A M T E X
CONTENTS
COMPANY INFORMATION DIRECTOR'S REPORT
CONDENSED INTERIM STATEMENT OF FINANCIAL POSITION CONDENSED INTERIM STATEMENT OF PROFIT & LOSS ACCOUNT CONDENSED INTERIM STATEMENT OF COMPREHENSIVE INCOME CONDENSED INTERIM CASH FLOW STATEMENT
CONDENSED INTERIM STATEMENT OF CHANGES IN EQUITY NOTES TO THE CONDENSED INTERIM FINANCIAL STATEMENTS
Company Information
Board of Directors
Mr. Nadeem Iftikhar Chairman
Mr. Khurram Iftikhar Chief Executive Officer Mr. Shahzad Iftikhar
Mr. Muhammad Ahsan Mr. Muhammad Mobeen Mr. Muhammad Asif Mrs.Bushra Bibi
Chief Financial Officer
Mr. Muhammad Asim
Company Secretary
Mr. Muhammad Raza Farooq
Audit Committee
Mr. Muhammad Asif Chairman
Mr. Muhammad Ahsan Mrs.Bushra Bibi
Human Resource & Remuneration Committee
Mr. Muhammad Mubeen Chairman
Mr. Muhammad Ahsan Mr. Shahzad Iftikhar
Auditors
Zahid Jamil & Co.
Chartered Accountants
Legal Advisor
Mr. Aamir Nawaz Bhatti
Advocate High Court
Share Registrar Office
Vision Consulting Limited
3-C, LDA Flats, Lawrance Road, Lahore
Registered Office
P-225 Tikka Gali # 2 Montgomery Bazar, Faisalabad
Projects Locations
Punj Pullian Daewoo Road Faisalabad Processing & Stitching Unit
Website
https://www.amtextile.com
DIRECTORS' REPORT
The Board of Directors of Amtex Limited presents herewith the Directors' Report together with the Company's un-audited financial information for the period ended March 31, 2026.
Financial ResultsThe financial results for the period under review with comparative figures of previous period are presented hereunder.
Period ended Quarter ended March 31, March 31,
2026 2025 2026 2025
Rupees | Rupees | Rupees | Rupees | |
Revenue from contracts with customers - net | 2,444,332,802 | 1,823,999,820 | 659,057,794 | 400,630,800 |
Cost of revenue | 2,157,521,822 | 1,644,872,161 | 640,784,459 | 334,809,715 |
Gross profit | 286,810,980 | 179,127,659 | 18,273,335 | 65,821,085 |
Profit / (loss) after taxation | 10,009,588 | (93,646,961) | (60,918,095) | (62,610,098) |
Earnings per share - basic and diluted | 0.04 | (0.36) | (0.23) | (0.24) |
During 1st nine months under review company earned gross profit of Rs.286.810 million as compared to gross profit of Rs.179.12 million in the corresponding period of last year and net profit of Rs. 10.009 million as compared to net loss of Rs. 93.646 million in the corresponding period of last year. Sales volume has significantly increased as compared to previous corresponding period and the company's total sales are Rs. 2,444.33 million in nine months against sales of Rs. 1,823.99 million in the corresponding period of last year. Despite global recession, poor law and order situation and significantly increasing prices of utilities, Company's sales volume increases and company earned profit in period under review.
Certain banks / financial institutions have filed a suit against the Company for recovery of its financing and mark up and the Company has not provided any markup / cost of funds on the said outstanding amounts. Based on the legal opinion, the company feels that, after institution of the suit, a financial institution is only entitled to cost of funds if so awarded by the court in case the suit is decided against the company. The levy of cost of funds and the quantum thereof shall be contingent on passing of the decree and rate prescribed by the State Bank of Pakistan during the period of pendency of the claim and discharge of decree, if passed by the Court.
Future outlook
The textile sector is the largest manufacturing industry in Pakistan, benefiting from a complete value chain from cotton picking to finished apparel. Once the Pakistan was the best choice for international buyers due to its competitive prices. Currently due to lack of products diversification significant portions of orders shifted to neighbor countries. Further strict policies of Federal Board of Revenue (FBR) severely harmful for the largest export oriented sector. Cost of doing business increasing day by day and current America Iran war severely effecting every business globally as well as in Pakistan. Despite these challenges the management of the company fully aware of the situation and making full efforts to compete the market and taken steps for extension and restructuring of loans keeping in view the future cash flows. Certain banks have approved the restructuring and negotiations with other banks of the company are at final stages. However, the future of growth of exports and textile industry mainly depends on the actual realization of the supports announced by the Government, release of refunds to exporters and on availability of financial support from the banks.
AcknowledgementThe Directors of your Company would like to place on record their deep appreciation for the support of the customers, banks, financial institutions, regulators and shareholders and hope that this cooperation and support will also continue in future.
The Directors of your Company would also like to express their appreciation for the services, loyalty and efforts being continuously rendered by the executives, staff members and workers of the Company and hope that they will continue to do so in future.
For and on behalf of the Board
Khurram Iftikhar Shahzad Iftikhar
Faisalabad April 30, 2026
$tnpesi | Hupees | Ampere | Rop4•es | ||
Rm errue | ccnsuocts witk. customers - net | *. 4t,33*,N2 | ! .B23.9P9.B2O | US+,057,794 | 40£Ld30.8OJ |
Pratt .' i 1oss) aAcr taxat@n
Eazzrin"@ per share - bsis - arxl dilu d 0.04 {0.30) {0.%) 10.24}
AMTEX LIMITED CONDENSED INTERIM STATEMENT OF FINANCIAL POSITION AS AT MARCH 31, 2026 | ||||
Un-audited | Audited | |||
March 31 | June 30 | |||
NOTE | 2026 | 2025 | ||
RUPEES | RUPEES | |||
ASSETS | ||||
NON-CURRENT ASSETS | ||||
Property, plant and equipment | 5. | 647,002,620 | 579,150,040 | |
Investment property - fair value | 1,313,891,907 | 1,313,891,907 | ||
Long term deposits | 10,087,882 | 10,087,882 | ||
1,970,982,409 | 1,903,129,829 | |||
CURRENT ASSETS | ||||
Stores, spares and loose tools | 253,418,806 | 228,848,622 | ||
Stock in trade | 495,647,965 | 619,410,945 | ||
Trade debts | 6. | 238,656,502 | 266,422,605 | |
Prepayment and advances | 68,034,126 | 31,738,387 | ||
Deposits | 4,799,126 | 4,799,126 | ||
Other receivables | 52,922,877 | 111,304,820 | ||
Prepaid levy and income tax - net | 74,877,955 | 57,059,301 | ||
Sales tax receivable | 220,637,633 | 225,365,338 | ||
Cash and bank balances | 185,128,978 | 92,005,217 | ||
1,594,123,968 | 1,636,954,361 | |||
TOTAL ASSETS | 3,565,106,377 | 3,540,084,190 | ||
EQUITY AND LIABILITIES | ||||
SHARE CAPITAL AND RESERVES
Authorized share capital
260,000,000 (30 June 2025: 260,000,000) ordinary shares of Rs.10/- each | 2,600,000,000 | 2,600,000,000 | ||
Issued, subscribed and paid up share capital | 2,594,301,340 | 2,594,301,340 | ||
Reserves Capital reserves | ||||
Merger reserve | 98,039,330 | 98,039,330 | ||
Share premium | 183,000,000 | 183,000,000 | ||
Surplus on revaluation of property, plant and equipment | 7. | 612,390,436 | 535,130,147 | |
893,429,766 | 816,169,477 | |||
Revenue reserve - general reserve | 250,000,000 | 250,000,000 | ||
Accumulated loss | (12,229,783,311) | (12,245,287,348) | ||
TOTAL EQUITY | (8,492,052,205) | (8,584,816,531) | ||
LIABILITIES | ||||
NON-CURRENT LIABILITIES | ||||
Redeemable capital | - | - | ||
Long term financing | 8. | 1,165,380,018 | 1,293,913,957 | |
Lease liabilities Deferred liabilities | - 1,719,874,321 | - 1,657,039,319 | ||
2,885,254,339 | 2,950,953,276 | |||
CURRENT LIABILITIES | ||||
Trade and other payables | 356,095,548 | 508,503,398 | ||
Contract liabilities - unsecured | 348,108,332 | 294,967,495 | ||
Interest / markup payable | 2,595,827,759 | 2,596,250,534 | ||
Short term borrowings | 5,043,819,232 | 5,043,819,233 | ||
Current portion of non current liabilities | 828,053,372 | 730,406,785 | ||
9,171,904,243 | 9,173,947,445 | |||
TOTAL LIABILITIES | 12,057,158,582 | 12,124,900,721 | ||
CONTINGENCIES AND COMMITMENTS | 9. | - | - | |
TOTAL EQUITY AND LIABILITIES 3,565,106,377 3,540,084,190
The annexed notes form an integral part of these condensed interim financial statements.
CHIEF FINANCIAL OFFICER
AMTEX LIMITED
CONDENSED INTERIM STATEMENT OF PROFIT OR LOSS (UN-AUDITED) FOR THE PERIOD ENDED MARCH 31, 2026
Period ended Quarter ended March 31, March 31,
NOTE 2026 2025 2026 2025
Rupees Rupees Rupees Rupees
Revenue from contracts with customers - net | 2,444,332,802 | 1,823,999,820 | 659,057,794 | 400,630,800 | |||
Cost of revenue | 10. 2,157,521,822 | 1,644,872,161 | 640,784,459 | 334,809,715 | |||
Gross profit | 286,810,980 | 179,127,659 | 18,273,335 | 65,821,085 | |||
Other operating income | 27,834,050 | 34,505,455 | 19,579,476 | (22,703,045) | |||
314,645,030 | 213,633,114 | 37,852,811 | 43,118,040 | ||||
Selling and distribution expenses | 96,981,711 | 90,030,960 | 46,746,627 | 28,863,931 | |||
Administrative expenses | 100,153,165 | 87,202,271 | 26,145,143 | 23,822,816 | |||
Finance cost | 11. 73,940,071 | 111,515,408 | 21,545,223 | 49,150,904 | |||
Workers' profit participation fund | 2,178,504 | - | (2,829,209) | - | |||
Workers' welfare fund | 827,831 | - | (1,075,100) | - | |||
274,081,282 | 288,748,639 | 90,532,684 | 101,837,651 | ||||
Profit / (loss) before levy and taxation | 40,563,748 | (75,115,525) | (52,679,873) | (58,719,612) | |||
Levy | 30,554,160 | 18,228,842 | 8,238,222 | 3,890,486 | |||
Profit / (loss) before taxation | 10,009,588 | (93,344,367) | (60,918,095) | (62,610,098) | |||
Taxation | - | 302,594 | - | - | |||
Profit / (loss) after taxation | 10,009,588 | (93,646,961) | (60,918,095) | (62,610,098) | |||
Earnings per share - basic and diluted | 0.04 | (0.36) | (0.23) | (0.24) |
The annexed notes form an integral part of these condensed interim financial statements.
CHIEF FINANCIAL OFFICER
AMTEX LIMITED
CONDENSED INTERIM STATEMENT OF COMPREHENSIVE INCOME (UN-AUDITED) FOR THE PERIOD ENDED MARCH 31, 2026
Half Year ended Quarter ended
March 31, March 31,
2026 2025 2026 2025
Rupees Rupees Rupees Rupees
Profit / (loss) after taxation | 10,009,588 | (93,646,961) | (60,918,095) | (62,610,098) | |||
Other comprehensive income Items that will not be subsequently reclassified to profit or loss: Surplus on revaluation of property, plant and equipment | 82,754,738 | - | - | - | |||
82,754,738 | - | - | - | ||||
Items that may be subsequently reclassified to profit or loss | - | - | - | - | |||
Other comprehensive income for the period | 82,754,738 | - | - | - | |||
Total comprehensive income / (loss) for the period | 92,764,326 | (93,646,961) | (60,918,095) | (62,610,098) |
The annexed notes form an integral part of these condensed interim financial statements.
CHIEF FINANCIAL OFFICER
AMTEX LIMITED
CONDENSED INTERIM STATEMENT OF CASH FLOWS (UN-AUDITED)
FOR THE PERIOD ENDED MARCH 31, 2026
PERIOD ENDED MARCH 31,
2026 2025
a) CASH FLOWS FROM OPERATING ACTIVITIES | RUPEES | RUPEES | |
Profit / (loss) before levy and taxation Adjustments for: Depreciation of property, plant and equipment | 40,563,748 30,633,711 | (75,115,525) 30,159,560 | |
Provision for staff retirement gratuity | 6,535,302 | 7,052,005 | |
Gain on disposal of property, plant and equipment | (59,958) | (29,915,455) | |
Finance cost | 73,940,071 | 111,515,408 | |
Operating cash flows before working capital changes | 151,612,874 | 43,695,993 | |
Changes in working capital | |||
Decrease / (increase) in current assets | |||
Stores, spares and loose tools | (24,570,184) | (13,053,788) | |
Stock in trade | 123,762,980 | (133,883,149) | |
Trade debts | 27,766,103 | 11,955,600 | |
Advances | (36,295,739) | 3,249,149 | |
Deposits | - | 1,149,000 | |
Other receivable | 58,381,943 | 4,845,697 | |
Sales tax receivable | 4,727,705 | 29,758,074 | |
Increase / (decrease) in current liabilities | |||
Trade and other payables (152,407,850) | (114,400,098) | ||
Contract liabilities 53,140,837 | 133,908,698 | ||
54,505,795 | (76,470,817) | ||
Cash generated from operations 206,118,669 | (32,774,824) | ||
Income tax paid (48,372,814) | (41,587,979) | ||
Finance cost paid (18,063,146) | (106,176,809) | ||
Net Increase in long term payable - | 97,257,493 | ||
Net cash generated from / (used in) operating activities 139,682,709 | (83,282,119) | ||
b) CASH FLOWS FROM INVESTING ACTIVITIES | |||
Capital expenditure of property, plant and equipment (24,862,455) | (24,733,905) | ||
Proceeds from disposal of property, plant and equipment 9,190,860 | 287,163,955 | ||
Net cash (used in) / generated from investing activities (15,671,595) | 262,430,050 | ||
c) CASH FLOWS FROM FINANCING ACTIVITIES | |||
Repayment of long term financing (30,887,352) | (225,000,000) | ||
Net cash used in financing activities (30,887,353) | (225,000,000) | ||
Net increase / (decrease) in cash and cash equivalents (a+b+c) 93,123,761 | (45,852,069) | ||
Cash and cash equivalents at the beginning of the period 92,005,217 | 118,252,023 | ||
Cash and cash equivalents at the end of the period 185,128,978 | 72,399,954 | ||
The annexed notes form an integral part of these condensed interim financial statements. | |||
CHIEF FINANCIAL OFFICER
AMTEX LIMITED
CONDENSED INTERIM STATEMENT OF CHANGES IN EQUITY (UN-AUDITED) FOR THE PERIOD ENDED MARCH 31, 2026
ISSUED, SUBSCRIBED AND PAID UP CAPITAL | RESERVES | ACCUMULATED LOSS | TOTAL EQUITY | ||||
CAPITAL RESERVES | REVENUE RESERVE | ||||||
MERGER RESERVE | SHARE PREMIUM | SURPLUS ON REVALUATION OF PROPERTY, PLANT AND EQUIPMENT | Subtotal | GENERAL RESERVE | |||
-------------------------------------------------------------------------------------------------Rupees -----------------------------------------------------------------------------------------------
Balance as at July 01, 2024 (Audited) | 2,594,301,340 | 98,039,330 | 183,000,000 | 923,546,882 | 1,204,586,212 | 250,000,000 | (12,505,661,164) | (8,456,773,612) |
Loss for the period | - | - | - | - | - | - | (93,646,961) | (93,646,961) |
Other comprehensive income for the period | - | - | - | - | - | - | - | - |
Total comprehensive loss for the period | - | - | - | - | - | - | (93,646,961) | (93,646,961) |
Transfer from revaluation surplus of property, plant and equipment: | ||||||||
-on incremental depreciation for the period | - | - | - | (3,783,553) | (3,783,553) | - | 3,783,553 | - |
-on disposal of property, plant and equipment | - | - | - | (253,897,059) | (253,897,059) | - | 253,897,059 | - |
- | - | - | (257,680,612) | (257,680,612) | - | 257,680,612 | - | |
Balance as at March 31, 2025 (Unaudited) | 2,594,301,340 | 98,039,330 | 183,000,000 | 665,866,270 | 946,905,600 | 250,000,000 | (12,341,627,513) | (8,550,420,573) |
Loss for the period | - | - | - | - | - | - | (36,503,175) | (36,503,175) |
Other comprehensive income for the period | - | - | - | - | - | - | 2,107,217 | 2,107,217 |
Total comprehensive loss for the period | - | - | - | - | - | - | (34,395,958) | (34,395,958) |
Transfer from revaluation surplus of property, plant and equipment: | ||||||||
-on incremental depreciation for the period | - | - | - | (1,256,582) | (1,256,582) | 1,256,582 | - | |
-on disposal of property, plant and equipment | - | - | - | (129,479,541) | (129,479,541) | - | 129,479,541 | - |
- | - | - | (130,736,123) | (130,736,123) | - | 130,736,123 | - | |
Balance as at June 30, 2025 (Audited) | 2,594,301,340 | 98,039,330 | 183,000,000 | 535,130,147 | 816,169,477 | 250,000,000 | (12,245,287,348) | (8,584,816,531) |
Profit for the period | - | - | - | - | - | - | 10,009,588 | 10,009,588 |
Other comprehensive income for the period | - | - | - | 82,754,738 | 82,754,738 | - | - | 82,754,738 |
Total comprehensive income for the period | - | - | - | 82,754,738 | 82,754,738 | - | 10,009,588 | 92,764,326 |
Transfer from revaluation surplus of property, plant and equipment: -on incremental depreciation for the period | - | - | - | (5,494,449) | (5,494,449) | - | 5,494,449 | - |
- | - | - | (5,494,449) | (5,494,449) | - | 5,494,449 | - | |
Balance as at March 31, 2026 (Unaudited) | 2,594,301,340 | 98,039,330 | 183,000,000 | 612,390,436 | 893,429,766 | 250,000,000 | (12,229,783,311) | (8,492,052,205) |
The annexed notes form an integral part of these condensed interim financial statements.
CHIEF FINANCIAL OFFICER
AMTEX LIMITED
SELECTED NOTES TO THE CONDENSED INTERIM FINANCIAL STATEMENTS (UN-AUDITED) FOR THE PERIOD ENDED MARCH 31, 2026
STATUS AND ACTIVITIES
Amtex Limited (the Company) is a public limited company incorporated in Punjab, Pakistan under the Companies Ordinance, 1984 (now the Companies Act 2017) and listed on Pakistan Stock Exchange limited (formerly Karachi Stock Exchange Limited) in Pakistan. The registered office of the Company is situated at P-225, Tikka Gali No. 2, Montgomery Bazar, Faisalabad. The principal business of the Company is export of all kinds of value added fabrics, textile made-ups, casual and fashion garments duly processed. The Company is also engaged in the business of manufacturing and sale of yarn and fabrics on its own & conversion basis. The cloth processing unit and stitching units are located at chak 120 Punj Pullian Daewoo Road, District Faisalabad, in the province of Punjab.
Pursuant to scheme of arrangement approved by the Honorable Lahore High Court, Lahore, assets, liabilities and reserves of Amtex Spinning Limited were merged with the assets, liabilities and reserves of the Company with effect from April 01, 2003.
The Company has earned profit before taxation of Rs. 40.56 million and its sales have also increased during the period as compared to previous corresponding period but the Company is in litigation with Sukuk unit holders and certain financial institutions have also filed suits against the company for recovery of their outstanding debts. The management of the Company has already taken steps for restructuring of loans. The major bankers of the Company had restructured the facilities and negotiations with other banks are in process. The company has negative equity of more than Rs. 8 billion, its long-term solvency position is quite adverse and so is the case with short term solvency position which cast significant doubt about the Company's ability to continue as a going concern, and therefore, it may be unable to realize its assets and discharge its liabilities in the normal course of business. However, the management is confident that it has been taking measures and will be able to restore the financial position of the Company.
These condensed interim financial statements presented in Pak Rupee, which is the Company's functional and presentation currency.
BASIS OF PREPERATION
Statement of compliance
These condensed interim financial statements has been prepared in accordance with the approved accounting and reporting standards as applicable in Pakistan. The approved accounting and reporting standards applicable in Pakistan 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 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 has been followed.
These condensed interim financial statements has been prepared under "historical cost convention" except certain items of property, plant and equipment included at revaluation and staff retirement gratuity carried at present value and certain financial instruments at fair value.
These condensed interim financial report does not include all the information and disclosures as required in annual audited financial statements, and should be read in conjunction with the annual audited financial statements of the Company for the year ended June 30, 2025.
MATERIAL ACCOUNTING POLICY INFORMATION
The accounting policies and methods of computation adopted for the preparation of these condensed interim financial statements are same as those for the preceding annual audited financial statements for the year ended June 30,2025.
CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS
The preparation of these condensed interim financial statements in conformity with the approved accounting and reporting standards requires the use of certain critical accounting estimates. It also requires the management to exercise its judgment in the process of applying the Company's accounting policies. Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
During preparation of these condensed interim financial statements, the significant judgments made by the management in applying the Company's accounting policies and the key sources of estimation and uncertainty were the same as those that applied in the preceding annual audited financial statements of the Company for the year ended 30 June 2025.
Un-audited | Audited | |||
March 31, | June 30, | |||
NOTE | 2026 | 2025 | ||
Rupees | Rupees | |||
5. | Property, plant and equipment | |||
Operating fixed assets - owned | 5.1 | 632,532,504 | 564,614,583 | |
Right of use assets | 5.2 | 14,470,116 | 14,535,457 | |
647,002,620 | 579,150,040 | |||
5.1 Operating fixed assets - owned | ||||
Opening written down value | 564,614,583 | 958,186,468 | ||
Add: Revaluation surplus created during the period | 5.1.1 | 81,721,431 | - | |
Add: Addition during 9 months / 12 months: | 5.1.2 | 24,862,455 | 32,623,092 | |
Less: Book value of deletions during 9 months / 12 months | 5.1.3 | (9,130,902) | (387,498,500) | |
Less: Depreciation charge for 9 months / 12 months | (29,535,063) | (38,696,477) | ||
Closing written down value | 632,532,504 | 564,614,583 | ||
5.1.1 The company had revalued its freehold land, building on freehold land, electric installations, factory equipment and laboratory equipment. Revaluation of freehold land on market value basis and building on freehold land, electric installations, and factory equipment on depreciated replacement values basis was carried out by independent valuers M/S Observers (Private) Limited as at June 03, 2004, by M/S BFA (Private) Limited as at June 30, 2009 ,by M/S Empire Enterprises (Private) Limited as at
December 31, 2012, by M/S Gulf Consultants as at June 30, 2017, January 01, 2020 and December 31, 2025 of Plant and Machinery (owned / leased), Factory equipments and Electric Installations by M/S Gulf Consultants and latest revaluation was carried out of land and building by independent valuer M/S Gulf Consultants as at 30 June 2023 on depreciated replacement values basis.
Un-audited | Audited | ||||
March 31, | June 30, | ||||
NOTE | 2026 | 2025 | |||
Rupees | Rupees | ||||
5.1.2 | Addition during 9 months / 12 months: | ||||
Plant and machinery | 11,529,605 | 23,008,147 | |||
Vehicles | 13,332,850 | 9,614,945 | |||
24,862,455 | 32,623,092 | ||||
5.1.3 | Book value of deletions during 9 months / 12 months: | ||||
Freehold land | - | 387,498,500 | |||
Vehicles | 9,130,902 | - | |||
9,130,902 | 387,498,500 | ||||
5.2 | Right of use assets | ||||
Opening written down value | 14,535,457 | 16,150,508 | |||
Add: | Revaluation surplus created during the period | 5.1.1. | 1,033,307 | - | |
Less: | Depreciation charge for 6 months / 12 months | (1,098,648) | (1,615,051) | ||
Closing written down value | 14,470,116 | 14,535,457 | |||
6. | Trade debts | ||||
Considered good | |||||
Unsecured | |||||
Foreign | 175,115,717 | 159,683,074 | |||
Local | 63,540,785 | 112,886,808 | |||
Considered doubtful | 238,656,502 | 272,569,882 | |||
Unsecured | |||||
Foreign | 7,048,146,156 | 7,041,998,879 | |||
Less: Allowance for expected credit losses | (7,048,146,156) | (7,048,146,156) | |||
(0) | (6,147,277) | ||||
238,656,502 | 266,422,605 | ||||
Un-audited | Audited | |||
March 31, | June 30, | |||
NOTE | 2026 | 2025 | ||
Rupees | Rupees | |||
7. Surplus on revaluation of property, plant and equipment | ||||
Opening balance | 535,130,147 | 923,546,882 | ||
Surplus created during the period | 82,754,738 | - | ||
Adjustment during 9 months / 12 months: | ||||
Disposal of fixed assets | - | (383,376,600) | ||
Incremental depreciation for the period | (5,494,449) | (5,040,135) | ||
(5,494,449) | (388,416,735) | |||
Closing balance | 612,390,436 | 535,130,147 | ||
8. Long term financing | ||||
From banking companies and financial institutions - secured | 8.1. | 863,726,824 | 1,054,373,411 | |
Due to related party - unsecured | 8.2. | 301,653,194 | 239,540,546 | |
1,165,380,018 | 1,293,913,957 | |||
8.1. From banking companies and financial institutions - secured | ||||
Under mark up arrangements | ||||
Demand finance | 8.1.1 | 1,369,848,873 | 1,462,848,873 | |
Long term finances under SBP | 19,176,163 | 19,176,163 | ||
Murabaha finance | 9,594,052 | 9,594,052 | ||
Murabaha finance II | 104,000,000 | 104,000,000 | ||
Not subject to mark up | ||||
Demand finance | 134,835,000 | 134,835,000 | ||
1,637,454,088 | 1,730,454,088 | |||
Less: Current portion shown under current liabilities | ||||
Installments over due | (456,309,488) | (337,105,215) | ||
Payable within one year | (317,417,776) | (338,975,462) | ||
(773,727,264) | (676,080,677) | |||
863,726,824 | 1,054,373,411 | |||
It includes an amount of rupees 820.722 million payable to United Bank Limited restructured in financial year 2024. The Company entered in to tripartite Settlement agreement with the Bank and Abwa knowledge village private limited in November 2023 according to which, the Company will repaid the loan in seven years in 28 quarterly installments commencing from December 2023 till September 2030. Mark up at cost of funds i.e. 5.69% will be accrued and will be paid after entire adjustment of principal in eight equal quarterly installments of rupees 28.899 million each commencing from December 2030 to September 2032. Further markup decretal liability and cost of funds from the date of decree till execution of settlement agreement shall be waived off amounting to Rs. 834.242 millions by the bank at the tail end subject to regular payments in accordance with the agreement. Till reporting date an amount of rupees 292 million has paid other than down payment.
As per terms of agreement with certain banks, the recommendation, declaration and payment of dividend is subject to prior written approval of the bank.
Un-audited | Audited | ||
March 31, | June 30, | ||
2026 | 2025 | ||
8.2. | Due to related party - unsecured | Rupees | Rupees |
Opening balance | 239,540,546 | 143,776,819 | |
Add: Received during the year | 76,000,000 | 132,000,000 | |
Fair value adjustment during the year | - | 8,417,451 | |
Less: Gain on recognition of loan at fair value | (13,887,352) | (44,653,724) | |
Closing balance | 301,653,194 | 239,540,546 | |
It represents balance due to Abwa Knowledge Village (Pvt.) Limited (AKVPL), a related party, against the repayment of long term loan to United Bank Limited on behalf of the Company under the triparte agreement dated November 15, 2023, The rent receivable from AKVPL is adjusted from the amount due to related party against the investment property during the year. In accordance with IFRS 9 "Financial Instruments", the loan has been recognized initially at fair value, being the present value of future cash outflows discounted at a market rate of interest applicable to similar instruments. The difference between the carrying amount and the fair value determined at initial recognition has been recognized as income / expense in statement of profit or loss. Subsequent to initial recognition, the loan is measured at amortized cost using the effective interest method, with finance cost recognized in the statement of profit or loss over the loan period to these condensed interim financial statements.
CONTINGENCIES AND COMMITMENTS
Contingencies
There is no material change in the status of contingencies as disclosed in Note 28.1 of the financial statements for the year ended June 30,2025.
Commitments
There was no commitment as at March 31, 2026 (June 30, 2025: Nil).
Period ended December 31, Un-audited
Quarter ended December 31, Un-audited
Cost of revenue
2026 2025 2026 2025
Rupees Rupees Rupees Rupees
Cost of goods manufactured 2,151,561,249 1,641,847,241 635,600,166 328,678,924 Finished goods
Opening stock
86,101,288
93,622,456
85,325,008
96,728,327
Closing stock
(80,140,715)
(90,597,536)
(80,140,715)
(90,597,536)
5,960,573
3,024,920
5,184,293
6,130,791
2,157,521,822
1,644,872,161
640,784,459
334,809,715
10.1 Cost of goods manufactured
Raw material consumed
1,235,715,995
941,843,157
372,059,125
174,866,942
Salaries, wages and benefits
117,959,506
94,723,949
36,408,772
24,255,850
Staff retirement benefits
6,535,302
7,052,005
2,025,944
1,253,099
Stores and spares
6,184,454
2,877,485
2,131,545
501,817
Dyes and chemicals
242,273,612
201,142,009
52,370,142
71,272,102
Packing material
238,178,039
193,013,719
75,875,944
34,580,990
Conversion and processing charges
236,590,660
146,567,255
72,988,111
6,710,143
Repairs and maintenance
4,307,492
2,311,375
1,827,167
895,391
Fuel and power
31,319,164
21,960,465
9,654,065
3,783,834
Depreciation
30,021,037
25,458,773
11,040,841
8,617,904
Other
5,804,100
6,412,013
1,251,399
2,425,275
Work in process
2,154,889,361
1,643,362,205
637,633,055
329,163,347
Opening stock
18,216,998
19,110,448
19,512,221
20,140,989
Closing stock
(21,545,110)
(20,625,412)
(21,545,110)
(20,625,412)
(3,328,112)
(1,514,964)
(2,032,889)
(484,423)
2,151,561,249
1,641,847,241
635,600,166
328,678,924
Finance cost
The provision of mark up on financial facilities under litigation has not been made in this condensed interim financial report. Based on the legal opinion, the Company feels that after institution of the suit, a financial institution is only entitled to cost of funds if so awarded by the court in any decree which may be passed by the court. Therefore Company has not accrued any cost of funds / interest on the said outstanding balances.
Transactions with related parties
The related parties comprise associated undertakings, directors of the Company and key management personnel. The Company in the normal course of business carries out transaction with related parties. Detail of transactions and balances with related parties are as follows:
Description
i) Transactions
Nature of transaction
Un-audited Un-audited March 31, March 31,
2026 2025
Rupees Rupees
Associated companies
Rentals 540,000 -
Other related parties
Sales
76,795,610
122,118,877
Rentals
4,635,000
4,590,000
Repayment of loan
80,500,000
100,000,000
Sale of property plant & equipments
-
40,000,000
Remuneration to chief executive officer, director and executives
23,140,450
24,112,421
Un-audited
Audited
March 31,
June 30,
2026
2025
ii) Period end balances
Rupees
Rupees
Associated companies
Other receivable
540,000
-
Other related parties
Trade debts
35,799,786
77,802,176
Long term financing
301,653,194
239,540,546
Other receivable
37,870,000
90,235,000
FINANCIAL RISK MANAGEMENT
13.1. Overdue loans
On the reporting date the installments of long term finances amounting to Rs. 456.309 million along with mark up of Rs. 1,652.261 million, lease finance amounting to Rs. 54.326 million along with mark up of Rs. 19.619 million and short term borrowings amounting to Rs. 5,043.819 million along with mark up of Rs. 2,595.828 million were over due. On reporting date the carrying amount of loans relevant to above overdue were long term finances Rs. 1,637.454 million, lease finance Rs. 54.326 million and short term borrowings Rs. 5,043.819 million.
DISCLOSURE REQUIREMENTS FOR COMPANY NOT ENGAGED IN SHARIAH NON-PERMISSIBLE BUSINESS ACTIVITIES AS ITS CORE BUSINESS ACTIVITIES:
Un-audited
Audited
March 31,
2026
June 30,
2025
Description
Rupees
Rupees
Statement of financial position
Shariah compliant bank deposits and bank balances
88,899
2,076,613
Financing (long term, short term) obtained as per islamic mode
Long term financing
250,676,984
255,676,984
Short term borrowing
327,001,676
327,001,675
Un-audited
Un-audited
March 31,
2026
March 31,
2025
Rupees
Rupees
Description
Statement of profit or loss
Revenue earned from shariah compliant business 2,444,332,802 1,823,999,820 Exchange loss accrued on local currency - net 7,722,426 -
Profit earned or interest expense on any conventional loan / advance
Mark up on long term loan 56,299,700 64,151,814
Source and detailed breakup of other income including other or miscellaneous portion of other income into shariah-compliant and non-compliant income:
Shariah compliant
Exchange gain - net
8,711,740
-
Gain on disposal of property, plant and equipment
59,958
29,915,455
Rental income
5,175,000
4,590,000
Non - shariah compliant
Gain on recognition of loan at fair value 13,887,352 -
Relationship with shariah compliant financial institutions including banks
Name Relationship
Meezan Bank Limited Bank balance
NBP Islamic Bank Bank balance, Long term financing, Short term borrowings
BankIslami Pakistan Limited Bank balance, Long term financing
Corresponding figures
In order to comply with the requirement of International Accounting Standard (IAS) 34 'Interim Financial Reporting', the condensed interim statement of financial position and condensed interim statement of changes in equity have been compared with the balances of annual audited financial statement of preceding financial year, whereas, the condensed statement of profit and loss, condensed interim statement of comprehensive income and condensed interim statement of cash flows have been compared with the balances of comparable period of immediately preceding financial year.
Corresponding figure have been re-arranged, where necessary for the purpose of comparison. However no significant re-measurement has been made in these condensed interim financial statements.
Date of authorization for issue
These condensed interim financial statements was authorized for issue on April 30, 2026 by the Board of Directors of the Company.
GENERAL
There is no unusual item included in this condensed interim financial statements which is affecting assets, liabilities, loss, comprehensive loss, cash flows or equity of the Company.
Provision for taxation and provision for gratuity is based on these condensed interim financial statements and is subject to adjustment in annual financial statements.
Figures have been rounded off to the nearest Rupee unless otherwise indicated.
CHIEF FINANCIAL OFFICER
AMTEX LIMITED
P-225, Tikka Gali # 2 Montgomery Bazar Faisalabad Tel: +9241-2428500 Fax: +9241-4361726,27