Al-noor Sugar Mills LimitedPSX: ALNRS

Transmission of Quarterly Financial Statements for the Period End 31-12-2025

Jan 29, 2026 at 5:50 AM UTC · Issued by Al-noor Sugar Mills Limited

AL-NOOR SUGAR MILLS LIMITED

1st Quarterly Results for the period 1st October 2025 to 31st December, 2025

Company Information

BOARD OF DIRECTORS

MR. ZIA ZAKARIA

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

AI-NOOR

SUGAR MILLS LTD.

MR. FARRUKH YASEEN (Independent Director)

MR. KHURRAM AFTAB (Independent Director)

BOARD AUDIT COMMITTEE MR. KHURRAM AFTAB MR. ZIA ZAKARIA

MS. MUNIFA AYOOB

HUMAN RESOURCE AND REMUNERATION COMMITTEE MR. KHURRAM AFTAB

MR. ZIA ZAKARIA

MR. NOOR MOHAMMAD ZAKARIA

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

g6-A, Sindhi Muslim Society, Karachi-744oo Tel: 3455 161-63 Fax: 345566ys

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, Beaumount Road,

Karachi - 75530

FACTORY

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

District Shaheed Benazir Bhutto Abad (Nawabshah)

Dear members Asslamu-o-Alaikum

I take the opportunity to place before you on behalf of the Board the un-audited financial statements of your company for the first quarter ended December 31st 2025.

Segment position is briefed as under:

SUGAR DIVISION

The Mill commenced Crushing of sugarcane on December 4th 2025 and up to December 31st 2025 the Mill crushed 154,292 metric tons of cane as against 202,650 metric tons crushed during the same period last year. The production of sugar was 12,690 metric tons as against 16,660 metric tons produced last year. The volume of crushing and production of sugar indicates that at this stage it is not clear whether the cane crop is better or otherwise as the crushing was commenced late when compared with the previous year. The growers are reluncted to sell their produce and the company has no option but to pay higher price in order to run the mill economically. The raw material cost has increased considerably and production cost of sugar would also increase due to under capacity operation of the mills. In addition to the higher cost of raw material, transportation cost has to be paid as the material is being procured from distant areas in order to run the mill without interruption. The recovery rate achieved is 9.64 percent as against 9.22 percent achieved last year. The current rate of recovery cannot be considered representative or conclusive but expected to increase when considerable volume of crushing is achieved.

MDF BOARD DIVISION

During the period under review the production of products of MDF Board division in various sizes was 17,870 cubic meters as against 13,918 cubic meters produced in the same period of last year. Production is higher by 3,952 cubic meters or 28.40 percent and it is expected the production would increase during the remaining period of the year.

The Board of Directors also wish to place on record their appreciation to the dedicated work and commitment of all officers, employees and workers who contributed their services to sustain all operations of the company.

For & on behalf of the Board of Directors

NOOR MOHAMMAD ZAKARIA

MANAGING DIRECTOR / CEO

ZIA ZAKARIA

CHAIRMAN / DIRECTOR

Date: January 27, 2026


Property, plant and equipment	4	9,049,916	9,133,995
Right-of-use assets		1,888	3,830
Intangible asset		2,156	2,559
Long term investments	5	1,953,326	1,929,502
Long term loans		6,410	5,771
Long term deposits		17,624	5,485
		11,031,320	11,081,142
CURRENT ASSETS
Stores, spare parts and loose tools		698,719	678,084
Stock in trade		2,858,358	3,164,002
Trade debts		546,942	201,717
Loans and advances		240,824	208,544
Trade deposits and short term prepayments		21,667	6,773
Other receivables		32,973	47,927
Short Term Investment		1,553,290	3,243
Taxation-Net		383,606	461,526
Cash and bank balances		610,973	452,121
		6,947,352	5,223,937
		17,978,672	16,305,079
EQUITY AND LIABILITIES SHARE CAPITAL AND RESERVES Authorised Capital 50,000,000 ordinary shares of Rs.10 each		500,000	500,000

Issued, subscribed and paid-up capital Revenue Reserve General reserve		204,737 1,000,000	204,737 1,000,000
Unappropriated profit Share of associate's unrealised loss on remeasurement of associate's investments		1,806,315 (1,550)	1,652,437 (1,550)
Surplus on revaluation of Property, plant and equipment		4,242,410	4,294,319
NON-CURRENT LIABILITIES		7,251,912	7,149,943
Long term financing Lease liability against right-of-use asset Deferred liabilities		3,470,999 -2,123,545	1,795,440 -2,048,478
CURRENT LIABILITIES		5,594,544	3,843,918
Trade and other payables		2,318,742	1,606,471
Accrued finance cost		46,193	113,341
Short term borrowings		2,084,857	2,936,417
Unclaimed dividend		10,910	11,340
Current portion of long term financing		669,982	642,205
Current portion of lease liability against right-of-use asset		1,532	1,444
CONTINGENCIES AND COMMITMENTS	6	5,132,216 -	5,311,218 -
		17,978,672	16,305,079

ASSETS

NON - CURRENT ASSETS

The annexed notes from 1 to 14 form an integral part of these condensed interim financial statements.

NOOR MOHAMMAD ZAKARIA

Chief Executive Officer

ZIA ZAKARIA

Chairman

MUHAMMAD HANIF CHAMDIA

Chief Finance Officer


Sales		4,510,070	5,605,006
Cost of sales	7	(3,767,708)	(5,228,552)
Gross profit		742,362	376,454
Distribution Cost		(64,518)	(53,888)
Administration expenses		(247,340)	(275,980)
Other operating expenses		(22,908)	(5)
		(334,766)	(329,873)
		407,596	46,581
Other income		14,189	13,399
		421,785	59,980
Finance cost		(113,090)	(193,567)
		308,695	(133,587)
Share of profit from associates		23,824	22,297
Profit/(loss) before levies and income tax		332,519	(111,290)
Levies		(57,903)	-
		274,616	(111,290)
Income tax		(172,647)	68,189
Profit/(loss) after levies and income tax		101,969	(43,101)
Earning/(loss) per share -
Basic and diluted - (Rupees)		4.98	(2.11)

The annexed notes from 1 to 14 form an integral part of these condensed interim

financial statements.

NOOR MOHAMMAD ZAKARIA

Chief Executive Officer

ZIA ZAKARIA

Chairman

MUHAMMAD HANIF CHAMDIA

Chief Finance Officer

For the three months October to December

2025 2024

AI-NOOR

SUGAR MILLS LTD.

CONDENSED INTERIM STATEMENT OF COMPREHENSIVE INCOME (UN-AUDITED)

FOR THE THREE MONTHS PERIOD ENDED 31ST DECEMBER, 2025

(Rupees in thousand)

Profit/(loss) for the period

(43,101)

Other comprehensive income

Total Comprehensive income/(loss)

(43,101)

The annexed notes from 1 to 14 form an integral part of these condensed interim

financial statements.

NOOR MOHAMMAD ZAKARIA

Chief Executive Officer

ZIA ZAKARIA

Chairman

MUHAMMAD HANIF CHAMDIA

Chief Finance Officer

101,969

-101,969

1,000,000

Transfer from surplus on revaluation of property, plant

and equipment on account of incremental depreciation net of deferred tax from:

Company's Revaluation Surplus

Shares of associates incremental depreciation of revaluation surplus

101,969

During the three months ended Dec 31, 2025

Total Comprehensive Income for the three months ended Dec 31, 2025

7,149,943

(1,550)

4,294,319

1,652,437

51,909

(51,909)

Balance as at December 31, 2025

204,737

1,000,000

1,806,315

4,242,410

(1,550)

7,251,912

The annexed notes from 1 to 14 form an integral part of these condensed interim financial statements.

NOOR MOHAMMAD ZAKARIA

Chief Executive Officer

ZIA ZAKARIA

Chairman

MUHAMMAD HANIF CHAMDIA

Chief Finance Officer

Transfer from surplus on revaluation of property,

plant and equipment on account of incremental depreciation net of deferred tax from:

Company's Revaluation Surplus

Shares of associates incremental depreciation of revaluation surplus

Balance as at October 1, 2024

204,737

1,000,000

1,323,112

4,496,858

(2,225)

7,022,482

During the three months ended Dec 31,2024

Total Comprehensive (loss) for the three months ended Dec 31,2024

(43,101)

204,737

59,775

(59,775)

Balance as at December 31, 2024

204,737

1,000,000

1,339,786

4,437,083

(2,225)

6,979,381

Balance as at October 01, 2025

(46,237)

(5,672)

46,237

5,672

(52,387)

(7,388)

52,387

7,388

A. CASH FLOWS FROM OPERATING ACTIVITIES
Profit/(loss) before taxation		332,519		(111,290)
Adjustments for: Depreciation of property, plant and equipment	4.1	148,030		147,198
Depreciation on right-of-use assets		1,942		1,942
Amortization of intangible assets		403		270
Gain on disposal of property, plant and equipment		(3,432)		(1,546)
Finance cost		193,567		193,567
Share of profit from associates		(23,824)		(22,297)
		316,686		319,134
Cash generated before working capital changes		649,205		207,844
(Increase) / decrease in current assets
Stores, spare parts and loose tools		(20,635)		(37,305)
Stock in trade		305,644		1,504,326
Trade debts		(345,225)		(73,384)
Loans and advances		(32,280)		(102,421)
Trade deposits and short term prepayments		(14,894)		(15,176)
Other receivables 14,954			22,725
		(92,436)		1,298,765
Increase in current liabilities
Trade and other payables Short term bank borrowings		712,271 (851,560) (139,289)		1,807,770 (2,211,783) (404,013)
(Payments to)/Receipts from		417,480		1,102,596
Income tax paid -net		(77,746)		(57,083)
Finance cost paid		(260,715)		(459,970)
Long term loans-net		(639)		(2,280)
Long term deposits -net		(12,139)		-
		(351,239)		(519,333)
Net cash inflows from operating activities		66,241		583,263
B. CASH FLOWS FROM INVESTING ACTIVITIES
Addition in Property, Plant & Equipment		(64,484)		(96,866)
Sale proceeds from disposal of property, plant and equipment		3,965		2,070
Net cash used in investing activities		(60,519)		(94,796)
C. CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from long term financing		1,850,000		200,000
Repayment of long term financing		(146,661)		(70,412)
Payments for lease liability against right of use asset		-		615
Net cash used in financing activities		1,702,909		130,203
Net increase in cash and cash equivalents		1,708,631		618,670
Cash and cash equivalents at the beginning of the period		452,121		503,455
Cash and cash equivalents at the end of the period		2,160,752		1,122,125
Cash and cash equivalent Short term investment		1,549,779		210,916
Cash and bank balances		610,973		911,209
		2,160,752		1,122,125

The annexed notes from 1 to 14 form an integral part of these condensed interim financial statements.

NOOR MOHAMMAD ZAKARIA

Chief Executive Officer

ZIA ZAKARIA

Chairman

MUHAMMAD HANIF CHAMDIA

Chief Finance Officer

The Company and its Operations
Al-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. The registered office of the Company is located at 96-A, Sindhi Muslim Cooperative Housing Society, Karachi, Sindh. The immovable property of the Company is located at Shahpur Jahania District Shaheed Benazirabad and District Noushero Feroze in the province of Sindh having total area of 226.34 Acres. Sugur Division located at Shahpur Jahania District Shaheed Benazirabad occupies an over area of 150.34 Acres whereas MDF board division located at Shahpur Jahania District Noushero Feroze occupies an over area 76.00 Acres.
Basis of Preparation
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. The 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.
Significant accounting policies and disclosures
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. 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.
3. Certain new IFRSs and amendments to existing IFRSs, effective for periods beginning on or after January 1, 2019, do not have any impact on the condensed interim financial information, and are therefore not disclosed.

4. PROPERTY PLANT AND EQUIPMENT
Operating fixed Assets	4.1	8,969,290
Capital Work in Progress	4.2	164,705
		9,133,995
4.1 Operating Fixed Assets:
Opening Net Book Value (NBV)		9,270,303
Direct Additions during the period/year
Plant and Machinery Power Plant Office Equipment		84,218 -8,517
Vehicles		51,674
		144,409
Right-of-use asset against immovable property
Transfer from CWIP during the period/year
Factory Building		17,588
Non-Factory Building		-
Plant and Machinery		141,946
Net Book Value of Asset disposed off		159,534
during the period/year
Vehicles		(1,895)
Plant & Machinery		(1,281)
		(3,176)
Depreciation Charged for the period/year		(601,780)
Closing Net Book Value		8,969,290

3.4 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 extimates 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.

8,838,895

211,021 9,049,916

8,969,290

14,817

793

1,530

1,028

18,168

(533)

(148,030)

8,838,895

Opening Balance		82,793
Revenue Expenditure Charged off		(1,649)
Addition during the period/year
Civil Work		33,450
Plant & Machinery	4.2.1	209,645
Capitalization during the period/year		243,095
Civil Work		(17,588)
Plant & Machinery		(141,946)
		(159,534)
Closing Balance		164,705


1,927,638 1,864	1,929,502	1,832,533
23,824 - - - - - - - - -	23,824 - - - -	142,334 832 - (46,197)
23,824 -	23,824	96,969
1,951,462 1,864	1,953,326	1,929,502

4.2 Capital Work in Progress

4.2.1 Additions to plant and machinery under installation includes borrowing cost of Rs.nil (2024:Nil).

Investment in associated undertakings:-

Opening balance

Share of profit of associate for the period / year

Shares of associate's unrealized (loss) on remeasurement of associate's available for sale of investment

Share of associate's surplus on revaluation of property, plant and equipment during the year

Share of associate's tax rate impact related to its surplus on revaluation of property, plant and equipment

Dividend received during the period / year

164,705 -
	3,283 43,033
46,316
	- -
-
211,021

6.2	Commitments as on the balance sheet date
	Letters of credit
	Stores	5,186	134,447
	Raw Material	415,230	190,013
	Machinery	39,024	31,050
		459,440	355,510

7.	COST OF SALES
	Opening stock of finished goods		2,331,152	3,792,383
	Cost of goods manufactured	3,146,109		3,491,197
		5,477,261		7,283,580
	Closing stock of finished goods		(1709553)	(2,055,028)
		3,767,708		5,228,552

The company holds 14.285% (September 2022:14.285%) interest in Al-Noor Modaraba Management (Pvt) Ltd, and holds 15.625% (September 2024:15.625%) interest in Shahmurad Sugar Mills Limited. Since the financial statements of Al 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 this condensed interim financial information, however in the case of Shahmurad Sugar Mills Ltd, the share of profit and other comprehensive income has been taken on the basis of its reviewed condensed interim financial information for the three months ended December 31, 2025.

CONTINGENCIES AND COMMITMENTS
1. Contingencies

There is no material change in status of contingencies as disclosed in note No. 26 (a) of the annual financial statement for the year ended September 30, 2025.

Stock of refined sugar amounting of Rs1,749.836 Million ( 2024:Rs.1,400 million)
has been pledged against cash finance facilities and Murabaha/Istisna arrangements.
Stock in trade includes stocks costing Nil (Dec 2024: Nil) written down to their net realizable value of Rs.Nil (Dec 2024: Nil). This includes stock of molasses and bagasse valued at net realizable value of Rs.100.780 million. ( Dec 2024: Rs.100.980 million)

during the period/as at period end are given below: December			December
31, 2025			31, 2024
Transactions: (Rupees in thousand)
Relationship with the company	Natrue of Transtations
Associates
Shahmurad Sugar Mills Ltd	Sale of goods	133,699	133,624
	Dividend received	-	-
	Share of profit in associates	23,824	22,297
Reliance Insurance Compnay Ltd	Insurance premium paid	14,350	35,155
	Insurance claim received	12,016	28,832
	Insurance claim receivable	22	253
Other Related Parties
Directors' and key management personnel	Director's remuneration	8,439	25,588
	Executives remuneration	56,101	45,116
	Directors meeting fee	-	-
Staff provident fund	Contribution made during period
	excluding directors	9,154	9,672
	December		September
		31, 2025	30, 2025
Balances: (Rupees in thousand)
Relationship with the Company	Nature of Transactions
Shahmurad Sugar Mills Ltd	Trade & other payables	126,843	5,042
Reliance Insurance Compnay Ltd	Trade & other payables	24,451	24,690
Staff provident fund	Trade & other payables	6,236	6,924

		3,521,667	619,314	4,140,981	2,116,806	320,839	2,437,645
	Accrued finance cost	34,413	11,780	46,193	60,939	52,402	113,341
	Short term borrowings	2,046,623	38,234	2,084,857	1,999,999	936,418	2,936,417
	Cash at bank accounts	(422,209)	(159,858)	(582,067)	(257,630)	(174,852)	(432,482)
		5,180,495	509,469	5,689,964	3,920,114	1,134,807	5,054,921
12

AI-NOOR

SUGAR MILLS LTD.

8. 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

RELATIONSHIP WITH THE ISLAMIC AND CONVENTIONAL FINANCIAL INSTITUTION

The Company in the normal course of business deals with sole Islamic financial institutions as well as the financial institution who operate both the conventional side and Islamic window. The details of segregation between Shariah complaints and conventional assets/liabilites and income/expenditure are given below:

Long term financing-Musharka

and others finance Current porttion of long term

finance

2,966,667

504,332

3,470,999 1,589,583

205,857

1,795,440

555,000 114,982 669,982 527,223 114,982 642,205

Total

Conventional

â€º0d,

September 2025 Rupees in thousand

Total

Conventional

M0d,

December 2025 Rupees in thousand

Finance cost	72,721	40,369	113,090	113,942	79,625	193,567
Borrowing cost capitalized	-	-	-	-	-	-
Income on saving account	(10,630)	-	(10,630)	(11,830)	-	(11,830)
	62,091	40,369	102,460	102,112	79,625	181,737

2,727,260

122,691

28,002

2,877,953

378,149

-3,631

381,780

1,782,810

1,431

1,784,241

52,355

-10,558

62,913

4,510,070

124,122

28,002

4,662,194

430,504

-14,189

444,693

(22,908)

(113,090)

23,824

332,519

(57,903)

274,616

(172,647)

101,969

10. 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 December 31, 2025 and December 31, 2024 and assets and liabilities information regarding business segments as at December 31, 2025 and September 30, 2025:

Revenue

External Sales

3,847,716

1,757,290

5,605,006

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

135,405

20,983

963

136,368

20,983

Inter-segment transfer- Bagasse

19,951

4,024,055

1,758,253

19,951

5,782,308

RESULTS

Profit from operation

Profit from trading activities Other Income

26,532

33,453

59,985

Other operating expenses Finance cost

Share of profit from associates (Loss)/profit before levies and income tax

(5)

(193,567)

22,297

(111,290)

Levies

Income tax

(Loss)/profit after levies and income tax

-(111,290)

68,189

(43,101)

OTHER INFORMATION

Capital expenditures Depreciation

Depreciation on right-of-use assets Amortization

36,718

74,165

-270

60,148

73,033

1,942

96,866

147,198

1,942

270

64,484

148,030

1,942

403

18,654

78,826

1,942

168

45,830

69,204

235

46,586

-13,399

22,495

-10,958

24,091

-2,441

Assets Segment assets	10,032,811	8,455,338	5,608,929	5,458,713	13,914,051
Investment in associates	1,953,326	1,929,502	-	-	1,929,502
Unallocated assets	-	-	-	-	461,526
Total assets					16,305,079
Liabilities Segment liabilities	9,531,818	8,087,850	1,117,851	1,003,714	9,091,564
Unallocated liabilities					63,572
					9,155,136

Pakistan	4,495,380	4,847,775
Afghanistan	14,690	757,231
Bahrain		-
	4,510,070	5,605,006

Statement of financial position

Geographical Information

All non-current assets of the Company are located in Pakistan. Company's local sales represent sales to various external customers in Pakistan whereas export sales of Rs.14.690 million (2024: 757.231 million) represent sales to customers in various countries of Asia as follows:

WORKER'S PROFIT PARTICIPATION FUND, WORKERS WELFARE FUND AND TAXATION
Allocation to the Worker's Profit participation Fund, Worker's Welfare Fund and provision for taxation 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:

15,641,740

1,953,326

383,606

17,978,672

10,649,669

77,091

10,726,760

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

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.

AUTHORIZATION
These condensed interim financial statements was authorized for issue by the Board of Directors of the Company in their meeting held on January 27, 2026.
GENERAL

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

NOOR MOHAMMAD ZAKARIA

Chief Executive Officer

ZIA ZAKARIA

Chairman

MUHAMMAD HANIF CHAMDIA

Chief Finance Officer

AI-NOOR

SUGAR MILLS LTD.

2026

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