Al-noor Sugar Mills LimitedPSX: ALNRS

Transmission of Quarterly Financial Statements for the Period End 31-03-2026

May 25, 2026 at 6:02 AM UTC · Issued by Al-Noor Sugar Mills Limited

AL-NOOR SUGAR MILLS LIMITED

Half Yearly Results for the period 1st October 2025 to 31st March, 2026

AI-NOOR

SUGAR MILLS LTD.

Company Information

BOARD OF DIRECTORS

MR. ZIA ZAKARIA

MR. NOOR MUHAMMAD ZAKARIA MR. MUHAMMAD SALIM AYOOB MR. ASAD AHMAD MOHIUDDIN MS. MUNIFA AYOOB

MR. FARRUKH YASEEN (Independent Director)

MR. NAEEM AHMED SHAFI (Independent Director)

BOARD AUDIT COMMITTEE MR. NAEEM AHMED SHAFI MR. ZIA ZAKARIA

MS. MUNIFA AYOOB

HUMAN RESOURCE AND REMUNERATION COMMITTEE MR. NAEEM AHMED SHAFI

MR. ZIA ZAKARIA

MR. MUHAMMAD SALIM AYOOB

REGISTERED OFFICE

CHIEF FINANCIAL OFFICER

MR. MUHAMMAD HANIF CHAMDIA

COMPANY SECRETARY

MR. MOHAMMAD YASIN MUGHAL

FCMA

AUDITORS

M/S KRESTON HYDER BHIMJI & CO.

Chartered Accountants

LEGALADVISOR MR. IRFAN

Advocate

96-A, Sindhi Muslim Society, Karachi-74400 Tel: 34550161-63 Fax: 34556675

Website: https://www.alnoorsugar.co

REGISTRAR & SHARES REGISTRATION OFFICE

C & K Management Associates (Pvt) Ltd.

M-13, Progressive Plaza, Civil Lines Quarter Near P.I.D.C., Beaumont Road, Karachi-75530

FACTORY

Shahpur Jahania, P.O. Noor Jahania, Taluka Moro,

District Shaheed Benazir Bhutto Abad (Nawabshah)

AI-NOOR

SUGAR MILLS LTD.

DIRECTORS' REPORT

Dear Members Asslamu-o- Alaikum

With great pleasure I am pleased to place before you, on behalf of the Board, the un-audited financial statements of your company for the period ended March 31, 2026.These statements have been reviewed by the statutory Auditors as required under the Code of Corporate Governance 2019.

Salient features of production and Financial Statements are as under:

PRODUCTION DATA	March 31, 2026		March 31, 2025
Sugarcane crushed (M Tons)	886,406		747,944
Sugar produced (M Tons)	90,853		71,515
Sugar recovery percentage	10.25		9.56
Molasses produced (M Tons)	45,580		39,072
MDF Production (Cubic Meters)	36,233		35,725
FINANCIAL DATA (Rupees in thousands)
Sales revenue	6,586,125	7,469,895
Cost of sales	(5,278,621)	(6,320,188)
Gross profit	1,307,504	1,149,707
Distribution cost	(78,547)	(117,804)
Administrative expenses	(509,028)	(567,968)
Other expenses	(26,305)	(14,676)
Financial cost	(383,858)	(470,065)
Share of profit from associate	48,953	55,978
Other Income	35,374	171,708
Profit/ (loss) before taxation and levies	394,093	206,880
Levies	(4,455)	(12,533)
Provision for taxation - Current	(174,053)	(103,386)
- Deffered	(64,466)		(116,652)
(Loss) / Profit after taxation	151,119	(25,691)
Profit/(loss) per share	Rs. 7.38	Rs. (1.25)

Segment wise performance is elaborated as under:

SUGAR DIVISION

During the period under review the cane crop was comparatively good as compared was last year and the mill crushed 886,406 metric tons of cane and produced 90,853 metric tons of sugar. During the same period last year, the mill crushed 747,944 metric tons of cane and produced 71,515 metric tons of sugar. The current period production of sugar is more than last year by 19,338 metric tons or 27.04 percent. As during the current season, the cane crop was good as evident from the hire volume crushing and increase in production of sugar. The cost of production of sugar would decline considerably as the fixed overheads had to be observed by higher production volume of sugar. Further the recovery rate had also enhanced from 9.56 percent to 10.25 percent which has also reduced the cost or production of sugar. The improvement in recovery rate by 0.69 percent has contributed 6,116

AI-NOOR

SUGAR MILLS LTD.

metric tons of sugar. It is anticipated that production of sugar during season would be more than last year and surplus sugar may be exported to earn much needed foreign exchange. The sugar mill has to procure raw material from far and distant areas in order to avoid disruption of production process during the season.

MDF BOARD DIVISION

During the period under review the MDF Board division produced 36,233 cubic meters of sheets in various thickness as against 35,725 cubic meters produced in the same period last year. The production is slightly higher by 508 cubic meters which is due to availability of raw material in the required volume. It is anticipated that during the remaining period of the year production would increase.

FUTURE OUTLOOK

It is expected that during the next crushing season the cane crop in the country is expected to increase as the area under cultivation would enhance due to higher return paid to growers during the current year as the availability of water during the current year was good due to natural rainfall and through irrigation system. There are other internal and external factors concerning future outlook uncertainty. Major global economies intending toward recessionary trends, demand decline due to conflict in middle east including long Russian - Ukrain conflict which effected the economic conditions throughout the world. The management is well aware of the internal and external challenges and taking necessary measures to improve the contribution of sugar and MDF board divisions to improve overall performance of the company.

BOARD OF DIRECTORS

The tenure of the Board of directors ended on March 30, 2026 and the shareholders in the Extra Ordinary General Meeting held on the said date elected the following seven persons as Directors on the Board of your company for next three years' period.

Mr. Zia Zakaria
Mr. Noor Muhammad Zakaria
Mr. Muhammad Salim Ayoob
Ms. Munifa Ayoob

S. Mr. Asad Ahmad Mohiuddin

Mr. Farrukh Yaseen Independent Director
Mr. Naeem Ahmed Shafi Independent Director

The directors also wish to place on record their appreciation to the dedicated work and commitment of all the stakeholders who extended their services to sustain all operation of the Company. Please pray to Almighty Allah to guide/help us to achieve the desired goals. (Ameen)

NOOR MOHAMMAD ZAKARIA

MANAGING DIRECTOR / CEO

Karachi:

Dated: May 20, 2026

ZIA ZAKARIA

CHAIRMAN

Independent Auditor's Review Report To the members of Al-Noor Sugar Mills Limited

Report on Review of Condensed Interim Financial Statements

INTRODUCTION:

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

SCOPE OF REVIEW:

We conducted our review in accordance with the International Standard on Review Engagements 2410, "Review of Interim Financial Information 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 condensed interim financial statements are not prepared, in all material respects, in accordance with accounting and reporting standards as applicable in Pakistan for interim financial reporting.

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 three months ended March 31, 2026 have not been reviewed by us.

The engagement partner of the review resulting in this independent auditor's report is Sheikh Muhammad Tanvir.

Chartered Accountants Karachi.

Date: May 20, 2026

UDIN: AR202610225oVgJNKTGH

Property, plant and equipment	5	9,022,543	9,133,995
Right-of-use assets	6	22,240	3,830
Intangible asset	7	3,645	2,559
Long term investments	8	1,958,656	1,929,502
Long term loans to employees		11,215	5,771
Long term deposits		5,485	5,485
		11,023,784	11,081,142
CURRENT ASSETS
Stores, spare parts and loose tools		587,384		678,084
Stock in trade		11,302,688		3,164,002
Trade debts		718,059		201,717
Loans and advances		193,615		208,544
Trade deposits and short term prepayments		26,382		6,773
Other receivables		34,140		47,927
Short term investments		3,209		3,243
Income tax refundable-net of provision		494,721		461,526
Cash and bank balances		978,909		452,121
		14,339,107		5,223,937
		25,362,891		16,305,079


SHARE CAPITAL AND RESERVES Authorized Capital
50,000,000 ordinary shares of Rs.10 each		500,000		500,000
Issued, subscribed and paid-up capital		204,737		204,737
Revenue Reserves
General reserve		1,000,000	1,000,000
Unappropriated profit			1,652,437
Share of associate's unrealized (loss) on remeasurement
of associate's investments at fair value through
other comprehensive income (OCI)		(1,550)		(1,550)
Revaluation surplus on property,pIant and equiptment		4,188,437		4,294,319
of the Company and of Associate
		7,219,167		7,149,943
NON-CURRENT LIABILITIES Long term financing 3,303,226 1,795,440 Lease liability against right-of-use asset 11,482 Deferred taxation 2,112,944 2,048,478
5,427,652			3,843,918
CURRENT LIABILITIES
Trade and other payables		2,351,597		1,606,471
Accrued finance cost		166,458		113,341
Short term borrowings		9,789,633		2,936,417
Unclaimed dividend		14,724		11,340
Current portion of long term financing		391,094		642,205
Current portion of lease liability against right-of-use asset		2,566		1,444
		12,716,072		5,311,218
CONTINGENCIES AND COMMITMENTS
		25,362,891		16,305,079

AI-NOOR

SUGAR MILLS LTD.

CONDENSED INTERIM STATEMENT OF FINANCIAL POSITION (UN-AUDITED)

AS AT MARCH 31, 2026 Un-Audited Audited

March September

Note 2026 2025

ASSETS

NON - CURRENT ASSETS

(Rupees in '000)

EQUITY AND LIABILITIES

The annexed notes from 1 to 17 form an integral part of these condensed interim financial statements.

ZIA ZAKARIA

Chairman

NOOR MOHAMMAD ZAKARIA

Chief Executive Officer

MUHAMMAD HANIF CHAMDIA

Chief Finance Officer

Gross profit	1,307,504	1,149,707	565,142	773,253
Profit from trading activities	707		707
Distribution cost	(78,547)	(117,804)	(14,029)	(63,916)
Administrative expenses	(509,028)	(567,968)	(261,688)	(291,988)
Other expenses	(26,305)	(14,676)	(3,397)	(14,671)
	(613,880)	(700,448)	(279,114)	(370,575)
Operating profit	694,331	449,259	286,735	402,678
Other income	34,667	171,708	20,478	158,309
	728,998	620,967	307,213	560,987
Finance oost		(470,065)	(270,768)	(276,498)
	345,140	150,902	36,445	284,489
Share of profit from associates	48,953	55,978	25,129	33,681
Profit before levies and income tax	394,093	206,880	6t,574	318,170
Levies	(4,455)	(12,533)	53,448	57,368
Profit before income tax Income tax	389,638	194,347	1t5,022	375,538
- Current	(174,053)		(76,473)
- Deferred	(64,466)		10,601
	(238,519)		(65,872)	(359,514)
Profit / (Loss) for the period	151,119	(25,691)	49,150	16,024
Earning / (Loss) per share - Basic and diluted- (Rupees)	7.38	(1.25)	2.40	0.78

AI-NOOR

SUGAR MILLS LTD.

CONDENSED INTERIM STATEMENT OFPROFIT 0R LOSS ACCOUNT (UN-AUDITED)

FOR THE HALF YEAR ENDED IyIARCH 31, 2026

For the half year For the quarter

October to March January to March

2026 2025 2026 2025

Note (Rupees in '000)

The annexed notes from 1 to 17 form an integral part of these condensed interim financial statements.

ZIA ZAKARIA

Chairman

NOOR MOHAMMAD ZAKARIA

Chief Executive Officer

MUHAMMAD HANIF CHAMDIA

Chief Finance Officer

Sales		6,586,125	7,469,895	2,076,055	1,864,889
Cost of sales	10	(5,278,621)	(6,320,188)	(1,510,913)	(1,091,636)

Profit / (Loss) for the period	151,119	(25,691)	49,150	16,024
Other comprehensive income
Total Comprehensive income / (loss)	151,119	(25,691)	49,150	16,024

AI-NOOR

SUGAR MILLS LTD.

CONDENSED INTERIM STATEMENT OF COMPREHENSIVE INCOME (UN-AUDITED) FOR THE HALF YEAR ENDED MARCH 31, 2026

For the half year

October to March

For the quarter

January to March

2026 2025 2026 2025

- (Rupees in '000)

The annexed notes from 1 to 17 form an integral part of these condensed interim financial statements.

ZIA ZAKARIA

Chairman

NOOR MOHAMMAD ZAKARIA

Chief Executive Officer

MUHAMMAD HANIF CHAMDIA

Chief Finance Officer

Balance as al October 1, 2024 - (Audited) During the hat year ended I¥larch 31, 2025 Tolal comprehensive income for the hat year	204,737	1,000,000	1,323,112	(2,225)	4,4g6,858	7,022,482
ended March 31, 2025 (Loss) for the period			(25,691)			(25,691)
Other comprehensive income
Transfer from surplus on revaluation of properly,			(25,691)			(25,691)
planl and equipment on account of incremental depreciation net of deferred tax from:
Company's Revaluaion Surplus			98,503
Shares of associates incremental depreciation of revaluation surplus			12,560

Balance as at March 31, 2025 - (Unaudited)	204,737	1,000,000	1,408,484	(2,225)	4,385,795	6,996,791
Balance as at October 01, 2025 - (Audited)	204,737	1,000,000	1,652,437	(1,550)	4,2g4,31g	7,149,943
During the hat year ended March 3t, 2026
Transaction with owners Final dividend for the yea ended September 30, 2025 @ Rs 4.00 per share			(81,895)			(81,895)
Tolal comprehensive income for the hat year ended March 31, 2026
Prost for the period Other comprehensive income			151,119			151,119
Transfer from surplus on revaluation of property,						151,119
planl and equipment on account of incremental depreciation nel of deferred Bx from:
Company's Revaluaion Surplus Shares of associates incremental depreciation of revaluation surplus			91,889 13,993
					(105,882)
Balance as at March 31, 2026 - (Unaudited)	204,737	1,000,000	1,827,543	(1,550)	4,188,437	7,219,167

AI-NOOR

SUGAR MILLS LTD.

CONDENSED INTERIM STATEMENT OF CHANGES IN EDUITY(UN-AUDITED)

FOR THE HALF YEAR ENDED MARCH 31, 2026

Share of

Issued, Subscribed 6 paid up capital

General

reserves

âSS0Ciât9'S

Un• unrealized

Capital Reserve Surplus on

appropriated (low) on revaluation of Total

§r0fit remeasurement Property Plant of investment at & Equipment

fair value

through OCI (Rupees in thousand)

The annexed notes from 1 to 17 form an integrd part of these condensed interim financid statements.

ZIA ZAKARIA

Chairman

NOOR MOHAMMAD ZAKARIA

Chief Executive Officer

MUHAMMAD HANIF CHAMDIA

Chief Finance Officer

A.	CASH FLOWS FROM OPERATING ACTIVITIES
	Profit before income tax			389,638		194,347
	Adjustments for:
	Depreciation of property, plant and equipment	5.1		299,166		295,638
	Depreciation of right-of-use assets			4,007		3,883
	Amortization of intangible assets			902		395
	Gain on disposal of property, plant and equipment					(1,699)
	Finance cost			383,635		468,948
	Interest on lease liability against right-of-use assets			223		1,117
Levies			4,455		12,533
Reversal of impairment allowance against expon subsidy upon realization Share of profit from associNes					(147,670) (55,978)

		637,122	577,167
Cash generated before working capital changes		1,026,760	771,514
(Increase) / decrease in current assets
Stores, spare pans and loose tools		90,700		(74,829)
Stock in trade		(8,138,686)		(4,944,556)
Trade debts		(516,342)		(107,427)
Loans and advances		14,929		(115,463)
Trade deposits and shon term prepayments		(19,609)		(17,017)
Other receivables		13,787		347,432
		(8,S55,Z21)		(4,911,860)
Increase in current liabilities Trade and Qher payables				1,031,928
			(3,108,418)
PaymeMs for Levies and income tax		(211,703)	(181,719)
Finance cost		(330,741)	(576,534)
(Increase) / decrease in long-term loans to employees		(5,444)	(1,246) (759,499)
	Net cash (used in ) operating activities (A)			(3,867,917)
B.	CASH FLOWS FROM INVESTING ACTIVITIES Addition in property, plant and equipment	(1e8,516)		(137,631)
	Addition in intangible asset Addition in right-of-use assets Sale proceeds from disposal of property, plant and equipment	(1,e88) (22,417} 7,115		(567) 2,355
	Shon term investment-net	34		(100,187)
	Dividend received from associate	19,799
c.	Net cash used in investing activities (B) CASH FLOWS FROM FINANCING ACTIVITIES	(185,973)		(236,030)
	Proceeds from long term financing	1,850,000		200,000
	Repayment of long term financing			(165,826)
	Net increase in shon-term borrowings	4,206,726		6,678,554
	Payments for lease liability against right of use asset	12,604		(4,347)
	Dividend paid	(78,5t1)		(201)
	Net cash generated from financing activities (C)	5,397,494		6,708,180
	Net increase in cash and cagh equivalents	(2,119,702)		2,M4,233
	Cash and cash equivalent at the beginning of the period			(2,577,593)
	Cash and cash equivalents at the end of the period			26,640
	Cash and cash equivalent comprise; - Cash and bank balances			219,217
	- Short term borrowings - running finance			(192,577)
				26,640

AI-NOOR

SUGAR MILLS LTD.

CONDENSED INTERIM STATEMENT OF CASH FLOWS (UNAUDITED)

FOR THE HALF YEAR ENDED MARCH 31 2026

Note

March 31,

2026

2025

Rupees in '000

The annexed notes from 1 to 17 form an integral part of these condensed interim financial statements.

ZIA ZAKARIA

Chairman

NOOR MOHAMMAD ZAKARIA

Chief Executive Officer

MUHAMMAD HANIF CHAMDIA

Chief Finance Officer

NOTES TO THE CONDENSED INTERIM FINANCIAL INFORMATION

FOR THE HALF YEAR ENDED MARCH 31, 2026

AI-NOOR

SUGAR MILLS LTD.

THE COMPANY AND ITS OPERATIONS
AI-Noor Sugar Mills Limited (the Company) was incorporated in Pakistan as a public limited company on August 08,1969 and its shares are quoted at the Pakistan Stock Exchange Limited. The Company owns and operates sugar, medium density fiber (MDF) board and generation of power units which are loacated at Shahpur Jahania, District Shaheed Benazirabad and District Noushero Feroze in the Province of Sindh. The registered office of the Company is located at 96-A, Sindhi Muslim Cooperative Housing Society,Karachi,Sindh. The Sugar mill occupies an area of 150.34 acres and MDF board division occupies an area of 76.00 acres.
BASIS OF PREPARATION
1. STATEMENT OF COMPLIANCE
  1. 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 comprise of :
    International Accounting Standard (IAS) 34, "Interim Financial Reporting", issued by the International Accounting Standards Board (IASB) as notified under the Companies Act, 2017; and
    Provisions of and directives issued under the Companies Act, 2017.
    Where the provisions of and directives issued under the Companies Act, 2017 differ with the requirements of IAS 34, the provisions of and directives issued under the Companies Act, 2017 have been followed.
  2. These condensed interim financial statements does not include all the information and disclosures required in the annual financial statements and should be read in conjunction with the Company's annual financial statements for the year ended September 30,2025.
2. BASIS OF MEASUREMENT
  1. These condensed interim financial statements comprise of the condensed interim statement of financial position as at March 31, 2026 and the condensed interim statement of profit or loss, condensed interim statement of comprehensive income, condensed interim statement of changes in equity and the condensed interim statement of cash flows together with notes forming part thereof for the half year then ended which have been subjected to review and are not audited. This also includes the condensed interim statement of profit or loss and the condensed interim statement of comprehensive income for the quarter ended March 31, 2026. The comparative statement of financial position presented in these condensed interim financial statements has been extracted from the 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 comprehensive income, condensed interim statement of changes in equity and condensed interim statement of cash flows figures have been extracted from the unaudited condensed interim financial statements for the half year ended March 31, 2025.
    10
    
    AI-NOOR
    SUGAR MILLS LTD.
    1. The figures of the condensed interim statement of profit or loss and the condensed interim statement of comprehensive income for the quarter ended March 31, 2026 and 2025 are not subject to review by the auditor.
3. CHANGES IN ACCOUNTING STANDARDS, INTERPRETATIONS AND
  PRONOUNCEMENTS
  1. NEW STANDARDS, AMENDMENTS TO APPROVED ACCOUNTING STANDARDS AND NEW INTERPRETATIONS
    There are certain amendments to approved accounting standards which are mandatory for accounting periods beginning on or after October 01, 2025 but are considered not to be relevant or have any material effect on the Company's financial reporting and therefore, have not been disclosed in these condensed interim financial statements.
  2. NEW ACCOUNTING STANDARDS / AMENDMENTS AND IFRS INTERPRETATIONS THAT ARE NOT YET EFFECTIVE
  There are certain new standards and amendments that will be applicable to the Company for it's annual periods beginning on or after October 01, 2026. The new standards include IFRS 18 Presentation and Disclosure in Financial Statements and IFRS 19 Subsidiaries with Public Accountability: Disclosures both with applicability date on January 01, 2027 as per IASB.
  There are certain amendments to published accounting and reporting standards that includes those made to IFRS 9 and IFRS 7 which clarify the date of recognition and derecognition of financial assets and financial liabilities and which are applicable effective January 01, 2026.
SEASONALITY OF OPERATIONS
1. Due to the seasonal availability of sugarcane, the manufacture of sugar is carried out during the period of availability of sugarcane and costs incurred/accrued upto the reporting date have been accounted for. Accordingly, the costs incurred/accrued after the reporting date will be reported in the subsequent interim and annual financial statements. The sugarcane crushing season normally starts from November and lasts till March each year.
MATERIAL ACCOUNTING POLICY INFORMATION
1. The accounting policies and methods of computation followed for the preparation of these condensed interim financial statements are consistent with those followed in the preparation of the Company's annual financial statements for the year ended September 30, 2025.
2. Certain amendments to existing IFRSs, effective for periods beginning on or after October 01, 2025, do not have any impact on the condensed interim financial statements, and are therefore not disclosed.

8,978,785

43,758

9,022,543

Opening Net Book Value (NBV} Direct Additions during the period/year	8,969,290	9,270,303
Power Plant Plant and Machinery Furniture,Fixture and Fittings Office Equipment Vehicles	793 42,243 1,108 2,250 26,528	84,218 8,517 51,674
Transfer from CWIP during the period/year	72,922	144,409
Non-factory building Factory building Plant and machinery	4,883 5,456 226,201	17,588 141,946
Net Book Value of Asset disposed off during the period/year Vehicles	236,540 (801)	159,534 (3,176)
Depreciation Charged for the period / year	(299,166)	(601,780)
Closing Net Book Value	8,978,785	8,969,290

AI-NOOR

SUGAR MILLS LTD.

4.3 The preparation of these condensed interim financial statements requires management to make estimates, assumptions and use of 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 expections of future events. Revisions to accounting estimates are recognized prospectively commencing from the period of revision. 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 financial statements as at and for the year ended September 30, 2025.

Unaudited Audited March 31, September 30,

Note 2026 2025

Rupees in '000

5. PROPERTY PLANT AND EQUIPMENT

Operating fixed assets 5.1

Capital work in progress 5.2

8,969,290

164,705

9,133,995

5.1 Operating Fixed Assets:

Opening balance Addition during the period/year		82,793
Civil works Plant and machinery Capitalization during the period/year		31,801 209,645 241,446
	Civil works	(15,939)
	Plant and machinery	(141,946)
	Revenue expenditure charged off	(1,649)
		(159,534)
	Closing Balance	164,705
6.	RIGHT OF USE ASSETS
Opening balance Addition during the period / year Depreciation during the period / year		11,597 (7,767)
		3,830


Opening balance		1,510
Addition during the period / year		2,015
Amortization during the period / year		(966)
		2,559
8. Long Term Investments

Shahmurad Sugar Mills Limited

AI Noor

Management Modaraba (Pvt) Limited

Total

48,953

142,334

(19,799)

832

(46,197)

AI-NOOR

SUGAR MILLS LTD.

Unaudited Audited

March 31, September 30,

2026 2025

5.2

Capital Work in Progress

Rupees in '000

7. INTANGIBLE ASSETS

Investment in associated undertakings:-

For the half year From October01 to March 31

--------------Unaudited-------------

Opening balance

Share of profit of associate for the period / year

Shares of associate's unrealized gain on remeasurement of associate's investment at fair value through OCI

Dividend received during the period / year

1,927,638

1,864

1,929,502

Audited

1,832,533

29,154 29,154 96,969

1,956,792 1,864 1,958,656 1,929,502

164,705
10,833 104,760 115,593
(10,808) (225,732)
(236,540)
43,758
3,830 22,417 (4,007)
22,240
2,559 1,988 (902)
3,645

AI-NOOR

SUGAR MILLS LTD.

8.1 The Company holds 15.625% (September 2025:15.625%) interest in Shahmurad Sugar Mills Limited and holds 14.285% (September 2025:14.285%) interest in AI-Noor Modaraba Management (Pvt) Ltd. Since the financial statements of AI Noor Modaraba Management (Pvt) Limited are not prepared except on year end June 30; and are not material hence no effect of results of Al-Noor Modaraba Management (Pvt) Ltd has been taken in these condensed interim financial statements, however in the case of Shahmurad Sugar Mills Ltd, the share of profit has been taken on the basis of its reviewed condensed interim financial statements for the half year ended March 31, 2026.

CONTINGENCIES AND COMMITMENTS

Contingencies
There is no change in contingencies as reported in note 26 of the annual financial statements of the Company for the year ended September 30, 2025 except for the below:

In August 2021, the Competition Commission of Pakistan (CCP) imposed a penalty of Rs. 575 million on the Company in respect of alleged collusive activities and cartelization. Pakistan Sugar Mills Association (PSMA) and the Company along with other sugar mills filed an appeal against the said order and obtained a stay order from the Honor'able Sindh High Court. Subsequently, on 21 May 2025, the Competition Appellate Tribunal (CAT} remanded the matter back to the CCP, which was challenged before the Honor'able Supreme Court of Pakistan. On 18 September 2025, the Honor'able Supreme Court set aside the order of the CAT and, thereafter, on February 24, 2026, dismissed the CCP's review petition, thereby upholding its earlier judgment and rendering the penalty ineffective.

Unaudited Audited March 31, September 30,

2026 2025

(Rupees in '000)

Stores	3,413	134,447
Raw material	415,230	190,013
Plant and machinery	39,024	31,050
	457,667	355,510

Commitments as on the balance sheet date are as under:-Letters of credit

Unaudited

For the half year

From October 01 to March 31

2026 2025

Unaudited

For the quarter

From January 01 to March 31

2026 2025

COST OF SALES

Opening stock of finished goods Cost of goods manufactured

Closing stock of finished goods

- - - - - - - - - - - - - - - - - - (Rupees in '000) ' - - - - - - - - - - - - - - - - - -

2,331,152

12,320,527 14,651,679

(9,373,058)

3,792,383

11,133,505 14,925,888

(8,605,700)

6,320,188

1,709,553

9,174,418 10,883,971

(9,373,058)

2,055,028

7,642,308 9,697,336

(8,605,700)

1,091,636

5,278,621

1,510,913

Unaudlted

For the half year

From October 01 to March 3

Transactions: Relatlonshlp wlth the oompany	Natrue of Translations
Associates
Shahmurad Sugar Mills Ltd	Sale of goods	877,181	940,629
	Purchase of goods Share of profit in associates	-48,953	4,968 55,g78
	Dividend received from associate	19,799
	Dividend paid to associate	2,463
Reliance Insurance Company Ltd	Insurance premium paid		41,681
	Insurance claim received	13,365	28,881
Other Related Parties
Directors' and key management personnel	Director's remuneration	27,807	22,308
	Executives remuneration	115,803	106,718
	Directors meeting fee	570	350
Staff provident fund	Contribution made during period including directors	19,342	1g,400

Unaudited

Audited

March 31,

2026

September

30, 2025

Associates	Debtor for Sales
Shahmurad Sugar Mills Ltd	Trade debts	39,751	37,772
	Trade and other payables	263,792	16,787
Reliance Insurance Company Ltd	Prepayments	14,195	26,113
Staff provident fund	Trade & other payables	3,224	6,334
Reliance Insurance Company Ltd	Insurance claim receivable	607	638

AI-NOOR

SUGAR MILLS LTD.

Stock of refined sugar amounting to Rs. 8,274 Million ( 2025:Rs.7,330 Million) has been pledged against cash finance facilities and Murabaha/lstisna arrangements.
Stock of molasses and bagasse valued at aggregate net realizable value of Rs.1,007.523 million. ( Mar 2025: Rs.175.108 million)

11. TRANSACTIONS WITH RELATED PARTIES

The related parties comprise associated entities, staff retirement funds, directors and key management personnel. The transaction and balances of related parties during the period/as at period end are given below:

(Rupees in '0£l0)

Balances:

Relationship with the Company

Nature of Transactions

(Rupees In '000)

31-Mar-2026
Shariah Compliant	Conventional	Total

30-Sep-2025
Shariah Compliant	Conventional	Total

iability side - Financing - Long term	3,263,750	430,569	3,694,319	1,589,583	848,061	2,437,644
- Financing - Short term	6,206,725	3,582,908	9,789,633	936,418	1,999,999	2,936,417
- Financing - Lease liability	-	14,048	14,048	-	1,444	1,444
- Mark up accrued	103,840	62,619	166,459	60,939	52,402	113,341
- Mark up accrued on Islamic loan

- Long term investments	-	1,956,578	1,956,578	-	1,929,502	1,929,502
- Short term investments	3,061	148	3,209	3,061	181	3,242
- Bank deposit, bank balances & TDRs	-	-	-	257,630	174,852	432,482

31-Mar-2026
Shariah Compliant	Conventional	Total

31-Mar-2025
Shariah Compliant	Conventional	Total

- Break-up of late payments or
liquidated damages	-	-	-	-	- -
- Gain or loss or dividend earned
on investments	-	-	-	-	- -
- Gain or loss or dividend earned on
share of profit from associate	470,950	-	470,950	-	- -
- Profit earned from bank deposits,
bank balances or TDRs	26,642	-	26,642	22,105	- 22,105
- Exchange gain net earned from
actual currency	220	-	220	302	- 302
- Exchange gain earned using conventional
derivative financial instruments	-	-	-	-	- -
- Profit paid on financing	27,104	10,437	37,541		-
- Total Interest earned on any conventional
loan or advance	-	-	-	-	- -

- Profit on disposal of fixed asset	6,314	- 6,314	1,699	- 1,699
- Insurance claim received	13,365	- 13,365	28,881	- 28,881
- Liabilities written back	-	- -	-	- -
- Warehouse income	-	- -	-	- -
Exchange gain on Export	278	- 278	234	234
Rebate on export subsidy	-	- -	147,670	147,670

12. DISCLOSURE REQUIREMENT OF SHARIAH COMPLIANT COMPANIES

------------------------ Rupees in thousand ------------------------

Statement of Financial Position

- L

Statement of Financial Position

- Asset Side

------------------------ Rupees in thousand ------------------------

Statement of Comprehensive Income

- Revenue earned from Shariah

compliant business segment 6,586,125

6,586,125

2,076,055

Other Income

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

Relationship with Shariah-compliant financial institutions, including banks, takaful operators and their windows, etc.

Bank Name

Bank Al-Falah Limited

Bank Al-Falah Limited-Islamic Bank Islami Limited

Habib Metropolitan Bank Limited Al-Baraka Bank (Pakistan) Limited Soneri Bank Limited

Industrial Commercial bank of China Meezan Bank Limited

Burj Bank Limited Al-Meezan MRAF JS Bank Limited

Bank Al-Habib Limited

Askari Commercial Bank Limited Dubai Islamic Bank Limited Samba Bank Limited

Sindh Bank Limited The Bank of Khyber

Relationship

Borrowings & Bank Balances Borrowings & Bank Balances Borrowings & Bank Balances Borrowings & Bank Balances Borrowings & Bank Balances Borrowings & Bank Balances Bank Balances

Borrowings & Bank Balances Borrowings & Bank Balances Borrowings & Bank Balances Borrowings & Bank Balances Borrowings & Bank Balances Borrowings & Bank Balances Borrowings & Bank Balances Borrowings & Bank Balances Borrowings & Bank Balances Borrowings & Bank Balances

Sugar	MDF Board	Total
For the half year October to March 2026 2025	For the half year October to March 2026 2025	For the half year October to March 2026 2025
(Rupees in thousand)
Unaudited

AI-NOOR

SUGAR MILLS LTD.

13. SEGMENT INFORMATION

The Company's operations are organized and managed separately according to the nature of products produced with each segment representing a strategic business unit that offers different products and serves different markets. The sugar segment is the manufacturer of sugar and board segment is a manufacturer of Medium Density Fiber (MDF) board. The following tables represent revenue and profit information regarding business segment for the period ended March 31, 2026 and March 31, 2025 and assets and liabilities information regarding business segments as at March 31, 2026 and September 30, 2025:

Revenue Mernal Sales

3,994,587

3,475,308

7,469,895

External Sales of by-product Inter-segment transfer- Electricity

949,635

76,962

2,018

951,653

Inter-segment transfer- Bagasse

8,606

5,029,790

3,477,326

8,66

8,507,116

RESULTS

Profit from operdion Qher income

426,817 239,940 266,807 209,320

10,727 154,187 24,647 17,520

437,544 394,127 291,454 226,840

Finance cost

Share of profit from associates Profit before levies and inoome tax Levies and income tax

Net profit / (loss) for the period

449,260

171,707

620,967

(470,065)

55,978

(232,571)

(25,691)

Qher Comprehensive Income/ (loss) OTHER INFORMATION

Capital expenditures Addition in intangible assets Depreciation

Depreciation on right-of-use asseb Amortization

47,105

67,325

148,357

159,254

4,007

00,526 188,516

567 1,9@

147,281 299,166

3,883 4,007

137,631

567

295,638

3,883

395

6,586,125

870,137

9,135

7,465,397

693,624

35,374

728,998

(383,858)

48,953

394,093

(242,974)

151,119

3,749,461

2,249

3,751,710

2,836,664

861,888

9,1M

3,713,687

121,191

1,988

139,912

507

AI-NOOR

SUGAR MILLS LTD.

Sugar		MDF Board		Total
Unaudited	Audited	Unaudited	Audited	Unaudited	Audited
March	September	March	September	March	September
31, 2026	30, 2025	31, 2026	30, 2025	31, 2026	30, 2025

22,917,316

1,950,854

494,721

25,362,891

16,764,772

1,378,952 18,143,724

Statement of financial position """"""""""""""""" (Rupees in thousand) """""""""""""""""

Segment assets	17,075,820	8,455,338	5,841,496	5,458,713	13,914,051
Investment in associates	1,950,854	1,929,502	-		1,929,502
Unallocated assets					461,526
Total assets					16,305,079
Liabilities Segment liabilities	15,700,858	8,087,850	1,063,914	1,003,714	9,091,564
Unallocated liabilities					63,572
					9,155,136

Geographical Information

All non-current assets of the Company are located in Pakistan. The Company's local sales represent sales to various external customers in Pakistan whereas export sales of Rs. 14.69 million (2025: 771.319 million) represent sales to customers in various countries of Asia as follows:

Unaudited Unaudited

March 31, March 31,

2026 2025

Rupees in '000

Pakistan	6,571,435	6,698,176
Afghanistan	14,690	658,996
UAE		112,723
	6,586,125	7,469,895

WORKER'S PROFIT PARTICIPATION FUND, WORKERS WELFARE FUND AND
TAXATION
Allocation to the Worker's Profit participation Fund, Worker's Welfare Fund as reflected in other expenses and provision for taxation including levies are provisional, final liability would be determined on the basis of annual results.
FAIR VALUES

Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction in the principal (or most advantageous) market at the measurement date under current market conditions (i.e. an exit price) regardless of whether that price is directly observable or estimated using another valuation technique.

The Company while assessing fair values uses calcuation techinques that are appropriate in the circumstances using relevant observable data as far as possible and minimizing the use of unobservable inputs. Fair values are categorized into following three levels based on the input used in the valuation techinques:

Level 1: Quoted prices in active markets for identical assets or liabilities that can be assessed at measurement.

AI-NOOR

SUGAR MILLS LTD.

Level 2: Inputs other than quoted prices included within level 1 that are observable for the asset or liability, either directly (that is, as prices) or indirectly (that is, derived from prices)

Level 3: Inputs are unobservable inputs for the asset or liability. Inputs for the asset or liability that are not based on observation market data (that is, unobservable inputs).

Financial assets and liabilities of the Company are either short term in nature or are repriced periodically therefore; their carrying amounts approximate their fair values.

DATE OF AUTHORIZATION FOR ISSUE
These condensed interim financial statements were authorized for issue by the Board of Directors of the Company in their meeting held on May 20, 2026.
GENERAL

Amounts have been rounded off to the nearest thousand rupee unless otherwise stated.

ZIA ZAKARIA

Chairman

NOOR MOHAMMAD ZAKARIA

Chief Executive Officer

MUHAMMAD HANIF CHAMDIA

Chief Finance Officer

AI-NOOR

SUGAR MILLS LTD.

,2026 '20:/l

AI-NOOR

SUGAR MILLS LTD.

7,469,895	6,586,125
(6,320,188)	(5,278,621)
1,149,707	1,307,504
(117,804)	(78,547)
(567,968)	(509,028)
(14,676)	(26,305)
(470,065)	(383,858)
55,978	48,953
171,708	35,374
206,880	394,093
(12,533)	(4,455)
(103,386)	(174,053)
(116,652)	(64,466)
(25,691)	151,119
Rs. (1.25)
		22

AI-NOOR

SUGAR MILLS LTD.

2025 vL31

2026 vL31

747,944

71,515

9.56

39,072

35,725

BOOK POST

PRINTED MATTER

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AL-NOOR SUGAR MILLS LTD.

96-A, SINDHI MUSLIM SOCIETY, KARACHI-74400.

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