Nine Months Accounts Period Ended March 31, 2025
BIBOJEE GROUP
CONTENTS
Company's Profile
Directors' Report (English & )
Condensed Interim Statement of
Financial Position
Condensed Interim Statement of
Profit or Loss & Other Comprehensive Income
Condensed Interim Statement of
Cash Flows
Condensed Interim Statement of
Changes in Equity
Notes to the Condensed Interim
Financial Information
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10-14
COMPANY'S PROFILE
Board of Directors | Mr. Ahmad Kuli Khan Khattak | Chairman |
Mrs. Shahnaz Sajjad Ahmad | Chief Executive | |
Lt. Gen. (Retd.) Ali Kuli Khan Khattak | ||
Dr. Shahin Kuli Khan Khattak | ||
Syed Zubair Ahmed Shah | ||
Mr. Abdul Rehman Qureshi (Independent) | ||
Brig. (R.) Agha Arshad Raza (Independent) | ||
Audit Committee | Mr. Abdul Rehman Qureshi | Chairman |
Syed Zubair Ahmad Shah | Member | |
Brig. (R.) Agha Arshad Raza | Member | |
Human Resource & | Mr. Abdul Rehman Qureshi | Chairman |
Remuneration Committee | Lt. Gen. (Retd.) Ali Kuli Khan Khattak | Member |
Mr. Ahmad Kuli Khan Khattak | Member | |
Mrs. Shahnaz Sajjad Ahmad | Member | |
Syed Zubair Ahmed Shah | Member | |
Brig. (R.) Agha Arshad Raza | Member | |
Chief Operating Officer (COO) | Mr. Khalid Kuli Khan Khattak | |
Assistant Chief Operating Officer / | Mr. Azmat Khan | |
Company Secretary | ||
Chief Financial Officer | Mr. Kalim Aslam | |
Head of Internal Audit | Mr. Sajid Nawaz Khan | |
Auditors | M/S. ShineWing Hameed Chaudhri & Co | |
Chartered Accountants | ||
Bankers | National Bank of Pakistan | |
Bank Alfalah Ltd. | ||
Legal Adviser | M/S Hassan & Hassan, Advocates | |
Paaf Building, 1-D, Kashmir / Egerton Road, Lahore | ||
Tax Consultant | M. Nawaz Khan & Co | |
1-Ground Floor, Farrah Centre, 2 Mozang Road, Lahore | ||
Registrars & Shares | CDC Share Registrar (Services) Limited | |
Registration Office | CDC House, 99-B, Block B, S.M.C.H.S. Main | |
Shahra-e-Faisal, Karachi-74400 | ||
Tel: UAN# 021-0800 23275, Fax: 021-34326053 | ||
E-Mail: info@cdcsrsl.com | ||
Registered Office | Bannu Woollen Mills Ltd | |
D.I.Khan Road, Bannu | ||
Tel. (0928) 612274, 662273, 613250 | ||
E-Mail: bannuwoollen@yahoo.com | ||
Web Site: www.bwm.com.pk | ||
Mills | D.I.Khan Road, Bannu | |
Tel. (0928) 612274, 662273, 613250 | ||
E-Mail: bannuwoollen@yahoo.com | ||
Web Site: www.bwm.com.pk |
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On behalf of the Board of Directors of Bannu Woollen Mills Limited, we are pleased to present the un-audited condensed interim Financial Statements of the Company for the third quarter and nine months period ended March 31, 2025.
FINANCIAL PERFORMANCE
During the third quarter, the Company's net sales were Rs. 95.713 million, an increase of 45% as compared to the same period of last year. However, cost of sales also increased significantly, resulting in a gross loss of Rs. 24.066 million, as opposed to a gross profit of Rs. 11.785 million in the corresponding quarter. Distribution and administrative expenses rose to Rs. 10.881 million and Rs. 35.006 million respectively. The Company recorded a loss before tax of Rs. 71.897 million during the third quarter, compared to a loss of Rs. 43.197 million in the same period last year. Loss per share for the quarter stood at Rs. ( 6.68) as compare to Rs. (3.89) of the corresponding quarter of last year.
The financial results for the nine months period under review are summarized below:
FINANCIAL RESULTS
Quarter ended | Nine months period ended | |||
Mar.31, | Mar.31, | Mar. 31, | Mar. 31, 202 4 | |
2025 | 2024 | 2025 | ||
---------------------- | Rupees in thousand | ---------------- | ||
Sales - net | 95,713 | 66,076 | 942,550 | 836,070 |
Gross (loss) / profit | (24,066) | 11,785 | 233,044 | 203,208 |
(Loss)/ profit from operations | (61,789) | (25,117) | 101,364 | 79,025 |
(Loss) / profit before taxation | (71,897) | (43,197) | 127,333 | 333,421 |
(Loss) / profit after taxation | (63,477) | (36,937) | 86,942 | 309,408 |
(Loss) / earnings per share | (6.68) | (3.89) | 9.15 | 32.55 |
During the period under review, the Company's net turnover increased by Rs. 106.480 million, reflecting a 13% growth compared to the corresponding period of last year. This increase indicates a recovery in demand, supported by improvements in sales strategies and easing of certain market constraints. Despite the increase in turnover, the Company's gross profit margin improved moderately to 24.72% from 24.30% as compare to corresponding period of last year.
The Company earned a net profit after taxation of Rs. 86.942 million for as compared to Rs. 309.408 million in the corresponding period of the last year. Notably, the previous year's result included a substantial impairment loss reversal from an Associated Company, which significantly boosted the bottom line. Excluding that non-recurring adjustment, the underlying profit performance for 2025 remains stable and reflects operational resilience.
Earnings per share (EPS) for the nine-month period stood at Rs. 9.15, compared to Rs. 32.55 in the previous year. Th e year-on-year decline is largely attributable to the absence of the impairment-related reversal from the Associated Company that was recorded in 2024.
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Finance cost decreased to Rs. 56.733 million from Rs. 68.927 million as compare to same period of corresponding year, reflecting a reduction in policy rates and improved cash flow management.
The Company achieved greasy production of 600,098 meters of fabric as compared to 818,709 meters of corresponding period of last year. This decline was due to a reduction in production shifts compared to the previous year.
FUTURE OUTLOOK
Pakistan's economy remains under pressure despite some signs of short-term stability. Growth projections by the IMF (3.2%) and Asian Development Bank (ADB) (3.0%) for FY2025 are subject to significant risks and may not fully reflect on -ground challenges. Inflation also continues to be a concern, with estimates ranging from 3-4% (Ministry of Finance) to 9.5% (IMF) by year-end, though actual outcomes may vary due to economic volatility.
The government remains dependent on external financial support, including the IMF's $7 billion program and a $20 billion World Bank package over ten years. However, the benefits of these initiatives rely heavily on the implementation of long-term reforms.
Despite these initiatives, external financing risks persist. Fitch Ratings warns of significant external financing needs, with over $22 billion in external debt repayments due in 2025. Structural reforms, including fiscal consolidation and improving the business environment, are deemed necessary to manage these obligations effectively.
In response to these economic conditions, we remain committed to proactive measures aimed at ensuring the company's continued success. Our focus includes reducing operational costs and boosting sales volume to navigate the challenges and leverage emerging opportunities in the evolving economic landscape.
ACKNOWLGEMENT
We formally express our sincere appreciation for the dedication and hard work of our executives, officers, staff, and workers, whose contributions have been instrumental in achieving the Company's strong performance. We also recognize the valuable contributions and active involvement of the Board Committee members in guiding and supporting management on key strategic matters. Additionally, the Board extends its gratitude to our banking partners, customers, and suppliers for their unwavering support and commitment to the Company.
On behalf of the Board of Directors,
SHAHNAZ SAJJAD AHMAD | LT. GEN. ALI KULI KHAN KHATTTAK (RETD.) |
CHIEF EXECUTIVE OFFICER | DIRECTOR |
April 15, 2025 |
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202515
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Condensed Interim Statement of Financial Position as at March 31,2025
Un-audited | Audited | |||
March 31, | Jun. 30, | |||
2025 | 2024 | |||
ASSETS | Note | (Rupees in thousand) | ||
Non-current assets | 6 | 1,557,348 | ||
Property, plant and equipment | 1,569,223 | |||
Intangible assets | 168 | 104 | ||
Investments in Associated Companies | 7 | 1,232,647 | 1,149,945 | |
Security deposits | 3,794 | 3,794 | ||
Current assets | 2,793,957 | 2,723,066 | ||
Stores and spares | 141,710 | |
Stock-in-trade | 678,558 | |
Trade debts | 8 | 170,935 |
Advances to employees - unsecured, considered good | 26,679 | |
Advance payments | 26,213 | |
Prepayments and other receivables | 57,292 | |
Sales tax refundable | 5,629 | |
Income tax refundable, advance tax | 12,439 | |
and tax deducted at source | ||
Cash and bank balances | 16,276 | |
1,135,731 | ||
Total assets | 3,929,688 | |
Equity and liabilities | ||
Share capital and reserves | ||
Authorised capital | 200,000 | |
20,000,000 ordinary shares of Rs.10 each | ||
Issued, subscribed and paid-up capital | 95,063 | |
Capital reserves | 19,445 | |
- share premium | ||
- revaluation surplus on property, plant and equipment | 9 | 2,737,881 |
Revenue reserves | 154,055 | |
- general reserves | ||
- unappropriated profit | 213,541 | |
Shareholders' equity | 3,219,985 | |
LIABILITIES | ||
Non-current liabilities | ||
Lease liabilities | 4,901 | |
Staff retirement benefits - gratuity | 184,750 | |
Deferred taxation | 81,534 | |
Current liabilities | 10 | 271,185 |
Trade and other payables | 113,183 | |
Contract Liabilities | 8,031 | |
Unpaid dividends | 3,452 | |
Unclaimed dividends | 4,746 | |
Accrued mark-up | 9,407 | |
Short term finances | 279,596 | |
Current portion of lease liabilities | 7,589 | |
Provision for tax levies & income taxes | 11 | 12,514 |
Total liabilities | 438,518 | |
709,703 | ||
Contingencies and commitments | 12 | |
TOTAL EQUITY AND LIABILITIES | 3,929,688 | |
The annexed notes form an integral part of these financial statements.
150,813
815,116
126,126
22,125
16,208
2,011
16,110
15,381
4,306
1,168,196
3,891,262
200,000
95,063
19,445
2,743,515
154,055
120,965
3,133,043
4,096
146,585
52,570
203,251
99,997
6,882
3,452
4,746
22,588
396,799
8,622
11,882
554,968
758,219
3,891,262
Shahnaz Sajjad Ahmad | Syed Zubair Ahmed Shah | Kalim Aslam |
Chief Executive | Director | Chief Financial Officer |
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For the Quarter and Nine Months Period Ended March 31, 2025
Nine months period | ||||||||||
Quarter ended | ended | |||||||||
Mar. 31, | Mar. 31, | Mar. 31, | Mar. 31, | |||||||
Note | 2025 | 2024 | 2025 | 2024 | ||||||
- - - - - - - | Rupees in thousand - - - - - - - | |||||||||
Sales - net | 95,713 | 66,076 | 942,550 | 836,070 | ||||||
Cost of sales | (119,779) | (54,291) | (709,506) | (632,862) | ||||||
Gross (loss) / profit | ||||||||||
(24,066) | 11,785 | 233,044 | 203,208 | |||||||
Distribution cost | (10,881) | (8,643) | (26,456) | (26,329) | ||||||
Administrative expenses | (35,006) | (33,711) | (111,503) | (111,504) | ||||||
Other income | 1,387 | 1,522 | 9,847 | 14,568 | ||||||
Other expenses | 6,777 | 3,930 | (3,568) | (918) | ||||||
(Loss) / profit from operations | ||||||||||
(61,789) | (25,117) | 101,364 | 79,025 | |||||||
Finance cost | (10,108) | (18,080) | (56,733) | (68,927) | ||||||
(71,897) | (43,197) | 44,631 | 10,098 | |||||||
Share of profit / (loss) and impairment of | ||||||||||
an Associated Company - net | 7 | 0 | 0 | 82,702 | 323,323 | |||||
Profit before revenue | ||||||||||
(71,897) | (43,197) | 127,333 | 333,421 | |||||||
taxes and income taxes | ||||||||||
Income tax | 13 | 8,420 | 6,260 | (40,391) | (24,013) | |||||
(Loss) / profit after taxation | (63,477) | (36,937) | 86,942 | 309,408 | ||||||
Other comprehensive income | 0 | 0 | 0 | 0 | ||||||
Total comprehensive (loss) / income | ||||||||||
for the period | (63,477) | (36,937) | 86,942 | 309,408 | ||||||
- - - - - - - - - - - Rupees - - - - - - - - - - - | ||||||||||
(Loss) / earnings per share | (6.68) | (3.89) | 9.15 | 32.55 | ||||||
The annexed notes form an integral part of these condensed interim financial statements.
Shahnaz Sajjad Ahmad | Syed Zubair Ahmed Shah | Kalim Aslam |
Chief Executive | Director | Chief Financial Officer |
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For the Quarter and Nine Months Period Ended March 31, 2025
Nine months period
ended
Mar. 31, | Mar. 31, | |
2025 | 2024 | |
Cash flows from operating activities | Rupees in thousand | |
Profit for the period - before taxation and share of | 44,631 | |
profit on investments in an Associated Company | 10,098 | |
Adjustments for non-cash charges and other items: | 17,045 | |
Depreciation on property, plant and equipment | 18,043 | |
Depreciation on right of use of assets | 5,163 | 7,069 |
Amortisation | 46 | 428 |
Provision for impairment of trade debts | 147 | 130 |
Staff retirement benefits - gratuity (net) | 38,165 | 19,552 |
Mark-up on bank deposits and dealers' balances | (2,148) | (13,715) |
Finance cost | 56,733 | 68,927 |
Workers' welfare fund | 924 | 243 |
Gain on sale of operating fixed assets | (6,946) | 0 |
Profit before working capital changes | 153,760 | 110,775 |
Effect on cash flows due to working capital changes | ||
(Increase) / decrease in current assets | ||
Stores and spares | 9,103 | (24,281) |
Stock-in-trade | 136,558 | (22,430) |
Trade debts | (44,956) | 67,630 |
Advances | (4,554) | 15,801 |
Advance payments | (10,005) | 38,211 |
Prepayments and other receivables | (55,281) | (18,654) |
Sales tax refundable | 10,481 | (12,332) |
(Decrease) / increase in trade and other payables | 13,406 | |
and contract liabilities | (1,056) | |
54,752 | 42,889 | |
Cash generated from operations | 208,512 | 153,664 |
Taxes paid | (8,211) | (11,840) |
Net cash generated from operating activities | 200,301 | 141,824 |
Cash flows from investing activities | (4,004) | |
Fixed capital expenditure | (21,981) | |
Proceeds from sale of fixed assets | 8,511 | 0 |
Mark-up on bank deposits and dealers' balances | 2,148 | 13,715 |
Net cash generated from / (used in) investing activities | 6,655 | (8,266) |
Cash flows from financing activities | (9,836) | |
Lease rentals paid | (8,705) | |
Short term finances - net | (117,203) | (94,036) |
Finance cost paid | (67,947) | (71,101) |
Net cash used in from financing activities | (194,986) | (173,842) |
Net increase / (decrease) in cash and cash equivalents | 11,970 | (40,284) |
Cash and cash equivalents - at beginning of the period | 4,306 | 55,186 |
Cash and cash equivalents - at end of the period | 16,276 | 14,902 |
The annexed notes form an integral part of these condensed interim financial statements.
Shahnaz Sajjad Ahmad | Syed Zubair Ahmed Shah | Kalim Aslam |
Chief Executive | Director | Chief Financial Officer |
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