Transmission of Quarterly Report for the Period Ended December 31, 2023

BOARD OF DIRECTORS

Mr. Imran Younus Mr. Ghulam Farooq Mr. Farhan Iqbal

Mr..Muhammad Abdullah lfhan Mr. Ammar Junaid

Mr. Muhammad Ayub Khan Durrani Ms. Tasneem Yusuf

AUDIT C0MMINE£

Ms. Tasneem Yusuf Mr. lmran Younus Mr. Abdullah Uhan

Chairman

Chief Executive Officer Executive Director

Non-Executive Director Independent Director Independent Director Independent Dirk ctor

Chairperson Member Member

HUMAN RESOURCE & REMUNERATION COMMITTEE

Mr. Muhammad Ayub Khan Durrani Chairman Mr. Imran Younus Member

Mr. Ammar Junaid Member

CflIEF FINANCIAL OFFiCER

Mr. Farhan lqbal

COMPANY SECRETARY

Mr. Mubashhar Asif

REGSTERED OFHCE

Suite G/5/5, 3rd Floor, Mansoor Tower, Block 8 Clifton, Karachi

PRODUCTION FACILITIES

Karachi Plant

Survey No. 348, Deh Shah Mureed, Tappo Songal, Gadap Town, Itarachi

LahorePlant

3.5 Um Manga Mandi

Near Raiwind Road, Lahore

ShARE REGISTRAR

CDC Share Registrar Services Limited.

AUDITORS

Grant Thornton Anjum Rahman Chartered Accountants

LEGAL ADVISOR

Iqra Law Associates

BANKERS

Askari Bank Limited Bank Alfalah Limited Bank Mal‹ramah Limited

Dubai Islamic Bank Limited Faysal Bank Limited

Habib Metropolitan Bank Limited National Bank Limited

Sindh Bank Limited

Al Shaheer Corporation Limited Directors' Review Report

The Board of Directors is pleased to present the auditors-reviewed, unaudited financial results of the Company for the half-year ended December 31, 2023.

Board Composition and Governance Update

As of June 30, 2024, the Company had only one actiye Board Member. During the year, several Directors resigned at different times, and the resulting casual vacancies remained unfilled for varying periods. Subsequently, the sole remaining Director also resigned in October 2024, rendering the Board entirely vacant.

To restore corporate governance, the election of directors was conducted under the guidance of the Securities & Exchange Commission of Pakistan (SECP) on December 17, 2024, resulting in the reconstitution of the Board and election of the requisite number of directors. However, following the year-end, in July 2025, six Directors tendered their resignations. These positions were subsequently filled in accordance with applicable regulatory requirements.

Principal Activities

The Company is engaged in the processing, packaging, and marketing of halal meat and related products, catering to both domestic and international markets.

Financial Performance

Operational and Strategic Review

During the half-year under review, core operations remained suspended, with minimal activity limited to certain export orders. The Company incurred a significant gross and net loss, primarily driven by fixed overheads in the absence of routine business activity.

Outlook

The newly constituted Board is actively working to stabilize the Company's governance framework, address historical non-compliances and evaluate strategic alternatives, including revival of core business operations diversification into new sectors and financial and operational restructuring.

The objective is to rebuild stakeholder trust, achieve regulatory alignment, and establish a sustainable path forward. The management, under Board oversight, is committed to identifying viable growth opportunities and creating long-term shareholder value.

Acknowledgement

The Board expresses its sincere appreciation to all shareholders, employees, customers, and regulatory bodies for their continued support and cooperation during this challenging period.

Chief Executive Officer

For and on behalf of the Board

Karachi

Dated: August 29, 2025

J2024

Grant Thornton Anjum Rahman

1st 0 3rd Floor,

Modern Motors House, Beaumont Road,

T +92 21 35672951-56

U'e were engaged to review the accompanying unconsolidated condensed interim s tater ent of financial position of Al Shaheer Corporation Limited as at December 31, 2023 and the related unconsolidated condensed interim statement of profit or loss, the unconsolidated condensed interim statement of comprehensive income, unconsolidated condensed interim statement of changes in equity and unconsolidated condensed interim statement of cash flows and notes to the unconsolidated condensed interim financial statements for the six-months period then ended (here-in-after referred to as the "condensed interim financial statements"). klanagement is responsible for the preparation and presentation of these condensed interim financial statements in accordance with accounting and reporting standards as applicable in Pakistan for interim financial reporting. Our responsibilip is to express a conclusion on these condensed interim financial statements based on our review. However, because of the matters described in the Basis for Disclaimer of Conclusion paragraph, we were not able to obtain sufficient appropriate evidence to provide a basis for expressing a conclusion on the unconsolidated condensed interirri financial starerricnts.

We wcre engaged to conduct our review in accordance with International Standards on Review Engagements 2410, "Review of Interim Financial Information performed by the Independent Auditor of the Entity*'. A review of unconsolidated 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 substantiall} 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

i) sts described in Note 1.3 to the unconsolidated condensed interim financial statements, the Company has faced severe financial, operational, and regulatory challenges, including breaches of covenants, terms and conditions of financing facilities, frozen bank accounts, legal proceedings, regulator investigations, non-realization of export receivables, and placement on the PSX's non-compliant segments. As a result, the Company incurred heavy losses, with accumulated losses of Rs. 4,134.90 million as of Occcrriber 31, UOS3 and its current liabilities exceeAng current assets b 2,707.94

grontthornton.pk

million creating material uncertaint) about its ability to continue as a going concern. Although, the management prepared the unconsolidated condensed interirri financial statements on a going concern basis and disclosed a revival plan, we were unable to obtain sufficient appropriate audit evidence regarding the assumptions underlying this plan and accordingly, could not determine whether any adjustments might have been necessary to the unconsolidated condensed interim financial statements had the going concern assumption been inappropriate.

u As disclosed in Note 1.3, The Compan) was non-compliant with several statutoy' and regulatory requirements, including the Companies Act, 20a 7, income and sales tax laws (including related payments), Employees' Old-Age Benefits Institution (EOBI) Rules, Sindh Employees' Social Secured Institution (SESSI) & Proi•incial Employees' Social Securit) Ordinance, 1965, Pakistan Stock Exchange (PSX) Rule Book, and the Listed Companies Code of Corporate Governance Regulations, 20t 9. No provisions were recorded for related penalties or surcharges, and due to lack of sufficient evidence, we were unable to determine whether any adjustments or disclosures were necessary.

1. Due to the inadequacy of the Company's financial reporting s} stems and the absence of complete ledgers and corroborative supporting documentation we were unable to obtain sufficient appropriate audit evidence to ensure completeness of revenue, assets and liabilities as well as the occurrence of expenses including the adequacy of their disclosures in the unconsolidated condensed interim financial statements as per the accounting standards as applicable in Pakistan.

iv) The Company has botrowângs of Rs. 2,778.88 million in unconsolidated condensed interim financial statements. Due to breaches of loan covenants, term and conditions as mentioned Note 1.3 to the unconsolidated condensed interim financial statements, these borrowings should be classified as current liabditics ins tcad of non-current. The Banks have also filed suits against the Company, and the outcomes are uncertain. As a result, we are unable to verts the completeness, rights and obligations of these balances as at the reporting date due to uncertainty and absence of su fficient appropriste audit evidence. Furthermore, the Company has not recorded any accrued markup on such

O££O S.

fi*e were unable to obtain sufficient audit evidence to veri/ their completeness and validity the payables amounting to Rs. 316.33 million, including payments of Rs. 55.37 million related to the satisfaction of Vorkers' Profit Participation fund's liability due to lack of corroborative evidence included in trade and other payables and due to related party amounting to Rs 124.89 million of the unconsolidated condensed interim financial statements. A ccordingly, we were unable to determine whether an}' adjustments rriigh t be necessary in respect of these liabilities.

Vi)

'e were unable to obtain sufficient appropriate audit evidence regarding the export rebate receivable of Rs. 180.70 million included in other recen ables due to lack of adequate supporting documentation. Accordingly, we could not determine whether sny adjustments were necessary rriight be necessary in respect of these receivables.

The Cornpan) has recognized a gratuit) liability of Rs. t 18.93 rriillion. However, a detailed employee-wise breakup of the liabilir) was not available as at the reporting date.

›dditionally, no further provision has been recorded since October 1, 2023, as the

eligible employees left the Company. In the absence of this supporting information, we were unable to veri the completeness and accuracy of the gratuiq' liability recognized in the unconsolidated condensed interim financial statements.

viii) As disclosed in Note 10 to the unconsolidated condensed interim financial statements, the Company' has x•arious pending litigations. Further, the Securities and Exchange Commission of Pakistan (SECP) is investigating the affairs of the Cornpan) . The ultimate outcome of these pending litigations and investigations cannot presentl) be determined and hence, we cannot determine the amount of adjustments required in these unconsolidated condensed interim financial statements.

Due to the significance of the matters described in the "Basis for Disclaimer of Conclusion" section of our report, we have not been able to obtain sufficient appropriate evidence to form a conclusion on the accompan)'ing unconsolidated condensed interim financial statements as at December 31, 2023. A ccordingly, we do not express a conclusion on these financial statements.

Pursuant to the requirements of section 237(t)(b) of the Companies Act 2017, only cumulative figures for the half year, presented in the second quarter accounts are subject to limited scope review by the statutory auditors of the Compan) . Accordingly, the figures of the unconsolidated condensed interim statement of profit and loss and unconsolidated condensed interim statement of comprehensive income for the three months period ended December 31, 2023 haste not been reviewed by us.

The engagement partner on the audit resuldng in this independent auditor's report is

Muhammad Khalid Aziz.

cco a '"

IWrachi

Date: September 04, 2025

UDIN: RR2023l0l54RCqTalLQe

AL SHAHEER CORPORATION LIMITED

UNCONSOLIDATED CONDENSED INTERIM STATEMENT OF FINANCIAL POSITION AS AT DECEMBER 31, 2023

ASSETS

NON-CURRE1"fT ASSETS

Note

December 2023 June 2023 (Un Audited) (Restated)

--------------- Rupees in '000' -----

June 2022 (Restated)

400,000,000 (2023: 400,000,000) ordinary shares of Rs. 10 each Issued, subscribed and paid-up share capital

Share premium

(Accumulated losses) / unappiopriated profit

NON-CURREN'T LIABILITIES

Long-term financing Lease liabilities Deferred liability

CURRENT LIABILITIES

Trade and other payables Short-term borrowings Due to a related party Accrued mark-up

Current portion of long-term financing

Current portion of deferred income - government grant Current portion of lease liabilities

3,749236

1,507,705

(4,U4,904)

1,122,037

184,332

118,936

319,535

1,855,132

124,898

94,752

739,416

935,598

1,855,429

3,739

223,207

357,089

65,373

1,069,545

1,637,867

4,446

117,787

138,862

870

53,878

303,268

3,749,236

1,507,705

(935,757) 4,321,184

582,996

47,501

1t0,773

741,270

2,999,389

1,507,705

897,885

5,404,979

731,640

90,226

102,850

924,716

ALSMAHEERCORPORATIONLIMITED UNCONSOLTDATEDCONDENSEDTNTETNMSTATEMENTOFPROFITORLOSS FORTHESIXMONTHSPEMODENDEDDECEMBER312023

Six Months Period Ended Quarter Ended

Turnover Cost of sales

Gross (loss)/profit

.ldrninisuative and disuibution c‹ sts

385,319 3,fi59,583 82,635

(923,605) (2,948,212) (186,714)

(538,286) 411,371 (104,079)

(2,049,424) (626,284) (1,735,671)

1,769,332

(1,626,973)

142,359

(308,196)

Other (expense) / tncome net Operating (loss)/profit Finance cost

Loss before taxation

Levies - minimum and final tax Taxation

(526,766)

(3,114,476)

(80,487)

(3,194,963)

(4,184)

2fifi,l75 84,2G2 (225,427)

(t39,1G5)

(28,854)

(79,725)

(1,919,475)

(41,187)

(1,960,662)

(884)

(10,089)

(175,926)

(114,026)

(289,952)

(19,482)

Net loss for the period

Loss per share

(3,199,147) (168,019) (1,961,546)

(Rupees) (Rupees)

(8.53) (0.55) (5.23)

(S0fi,434)

(1.03)

The annexed notes 1 to 15 form an integral part of these unconsolidated condensed interim financial statements.

ief Executive Officec

Chief Financial Officer

AL SHAHEER CORPORATION LIMITED

UNCONSOLIDATED CONDENSED INTERIM STATEMENT OF COMPREHENSIVE IN" fCOME FOR THE SIX MONTHS PERIOD ENDED DECEMBER 31, 2023

Six Months Period Ended Quarter Ended

The annexed notes 1 to 15 form an integral part of these unconsolidated condensed interim financial statements.

it

ef Executive Officer

Chief Financial O fficer

AL SHAHEER CORPORATION LIMITED

UNCONSOLIDATED CONDEI"4SED INTERIM STATEMENT OF CHANGES IN EQUITY

FOR THE SIX MONTHS PERIOD ENDED DECEMBER 31, 20M

Balance as at 01 July 2022

Adjustment due to change in accounting policy note 7

Balance as at 01 July 2022 - restated

Net loss for the period

Other comprehensive income

Issued, subscribed and paid-up share capital

reserve

Share Premium

(158,0tfi)

1,507,705

Revenue reserve

Revaluation

Unappropriated surplus on

profit / property, plant Total (accumulated and

losaes) equipment

Rupees in '000'

897,885

The annexed notes 1 to 15 form an integral part of these unconsolidated condensed interim financial statements.

ChiefExecticive D8Dcer C3hiefNinanciaIC}f&cer

AL SHAHEER CORPORATION LIMITED

IJNCONSOLIDATED CONDENSED INTERIM STATEMENT OF CASH FLOWS FOR THE SIX MONTHS PERIOD ENDED DECEMBER 31, 2023

Six Months Period Ended

31 December

2023

31 December 2022

Wocking capital changes Stock-in-trade

Trade debts

Loans and advances

Trade deposits and prepayments Other receivables

Txade and other payables Due to a related party

Taxes paid Finance cost paid

Net cash used in operating activities

CASH FLOWS FROM INVESTING ACTIVITIES

Additions to property, plant and equipment

Sale proceeds from disposal of property, plant and equipment Net cash generated from / (used in) investing activities

CASH FLOWS FROM FINANCING ACTIVI'TIES

Issuance of shares bongtcrm dnancing- net Lease rentals paid

Due to Related Party - net Short term borrowings - net

262,572

2,521,462

266,527

13,107

(5,809)

(616,063)

121,159

2562,955

(208,942)

(54,159)

(896)

6,824

5,928

5,757

(325,324)

21,696

(2,552)

1,456

(150,139)

(449,106)

(9,228)

(187,761)

(32,G74)

(3T1,727)

(32,674)

195,953

166,285

(20,663)

(2,824)

202,581

(16,337)

(297)

Net cash (used in) / generated from financing activities (16,634)

Net (decrease) / increase in cash and cash equivalents (64,865)

Cash and cash equivalents at the beginning of the year 66,266

Cash and cash uivalents e end o the year 1,401

The a exed notes 1 tool form inte al part ‹if these unconsulidated condensed interim financial statements.

541,552

196,931

8,286

205,217

ief Executive Officer ctor Chief Financial Officer

AL SHAHEER CORPORATION LIMITED

NOTES TO THE UNCONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS FOR THE SIX MONTHS PERIOD ENDED DECEMBER 31, 2023

1. THE COMPANY AND ITS OPERATIONS

   11 Al Shaheer Corporation Limited (the Company) was incorporated on 30 June 2012 and is quoted on Pakistan Stock Exchange. The Company is principally engaged in trading of different kinds of halal meat including goat, cow, chicken and fish, both for export market and local sales through chain of retail stores. Geographical location and address of all the business units are as under:

   Location

   Suit # G/ 5/ 5, 3id Floor, ñlansooi Tower, Block-S, Shahrah-e-Roorni, Clifton, Karachi

   Plot Bearing Survey No. 348, Deh Shah ñIuieed,Tappo, Songal, Gadap Town, Ifiarachi

   Business Unit

   Registered office Slaughter house

   3.5km ñfanga Road Raixvand, Lahore Poultry plant

   1.2 These are the separate unconsolidated condensed interim financial statements of the Company in which investment in subsidiary is stated at cost less impairment loss.

   During the pedod, the Company encountered severe management arid operational disruptions that significantly impacted its performance and financial standing. The Chief Executive Officer resigned on Februar) 1, 2024, followed by the resignation of the ennre Board of Directors and the Company Secretary on October 10, 2024. These developments left the Company without a duly constituted Board o1 senior management for a significant period, resulting in a leadership vacuum and a breakdown in effective oversight. .Is a result, production operations were severely curtailed, wsth facilities running at minimal capacity. This led to a sharp decline in sales and erosion of market share.
   
   

   The situation was further exacerbated by regulator) actions. The Pakistan Stock Exchange (PSX) designated the Company as non-compliant due to breaches of PSX Rules. Concurrently, the Securities and Exchange Commission of Pakistan (SECP) launched investigations under Section 29 of the Securities bet, 1997. Additionally, the State Bank of Pakistan (SBP) initiated proceedings against former directors for violations of foreign exchange regulations, paxticulañy regarding delays in submission of export documents and non-realization of export proceeds. Is at the reporting date, the Company has not recovered its outstanding export receivables, and related matters remain under review with SBP.

   These challenges have led to further complications, including breaches of loan covenants and terms with Enancial institutions. The SECP has frozen Company bank accounts, and financial institutions have initiated legal actions for the recovery of outstsnding loans. In response, and under the directive of the SECP, the Company's sponsors and shareholders appointed a new Board of Directors, Chief Executive Officei, and Chief Financial Officer subsequent to the year end.

   The financial performance during the year further deteriorated, with the Company incurring a net loss of Rs. 3,199.15 million. zs of December 31, 2023, accumulated losses stood at Rs. 4,134.91 rriillion, and current liabilities exceeded current assets by Rs. 2,707.94 rriillion. These adverse conditions raise sigiñficant doubt about the Company's ability to continue as a going concern.

   Nevertheless, the newly appointed Board and management have initiated a strategic iecovcry plan. Key measures include stabilizing the governance framework, rectifying prior regulatory non-compliances, and resuming plant operations. Efforts are also underway to rebuild stakeholder relationships and attract large institutional clients, including internadonal franchise groups. The revised business model now emphasizes a shift towsrds institutional clientele over the retail segment, with the aim of aCluevlng long-terrri profitabilit) and operational sustainability in order to ensure the Company's ability to continue as a going concern.

   Furthermore, the Company is acfively working with financial stakeholders to restructure its existing loan facilities. The Board remains confident that the ongoing revival plan, supported by stakeholders, will graduall) restore financial health and operational stability.

2. STATEMENT OF COMPLIANCE

   These unconsolidated condensed uiteiiic financial statements have been prepared in accordance with the accounting and reporting standards as applicable in I°akistan for interim financial reporting. "1he accounting and reporting standards as applicable in Pakistan for interim Eiiancial reporting comprise of:

   International Accounting Standard (LS) 34, Interim financial Reporting, issued by the International Accounting Standards Board (USB) as notified under the Companies Act, 2017; and

   Provisions of and directives issued under the Companies rct, 2017.

   Vhcre the provisions of and directives issued under the Companies Act, 2017 differ from the requirements of Lt5 34, the provisions of and directives issued under the Compaiñes -bet, 2G17 have been followed.

   AL SI-IAHEER CORPORATION LIMITED

   NOTES TO THE UNCONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS

   FOR THE SIX MONTHS PERIOD ENDED DECEMBER 31, 2023

3. BASIS OF PREPARATION

   These unconsolidated condensed interim financial statements of the Company does not include all of the information and disclosure required in the unconsolidated condensed interim financial statements and should be read in conjunction with the unconsolidated annual fulancial statements of the Company as at and for the year ended June 30, 2023 and June 30, 2024. However, selected explanator) notes are included to explain the events and transactions that are significant to an understanding of the changes in the Corripaiiy's financial position and performance since the last annual financial statements. The figures in the unconsolidated condensed interim statement of financial position, unconsolidated condensed inter statement of profit or loss and other comprehensive income, unconsolidated condensed interim statement of changes in equity and unconsolidated condensed interim statement of cash flows together with the relevant notes to the unconsolidated condensed interim financial statements for the six-months period ended December 31, 2023 have been subject to the limited scope review b) the statutor) auditors of the Company. However, the figures for the three-months period ended December 31, 2023 and 2022 in the unconsolidated condensed interim statement of profit or loss and other comprehensive income and notes forming part thereof have not been reviewed by auditors.

   1. FUNCTIONAL & PRESE1'sfTATIO1'sf CURREJ'sfCY

      These unconsolidated condensed interim financial statements are presented in Pakistani Rupees which is also Company's functional cunency and presentanon currency.

   2. STANDARD, AMENDMENT OR INTERPRETATION TO PUBLISHED APPROVED ACCOUNTING STANDARDS

      1. Standards, amendments and interpretations to the published standards that may be relevant to the Company

      and adopted in the currcnt period.

      There were certain amendments to accounting and reporting standards vliich became effective for the Company for the current year. However, these are considered not to be relevant or to have any significant impact on the Company's financial reporting and, therefore, have not been disclosed in these unconsolidated condensed interim financial statements.

      8.2.2 Standards, amendments and interpretations to the published standards that may be relevant but not yet effective and not early adopted by the Company

      There are standards and certain other amendments to accounnng and reporting standards that are not ) et effective arid notified and are considered either not to be relevant or to have any significant impact on the Company's financial statements and operations and, therefore, have not been disclosed in these unconsolidated condensed interim financial statements.

4. MATERIAL ACCOUNTING POLICIES

   The accounting policies and methods of computation adopted for the preparation of these unconsolidated condensed interim financial statements are the same as those applied in the preparation of the unconsolidated financial statements for the yesi ended June 30, 2023 amd June 30, 2024.

5. USE OF JUDGEMENTS / ESTIMATEs D rIx CIAL RISK MANAGEMENT

The estimates / judgements and associated assumptions used in the preparation of these unconsolidatcd condensed interim financial statements are consistetat with those applied in the preparation of the unconsolidated financial statements of the Company fot the year ended June 30, 2023 and June 30, 2024

The Company's financial risk management objectives and policies are consistent with those disclosed in the Corripany's unconsolidated annual audited financial statements fol the year ended June 30, 2023 and Jun 30, 2024

31 December 2023 (Unaudited)

30 ]une 2023

(Auditcd)

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

AL SHAHEER CORPORATION LIMITED

NOTES TO THE UNCONSOLIDATED CONDEJ'sfSED INTERIM FINANCIAL STATEMENTS

FOR THE SIX MONTHS PERIOD ENDED DECEMBER 31, 2023

1. Restatement to the financial statements

   1. Duting the year, the management has changed its accounting policy for valuation of property, plant and equipment frock revaluafion model to cost model under I 4S 16 'Property, plant and equipment. The change has been made in accordance with US 8, as management believes that in light of the Company's current financial and operational challenges, the cost model provides more reliable and prudent information for users of the financial statements. The cost model eliminates subjectivity associated with fair value rrieasurements iii the present conditions of the Company.

      The change has been made in accordance with I.IS 8 " ccounfing Policies, Changes in Accounting Estimates and Errors" and has been applied retrospectively. Comparative information has been restated and a third statement of financial posison as at the beginning of the earliest comparative period has been presented in accordance with US 1 'Presentation of Financial Statements".

      As a result, The following restatements were made to the financial statements:

      June 30, 2022

      Statement of Financial Position

      Assets

      Previously Reported

      Restatement

      Restated

      Property, plant and equipment	5,463,374	(759,895)	4,703,479
      Deferred tax asset	326,678	8,947	335625
      Share capital and reserves
      (Accumulated losses) / unapptopfiated profit	898,634	(749)	857,885.00
      Revaluation surplus on propert)i, plant
      and equipment	750 99	(750199)
      June 30, 2023
      Statement of Financial Position
      Assets
      Property, plant and equipment	6,88?,450	(2,443,346)	4,442,104
      Deferred tax asset			0
      Shace capital and reserves (Accumulated losses) / unappropfiated profit	(925,808)	(8,949)	(935,757)
      Revaluation surplus on property, plant
      and equipment 2,497,600 December 31, 2022		(2,497,600)
      Statement of profit or loss Operating Expense (Cost of sales & Adrriiifistrative co 3,582,675		(8,179)	3,574,496

   2. The company reclassified the final taxes under the ley) within the scope of IFRIC 21/37 in the statement of profit or loss account as per the US-12 application guidance issued by the Institute of Chartered .Accountants of Pakistan (JC P) dated Play 15, 2024. Consequently, there is no change in profit after tax due to this reclassification, the three column impact, in the context of restatement in the Company's financial statements, is not matefial.

31 December 2023 30 June 2023 (Unaudited) (Audited)

-----Rupees in '000'-----

Building

Plant and h4achinery Furniture and Fixtures

1. TRADE DEBTS - unsecured

   Considered good

   - Overseas

   • Local

     • related party - Enrich Foods (l°rivate) Limited

     • others

   Considered doubtful

   Allowance for ECL

   1. Allowance for ECL

      Opening balance Charge for the period Closing balance

      9.1

      156,554

      378,872

      3,024

      538,450

      
      
      

      3,238,611

      (3,238,611)

1,249,266

1,989,345

3,238,611

156,554

378,872

3,024

538,450

2,584,740

460,138

3,044,879

3,044,879

56,551

1,192,715

1,249,266

1. CONTINGENCIES AND COMMITMENTS

   The Contingencies and comittments have been explained in Note . 24 and Note 31 of the annual financial statement for the year ended June 30, 2024.

2. RELATED PARTY TRANSACTIONS

   Related party compfised of subsidiafies, associates, directors, key management personnels. Transactions and balances with related parties are as follows

   1. Following are the details of transactions with related parties during the pefiod ended December 31, 2023 and for the period ended December 31, 2022:

      Name

      Erlich foods Pvt. Ltd.

      Relationship

      
      
      

      Sales

      December December3l,

      31, 2023 2022

      (Un audited) (Un audited)

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

      Key management Personnel Salaries & Benefits 33,256

   2. Following are the details of outstanding balances with related parties during the period ended December 3t , 2023 and for the period ended December 31, 2022:

Relationship

Enrich foods Pvt. Ltd. Common Directorship Trade Debts

rl Shaheer farms Pvt. Int Subsiding Investments

Kamran Ahmad IWalili Director loan payable

December Decembei3l,

31,2028 2022

unaudited) vaulted)

------(Rupccs in '000') ------

?,206

14,940

3,742

AL SHAHEER CORPORATION LIMITED

NOTES TO THE UNCONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS FOR THE SIX MONTHS PERIOD ENDED DECEMBER 31, 2023

Tha Company has two reportable segments - Raw meat & Processed food items. The management has determined the operanng segments based on the information that is presented to the board of Directors of the company for allocation of resources and assessment of performance. The results of reportable segments of the Company are as follows:

December 31, 2023 December 31, 2022

Raw meat Processed Total Raw meat Processed food Total

Segment results food items items

Profit / does) before

taxation Taxation

Net profit

/ loss) for

Segment results

31. December, 2023

Raw meat Processed Total

food items

30-Jun-23 Raw meat Processed food Total

items

Rupees in '000'

Segment assets and liabilities

The Figures have been rounded off to nearest thousand Rupees unless otherwise stated.

t4 CORRESPONDING FIGURES

15

DATE OF AUTHORIZATION FOR ISSUE

These unconsolidated financial statements were authorised for issue on

Directors of

by the Board of

Chief Executive Officer

ector

Chi f Financial Officer

Comparative information has been reclassified or re-arranged in these unconsolidated financial statements, wherever necessary, to facilitate comparison and to confirm with presentation in the current year, having insignificant impact. Furthermore, Figures related to Quarter ended September 2023 has been restated based on the available information.