29t' April 2025
Arif Habib Corp
FORM-7
The General Manager
Pakistan Stock Exchange Limited Stock Exchange Building
Stock Exchange Road Karachi
Contact: 021-32439618; 021-35274381
Fax: 021-111-573-329
Subject: Announcement - Financial Results for the Quarter Ended 31stMarch 2025 Dear Sir
We have to inform you that Board of Directors of Arif Habib Corporation Limited (AHCL) in their meeting held on Monday, 28"' April 2025 at 3:00 p.m. at Arif Habib Centre, 23 M. T. Khan Road, Karachi recommended the following:
CASH DIVIDEND NIL
BONUS SHARES NIL
RIGHT SHARES NIL
ANY OTHER ENTITLEMENT/CORPORATE ACTION NIL
ANY OTHER PRICE-SENSITIVE INFORMATION NIL
The financial results for the nine months and quarter ended 31stMarch 2025, along with the required additional statements, are attached herewith as follows :
Condensed Interim Consolidated Statement of Profit or Loss (Annexure-A-1)
Condensed Interim Consolidated Statement of Comprehensive Income (Annexure-A-2)
Condensed Interim Consolidated Statement of Financial Position (Annexure-A-3)
Condensed Interim Consolidated Statement of Changes in Equity (Annexure-A-4)
Condensed Interim Consolidated Statement of Cash Flows (Annexure-A-5)
Condensed Interim Unconsolidated Statement of Profit or Loss and Other Comprehensive Income (Annexure-B-1)
Condensed Interim Unconsolidated Statement of Financial Position (Annexure-B-2) Condensed Interim Unconsolidated Statement of Changes in Equity (Annexure-B-3) Condensed Interim Unconsolidated Statement of Cash Flows (Annexure-B-4)
Directors' Review Report (Annexure-C)
Page 1 of 2
Arif Habib Corporation Limited
Registered & Corporate Office: Arif Habib Centre, 23, M.T. Khan Road, Karachi - 74000 Phone: +92 21 32460717-9 | Fax: +92 21 32468117, 32429653
Email: info@arifhabibcorp.com | Web: https://www.arifhabibcorp.com
Continuation Sheet Arif Habib Corp
The Quarterly Report of the Company for the nine months and quarter ended 31stMarch 2025 will be transmitted through PUCARS separately, within the specified time.
Yours' faithfully
Manzoor Raza Company Secretary
Page 2 of 2
ARIF HABIB CORPORATION LIMITED
CONDENSED INTERIM CONSOLIDATED STATEMENT OF PROFIT OR LOSS (UNAUDITED) FOR THE NINE MONTHS PERIOD ENDED 31 MARCH 2Q25
Nine months period ended | Three months period ended | |||
31 March | 31 March | 31 March | 31 March | |
2025 | 2024 | 2025 | 2024 | |
(Restated) | (Restated) | |||
(Rupees) | (Rupees) | |||
Revenue | 6,195,226,431 | 6,836,598,441 | 1,480,902,729 | 1,658 581,879 |
Gain / (loss) on remeasurement of investments - net | 1,671,490,650 | 410,525,773 | (426,545,016) | (1,185,705,361) |
Gain on sale of investments - net | 1,286,924,936 | 462,830,212 | 418,334,449 | 463,749,779 |
Net change in fair value of investment properties | (18,936,679) | (1OQ,000) | (6,500,000) | |
9,134,705,338 | 7,709,854,426 | 1,466,192,162 | 936,626,297 | |
Cost of energy sales | (1,395,218,473) | (1,379,477,429) | (429,089,667) | (416,703,142) |
Administrative expenses | (1,660,568,258) | (965,226,948) | (361,275,75Q) | (312,076,802) |
Other income | 74,539,46Q | 17,856,787 | 22,226,810 | 6,273,701 |
Finance cost | (1,158,006,672) | (1,428 301,928) | (288,058,077) | (419,715,404) |
Other charges | (55,340,811) | (3,996,343) | (4,061,156) | 1,655,470 |
4,940,110,584 | 3,950,708,565 | 405,934,322 | (203,939 880) | |
Share of profit of equity-accounted | ||||
associates investees - net of tax | 5,478,752,Q84 | 3,974,915,279 | 1,573,13*,895 | 1 00,607 170 |
Profit before levies and income tax | 10,418,862,668 | 7 925,623,844 | 1,979,068,217 | 1,096,667,290 |
Levies - Final tax | (111,997,646) | (27,623,307) | (43,594,3Q3) | 27,623,307) |
Profit before income tax | 10,306,865,022 | 7,898, 000,537 | 1,935,473,914 | 1 069,043,983 |
Income tax expense | (2,370,136,960) (1,273,115,030) | (321,477,742) (193,136,843) | ||
Profit for the period | 7,936,728,062 | 6,624,885,507 | 1,613,996,172 | 875,907,140 |
Profit attributable to: | ||||
Equity holders of the Parent Company | 7,493,335,235 | 6,187,193,708 | 1,507,048,086 | 755,986,724 |
Non-controlling interests | 443,392,827 | 437,691,799 | 106,948,086 | 119,920,416 |
7,936,728,062 | 6,624,885,507 | 1,613,996,172 | 875,907,140 | |
Earnings per share - basic & diluted | 1.78 | 1.47 | 0.36 | 018 |
ARIF HABIB CORPORATION LIMITED
CONDENSED INTERIM CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (UNAUDITED) FOR THE NINE MONTHS PERIOD ENDEO 31 MARCH 2025
Nine months period ended Three months period ended
31 March 31 March
2025 2024
(Restated)
(Rupees)
31 March 31 March
2025 2024
(Restated)
(Rupees)
Profit for the period
Other comprehensive income
Items that will not be reclassified subsequently to consolidated statement of profit or loss
Share of other comprehensive income of equity-accounted associates - net of tax
Other comprehensive loss for the period - net of tax
7,936,728, 062
(9,327,571)
(14,965,188) 115,141
(9,327,571)
6,624,885,507
(14,965,188)
1,613,996,172
115,141
875,907, 140
f139,748)
(139, 748)
Total comprehensive income for the period
Total comprehensive income attributable to:
7,927,400,491 6,609,920,319 1,614,111,313
875,767,392
Equity holders of the Parent Company
7,484,007,66A
6,172, 228,520
1,507,163,227
755,846,976
Non-controlling interests 443,392,827 437,691,799 106,948,086 119,920,416
7,927,400,491
6,609,920,319 1,614,111,313
875,767,392
ASSETS
NON-CURRENT ASSETS
Property, plant and equipment | 15,890,826,268 | 16,862,656,879 | |
Intangible assets | 708,759 | 978,594 | |
Goodwill | 910,206,117 | 910,206,117 | |
Trading right entitlement certificate, membership cards and offices | 5,600,000 | 5,600,000 | |
Investment properties | 1,775,920,000 | 207,900,000 | |
Equity accounted investees | 31,317,013,164 | 19,528,823,031 | |
Other long term investments | 8,170,823,561 | 4,832,776,004 | |
Long term loan to related party | 49,670,165 | ||
Long term deposits and other receivables | 32,897,451 | 56,374,711 | |
58,103,995,320 | 42,454,985,501 | ||
CURRENT ASSETS | |||
Trade debts | 5,574,668,287 | 5,766,986,879 | |
Loans and advances | 1,174,259,958 | 4,088,604,166 | |
Deposits and prepayments | 496,363,187 | 304,237,366 | |
Receivable under margin trading system | 3,728,236 | 12,631,269 | |
Receivable against trading of securities - net | 82,461,681 | ||
Accrued mark-up and other receivables | 1,639,447,870 | 1,233,332,362 | |
Short term investments | 3,010,863,263 | 7,344,894, 001 | |
Cash and bank balances | 4,797,122,516 | 3,768,472,554 | |
16,778,914,998 | 22,519,158,597 | ||
TOTAL ASSETS | 74,882,910,318 | 64,974,144, 098 |
EQUITY AND LIABILITIES
SHARE CAPITAL AND RESERVES
Authorised share capital | 10,000,000,000 | 10,000,000, 000 | |
Share capital | |||
Issued, subscribed and paid-up share capital | 4,216,967,470 | 4,083,750, 000 | |
Shares to be issued under scheme of arrangement | 133,217,470 | ||
4,216,967,470 | 4,216,967,470 | ||
Capital reserve Surplus on revaluation | 7,835,000 | 7,835,000 | |
Revenue reserves | |||
General reserve | 4,019,567,665 | 4,019,567,665 | |
Unappropriated profit | 39,286,901,222 | 34,805,458,414 | |
Equity attributable to owners of the Parent Company | 47,531,271,357 | 43,049,828,549 | |
Non-controlling interest | 2,493,47Y,141 | 2,364,303,954 | |
TOTAL EQUITY | 50,024,748,498 | 45,414,132,503 | |
NON-CURRENT LIABILITIES |
4,132,618,601 522,537,950 35,016,003 31,507,012 49,728,266 5,507,897,985 |
10,279,305,817 |
5,095,652,052 313,118,929 47,686,822 4,043,582,584 975,000,000 2,806,000,000 39,357,453 9,280,000 1,197,525,888 51,652,275 |
14,578,856,003 |
5,449,490,891 11,868,514 84,203,968 46,016,466 4,095,822,090 |
9,687,401,929 |
3,717,948,719 264,357,754 208,926,360 1,165,647,311 800,000,000 2,788,000,000 51,881,487 1,360, 000 198,721,206 631,925,278 43,841,551 |
9,872,609,666 |
Long term loans - secured
Contributions from Musharaka participants Land lease liability
Lease liability against right-of-use assets Staff retirement benefits
Deferred taxation - net
CURRENT LIABILITIES
Trade and other payables Accrued mark-up
Sales tax payable Short term borrowings Loan from sponsor
Current portion of long term loans - secured
Current portion of lease liability against right-of-use assets Current portion of land lease liability
Payable against purchase of investment - net Taxation - net
Unclaimed dividend
TOTAL LIABILITIES Contingencies and commitments | 24,858,161,820 | 19,560, 011,595 | |
TOTAL EQUITY AND LIABILITIES | 74,882,910,318 | 64,974,144, 098 |
ARIF HABIB CORPORATION LIMITED
CONDENSED INTERI M CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (UNAUDITEO) FOR THE NINE MONTH S PERIOD ENDED 31 MARCH 2025
Equity attributable to owners of the Parent Non-controlling
Total
Issued,
Shares to be
Capital reserve Revenue reserves
interests
equity
issued
subscñbed aud paid up
under scheme
SU@IU5 On General Unappropriated
revaluatiO0 reserve profit
Total
- -------------- ------------------- --------------- (Rupees) ---------------------.-.-.-..-.-.-.. . ... ._. _._._.. ..._
Bal ance as at 1 July 2023
Transacfions with owners of the Company recorded direcfiy in equity
Effect of scheme of arrangement - note 1.1.1
Total Comprehensive income for the nine months period 31 March 2024
Profit for the period (restated)
Other comprehensive loss (restated)
Distribution by subsidiaries
Balance as at 31 March 2024 (restated)
Total comprehensive income for the three months period ended 30 June 2024
Profit for the period (restated)
Other comprehensive loss (restated)
Distribution by subsidiaries Balance as at 30 June 2024
Total comprehensive income for the nine months period 31 March 2025
Profit for the period
4,083, 760,000
133,217,470 | 995,762,895 | 1,12B, 980,365 | (1,128,980,365) | |||
- | - | 6,187,193,708 | 6,187,193,708 | 437, 691,799 | 6,624,885,507 | |
- | - - | (14,965,188) 6,172,228,520 | (14,965U88) 6,172228,520 | 438, 691,799 | (14,965,188) 6,609,920,319 | |
(157, 612,430) | (157, 612, 430) | |||||
4,083,750,000 133,217, 70 | 7,835, 000 | 4,019,567, 665 | 33,172,628, 210 | 41,416,998,345 | 2,221,854,574 | 43,638,852,919 |
7,835, 000 4,019,567, 665 26,004,636,795
- 1,632,988,987
- - (158,783)
- - 1,632,830,204
34,415,789,460
1,632.988,987
( $g yg$) 1,632,830,204
3,070,755,570
255,833,115
25'5,833,115
4,083, 750,000 133,217,470 7,835, 000 4,019,567,665 34,805,458,414 | 43,049,828,549 | 2,364,303,954 | 45,414,132,503 |
- - 7,493,335,235 | 7,493,335,235 | 443,392,827 | 7,936,728,062 |
(113,383,735)
37,186,545, 030
1,888,822,102
(158,783)
1,B88, 663,319
Other comprehensive income
- - (9,327,571) (9,327,571) (9,327,s71)
Transacflons with owners of the Company recorded direcfly in equity
Final cash dividend at the rate of Rs. 7 per share for the yaar ended 30 June 2024
Distribution by subsidiaries
- - 7,484,007,664
(2,951,877,229)
7,484,007,664
(2,951,877, 229)
443,392,827
(303,567,580)
7,927,400,491
(2,951,877,229)
(303, 567,580)
Acquisition of equity interest in suosidiary without change in control - net
Shares issued under scheme of arrangement
133,217,470
(133, 217,470)
(50,687,627)
(50,687,627)
(10,652,060)
(61,339,687)
Balance as at 31 March 2025
4,216,967.470 7 835,000 4.0J9,567,665 39,286,90j,222 47,531,271,357 2,493,477,141 TO,024,748,498
ARIF HABIB CORPORATION LIMITED
CONDENSED INTERIM CONSOLIDATED STATEMENT OF CASH FLOWS (UNAUDITED) FOR THE NINE MONTHS PERIOD ENDED 31 MARCH 2025
Nine months period ended 31 March 31 March
2025 2024
(Rupees)
CASH FLOWS FROM OPERATING ACTIVITIES
Cash generated from operations Income taxes paid
Finance cost paid Mark-up received Dividend received Gratuity paid
Net cash generated from operating activities
CASH FLOWS FROM INVESTING ACTIVITIES
Capital expenditure incurred Acquisition of long term investments Acquisition of investment properties
Acquisition of equity interest in subsidiary (AHL) - net Acquisition of equity accounted investees
Proceeds from sale of equity accounted investees Proceeds from sale of property, plant and equipment Proceeds from sale of investment property
Long term deposit and other receivables recovered / (paid) Dividend from equity accounted investee
Net cash used in investing activities
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from sponsor loan Repayment of sponsor loan
Contributions received from Musharaka participants Short term loans obtained
Short term loans repaid Repayment of long term loan Lease rentals paid
Dividend paid
Distribution by subsidiary to non-controlling interest Net cash used in financing activities
Net change in cash and cash equivalents
Cash and cash equivalents at beginning of the period Cash and cash equivalents at end of the period
7,556,331,680
(504,458,101)
(1,018,219,974)
530,463,686
234,357,620
(969,501) 6,797,505,410
(9,215,530)
(274,769,001)
(1,715,020,000)
(61,339,687)
(4,507,198,513)
284,116,507
155,157
128,063,321
23,477,260
1,493,199,031
(4,638,531,454)
5,089,000,000
(4,914,000,000)
522,537,950
6,300,000,000
(6,300,000,000)
(1,395,750,000)
(54,602,408)
(2,951,877,229)
(303,567,580)
(4,008,259,267)
(1,849,285,311)
2,602,825,243
753,539,932
7,426,016,749
(358,548,824)
(1,234,962,207)
810,123,701
646,639,519
(2,897,657) 7,286,371,281
(5,803,419)
(11,379,389)
(689,870,415)
258,779
(638,548)
558,250,361
(149,182,631)
(1,474,500,000)
(39,533,738)
(157,612,430)
(1,671,646,168)
5,465,542,482
(2,287,798,647)
3,177,743,835
ARIF HABIB CORPORATION LIMITED
CONDENSED INTERIM UNCONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME (UNAUDITED)
FOR THE NINE MONTHS PERIOD ENDED 31 MARCH 2025
Nine monthsperiod ended | Three months period ended | ||||||
31 March | 31 March | 31 March | 31 March | ||||
2025 | 2024 | 2025 | 2024 | ||||
(Restated) | (Restated) | ||||||
----- - ----- | --- - ------(Rupees) - | ||||||
Dividend income | 3,447,863,502 | 2,103,665,427 | 108,200,595 | 102,350,625 | |||
Other revenue | 102,287,222 | 92,443,181 | 34,544,846 | 31,879,708 | |||
Gross revenue | 3,550,150,724 | 2,196,108,608 | 142,745,441 | 134,230,333 | |||
Gain on sale of securities - net | 614,208,632 | 279,478,937 | 136,451,915 | 159,256,710 | |||
Administrative expenses | (193,113,578) | (121,730,658) | (100,628,677) | (37,199,846) | |||
Net finance cost | (403,291,458) | (208,322,775) | (78,471,017) | (78,089,580) | |||
3,567,954,320 | 2,145,534,113 | 100,097,662 | 178,197,618 | ||||
Gain on remeasurement of investments - net | 18,406,772,560 | 3,552,952,696 | 3,619,086,761 | 331,861,369 | |||
Net change in fair value of investment properties | (18,936,679) | (6,500,000) | |||||
21,955,790,201 | 5,698,486,809 | 3,712,684,423 | 510,058,987 | ||||
Other income | 8,384 | ||||||
Other charges | (7,860,457) | (3,628,941) | (3,285,250) | (1,421,041) | |||
Profit before levies and income tax | 21,947,938,128 | 5,694,857,868 | 3,709,399,173 | 508,637,946 | |||
Levies - Final Tax | (1,800,062) | (2,831,850) | (94,500) | ||||
Profit before income tax | 21,946,138,066 | 5,692,026,018 | 3,709,399,173 | 508,543,446 | |||
Income tax expense | (3,695,048,472) | (671,783,882) | (615,394,800) | (7,255,118) | |||
Profit for the period | 18,251,089,594 | 5,020,242,136 | 3,094,004,373 | 501,288,328 | |||
Other comprehensive income | |||||||
Total comprehensive income for the period | 18,251,089,594 | 5,020,242,136 | 3,094,004,373 | 501,288,328 | |||
Earnings per share - basic and diluted | 4.33 | 1.19 | 0.73 | 0.12 | |||
ARIF HABIB CORPORATION LIMITED
CONDENSED INTERIM UNCONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2025
(Unaudited) | (Audited) | |
31 March | 30 June | |
2025 | 2024 (Rupees) - | |
ASSETS | ||
NON-CURRENT ASSETS | ||
Property and equipments | 37,608,144 | 49,532,593 |
Intangible assets | 141,875 | |
Investment properties | 1,732,020,000 | 169,000,000 |
Long term investments | 54,364,140,196 | 26,363, 022,014 |
Long term loan to related party
Loans and advances | 1,168,175,093 | 4,088,591,568 | |
Mark-up receivable | 57,138,578 | 77,280,288 | |
Prepayments and other receivables | 771,821,560 | 660,748,917 | |
Short term investments | 2,340,992,756 | 6,794,188,359 | |
Cash and bank balances | 94,363,593 | 45,975,441 | |
4,432,491,580 | 11,666,784,573 | ||
TOTAL ASSETS | 60,573,036,998 | 38,304, 031,598 | |
EQUITY AND LIABILITIES | |||
SHARE CAPITAL AND RESERVES | |||
Authorised share capital Share capital | 10,000,000,000 | 10,000,000, 000 |
CURRENT LIABILITIES | |||
Short term borrowings | 3,965,768,967 | 501,329,430 | |
Loan from sponsor | 975,000,000 | 800,000,000 | |
Other payables | 390,718,702 | 970,937,063 | |
Current portion of lease liability | 16,544,508 | 12,823,623 | |
Taxation - net | 998,240,529 | 591,841,742 | |
Unclaimed dividend | 28,400,446 | 22,181,726 | |
6,374,673,152 | 2,899,113,584 | ||
TOTAL LIABILITIES | 11,204,385,847 | 4,234,592,812 | |
Contingencies and commitments | |||
TOTAL EQUITY AND LIABILITIES | 60,573,036,998 | 38,304,031,598 | |
Long term deposits and other receivable CURRENT ASSETS
6,777,078 56,140,545,418
49,670,165
5,880,378 26,637,247,025
Issued, subscribed and paid up share capital | 4,216,967,470 | 4,083,750, 000 | |
Shares to be issued under scheme of arrangement | 133,217,470 | ||
4,216,967,470 | 4,216,967,470 | ||
Revenue reserves | |||
General reserve | 4,000,000,000 | 4,000,000, 000 | |
Unappropriated profit | 41,151,683,681 | 25,852,471,316 | |
TOTAL EQUITY | 49,368,651,151 | 34,069,438,786 | |
LIABILITIES | |||
NON-CURRENT LIABILITIES | |||
Deferred taxation - net | 4,302,222,010 | 1,317,575, 057 | |
Contributions from Musharaka participants Lease liability against right of use assets | 522,537,950 4,952,735 4,829,712,695 | 17,904,171 1,335,479,228 |
ARIF HABIB CORPORATION LIMITED
CONDENSED INTERIM UNCONSOLIDATED STATEMENT OF CHANGES IN EQUITY (UNAUDITED) FOR THE NINE MONTHS PERIOD ENDED 31 MARCH 2025
Issued, subscribed and paid up str are capital
Shares to be issued under scheme of arrangement
Reserves
Revenue Reserves General Unappropriated reserve profit
Total
----------- - ---------------------------------- (Rupees) -----------------------------------------------------• ----
Balance as at 1 July z023 | 4,083,750,000 | 4,000,000,000 | 12,385,423,995 | 16,385,423,995 | 20,469,173,995 | ||||||||||
Total comprehensive income for the nine months period | |||||||||||||||
ended 31 March 2024 | |||||||||||||||
Profit for the period (Restated) | 5,020, 242,136 | 5,020,242,136 | 5,020, 242,136 | ||||||||||||
Other comprehensive income for the period | |||||||||||||||
Transactions with owners of the Company | 5,020, 242,136 | 5,020,242,136 | 5,020, 242,136 | ||||||||||||
recorded directy in equity - distributions | |||||||||||||||
Effect of scheme of arrangement / merqer - note 1.3.1 | 133, 217,470 | 4,036, 449,816 | 4,036,449,816 | 4,169, 667,286 | |||||||||||
Balance as at 31 March 2024 (Restated) | 4,083,750,000 | 133,217,470 | 4,000, 000,000 | 21,442,115,947 | 25, 442,115,947 | 29,659,083,417 | |||||||||
Total comprehensive income for the three | |||||||||||||||
months period ended 30 June 2024 | |||||||||||||||
Profit for the period (Restated) | 4,410,355,369 | 4,410,355,369 | 4,410,355,369 | ||||||||||||
Other comprehensive income for the period | 4,410,355,369 | 4,410,355,369 | 4,410,355,369 | ||||||||||||
Bal ance as at TO June 20z4 | 4,083,750,000 | 25,852,471,316 | 29,852,471,316 | 34,069,438,786 | |||||||||||
Total comprehensive income for the nine months period ended 31 March t0z5 | |||||||||||||||
Profit for the period | 18,251,089,594 | 18,251,089,594 | 18,251, 089,594 | ||||||||||||
Other comprehensive income for the period | 18,251, 089,594 | 18,251,089,594 | 18,251, 089,594 | ||||||||||||
Transactions with owners of the Company | |||||||||||||||
recorded directlv in eouitv - distributions | |||||||||||||||
Final cash dividend at the rate of Rs. 7 per share for the year ended 30 June 2024
Shares issued under scheme of arranaement
133,217,470
(133,217,470)
(2,951,877,229)
(2,951,877,229)
Balance as at 31 March 2025
4 216 967 470
4 000 000 000
41 151,683 681
45,151 683 681
49 368 651 UI
ARIF HABIB CORPORATION LIMITED
CONDENSED INTERIM UNCONSOLIDATED STATEMENT OF CASH FLOWS (UNAUDITED) FOR THE NINE MONTHS PERIOD ENDED 31 MARCH 2025
Nine months period ended 31 March 31 March
2025 2024
(Restated)
(Rupees)
CASH FLOWS FROM OPERATING ACTIVITIES
Net cash generated from / (used in) operations Income tax paid
Finance cost paid Mark-up received
Net cash generated from / (used in) operating activities
CASH FLOWS FROM INVESTING ACTIVITIES
Capital expenditure incurred - net Acquisition of long term investments
Proceeds from disposal of long term investments Acquisition of investment properties
Proceeds from disposal of investment properties Dividends received
Long term deposits (paid) / recovered
Net cash (used in) / generated from investing activities
2,340,915,070 (1,864,282,387)
(305,802,794) (221,469,244)
(606,254,870) (572,789,913)
145,580,815 412,720,880 1,574,438,221 (2,245,820,664)
(1,455,574)
(11,3T9,390)
-(697,370,415)
-2,103,665,427
-
(1,935,712)
(4,905,475,347)
431,634,136
(1,710,020,000)
128,063,321
3,339,662,906
(896,700)
(2,718,967,397) 1,393,460,048
CASH FLOWS FROM FINANCING ACTIVITIES
Lease rental paid
Short term loans obtained Short term loans repaid Proceeds from sponsor loan Repayment of sponsor loan
Contributions received from Musharaka participants Dividend paid
Net cash used in financing activities
(17,191,314)
6,300,000,000
(6,300,000,000)
3,839,000,000
(3,664,000,000)
522,537,950
(2,951,877,229)
(2,271,530,593)
(15,125,340)
(15,125,340)
Net decrease in cash and cash equivalents
Cash and cash equivalents at beginning of the period Effect of exchange rate fluctuations on cash held Cash and cash equivalents at end of the period
(3,416,059,769) (867,485,956)
(455,353,989) (2,273,932,057)
8,384 (339,441)
(3,871,405,374) (3,141,757,454)
Directors' Review Report Arif Habib Corporation Limited - Period Ended March 31, 2025
Dear Fellow Shareholders,
The Board of Directors of Arif Habib Corporation Limited (AHCL) is pleased to present the Directors' Review Report along with the condensed interim consolidated and unconsolidated financial statements for the nine-month and quarter ended March 31, 2025.
THE ECONOMYThe first nine months of FY 2025 reflected continued macroeconomic stabilization, supported by policy continuity and sustained external backing. Pakistan reached a Staff-Level Agreement with the International Monetary Fund (IMF) under the USD 7 billion Extended Fund Facility (EFF), paving the way for a potential disbursement of USD 1.0 billion. Additionally, a new 28-month arrangement of USD 1.3 billion was finalized under the Resilience and Sustainability Facility (RSF).
Macroeconomic indicators showed encouraging trends. Foreign exchange reserves stood at USD 10.7 billion as of March 2025, underpinned by record remittances of USD 28.0 billion during the nine-month period. Inflation saw a substantial decline, averaging just 1.57% in 1QCY25 compared to 24.03% in the corresponding period last year. The State Bank of Pakistan reduced the policy rate to 12%, reflecting improved economic sentiment. The Pakistani Rupee remained largely stable, closing at PKR 280.16 against the US Dollar.
While these indicators signal progress,-including US tariff measures-may impact world trade and pose challenges for Pakistan's exports. However, the decline in international oil prices offers some external relief. Domestically, the government has expressed intent to provide selective tax relief by rationalizing expenditure, advancing privatization efforts, and encouraging market-based pricing for petroleum and agricultural produce. Additionally, export promotion has been identified as a key policy focus to support long-term growth.
Sustaining economic momentum will require continued structural reforms, prudent fiscal management, and the promotion of investment-led growth.
SHARE SUBDIVISION AND CAPITAL RESTRUCTURINGTo enhance market liquidity, improve investor accessibility, and align the share price with broader market participation, the shareholders approved a share subdivision on March 19, 2025. As a result, the face value of each ordinary share was reduced from PKR 10 to PKR 1. Accordingly, the number of issued shares increased from 421,696,747 to 4,216,967,470 ordinary shares without impacting the Company's total paid-up capital or shareholders' rights.
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In line with IAS 33 - Earnings Per Share, EPS for all periods presented has been retrospectively adjusted to reflect the effect of the share subdivision as if it had occurred at the beginning of the earliest period presented.
FINANCIAL RESULTSDuring the nine-month period ended March 31, 2025, Arif Habib Corporation Limited delivered a strong financial performance. On a consolidated basis, profit after tax attributable to equity holders stood at PKR 7,493 million, compared to PKR 6,187 million (restated) in the corresponding period last year. Earnings per share (EPS) on a consolidated basis increased to PKR 1.78, up from PKR 1.47 (restated), primarily driven by improved performance of group companies such as Arif Habib Limited, Power Cement, and Javedan Corporation. While Sachal Energy and Fatima Fertilizer remained key contributors, their profitability was slightly lower compared to the corresponding quarter.
On an unconsolidated basis, the Company posted a profit after tax of PKR 18,251 million, significantly higher than PKR 5,020 million in the prior period, resulting in an EPS of PKR
4.33 compared to PKR 1.19 (restated). This strong performance was primarily attributable to higher dividend income, capital gains, and favorable remeasurement gains on investments.
PERFORMANCE OF SUBSIDIARIES AND ASSOCIATESGroup companies demonstrated a mixed performance during the nine-month period ended March 31, 2025. Arif Habib Limited reported a profit after tax of PKR 755.87 million, compared to PKR 441.24 million in the same period last year, translating into an EPS of PKR
11.57 (9MFY24: PKR 6.75), supported by improved market activity across brokerage and advisory segments. Javedan Corporation Limited continued to deliver strong results, with profit increasing to PKR 1,786.83 million from PKR 1,124.71 million, driven by robust demand in the real estate sector and sustained project execution.
Power Cement Limited recorded a notable turnaround, posting a profit after tax of PKR 347.93 million compared to a loss of PKR 1,186.91 million in the same period last year. This recovery was underpinned by improved operational efficiencies and a significant reduction in finance costs. Sachal Energy remained a stable contributor with profit after tax of PKR 1,789.44 million, although slightly lower than PKR 2,237.12 million in the corresponding period.
Fatima Fertilizer maintained robust profitability, recording a profit after tax of PKR 31,185.94 million (9MFY24: PKR 26,167.98 million). Fatima Fertilizer has pursued a strategy of diversification, leading to improved 'other income'. Notably, its 33.33% stake in National Resources (Private) Limited, which recently announced signs of initial copper-gold discovery in Chagai, Balochistan, marks a significant step toward domestic mineral sector development.
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SafeMix Concrete Limited remained profitable with PKR 52.92million in earnings, though lower than the PKR 86.28 million earned in the same period last year, reflecting subdued construction activity. Conversely, Aisha Steel Mills Limited faced a challenging operating environment, with its financial performance adversely affected by price compression and sluggish demand in the flat steel segment during the period under review.
FUTURE OUTLOOKWith declining inflation, easing interest rates, and improving macroeconomic stability, the business climate is expected to remain favorable. Continued IMF support, strong remittances, and fiscal consolidation are likely to support the recovery.
AHCL is well-positioned to capitalize on these developments, with expected sustained performance from the fertilizer and brokerage sectors, resilience in real estate and power, and improving outlooks in cement and steel. The Company remains strategically focused on efficiency, growth, and value creation, reinforcing our confidence in delivering consistent performance going forward.
ACKNOWLEDGEMENTThe Directors are grateful to the Company's stakeholders for their continuing confidence and patronage. We wish to place on record our appreciation and thanks for the faith and trust reposed by our Business Partners, Bankers & Financial Institutions. We thank the Ministry of Finance, the Securities & Exchange Commission of Pakistan, the State Bank of Pakistan, the Competition Commission of Pakistan, Central Depository Company of Pakistan and the Management of Pakistan Stock Exchange for their continued support and guidance which has gone a long way in giving present shape to the Company. We acknowledge the hard work put in by employees of the Company during the period. We also appreciate the valuable contribution and active role of the members.
For and on behalf of the BoardMr. Arif Habib Chief Executive | Mr. Asadullah Khawaja Chairman |
Karachi: April 28, 2025
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