Transmission of Quarterly Financial Statements for the Period Ended 30-06-2025

AI-NOOR

SUGAR MILLS LTD.

Company Information

BOARD OF DIRECTORS

MR. ZIA ZAKARIA

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

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

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.

Dear Members Asslamu-o- Alaikum

The Board of Directors' of your company is pleased to place before you the unaudited accounts for the period ended June 30, 2025.

Salient features of production and Financial Statements are as under:

During the period under review, the sugarcane crop yield was significantly lower compared to the corresponding period last year, primarily due to adverse weather conditions and widespread pest attack. Consequently, the limited availability of sugarcane resulted in a decline in crushing volume and sugar production during the period.

During the current crushing season, the mill processed 747,944 metric tons of sugarcane and produced 71,515 metric tons of sugar, compared to 1,109,983 metric tons of cane crushed and 119,117 metric tons of sugar produced in the corresponding period last year. This represents a decline in sugar production of 47,602 metric tons or 39.96%.

2

AI-NOOR

SUGAR MILLS LTD

The primary reason for the decrease was the non-availability of raw material during the season. Additionally, the recovery rate dropped from 10.73% in the previous year to 9.56% in the current period.

Despite these challenges, the Company undertook measures to optimize operational efficiency and control cost to mitigate the adverse impact on profitability.

During the period under consideration the MDF Board division produced 50,733 cubic meters of board in various thickness as against 48,545 cubic meters produced in last year. The production is higher than previous period by 2,188 cubic meters or 4.51 percent due to availability of raw-material the required volume.

It is expected that the sugarcane crop in the country will improve in the next crushing season, driven by higher price and timely payments made to growers during the current season. Additionally, the recent spell of natural rainfall, coupled with better water availability through the irrigation system, is anticipated to further enhance raw material supply.

The next crushing season, expected to commence in November 2025, is likely to witness sugar production substantially the country's domestic requirement. Furthermore, the Government has recently deregulated the sugarcane pricing mechanism based on market demand and supply dynamics. The sugar industry also anticipates that sugar prices will be deregulated in due course, a move considered to be in the best interest of the national economy.

Future outlook of MDF division appears to be sustainable as the products of the division have established its acceptability in the domestic and international markets also.

There has been no change in the composition of Board of directors during the period under consideration.

NOOR MUHAMMAD ZAKARIA

The Board of Directors wishes to assure its respectable stakeholders that dedicated efforts are being taken to achieve better results In Shah Allah. We pray to Almighty Allah to guide and help us forward to achieve our desired goals. (Ameen)

Karachi:

Chief Executive Officer

July 24, 2025

ZIA ZAKARIA

Director/ Chairman

3

AI-NOOR

SUGAR MILLS LTD.

CONDENSED INTERIM STATEMENT OF FINANCIAL POSITION

AS AT JUNE 30, 202a Un-Audited Audited June September 2025 2024

ASSETS

NON - CURRENT ASSETS

Property, plant and equipment Right-of-use assets

Intangible asset

Long term investments

Long term loans to employees Long term deposits

CURRENT ASSETS

Stores, spare paM and loose tools Stock in trade

Trade debts

Loans and advances

Trade deposits and short term prepayments Other receivables

Short term investments

Income tax refundable-net of provision Cash and bank balances

EQUITY AND LIABILITIES

SHARE CAPITAL AND RESERVES

Authorised Capital

50,000,000 ordinary shares of Rs.10 each

Issued, subscribed and paid-up capital Revenue Reserves

General reserve Unappropriated profit

Share of associate's unrealised (loss) on remeasurement of associate's investments at fair value through

other comprehesive income (OCI)

Surplus on revaluation of property, plant and equipment

NON-CURRENT LIABILITIES

Long term financing

Lease liability against right-d-use asset Deferred taxation

CURRENT LIABILITIES

Trade and other payables Accrued finance cost Short term borrowings Unclaimed dividend

Current portion of long term financing

Current portion of lease liability against right-d-use asset CONTINGENCIES AND COMMITMENTS

Note (Rupees in thousand)

9,084,118

5,772

1,557

1,911,346

5,821

7,631

11,016,245

9,353,096

11,597

1,510

1,832,533

6,464

5,510

11,210,710

9,684,380 6,992,590 20,700,625 18,203,300

500,000 500,000

204,737 204,737

1,000,000 1,000,000

1,529,677 1,323,112

(2,225)

4,330,268

7,062,457

1,497,657

2,132,305

3,629,962

(2,225)

4,496,858

7,022,482

1,737,645

1,444

2,115,302

3,854,391

10,008,206

7,326,427

20,700,625

18,203,300

4

5

6

7

8

The annexed notes from 1 to 16 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

4

AI-NOOR

SUGAR MILLS LTD

CONDENSED INTERIM STATEMENT OF PROFIT AND LOSS ACCOUNT(UN-AUDITED)

FOR THE NINE MONTHS PERIOD ENDED 30TH JUNE, 2025

(Restated) (Restated) For the Nine Months For the quarter

October - June April - June 2025 2024 2025 2024

Note

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

The annexed notes from 1 to 16 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

5

AI-NOOR

SUGAR MILLS LTD.

CONDENSED INTERIM STATEMENT OF COMPREHENSIVE INCOME (UN-AUDITED)

FOR THE NINE MONTHS PERIOD ENDED 30TH JUNE, 2025

For the Nine Months For the quarter

October-June April-June 2025 2024 2025 2024

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

The annexed notes from 1 to 16 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

6

AI-NOOR

SUGAR MILLS LTD.

FOR THE NINE MONTHS PERIOD ENDED 30TH JUNE, 2025

June June

Note 2025 2024

(Rupees in thousand)

A. CASH FLOWS FROM OPERATING ACTIVITIES

The annexed notes from 1 to 16 form an integral pan of these condensed interim financial statements.

ZIA ZAKARIA

Chairman

NOOR MOHAMMAD ZAKARIA

Chief Executive Officer

MUHAMMAD HANIF CHAMDIA

Chief Finance Officer

7

AI-NOOR

SUGAR MILLS LTD.

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

FOR THE NINE MONTHS PERIOD ENDED 30TH JUNE, 2025

Issued,

unrealized (loss)

Revaluation surplus on

Subscribed General Un-appropriated on remeasurement

P P^'t/›

Total

& paid up reserves profit eapial

of investment a fair value through OCI

plant and

............... (Rupees in thousand) ...............

Baan‹sa:n0wober12m3(Adtd

204,737 1,Ql0,000

1,314,719

5,166,992

(184,263)

(166,123)

Balan‹easM3une30,2m4.(Unaudted)

e =e*s0woero‹,Ki CA•ued)

Other comprehensive income

Tian*fer from *urglu* on revaluation of property, plant

Balan‹easM3une30,2m5.(Unaud£ed)

204,737 1,Ql0,000

204,737 1,@0,000

204,737 1,Ql0,000

1,427,003

39,975

18,840

166,590

1,529,677

4,496,858

(18,840)

(166,590)

7,596,221

7,022,482

39,975

ZIA ZAKARIA

Chairman

NOOR MOHAMMAD ZAKARIA

Chief Executive Officer

MUHAMMAD HANIF CHAMDIA

Chief Finance Officer

8

AI-NOOR

SUGAR MILLS LTD.

FINANCIAL INFORMATION

FOR THE NINE MONTHS PERIOD ENDED 30TH JUNE, 2025

1. 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 own and operates sugar, medium density fiber (MDF} board and generation of power units which are loacated at Shahpur Jahania, District Shaheed Benazirabad and Nushero 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 area of Sugar mill occupies and over area 150.34 Acres and MDF board division occupies and over area 76.00 Acres.

2. 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.

   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 30,2024.

3. 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, 2024.

   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 amendments to existing IFRSs, effective for periods beginning on or after October 01, 2024, do not have any impact on the condensed interim financial statements, and are therefore not disclosed.

      9

      AI-NOOR

      SUGAR MILLS LTD.

      
      
      

   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 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, 2024.

   5. The Institute of Chartered Accountant of Pakistan (ICAP) has withdrawn the Technical Release 27 "IAS 12, Income Taxes (Revised 2012)" and issued guidance - "IAS 12 Application Guidance on Accounting for Minimum Taxes and Final Taxes". The said guidance requires certain amounts of tax paid under minimum tax (which is not adjustable against future income tax liability) and final tax regime to be shown separately as a levy instead of showing it in current tax.

      Accordingly, the impact has been incorporated in these condensed interim financial statements retrospectively in accordance with the requirement of International Accounting Standard (IAS 8) - 'Accounting Policies, Change in Accounting Estimates and Errors'. There has been no effect on the condensed interim statement of financial position, condensed interim the statement of changes in equity, condensed interim the statement of cash flows and earning per share as a result of this change. Effect of the said change is as follows:

      For the nine month period June 30, 2025 For the nine month period June 30, 2024

      Had there been no change in accounting policy

      Impact of change in accounting policy

      After incorporating effects of change in accounting policy

      Had there been no change in accounting policy

      Impact of change in accounting policy

      After incorporating effects of change in accounting policy

      Effect on aatement of profit or loss

      ---------------Rs'000'------------------

      Profit before income tax	223,211	(47,902)	175,309	334,261	(64,121)	270,140
      Levy		(47,902)	(47,902)		(64,121)	(64,121)
      lncomelax	(64,888)	47,%2	(16,986)	(48,749)	64,121	15,372

4. PROPERTY PLANT AND EQUIPMENT

Unaudited Audited June 30, September 30,

Note 2025 2024

Rupees in '000

Operating fixed assets Capital work in progress

10

4.1

4.2

9,270,303

82,793

9,353,096

AI-NOOR

SUGAR MILLS LTD

Unaudited Audited

June 30, September 30,

Note 2025 2024

Rupees in '000

1. INTANGIBLE ASSETS

   11

   AI-NOOR

   SUGAR MILLS LTD.

   
   
   

2. LONG TERM INVESTMENTS

   Investment in associated undertakings:-

   Shahmurad Sugar Mills Limited

   AI Noor Modaraba Management (Pvt) Limited

   Total June 30, 2025

   Total September 30 2024

   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

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

   Dividend received during the period / year

   1,831,324

   101,911

   101,911

   8,146

   320

   (270,050)

   (23,098)

   (23,098)

   (65,996)

   78,813

   1,910,137

   1,209

   1,209

   1,832,533

   78,813

   1,911,346

   2,160,113

   (327,580)

   1,832,533

   1. The Company holds 14.285% (September 2024:14.285%) interest in AI-Noor Modaraba Management (Pvt) Ltd, and holds 15.625% (September 2024:15.625%) interest in Shahmurad Sugar Mills Limited. 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 AI-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 nine months ended June 30, 2025.

3. CONTINGENCIES AND COMMITMENTS

12

AI-NOOR

SUGAR MILLS LTD

g COST OF SALES

Opening stock of finished goods Cost of goods manufactured

Closing stock of finished goods

For Nine Months For the quarter

October-June April-June 2025 2024 2025 2024

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

1. 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:

   		Unaudited June	Unaudited June
   		30, 2025	30, 2024
   Transactions: Relationship with the Company	Nature of Transactions	(Rupees in	thousand)
   Associates
   Shahmurad Sugar Mills Ltd	Sale of goods	960,317	1,502,500
   	Purchase of goods	4,968	10,925
   	Dividend received	23,098	65,996
   	Share of profit in associates	101,911	44,406
   Reliance Insurance Compnay Ltd	Insurance premium paid	51,694	18,594
   	Insurance claim received	30,016
   Other Related Parties
   Directors' and key management personnel	Director's remuneration	40,777	36,230
   	Executives remuneration	172,916	145,130
   	Directors meeting fee	050	600
   Staff provident fund Contribution made during period including directors		30,006 27,033

   Balances

   Relationship with the Company Nature of Transactions

   Associates

   Unaudited Audited

   June September

   30, 2025 30, 2024

   (Rupees in thousand)

   Shahmurad Sugar Mills Ltd	Trade and other payables	21,829	10,925
   Reliance Insurance Compnay Ltd	Trade & other payables	2,348	25,791
   Staff provident fund	Trade & other payables	6,018	1,961
   Reliance Insurance Compnay Ltd	Insurance claim receivable	11,400	28,862

   13

   AI-NOOR

   SUGAR MILLS LTD.

   
   
   

2. 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 oomplaints and conventional assetsJiabilites and income/expenditure are given below:

   Islamic Mode

   Conventional

   Total

   Islamic Mode

   Conventional

   Total

   Long term financing-Musharka

   and others finance

   Current portion d long term finance

   June 2025 Rupees in thousand

   September 2024 Rupees in thousand

   735,833 761,%4

   502,917 94,982

   1,238,750 856,806

   182,341 76,230

   4,502,659 2,450,737

   (254,193) (274,8%)

   5,669,557 3,088,970

   1,497,657

   597,809

   2,095,556

   258,571

   6,933,3%

   (528,996)

   8,758,527

   1,489,583

   415,417

   1,905,@0

   160,M0

   2,016,988

   (213,742)

   3,868,496

   248,062

   34,982

   283,@4

   168,294

   3,081,@8 (2@,713)

   3,242,673

   1,737,645

   450,399

   2,1@,044

   328,544

   5,098,036

   (503,455)

   7,111,169

   
   
   

   Accrued finance cost Short tern borrowings Cash and bank account

   Islamic Mode

   Conventional

   Total

   Islamic Mode

   Conventional

   Total

   June 2025 Rupees in thousand

   June 2024 Rupees in thousand

   Finance cost	503,630	274,273		777,903	533,414	845,%0		1,378,494
   Income on saving account	(28,757}			(28,757}	(37,970)			(37,970)
   	474,873	274,273		749,146	495,444	845,%0		1,340,524

   14

   AI-NOOR

   SUGAR MILLS LTD

   
   
   

3. 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 June 30, 2025 and June 30, 2024 and assets and liabilities information regarding business segments as at June 30, 2025 and September 30, 2024:

   Sugar MDF Board Total Nine months ended Nine months ended Nine months ended

   June 30, 2025 2024			June 30, 2025 2024		June 30, 2025 2024
   Revenue	..............	................	( RUpgg$	in '000).......	.............. .......
   External Sales	6,595,360	9,114,457	4,940,500	5,212,792	11,535,860 14,327,249
   External Sales of by-product	974,391	1,4@,488	2,786	3,232	977,177 1,491,720
   Inter-segment transfer- Electricity	76,962	212,704			76,962 212,704
   Inter-segment transfer- Bagasse	54,303	112,311			54,303 112,311
   	7,701,016	10,927,960	4,943,286	5,216,024	12,644,302 16,143,984
   RESULTS
   Profit from operation	465,175	1,347,309	246,122	271,378	711,297 1,618,687
   Other income	166,683	17,182	21,223	32,480	187,906 49,662
   	631,858	1,364,491	267,345	303,858	899,203 1,668,349
   Finance cost					(777,903) (1,378,494)
   Share of profit from associates					101,911 44,406
   Profit before levies and income tax					223,211 334,261
   Levies and income tax					(183,236) (237,741)
   Net-Profit for the period					39,975 96,520
   Other Comprehensive Income/ (loss)
   OTHER INFORMATION
   Capital expenditures 47,104		69,849	135,118	1@,945		182,222 176,794
   Depreciation 222,548		233,750	222,948	215,693		445,496 449,443
   Depreciation on right-of-use assets			5,825	5,825		5,825 5,825
   Amortization 520		395				520 395

   15

   AI-NOOR

   SUGAR MILLS LTD.

   
   
   

   Statement of financial position

   Assets Segment assets

   Sugar MDF Board Total June 30, September June 30, September June 30, September

   2025 30, 2024 2025 30, 2024 2025 30, 2024

   
   
   

   12,787,240 10,493,682 5,539,658 5,521,931 18,326,898 16,015,613

   Investment in associates	1,911,346 1,832,533	1,911,346 1,832,533
   Unallocated assets		462,381 355,154
   Total assets		20,700,625 18,203,300
   Liabilities
   Segment liabilities	12,485,549 9,737,571 1,104,859 1,375,886 13,590,408 11,113,457
   Unallocated liabilities	47,7% 67,361
   	13,638,168 11,180,818

   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. 816.831 million (2024: 196.879 million) represent sales to customers in various countries of Asia as follows:

   Pakistan	10,719,029	14,130,370
   Afghanistan	704,108	196,879
   UAE	112,723
   	11,535,860	14,327,249

4. WORKER'S PROFIT PARTICIPATION FUND, WORKERS WELFARE FUND AND

   TAXATION

   Allocation to the Workers Profit participation Fund, Worker's Welfare Fund and provision for taxation are provisional, final liability would be determined on the basis of annual results.

5. 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:

   16

   AI-NOOR

   SUGAR MILLS LTD

   
   
   

   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.

6. AUTHORIZATION

   These condensed interim financial statements were authorized for issue by the Board of Directors of the Company in their meeting held on July 24, 2025.

7. 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

17

2025

18

19