Fittpi›«i.›l Itcsiilts fei tile I" Oti»rtci Kn‹lr‹l Sep 30, 202.5
We have to iiiloim you that the l2cai LJ oI"Directors of Bccc Steel I.iiriited (the Coirij any) ill their meeting held on Tlti scan} Octohci 3 , 2025 ai 11:30 AM at I Jca‹1 Of1Jce nf the Cc‹»|›any nt 70-Peco Road, Badami Bagh Lahoi"e lfas i"cc‹›nH»cndeJ tlic £oll‹» iny.
I. | Cash Diviclci ‹1 | Nil |
II. | Bonis / kighl Shnies | Nil |
All. | Any Otlzci Entitlement / Cnl|›oratc Actinn | Nil |
IV. | A»y Other Pi icc-Sensitive Information | Nil |
The financial results of the Company afondxs'it li the (tin-audited) Condensed Profit and Loss Account, Statement of I°inaiicial Posit ion, Coiideiisecl Stntenaent of Changes in Equity and Condensed Statement of Cash Flow of the Coiiipaiiy Koi the Jeer iod ended SeJiteiiibei 30, 2025, are attached as Annexure. The quarterly repoi't of' the Corrlpany for the )icriod ended Sep 30, 2025, will be transmitted through PUCARS separately with iii the sJiccificcl tiiiie.
/*l1i1l1k I l1{? }'O1.1,
Yom-s I:killiIll II}',
q *
BEC0 :i
'"'4
Abtlul Shaltoor
‹P p
"
F‹›r hrc‹› fitccl Limitc‹l
CC: The Executive Director/i-IOD
f3ff-Site-11 I3eparlment
CamScanner
BECO STEEL LIMITED CONDENSED QUARTERLY STATEMENT OF FINANCIAL POSITION (UN-AUDITED)AS AT 30 SEPTEMBER 2025
30-SEP-2025 30-June-2025
EQUITY AND LIABILITIES Note Rupees Rupees Share capital and reserves
Authorised share capital:
150,000,000 (30 September 2025: 150,000,000) ordinary
shares of Rs.10 each 1,500,000,000 1,500,000,000
Issued, subscribed and paid up capital
124,962,510 (30 September 2025: 124,962,510) ordinary
shares of Rs.10 each | 1,249,625,100 | 1,249,625,100 | |
Share Premium | 1,999,250,200 | 1,999,250,200 | |
Loan from directors Revenue reserve Accumulated profit/ (loss) | 5 | 276,024,521 -(155,344,781) | 282,184,420 -(305,299,792) |
3,369,555,040 | 3,225,759,928 | ||
Non current liabilities | - | ||
Deferred taxation | 129,341,927 | 129,341,927 | |
Lease liabilities | 4,879,705 | 4,879,705 | |
134,221,632 | 134,221,632 | ||
Current liabilities | |||
Trade and other payable | 6,480,329,206 | 4,290,980,559 | |
Unclaimed dividend | 4,911,563 | 4,911,563 | |
Short term borrowings | 6,900,000 | 6,900,000 | |
Current portion of lease liabilities | 2,959,157 | 2,959,157 | |
6,495,099,926 | 4,305,751,279 | ||
Contingencies and commitments | 6 | - | - |
ASSETS
Non current assets
Property, plant and equipment Right-of-use-assets
Security deposit Long term deposits
Current assets
Stock in Trade
Stores, spares and loose tools Trade debts
Income tax due from Government
Advances deposits and prepayments and other recieveables Cash and bank balances
9,998,876,598 7,665,732,839
3,595,193,249 | 3,635,267,220 |
5,967,574 | 5,967,574 |
2,537,000 | 2,537,000 |
450,000 | 450,000 |
3,604,147,823 3,644,221,794
2,544,036,429 | 2,033,470,745 |
528,059 | 528,059 |
2,916,459,255 | 1,377,337,179 |
392,084,612 | 293,963,883 |
441,231,868 | 300,852,857 |
100,388,552 | 15,358,322 |
6,394,728,775 4,021,511,045
9,998,876,598 7,665,732,839
The annexed notes from 01 to 11 form an integral part of these financial statements.
CHIEF EXECUTIVE OFFICER DIRECTOR CHIEF FINANCIAL OFFICER
BECO STEEL LIMITED CONDENSED QUARTERLY STATEMENT OF PROFIT OR LOSS (UN-AUDITED)FOR THE THREE MONTHS ENDED 30 SEPTEMBER 2025
Quarter endedNote | 30-SEP-2025 Rupees | 30-SEP-2024 Rupees | |
Sales | 2,316,597,878 | 446,119,690 | |
Cost of Sales | (2,092,934,827) | (382,982,251) | |
Gross profit | 223,663,051 | 63,137,439 | |
Distribution and selling expenses | - | (649,000) | |
Administrative and general expenses | (42,391,723) | (53,507,089) | |
Other operating expenses | (2,488,091) | (1,699,025) | |
(44,879,814) | (55,855,114) | ||
Operating profit /(loss) | 178,783,237 | 7,282,325 | |
Other income | 206,968 | 111,735 | |
Profit from operations | 178,990,205 | 7,394,061 | |
Finance cost | (77,722) | (157,505) | |
Profit before taxation | 178,912,483 | 7,236,556 | |
Taxation | (28,957,472) | (5,576,495) | |
Profit/ (Loss) after taxation | 149,955,011 | 1,660,061 | |
Earning per share- basic and diluted | 7 | 1.20 | 0.01 |
The annexed notes from 01 to 11 form an integral part of these financial statements.
CHIEF EXECUTIVE OFFICER DIRECTOR CHIEF FINANCIAL OFFICER
BECO STEEL LIMITED CONDENSED QUARTERLY STATEMENT OF COMPREHENSIVE INCOME (UN-AUDITED)FOR THE THREE MONTHS ENDED 30 SEPTEMBER 2025
Quarter ended
30-SEP-2025 30-SEP-2024
Note Rupees Rupees
Profit/(Loss) for the period 149,955,011 1,660,061
Other comprehensive income:
Item that will not be reclassified to statement
of profit or loss: - -
Items that may be reclassified to statement
of profit or loss: - -
Other comprehensive income for the period
Total comprehensive income for the period
The annexed notes from 01 to 11 form an integral part of these financial statements.
- -
149,955,011 1,660,061
CHIEF EXECUTIVE OFFICER DIRECTOR CHIEF FINANCIAL OFFICER
BECO STEEL LIMITED
CONDENSED QUARTERLY STATEMENT OF CHANGES IN EQUITY (UN-AUDITED) FOR THE THREE MONTHS ENDED 30 SEPTEMBER 2025
(Rupees)
General reserve
Revenue reserve
Share capital
Share premium | Loan from sponsors |
Accumulated Loss
/ profit
Total equity
Balance as at 30 June 2024 | 1,249,625,100 | 1,999,250,200 | 254,672,420 | - | (416,784,564) | 3,086,763,156 | |||||
Profit for the three month ended | |||||||||||
30 September 2024 | - | - | 1,660,061 | 1,660,061 | |||||||
Loan from sponsor | - | - | - | - | |||||||
Loan from sponsor repaid | - | - | - | - | |||||||
Other comprehensive income for the three month ended 30 September 2024 | - | - | - | - - |
- - - - | - - - |
Total comprehensive income for
the three month ended 30 September 2024 - - - 1,660,061 1,660,061 Balance as at 30 September 2024 1,249,625,100 1,999,250,200 254,672,420 - (415,124,503) 3,088,423,217
Balance as at 30 June 2025 | 1,249,625,100 | 1,999,250,200 | 282,184,420 | - | (305,299,792) | 3,225,759,928 | |||||
Profit for the three month ended 30 September 2025 | - | - | - | - | 149,955,011 | 149,955,011 | |||||
Loan from directors | - | - | - | - | - | - | |||||
Loan paid to directors | - | - | (6,159,899) | - | - | (6,159,899) | |||||
Other comprehensive income for the three month ended 30 September 2025 | - | - | - | - | - | - |
Total comprehensive profit for the three
month ended 30 September 2025 - - (6,159,899) - 149,955,011 143,795,112 Balance as at 30 September 2025 1,249,625,100 1,999,250,200 276,024,521 - (155,344,781) 3,369,555,040
CHIEF FINANCIAL OFFICER
The annexed notes from 01 to 11 form an integral part of these financial statements.
CHIEF EXECUTIVE OFFICER DIRECTOR
BECO STEEL LIMITED CONDENSED QUARTERLY STATEMENT OF CASH FLOWS (UN-AUDITED) FOR THE THREE MONTH ENDED 30 SEPTEMBER 2025 Three month endedNote | 30-SEP-2025 Rupees | 30-SEP-2024 Rupees | ||
CASH FLOWS FROM OPERATING ACTIVITIES | ||||
Profit for the period before taxation | 178,912,483 | 7,236,556 | ||
Adjustments for following items: | ||||
Depreciation | 42,047,601 | 36,768,409 | ||
Finance cost | 77,722 | 157,505 | ||
42,125,323 | 36,925,914 | |||
Operating profit before working capital changes | 221,037,806 | 44,162,469 | ||
(Increase) / decrease in current assets | ||||
Trade debts - unsecured but considered good | (1,539,122,076) | 772,267,433 | ||
Loan and advances | - | - | ||
Stock-in-trade | (522,885,482) | (2,550,660,163) | ||
Stores, spares and loose tools | - | (264,500) | ||
Trade deposit and prepayment and Other recievable | (140,379,011) | 127,420,100 | ||
(2,202,386,569) | (1,651,395,757) | |||
Decrease / (decrease) in current liabilities | ||||
Unclaimed dividend | - | - | ||
Loan from directors | 6,159,899 | - | ||
Trade and other payables | 2,189,348,647 | 1,691,707,595 | ||
2,195,508,546 | 1,691,707,595 | |||
Cash generated from operations | 214,159,783 | 84,474,307 | ||
Finance cost paid | (77,722) | (157,505) | ||
Income tax paid | (127,078,201) | - | ||
(127,155,923) | (157,505) | |||
Net cash used in operating activities | 87,003,860 | 84,316,802 | ||
CASH FLOWS FROM INVESTING ACTIVITIES | ||||
Capital expenditure on property, plant and equipment | (1,973,630) | (8,479,850) | ||
Security deposit | - | - | ||
Net cash (used in) / generating from investing activities | (1,973,630) | (8,479,850) | ||
CASH FLOWS FROM FINANCING ACTIVITIES | ||||
Loan (to) / from directors | - | (46,254,766) | ||
Repayment of loan from directors | - | - | ||
Net cash flows generated from / (used in) financing activities | - | (46,254,766) | ||
Net increase / (decrease) in cash and cash equivalents | 85,030,230 | 29,582,186 | ||
Cash and cash equivalents at the beginning of the period | 15,358,322 | 14,311,428 | ||
Cash and cash equivalents at the end of the period | 100,388,552 | 43,893,614 | ||
The annexed notes from 01 to 11 form an integral part of these financial statements. | ||||
CHIEF EXECUTIVE OFFICER DIRECTOR CHIEF FINANCIAL OFFICER
BECO STEEL LIMITED
SELECTED NOTES TO THE CONDENSED FINANCIAL STATEMENTS FOR THE NINE MONTH ENDED 30 SEPTEMBER 2025 (UN-AUDITED)
LEGAL STATUS AND NATURE OF BUSINESS
M/s Beco Steel Limited (Formerly; Ravi Textile Mills Limited) ("the Company") is a public limited company incorporated in Pakistan on 21 April 1987 vide incorporation No: 0015977 under the repealed Companies Ordinance, 1984 (now Companies Act, 2017). The name of the company was changed from Ravi Textile Mills Limited to Beco Steel Limited. The shares of the Company are quoted on Pakistan Stock Exchange Limited. The principal activity of the Company shall be to carrying out the business of manufacturing of steel and allied products, along with ancillary activities thereto.
Pursuant to the special resolutions passed by the shareholders of M/s Beco Steel Limited (formerly: Ravi Textile Mills Limited) (the "Company") at the extraordinary general meeting held on 11 May 2021, and the approvals thereby granted, for, inter alia, the issuance of shares of the Company other than by way of right offer, and for consideration other than cash, in accordance with the provisions of Section 83(1)(b) of the Companies Act, 2017 and the Companies (Further Issue of Shares) Regulations, 2020, the Company filed an application with the Securities and Exchange Commission of Pakistan ("SECP") seeking approval for issuance of shares.
2
2.01
(a)
(b)
(c)
(d)
3
4
SECP vide its letter No. EMD/CI/80/2008/58 dated 31 January 2022, approved the issuance of 99,962,510 ordinary shares of the Company, having par value of PKR 10/- each, at a premium of PKR 20/- per share, in aggregate amounting to the equivalent of PKR 2,998,875,300/-, by way of other than right offer against consideration of non-cash assets, including land, building, and plant & machinery, subject to the fulfilment of the conditions prescribed by the SECP, transfer of the non-cash assets to the Company by the subscribers/allotees of such shares, and carrying out other formalities / steps in accordance with applicable laws. The company is currently in process of completing legal formalities for the transfer of non-cash assets, including land, building, and plant & machinery, and for the issuance of shares.
BASIS OF PREPARATION
Statement of Compliance
These condensed interim financial statements have been prepared in accordance with the accounting and reporting standards as applicable in Pakistan for interim financial reporting. The accounting and reporting standards applicable in Pakistan for interim financial reporting comprise of:
International Accounting Standard (IAS) 34, "Interim Financial Reporting", issued by the International Accounting Standard Board (IASB) as notified under Companies Act, 2017; and
Provisions of and directives issued under Companies Act, 2017
Where provisions of and directives issued under the Companies Act, 2017 differ from the IFRS, the provisions of and directives issued under the Companies Act, 2017 have been followed.
These condensed interim financial statements comprise the condensed interim statement of financial position of the company as at 30 September 2025 and the related condensed interim statement of profit or loss, condensed interim statement of comprehensive income, condensed interim statement of changes in equity and condensed interim statement of cash flows together with notes forming part thereof.
These condensed interim statements are un-audited and being submitted to the shareholders as required by the Listing Regulation of Pakistan Stock Exchange Limited and Section 237 of the Company Act, 2017.
These condensed interim financial statements do not include all the information and disclosures required in annual financial statements and should be read in conjunction with the annual audited financial statements as at and for the year ended 30 June 2025. Comparative condensed interim statement of financial position has been extracted from annual financial statements for the year ended 30 June 30 2025, whereas comparatives for condensed interim statement of profit or loss and condensed interim statement of comprehensive income, condensed interim statement of changes in equity and condensed interim statement of cash flows and related notes for the Three months ended 30 September 2025 have not been subject to either review or audit.
SIGNIFICANT ACCOUNTING POLICIES
The accounting policies and methods of computations adopted for the preparation of this condensed interim financial statements are the same as applied in the preparation of the preceding audited annual published financial statements of the Company for the year ended 30 June 2025.
ACCOUNTING ESTIMATES AND JUDGEMENTS
The preparation of this condensed interim financial information in conformity with approved accounting standards requires management to make estimates, assumptions and use judgments that affect the application of policies. Estimates, assumptions and judgments are continually evaluated and are based on historical experience and other factors, including reasonable expectations of future events. Revisions to accounting estimates are recognized prospectively commencing from the period of revision.
In preparing this un condensed interim financial information, the significant judgments made by management in applying the Company's accounting policies and the key sources of estimation and uncertainty were the same as those applied to the financial statements as at and for the year ended 30 June 2025.
The Company's financial risk management objectives and policies are consistent with those disclosed in the financial statements as at and for the year ended 30 June 2025.
BECO STEEL LIMITED
SELECTED NOTES TO THE CONDENSED FINANCIAL STATEMENTS FOR THE THREE MONTH ENDED 30 SEPTEMBER 2025 (UN-AUDITED)
Un-Audited Audited
Note 30-Sep-25 30-Jun-25 Rupees Rupees
5 DIRECTOR'S LOAN 5.01 276,024,521 254,672,420
5.01
These are interest free loans from sponers of the Company payable at the discretion of the entity. They do not pass the liability test and thus recorded as equity at face value. They will not be re-measured subsequently. The decision by the entity at any time in future to deliver cash or any other financial asset to settle the directors' loan would be direct debit to equity as per TR-32 'Accounting Directors' Loan' issued by Institute of Chartered Accountants of Pakistan.
CONTINGENCIES AND COMMITMENTS
There is no change in the status of contingencies and commitments as disclosed in the audited financial statements as at 30 June 2025.
Basic earnings per share
Profit/ (Loss) for the period (Rupees) Weighted average number of
ordinary shares (Numbers)
Quarter ended
30-Sep-25 30-Sep-24
Rupees Rupees
149,955,011
1,660,061
124,962,510
124,962,510
Earnings per share - Basic (Rupees) 1.20 0.01
A diluted earnings per share has not been presented as the Company does not have any convertible instruments in issue as at 30 September
2025 and 2024 which would have any effect on the profit per share if the option to convert is exercised.
TRANSACTIONS WITH RELATED PARTIES
The related parties comprises of associated undertaking, directors and key management personnel. The Company in the normal course of business carried out transaction with various related parties. Details of transactions with related parties, other than those which have been specifically disclosed elsewhere in this condensed quarterly financial statements are as follows:
Quarter ended
30-Sep-25 30-Sep-24
Rupees Rupees
11,159,588
108,057,063
Related Party Transaction
Purchases from Beco Steel Ferrous And Non Ferrous Metal
FINANCIAL RISK MANAGEMENT
The company's financial risk management objectives and policies are consistent with those disclosed in the preceding audited annual published financial statements of the company for the year ended 30 June 2025.
DATE OF AUTHORIZATION FOR ISSUE
These condensed quarterly financial statements were approved by the Board of Directors and authorized for issue on 30 October 2025.
GENERAL
Figures have been rounded off to nearest of Rupee.
CHIEF EXECUTIVE OFFICER DIRECTOR CHIEF FINANCIAL OFFICER