesting the government to allow the export of surplus sugar to ease the financial burden on millers.

The ongoing US-Iran conflict has also contributed to a sharp rise in international oil prices, which has increased inflationary pressures and interest costs in the country. Recently, the State Bank of Pakistan (SBP) raised the discount rate by 100 basis points. Until oil prices return to pre-conflict levels, further increases in interest rates remain a strong possibility. This would not only fuel overall inflation but also significantly raise the company's financing costs.

On a positive note, ethanol prices have shown some stability. The management continues to monitor market dynamics closely and is actively formulating a sales strategy to mitigate rising costs and protect margins through timely pricing adjustments and prudent inventory management.

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ACKNOWLEDGEMENT

The Board expresses its gratitude to all stakeholders, employees, and partners for their unwavering support. With a robust strategic vision, we remain confident in our ability to navigate challenges and deliver sustained value to our shareholders.

On behalf of the Board of Directors

Asim Ghani

Chief Executive Officer

Karachi: May 18, 2026

Darakshan Zohaib

Director

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Half Yearly Report

March 2026

Introduction

We have reviewed the accompanying condensed interim statement of financial position of AL-ABBAS SUGAR MILLS LIMITED ("the Company") as at March 31, 2026 and the related condensed interim statement of profit or loss, the condensed interim statement of other comprehensive income, the condensed interim statement of changes in equity, the condensed interim statement of cash flows and notes to the condensed interim financial statements for the six-month period then ended (here-in-after referred as the "Interim financial statements"). Management is responsible for the preparation and presentation of these interim financial statements in accordance with accounting and reporting standards as applicable in Pakistan for condensed interim financial reporting. Our responsibility is to express a conclusion on these interim financial statements based on our review.

Scope of review

We conducted our review in accordance with International Standard on Review Engagements 2410, "Review of interim Financial Statements Performed by the Independent Auditor of the Entity." A review of condensed interim financial statements consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

Conclusion

Based on our review, nothing has come to our attention that causes us to believe that the accompanying interim financial statements are not prepared, in all material respects, in accordance with the accounting and reporting standards as applicable in Pakistan for condensed interim financial reporting.

Emphasis of Matter

We draw attention to note 13.1.1 of the condensed interim financial statements, which describes the uncertainty related to the outcome of the lawsuit filed against the Company. Our conclusion is not modified in respect of this matter.

Other Matter

Pursuant to the requirement of Section 237(1)(b) of the Companies Act, 2017, only cumulative figures for the half year, presented in the second quarter accounts are subject to a limited scope review by the statutory auditors of the Company. Accordingly, the figures of the condensed interim statement of profit or loss and condensed interim statement of comprehensive income for the quarter period ended March 31, 2026 have not been reviewed by us.

AL-ABBAS 07

SUGAR MILLS LTD.

The engagement partner on the review resulting in this independent auditor's review report is Zulfikar Ali Causer.

KARACHI

DATED: May 18, 2026

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UDIN: RR202610067YJ1ct4Cb8

BDO EBRAHIM & CO.

CHARTERED ACCOUNTANTS

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Half Yearly Report

March 2026

March 31, September 30,

2026 2025

(Un-audited) (Audited)

Note (Rupees in thousand)

The annexed notes from 1 to 25 form an integral part of these financial statements.

Asim Ghani

Chief Executive Officer

Darakshan Zohaib

Director

Danish Wasim

Chief Financial Officer

AL-ABBAS 09

SUGAR MILLS LTD.

Half Year Ended Quarter Ended March 31, March 31, March 31, March 31,

2026 2025 2026 2025

Note ------------------------------(Rupees in thousand) ------------------------------

The annexed notes from 1 to 25 form an integral part of these financial statements.

Asim Ghani

Chief Executive Officer

Darakshan Zohaib

Director

Danish Wasim

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Chief Financial Officer

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Half Yearly Report

March 2026

Half Year Ended Quarter Ended March 31, March 31, March 31, March 31,

2026 2025 2026 2025

Note ------------------------------(Rupees in thousand) ------------------------------

The annexed notes from 1 to 25 form an integral part of these financial statements.

Asim Ghani

Chief Executive Officer

Darakshan Zohaib

Director

Danish Wasim

Chief Financial Officer

AL-ABBAS 11

SUGAR MILLS LTD.

(Rupees in thousand)

Balance as at October 1, 2024 (Audited) 173,623 ,458,000 6,439,794 7,897,794 (70,185) 7,827,609 8,001,232

The annexed notes from 1 to 25 form an integral part of these financial statements.

Asim Ghani

Chief Executive Officer

Darakshan Zohaib

Director

Danish Wasim

@mimgimg @aaS A9hhsmhss

Chief Financial Officer

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Half Yearly Report

March 2026

March 31, March 31,

2026 2025

Note (Rupees in thousand)

The annexed notes from 1 to 25 form an integral part of these financial statements.

Asim Ghani

Chief Executive Officer

Darakshan Zohaib

Director

Danish Wasim

Chief Financial Officer

AL-ABBAS 13

SUGAR MILLS LTD.

NOTES TO THE CONDENSED INTERIM FINANCIAL INFORMATION(UN-AUDITED)

FOR THE HALF YEAR ENDED MARCH 31, 2026

1. LEGAL STATUS AND NATURE OF BUSINESS

   Al-Abbas Sugar Mills Limited - AASML ("the Company") was incorporated in Pakistan on May 2, 1991 as a public limited Company under the repealed Companies Ordinance, 1984 (now the Companies Act, 2017). The Company is listed with Pakistan Stock Exchange Limited - PSX. The principal activities of the Company are manufacturing and sale of sugar, processing and sale of industrial ethanol, manufacturing and sales of chemical, alloys and power and providing bulk storage facility.

2. GEOGRAPHICAL LOCATION AND ADDRESSES OF BUSINESS UNITS

   The registered office of the Company is situated at Pardesi House, Survey No. 2/1, R.Y.16, Old Queens Road, Karachi, Pakistan. The Company's manufacturing facilities for the following business units are located at the following respective addresses:

   S. No	Business Unit	Principal Activities	Address	Commencement of commercial production
   1	Sugar	Manufacturing and sale of sugar	Deh 145, Tapo Kangaroo, Taluka Digri, District, Mirpurkhas	December 15, 1993
   2	Ethanol	Processing and sale of industrial ethanol	Deh 145, Tapo Kangaroo, Taluka Digri, District, Mirpurkhas	Unit I: August 20, 2000 Unit II: January 23, 2004
   3	Other segment a) Chemical, alloys	Manufacturing and	Dhabeji, Tapo Gharo,	November 01
   	and Power (note 2.1)	sales of calcium and ferro Generation and sales of electricity.	National Highway Road, Taluka Mirpur Sakro, District Thatta	2006 , April 06, 2010
   	b) Tank Terminal	Providing bulk storage facility	Plot 63, Oil Industrial Area, Kemari, Karachi.	October 15, 2012

   1. The production facilities of chemical, alloys and power segment have already been suspended temporarily in view of the business conditions.

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3. BASIS OF PREPARATION

   1. Statement of compliance

      These condensed interim financial statements have been prepared in accordance with the accounting and reporting standards as applicable in Pakistan for interim financial reporting. The accounting and reporting standards as applicable in Pakistan for interim financial reporting comprises of:

      • International Accounting Standard (IAS) 34, Interim Financial Reporting, issued by the International Accounting Standards Board (IASB) as notified under the Companies Act, 2017;

      • Islamic Financial Accounting Standards (IFAS) issued by the Institute of Chartered Accountants of Pakistan as notified under the Companies Act , 2017; and

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        Half Yearly Report

        March 2026

      • Provisions of, directives and notifications issued under the Companies Act, 2017.

      Where the provisions of, directives and notifications issued under the Companies Act, 2017 differ with the requirements of IAS 34, the provisions of, directives and notifications issued under the Companies Act, 2017 have been followed.

      1. These condensed interim financial statements do not include all the information required for full financial statements and should be read in conjunction with the annual audited financial statements of the Company for the year ended September 30, 2025.

      2. These condensed interim financial statements comprise of condensed interim statement of financial position as at March 31, 2026, condensed interim statement of profit or loss, condensed interim statement of other comprehensive income, condensed interim statement of changes in equity, condensed interim statement of cash flows and notes thereto for the six months period then ended which have been subjected to a review in accordance with the listing regulations but not audited. These condensed interim financial statements also include condensed interim statement of profit or loss and condensed interim statement of other comprehensive income for the quarter ended March 31, 2025 which have neither been reviewed nor audited.

      3. The comparative statement of financial position presented in these condensed interim financial statements as at September 30, 2025 have been extracted from the annual audited financial statements of the Company for the year ended September 30, 2025, whereas the comparative condensed interim statement of profit or loss, condensed interim statement of other comprehensive income, condensed interim statement of changes in equity and condensed interim statement of cash flows together with the notes thereto for the six months period ended March 31, 2025 have been extracted from the condensed interim financial statements of the Company for the six months period ended March 31, 2025, which were subjected to a review but not audited.

   2. Basis of measurement

      This condensed financial information has been prepared under the historical cost convention, except as otherwise disclosed in these financial statements.

   3. Functional and presentation currency

      These condensed interim financial statements are presented in Pakistani Rupees which is also the Company's functional currency. All amounts have been rounded to the nearest thousand, unless otherwise indicated.

4. MATERIAL ACCOUNTING POLICY INFORMATION

   1. The summary of material accounting policies and methods of computation adopted in the preparation of these condensed interim financial statements are the same as those applied in the preparation of the annual audited financial statements of the Company for the year ended September 30, 2025.

      1. Amendments to certain accounting standards and new interpretations on approved accounting standards effective during the period were not relevant to the Company's operations and do not have any impact on the accounting policies of the Company.

      2. There is a new standard and amendments that will be applicable to the Company for its annual periods beginning on or after October 1, 2026. The new standard refers to IFRS 18 Presentation and Disclosure in Financial Statements with applicability date of January 1, 2027. The overall amendments include those made to IFRS 7 and IFRS 9 which clarify the date of recognition and derecognition of a financial asset or financial liability which are applicable effective January 1, 2026. The Company's management at present is in the process of assessing the full impacts of the new standard and the amendments to IFRS 7 and IFRS 9 and is expecting to complete the assessment in due course.

      AL-ABBAS 15

      SUGAR MILLS LTD.

5. ACCOUNTING ESTIMATES AND JUDGMENTS

   1. The preparation of these condensed interim financial statements requires management to make estimates, assumptions and use judgements that affect the application of policies and reported amounts of assets and liabilities and income and expenses. Estimates, assumptions and judgements are continually evaluated and are based on historical experience and other factors, including reasonable expectations of future events. Revisions to accounting estimates are recognised prospectively commencing from the period of revision.

   2. Judgements and estimates made by the management in the preparation of these condensed interim financial statements are the same as those that were applied to annual audited financial statements as at and for the year ended September 30, 2025.

   3. The Company's financial risk management objectives and policies are consistent with those disclosed in the annual audited financial statements as at and for the year ended September 30, 2025.

6. INCOME TAX, WORKERS' PROFIT PARTICIPATION FUND, WORKERS' WELFARE FUND AND POST RETIREMENT BENEFITS

   Provision in respect of income taxes, Workers' Profit Participation Fund, Workers' Welfare Fund and retirement benefits are estimates only and final liabilities will be determined on the basis of annual results.

   Amounts accrued for income tax expense in one interim period may have to be adjusted in a subsequent interim period of that financial year if the estimate of the annual income tax rate changes. Where different income tax rates apply to different categories of income, a separate rate is applied to each category of pre-tax income. Income tax on dividend income is a final tax and is recorded at the tax rate applicable under the income tax law on the dividend received.

7. SEASONAL PRODUCTION

   Due to the seasonal availability of sugarcane, the manufacturing of sugar is carried out during the period of availability of sugarcane and cost incurred / accrued up to the reporting date have been accounted for. Accordingly, the cost to be incurred / accrued after the reporting date will be reported in the subsequent interim and annual financial statements.

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8. PROPERTY, PLANT AND EQUIPMENT

March 31, September 30,

2026 2025

(Un-audited) (Audited)

Note (Rupees in thousand)

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Half Yearly Report

March 2026

10.1 This includes TDR's from MCB and Soneri Bank carrying profit at an average rate of 7.40% to 11% (September 30, 2025: 6.63% to 11%) per anum respectively.

1. CASH AND BANK BALANCES

   March 31, September 30,

   2026 2025

   (Un-audited) (Audited)

   Note (Rupees in thousand)

   Cash in hand 1,180 1,000

   177,988

   1,133,295

Cash at banks Conventional Current accounts

Savings accounts 11.1

Islamic

Current accounts

Savings accounts 11.1

1,085,954 1,311,283

3,896 35,344

1,091,030 1,347,627

AL-ABBAS 17

SUGAR MILLS LTD.

March 31, September 30,

2026 2025

(Un-audited) (Audited)

Note (Rupees in thousand)

12 SHORT TERM BORROWINGS

From banking companies - secured

Cash / running finances 188,601 225,183 Export refinance scheme (ERF) 2,830,500 2,839,500

3,019,101 3,064,683

1. CONTINGENCIES AND COMMITMENTS

   1. Contingencies

      1. In 2013, Mr. Suleman Lalani, a non-executive and minority Director of the Company, filed Suit No. 281 in the Honourable High Court of Sindh at Karachi. Last year due to legal amendment in the relevant law, this Suit pending before High Court stand transferred in the District Court, a new number 5673 of 2025 has been assigned.

         This suit was against the Company, its former Chief Executive, and eight others. Allegations within the suit centered around mismanagement in the Company's operations, including claims of the former Chief Executive and others siphoning off and diverting Company funds. The main relief sought in the suit includes the retrieval of Rs. 236.716 million of the Company's funds, as well as the expenses incurred by the plaintiff in filing the suit. Additionally, the plaintiff seeks the appointment of a receiver, the execution of a forensic audit of the Company, and the removal of its former Chief Executive. In response to the mentioned allegations, the Company and its management have refuted all claims made by the plaintiff. The suit is currently at the stage of hearing of the applications.

         On March 08, 2021, Mr. Suleman Lalani submitted an application under Order 1 Rule 10, in conjunction with Section 151 of the Civil Procedure Code (C.P.C.) 1908. In this application, he requested the inclusion of the current Chief Executive Officer in the ongoing Suit. He argued that the CEO was exerting influence on the Board for personal gains, aiming for unjust enrichment at the Company's expense.

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         The last date of hearing was May 5, 2026. The legal counsel for the Company has indicated that due to the uncertainty surrounding the litigation's outcome, making a definitive prediction at this stage is not feasible. Nevertheless, the Company's management holds the belief that no adverse implications are likely to materialize from the suit.

         Additionally, Mr. Lalani filed another Civil Miscellaneous Application (CMA) No. 9973 of 2013, requesting the restraint of the Company's Board of Directors from specifically endorsing any investments in Javedan Corporation Limited (""JCL""), a distinct and unrelated public limited Company. Currently the mentioned Civil Miscellaneous Application was pending before the Senior Civil Judge East Karachi.

         The Court had restrained the defendant from making any decisions regarding investments in JCL until the suit reaches its final resolution. Additionally, the Court directed the Securities and Exchange Commission of Pakistan (""SECP"") to regard the complaint filed in this context as a complaint under Section 263 of the previously enacted Companies Ordinance, 1984 (now encompassed within the Companies Act, 2017). Consequently, the SECP was tasked with investigating the Company's affairs and submitting a report on the matter.

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         Half Yearly Report

         March 2026

         The Company has contested the aforementioned Court Order before the Division Bench of the Honorable High Court of Sindh via an appeal numbered HCA-124. This appeal has resulted in the suspension of a segment of the High Court's Order specifically concerning the directive for the SECP to conduct an investigation into the Company

         In the same context, the SECP had issued an Order pursuant to Section 231 of the Companies Ordinance, 1984. The Company challenged this order through CP. No. D-1990/2013 before the High Court of Sindh. Subsequently, the Company obtained an Order from the Court preventing any coercive action based on the SECP's directive. During the hearing of HCA No. 124/2013, the appellant requested that the case CPD-1990/2013 be considered alongside appeal No. HCA 124/2013. The Interim Order previously granted by the High Court of Sindh was modified, directing the Company to present all its accounts before the SECP. However, the Court instructed the SECP not to take any final action against the Company. In adherence to the orders from the Honorable Court in CP No. D-1990/2013 and HCA No. 124/2013, the Company ensured compliance. The appeal is presently awaiting a decision from the Division Bench, and according to the legal advisor's perspective, the Company stands a fair chance of success in this case.

      2. There were no major changes in the status of other contingencies as reported in the annual financial statements for the year ended September 30, 2025.

   2. Commitments

Bank guarantees of Rs. 94.711 million (September 30, 2025: Rs. 94.711 million) have been issued by the banking companies on behalf of the Company in favour of suppliers / customers.

March 31, March 31,

2026 2025

(Un-audited) (Un-audited (Rupees in thousand)

AL-ABBAS 19

SUGAR MILLS LTD.

March 31, March 31,

2026 2025

(Un-audited) (Un-audited (Rupees in thousand)

1. EARNINGS PER SHARE - BASIC AND DILUTED

   Net profit for the period 371,498 601,177

   (No. of shares)

   Weighted average number of ordinary shares outstanding	17,362,300		17,362,300
   Basic and diluted earnings per share - Rupees	21.40		34.63

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   1. Diluted earnings per share is the same as the basic, as the Company does not have any convertible instruments in issue as on the reporting date which would have any effect on the earnings per share if the option to convert is exercised.

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2. TRANOVER NET

   (Rupees in thousand)

   Half Year Ended March 31, 2026

   2026 2025 2026 2025 2026 2025 2026 2025

   Sugar Ethanol Other Reportable Segment Total

   Gross sales
   Local	1,147,415	2,455,214			110,315		188,881		-		-	1,257,730			2,644,095
   Export	-	741,671			3,409,678		3,945,389		-		-	3,409,678			4,687,060
   Storage service income	-	-			-		-		79,751		-	79,751			-
   Inter-segment service	-	-			-		-		15,600		15,600	15,600			15,600
   Less:	1,147,415	3,196,885			3,519,993		4,134,270		95,351		15,600	4,762,759			7,346,755
   Sales tax	(183,653)	(413,369)			(15,085)		(26,371)		(10,402)		-	(209,140)			(439,740)
   	963,762	2,783,516			3,504,908		4,107,899		84,949		15,600	4,553,619			6,907,015

   Half Yearly Report March 2026

   (Rupees in thousand)

   Quarter Ended March 31, 2026

   2026 2025 2026 2025 2026 2025 2026 2025

   Sugar Ethanol Other Reportable Segment Total

   Gross sales
   Local	24,314		459,608		51,064		61,099		-		-		75,378		520,707
   Export	-		-		1,725,219		1,686,224		-		-		1,725,219		1,686,224
   Storage service income	-		-		-		-		51,184		-		51,184		-
   Inter-segment service	-		-		-		-		7,800		7,800		7,800		7,800
   Less:	24,314		459,608		1,776,283		1,747,323		58,984		7,800		1,859,581		2,214,731
   Sales tax	(3,815)		(73,618)		(6,768)		(8,252)		(6,676)		-		(17,259)		(81,870)
   	20,499		385,990		1,769,515		1,739,071		52,308		7,800		1,842,322		2,132,861

3. SEGMENT REPORTING (UN-AUDITED)

   Half Year Ended March 31, 2026

   (Rupees in thousand)

   2026 2025 2026 2025 2026 2025 2026 2025

   Sugar Ethanol Other Segments Total

   Segment statement of profit or loss
   Turnover - net	963,762		2,783,516		3,504,908	4,107,899	84,949	15,600	4,553,619	6,907,015
   Cost of sales	(880,793)		(2,518,878)		(2,451,871)	(3,120,919)	(72,810)	(58,854)	(3,405,474)	5,698,651)
   Gross profit / (loss)	82,969		264,638		1,053,037	986,980	12,139	(43,254)	1,148,145	1,208,364
   Distribution cost	6,419)		(51,438)		(532,393)	252,458)	-	-	(538,812)	(303,896)
   Administrative expenses	(68,503)		(59,248)		(49,033)	(42,253)	-	-	(117,536)	(101,501)
   Operating segment results	8,047		153,952		471,611	692,269	12,139	(43,254)	491,797	802,967
   Other operating expenses	2,906		(53,914)		(26,690)	(46,297)	(16,140)	(8,193)	(39,924)	(108,404)
   Finance cost	(56,772)		(88,062)		(44,648)	(49,452)	-	-	(101,420)	(137,514)
   Other income	2,242		237,779		-	-	246,046	165,199	248,288	402,978
   Profit/(loss) before levy and taxation	(43,577)		249,755		400,273	596,520	242,045	113,752	598,741	960,027
   Levy	(12,047)		(34,794)		(43,856)	(51,393)	(52,058)	(39,018)	(107,961)	(125,205)
   Profit before taxation	(55,624)		214,961		356,417	545,127	189,987	74,734	490,780	834,822
   Taxation	31,008		(60,206)		(113,148)	(171,010)	(37,142)	(2,429)	(119,282)	(233,645)
   Profit / (loss) after taxation	(24,616)		154,755		243,269	374,117	152,845	72,305	371,498	601,177

   (Rupees in thousand)

   Quarter Ended March 31, 2026

   2026 2025 2026 2025 2026 2025 2026 2025

   Sugar Ethanol Other Segments Total

   Turnover - net 20,499 385,990 1,769,515 1,739,071 52,308 7,800 1,842,322 2,132,861 Cost of sales 32,224 (233,955) (1,266,410) (1,083,188) (35,988) (31,541) (1,270,174) (1,348,684) Gross profit / (loss) 52,723 152,035 503,105 655,883 16,320 (23,741) 572,148 784,177

   Distribution cost (3,363) (11,487) (223,959) (172,759) - - (227,322) (184,246)

   Administrative expenses (36,098) (31,567) (23,707) (20,262) - - (59,805) (51,829)

   Operating segment results 13,262 108,981 255,439 462,862 16,320 (23,741) 285,021 548,102

   Other operating expenses 1,067 (29,822) (15,281) (32,418) (5,661) 1,373 (19,875) (60,867)

   Finance cost (27,621) (32,215) (18,394) (21,797) - - (46,015) (54,012)

   Other income (1,507) 236,245 - (123) 67,421 42,482 65,914 278,604

   21

   Profit/(loss) before levy and taxation (14,799) 283,189 221,764 408,524 78,080 20,114 285,045 711,827 Levy (256) (4,825) (22,164) (21,737) (15,950) (9,553) (38,370) (36,115) Profit / (loss) before levy (15,055) 278,364 199,600 386,787 62,130 10,561 246,675 675,712 Taxation 7,676 (75,205) (65,118) (164,266) (13,443) 585 (70,885) (238,886) Profit / (loss) after taxation (7,379) 203,159 134,482 222,521 48,687 11,146 175,790 436,826

   AL-ABBAS

   SUGAR MILLS LTD.

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   Half Yearly Report March 2026

   22

   March 31 September 30 March 31 September 30 March 31 September 30 March 31 September 30

   2026 2025 2026 2025 2026 2025 2026 2025

   Sugar Ethanol Other Segments Total

   Segment assets and liabilities
   SeSegment assets - Allocated	6,913,773	1,737,203	5,578,814	2,232,664	926,747	9,588,461	13,419,334		13,558,328
   Segment assets - Unallocated							367,201		345,469
   							13,786,535		13,903,797
   Segment liabilities - Allocated	1,267,564	1,395,994	3,227,097	3,175,957	137,391	37,311	4,632,052		4,609,262
   Segment liabilities - Unallocated							730,278		900,033
   							5,362,330		5,509,295
   Capital expenditure - Allocated	160,357	20,476	25,265	-	-	122,509	185,622		142,985
   Capital expenditure - Unallocated							13,622		78,494
   							199,244		221,479
   Depreciation
   Operating fixed assets	22,069	38,167	15,375	26,683	21,427	27,767	58,871		92,617
   Right-of-use-assets	3,064	5,552	2,042	3,701	-	-	5,106		9,253
   Investment property	4	9	3	6	-	-	7		15
   							63,984		101,885

   AL-ABBAS 23

   SUGAR MILLS LTD.

4. RELATED PARTY TRANSACTIONS

   The related parties comprise of associated undertakings, Directors of the Company, Key Management Personnel and post employment benefit plan. The Company in the normal course of business carries out transactions with various related parties. Amounts due to / from related parties, if any, are shown in respective notes to the financial statements. Transactions and balances with related parties are as follows:

   Half Year Ended March 31, March 31,

   2026 2025

   (Rupees in thousand)

   1. Transactions during the period

Transactions with Post Employment Benefit Plan - Gratuity Fund

- Al-Abbas Sugar Mills Limited - Employee Gratuity Fund

Loan installments recovered from employees on behalf

of Employees Gratuity Fund 274 3,354 Paid to Employees Gratuity Fund on account of installment

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Corresponding figures have been re-arranged / reclassified, where ever necessary, for the purpose of

24

Half Yearly Report

March 2026

compliance, comparison and better presentation. Major changes made during the period are as follows:

Reclassification from the caption Reclassification to the caption

component component Rupees in (000)

1. FINANCIAL RISK MANAGEMENT

   The Company's financial risk management objective and policies are consistent with that disclosed in the annual financial statements for the year ended September 30, 2025.

2. SHARIAH COMPLIANCE STATUS DISCLOSURE

   Disclosures in relation to the condensed interim statement of financial position - Liability

   March 31, September 30,

   2026 2025

   (Un-audited) (Audited) (Rupees in thousand)

   - Financing obtained as per Islamic mode	528,500	-
   - Interest or mark-up accrued on any conventional loan or advance	3,537	61,319
   Disclosures in relation to the condensed interim statement of
   financial position - Assets
   - Long-term and short-term Shariah compliant Investment	100,128	96,930
   - Shariah-compliant bank deposit / bank balances	3,896	35,344
   	March 31,	March 31,
   	2026 (Un-audited)	2025 (Un-audited)

   Disclosures in relation to the condensed interim statement of profit or loss and other comprehensive income

   (Rupees in thousand)

   	4,553,619	6,907,015
   investment	1,957	686
   - Profit paid on Islamic mode of financing	5,948	-
   - Interest earned on any conventional loan or advance	216	93
   - Break-up of late payments or liquidated damages
   - Gain or loss or dividend earned on Shariah-compliant
   investments or share of profit from Shriah-compliant associates	5,793	1,125
   - Exchange (loss) / gain earned from actual currency	(1,129)	42,430
   - Exchange gains earned using conventional derivative financial
   instrument	-	-

   • Revenue earned from Shariah compliant business segment

   • Profit earned from Shariah compliant bank balances and

   -Source and detailed breakup of other income, including breakup of other or miscellaneous portions of other income into

   Shariah-compliant and non compliant income

   AL-ABBAS 25

   SUGAR MILLS LTD.

   March 31, March 31,

   2026 2025

   (Un-audited) (Un-audited) (Rupees in thousand)

   Shariah compliant Income - Income from bank deposits	233	686
   	4,069	1,125
   - Export freight subsidy	-	231,906
   - Income from biological asset - net	114	4,296
   - Income from Bio-chemical lab	1,912	1,484
   Non-Shariah compliant Income - Mark-up on loan to growers	216	93
   - Income from TDR / T-Bills / PLS deposits	40,696	7,754
   - Gain on mutual fund investment	199,324	155,523
   - Exchange gain or (loss) on EFS	-	44
   -Gain on disposal of long term investments	-	67

   • Gain on mutual fund investment

   • Dividend on long term investment

   Relationship with Shariah-compliant financial institutions

   The Company has business relationship with Islamic banks in the ordinary course of business. It has facilities with Islamic banks for Running Musharakah amounting to Rs. 528.5 million.

3. FAIR VALUE OF FINANCIAL INSTRUMENTS

   Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.

   Financial assets which are tradable in an open market are remeasured at the market prices prevailing on the statement of financial position date. The carrying values of all other financial assets and liabilities reported in the financial statements approximate their fair value.

4. NON ADJUSTING SUBSEQUENT EVENT

   The Board of Directors of the Company in its meeting held on May 18, 2026 has declared interim cash dividend of Rs. 7.50 (March 31, 2025: Rs. 12) per share amounting to Rs. 130.217 million (March 31, 2025: Rs. 208.348 million). The effect will be accounted in the period of payment.

5. GENERAL

   Figures have been rounded off to the nearest thousand of Rupees, unless otherwise stated.

6. DATE OF AUTHORIZATION FOR ISSUE

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These condensed interim financial information was authorized for issue on May 18, 2026 by the Board of Directors of the Company.

Asim Ghani

Chief Executive Officer

Darakshan Zohaib

Director

Danish Wasim

Chief Financial Officer

26

Half Yearly Report

March 2025

AL-ABBAS 27

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SUGAR MILLS LTD.

28

Half Yearly Report

March 2025

2026 vL 2026 vL

AL-ABBAS 29

SUGAR MILLS LTD.

2025 vf31 2026 vf31

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34.63 21.40

Head Office:

Pardesi House, Survey No. 2/1, R.Y. 16, Old Queens Road, Karachi-74000

Telephone: (92-21) 111-111-224 Fax: (92-21) 32470090

E-mail: sugar@aasml.com