Nine Months Accounts Period Ended March 31, 2025
BIBOJEE GROUP
CONTENTS
Company's Profile
1
Directors' Report (English &)
2-5
Condensed Interim Statement of Financial Position
6
Condensed Interim Statement of
Profit or Loss & Other Comprehensive Income7
Condensed Interim Statement of
Cash Flows8
Condensed Interim Statement of
Changes in Equity9
Notes to the Condensed Interim
Financial Information10-14
COMPANY'S PROFILE
Board of Directors
Mr. Ahmad Kuli Khan Khattak Mrs. Shahnaz Sajjad Ahmad Chairman 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 Syed Zubair Ahmad Shah Brig. (R.) Agha Arshad Raza Chairman Member Member Human Resource &
Mr. Abdul Rehman Qureshi
Remuneration Committee
Lt. Gen. (Retd.) Ali Kuli Khan Khattak Mr. Ahmad Kuli Khan Khattak
Mrs. Shahnaz Sajjad Ahmad Syed Zubair Ahmed Shah Brig. (R.) Agha Arshad Raza
Chairman Member Member Member Member Member Chief Operating Officer (COO)
Assistant Chief Operating Officer / Company Secretary
Mr. Khalid Kuli Khan Khattak Mr. Azmat Khan
Chief Financial Officer Head of Internal Audit Auditors
Mr. Kalim Aslam
Mr. Sajid Nawaz Khan
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.comWeb Site:www.bwm.com.pk
Mills
D.I.Khan Road, Bannu
Tel. (0928) 612274, 662273, 613250 E-Mail:bannuwoollen@yahoo.comWeb Site:www.bwm.com.pk
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, |
2025 | 2024 | 2025 |
Mar. 31, 202 4
---------------------- 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.
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
202515
Condensed Interim Statement of Financial Position as at March 31,2025
Un-audited Audited March 31, Jun. 30, 2025 2024
Note ASSETS Non-current assets
Property, plant and equipment 6 Intangible assets
Investments in Associated Companies 7 Security deposits
Current assets
Stores and spares Stock-in-trade
Trade debts 8 Advances to employees - unsecured, considered good Advance payments
Prepayments and other receivables Sales tax refundable
Income tax refundable, advance tax and tax deducted at source
Cash and bank balances
(Rupees in thousand)
1,557,348
1,569,223
168
104
1,232,647
1,149,945
3,794
3,794
2,793,957
2,723,066
1,135,731 1,168,196
Total assets 3,929,688 3,891,262
Equity and liabilities
Share capital and reserves Authorised capital
20,000,000 ordinary shares of Rs.10 each 200,000 200,000
Issued, subscribed and paid-up capital 95,063 95,063
Capital reserves
- share premium 19,445 19,445
- revaluation surplus on property, plant and equipment 9 Revenue reserves
2,737,881
2,743,515
- general reserves 154,055 154,055
- unappropriated profit 213,541 120,965
Shareholders' equity LIABILITIES Non-current liabilities
Lease liabilities
Staff retirement benefits - gratuity Deferred taxation
Current liabilities
Trade and other payables 10 Contract Liabilities
Unpaid dividends Unclaimed dividends Accrued mark-up Short term finances
Current portion of lease liabilities
Provision for tax levies & income taxes 11
Total liabilities
Contingencies and commitments 12
TOTAL EQUITY AND LIABILITIES
3,219,985
709,703
3,929,688
The annexed notes form an integral part of these financial statements.
Shahnaz Sajjad Ahmad
Chief Executive
Director
3,133,043
758,219
3,891,262
Kalim Aslam Chief Financial Officer
For the Quarter and Nine Months Period Ended March 31, 2025
Quarter ended
Note
Nine months period ended
Mar. 31, | Mar. 31, | Mar. 31, | Mar. 31, |
2025 | 2024 | 2025 | 2024 |
- - - - - - - Rupees in thousand - - - - - - -
Sales - net | ||||
Cost of sales | ||||
Gross (loss) / profit | ||||
Distribution cost | ||||
Administrative expenses | ||||
Other income | ||||
Other expenses | ||||
(Loss) / profit from operations | ||||
Finance cost | ||||
Share of profit / (loss) and impairment of | ||||
95,713 | 66,076 | 942,550 | 836,070 | ||
(119,779) | (54,291) | (709,506) | (632,862) | ||
(24,066) | 11,785 | 233,044 | 203,208 | ||
(10,881) | (8,643) | (26,456) | (26,329) | ||
(35,006) | (33,711) | (111,503) | (111,504) | ||
1,387 | 1,522 | 9,847 | 14,568 | ||
6,777 | 3,930 | (3,568) | (918) | ||
(61,789) | (25,117) | 101,364 | 79,025 | ||
(10,108) | (18,080) | (56,733) | (68,927) | ||
(71,897) | (43,197) | 44,631 | 10,098 | ||
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 | |
(63,477) | (36,937) | 86,942 | 309,408 |
Total comprehensive (loss) / income for the period
(Loss) / earnings per share
- - - - - - - - - - - Rupees - - - - - - - - - - - (6.68) (3.89) 9.15 32.55
The annexed notes form an integral part of these condensed interim financial statements.
Shahnaz Sajjad Ahmad
Chief Executive
Director
Kalim Aslam Chief Financial Officer
For the Quarter and Nine Months Period Ended March 31, 2025
Nine months period ended
Mar. 31, 2025
Mar. 31, 2024
Cash flows from operating activities
Profit for the period - before taxation and share of
Rupees in thousand
profit on investments in an Associated Company | 44,631 | 10,098 |
Adjustments for non-cash charges and other items: | ||
Depreciation on property, plant and equipment | 17,045 | 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 | ||
and contract liabilities | 13,406 | (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 | ||
Fixed capital expenditure | (4,004) | (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 | ||
Lease rentals paid | (9,836) | (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
Chief Executive
Director
Kalim Aslam Chief Financial Officer
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