Bestway Cement Limited
Condensed Interim Statement of Financial Position
As at 31 March 2025
31 March | 30 June | 31 March | 30 June | ||||
2025 | 2024 | 2025 | 2024 | ||||
Note | ----------(Rupees '000)---------- | Note | ----------(Rupees '000)---------- | ||||
EQUITY | (Un-audited) | (Audited) | ASSETS | (Un-audited) | (Audited) | ||
Authorised share capital | |||||||
700,000,000 (30 June 2024: 700,000,000) ordinary shares of Rs. 10 each | 7,000,000 | 7,000,000 | Non-current assets | 110,271,574 | |||
Property, plant and equipment | 7 | 113,482,291 | |||||
Share capital and reserves | Intangible assets and goodwill | 7,132,573 | 7,233,120 | ||||
Share capital | 5,962,528 | 5,962,528 | Investment property | 225,601 | 225,601 | ||
Capital reserves | 11,727,824 | 10,171,967 | Long term investments | 8 | 33,022,526 | 20,025,219 | |
Revenue reserves | 50,436,011 | 46,925,483 | Long term deposits | 119,532 | 115,882 | ||
68,126,363 | 63,059,978 | 150,771,806 | 141,082,113 | ||||
LIABILITIES | |||||||
Non-current liabilities | 30,571,397 | ||||||
Long term financing | 40,682,768 | ||||||
Deferred income - Government grant | 1,450,550 | 1,785,412 | |||||
Deferred tax liability - net | 27,679,258 | 24,058,434 | |||||
Employee benefit obligations | 18,296 | 26,884 | Current assets | ||||
59,719,501 | 66,553,498 | Stores, spare parts and loose tools | 10,772,703 | 12,515,986 | |||
Stock in trade | 7,369,454 | 5,647,036 | |||||
Trade debts | 2,418,346 | 1,970,886 | |||||
Current liabilities | Advances | 345,744 | 883,314 | ||||
Trade and other payables | 28,569,689 | 15,718,864 | Deposits and prepayments | 146,888 | 81,078 | ||
Short-term borrowings | 9,241,706 | 12,885,088 | Other receivables | 27,708 | 61,900 | ||
Current portion of long term financing | 9,711,465 | 8,770,992 | Advance tax - net | 5,082,088 | 4,106,063 | ||
Current portion of deferred income - Government grant | 431,724 | 445,393 | Cash and bank balances | 1,346,151 | 1,561,072 | ||
Unpaid dividend | 5 | 2,404,866 | 440,144 | 27,509,082 | 26,827,335 | ||
Unclaimed dividend | 75,574 | 35,491 | |||||
50,435,024 | 38,295,972 | ||||||
Total liabilities | 110,154,525 | 104,849,470 | |||||
Total equity and liabilities | 178,280,888 | 167,909,448 | Total assets | 178,280,888 | 167,909,448 | ||
CONTINGENCIES AND COMMITMENTS | 6 |
The annexed notes 1 to 14 form an integral part of these condensed interim financial statements.
CHIEF EXECUTIVE
CHIEF FINANCIAL OFFICER | DIRECTOR |
Bestway Cement Limited
Condensed Interim Statement of Profit or Loss (Un-audited)
For the nine month period ended 31 March 2025
Nine month period ended | Three month period ended | |||
31 March 2025 | 31 March 2024 | 31 March 2025 | 31 March 2024 | |
------- (Rupees '000) -------- | ||||
Gross turnover | 127,824,429 | 112,118,651 | 42,198,687 | 35,303,288 |
Less: rebates and discounts | (4,443,707) | (2,590,071) | (1,775,405) | (795,769) |
Less: sales tax and excise duty | (41,381,244) | (29,464,162) | (14,028,207) | (9,307,548) |
Net turnover | 81,999,478 | 80,064,418 | 26,395,075 | 25,199,971 |
Cost of sales | (53,520,356) | (56,400,602) | (18,325,223) | (17,286,628) |
Gross profit | 28,479,122 | 23,663,816 | 8,069,852 | 7,913,343 |
Selling and distribution expenses | (1,256,264) | (992,955) | (444,230) | (383,312) |
Administrative expenses | (1,419,272) | (1,067,409) | (504,412) | (309,583) |
Other operating expenses | (1,343,355) | (852,506) | (384,332) | (286,711) |
Operating profit | 24,460,231 | 20,750,946 | 6,736,878 | 6,933,737 |
Other income - net | 1,369,212 | 571,938 | 650,585 | 113,525 |
Finance cost | (6,299,885) | (8,562,170) | (1,702,316) | (2,865,487) |
Share of profit of equity-accounted investees - net of tax | 7,492,272 | 3,515,649 | 3,544,764 | 1,305,474 |
Profit before tax | 27,021,830 | 16,276,363 | 9,229,911 | 5,487,249 |
Income tax expense | (9,480,382) | (5,956,478) | (3,156,158) | (1,950,374) |
Profit for the period | 17,541,448 | 10,319,885 | 6,073,753 | 3,536,875 |
Earnings per share - basic and diluted (Rupees) | 29.42 | 17.31 | 10.19 | 5.93 |
The annexed notes 1 to 14 form an integral part of these condensed interim financial statements.
CHIEF FINANCIAL OFFICER | DIRECTOR | CHIEF EXECUTIVE |
Bestway Cement Limited
Condensed Interim Statement of Profit or Loss and Other Comprehensive Income (Un-audited)
For the nine month period ended 31 March 2025
Nine month period ended | Three month period ended | |||
31 March | 31 March 2024 | 31 March | 31 March 2024 | |
2025 | 2025 | |||
--------- (Rupees '000) --------- | ||||
Profit for the period | 17,541,448 | 10,319,885 | 6,073,753 | 3,536,875 |
Other comprehensive income / (loss) (OCI): | ||||
Items that will not be reclassified to profit or loss | ||||
Company's share of equity-accounted investees' OCI | 349,656 | - | ||
Re-measurement of defined benefit liability | 76,802 | - | ||
Related tax | (87,414) | (19,200) | - | - |
262,242 | 57,602 | - | - | |
Surplus on revaluation of equity investments | 554,734 | - | 220,843 | - |
Related tax | (138,683) | - | (55,210) | - |
416,051 | - | 165,633 | - | |
678,293 | 57,602 | 165,633 | - | |
Items that may be reclassified subsequently to profit or loss | ||||
Company's share of equity-accounted investees' OCI | ||||
Effect of translation of net investment in foreign branches and subsidiaries | (641,039) | (587,840) | 63,499 | (126,444) |
Gain from Window Takaful Operations | 720 | 70 | 53 | - |
Surplus / (deficit) on revaluation of debt investments through FVOCI | 2,160,061 | 973,449 | (526,804) | (1,697,457) |
Related tax | (379,936) | (96,419) | 115,812 | 455,976 |
1,139,806 | 289,260 | (347,440) | (1,367,925) | |
Other comprehensive income / (loss) - net of tax | 1,818,099 | 346,862 | (181,807) | (1,367,925) |
Total comprehensive income for the period | 19,359,547 | 10,666,747 | 5,891,946 | 2,168,950 |
The annexed notes 1 to 14 form an integral part of these condensed interim financial statements.
CHIEF FINANCIAL OFFICER | DIRECTOR | CHIEF EXECUTIVE |
Bestway Cement Limited
Condensed Interim Statement of Changes in Equity
For the nine month period ended 31 March 2025
Share capital | Capital reserves | Revenue reserves | Total equity | ||||||
Issued, subscribed | Share premium | Exchange | Revaluation reserve | Total capital | Statutory reserve | Unappropriated | Total revenue | ||
and paid up share | translation reserve | reserves | profit | reserves | |||||
capital | |||||||||
-------------------------------------------------------------------------------------------------- | (Rupees '000) | ---------------------------------------------------------------------------------------------------- | |||||||
Balance at 01 July 2023 (Audited) | 5,962,528 | 5,381,821 | 4,874,483 | (1,799,120) | 8,457,184 | 3,180,571 | 44,245,333 | 47,425,904 | 61,845,616 |
Total comprehensive income | |||||||||
Profit for the period | - | - | - | - | - | - | 10,319,885 | 10,319,885 | 10,319,885 |
Other comprehensive (loss) / income | - | - | (441,630) | 730,890 | 289,260 | - | 57,602 | 57,602 | 346,862 |
Total comprehensive (loss) / income | - | - | (441,630) | 730,890 | 289,260 | - | 10,377,487 | 10,377,487 | 10,666,747 |
Transfer to statutory reserve by equity-accounted investee | - | - | - | - | - | 332,036 | (332,036) | - | - |
Transactions with owners of the Company | |||||||||
Distributions | - | - | - | - | |||||
Dividend - Final 2023 @ Rs. 6 per share | - | - | (3,577,517) | (3,577,517) | (3,577,517) | ||||
Dividend - Interim 2024 @ Rs. 6 per share | - | - | - | - | - | - | (3,577,517) | (3,577,517) | (3,577,517) |
Dividend - Interim 2024 @ Rs. 6 per share | - | - | - | - | - | - | (3,577,517) | (3,577,517) | (3,577,517) |
Total transactions with owners of the Company | - | - | - | - | - | - | (10,731,551) | (10,732,551) | (10,731,551) |
Balance at 31 March 2024 (Un-audited) | 5,962,528 | 5,381,821 | 4,432,853 | (1,068,230) | 8,746,444 | 3,512,607 | 43,558,233 | 47,070,840 | 61,779,812 |
Balance at 01 July 2024 (Audited) | 5,962,528 | 5,381,821 | 4,699,860 | 90,286 | 10,171,967 | 3,635,836 | 43,289,647 | 46,925,483 | 63,059,978 |
Total comprehensive income |
Profit for the period
Other comprehensive (loss) / income
Total comprehensive (loss) / income
Transfer to statutory reserve by equity-accounted investee Effect of adoption of IFRS 09-ECL - net of tax
Transactions with owners of the Company
Distributions
Dividend - Final 2024 @ Rs. 8 per share Dividend - Interim 2025 @ Rs. 8 per share Dividend - Interim 2025 @ Rs. 8 per share Total transactions with owners of the Company
- | - | - | - | - | - | 17,541,448 | 17,541,448 | 17,541,448 |
- | - | (480,779) | 2,036,636 | 1,555,857 | - | 262,242 | 262,242 | 1,818,099 |
- | - | (480,779) | 2,036,636 | 1,555,857 | - | 17,803,690 | 17,803,690 | 19,359,547 |
- | - | - | - | - | 763,579 | (763,579) | - | - |
- | - | - | - | - | - | 16,904 | 16,904 | 16,904 |
- | - | - | - | - | - | (4,770,022) | (4,770,022) | (4,770,022) |
- | - | - | - | - | - | (4,770,022) | (4,770,022) | (4,770,022) |
- | - | - | - | - | - | (4,770,022) | (4,770,022) | (4,770,022) |
- | - | - | - | - | - | (14,310,066) | (14,310,066) | (14,310,066) |
Balance at 31 March 2025 (Un-audited) | 5,962,528 | 5,381,821 | 4,219,081 | 2,126,922 | 11,727,824 | 4,399,415 | 46,036,596 | 50,436,011 | 68,126,363 |
The annexed notes 1 to 14 form an integral part of these condensed interim financial statements.
CHIEF FINANCIAL OFFICER | DIRECTOR | CHIEF EXECUTIVE |
Bestway Cement Limited
Condensed Interim Statement Of Cash Flows (Un-audited)
For the nine month period ended 31 March 2025
CASH FLOWS FROM OPERATING ACTIVITIES
Profit before tax Adjustments for:
Loss / (Gain) on disposal of property, plant and equipment Depreciation
Amortisation
Provision / (reversal) for obsolete / slow moving stores Write off of fixed assets
Rental income from investment property Profit on deposit accounts
Interest on investments Bad debts written off
Share of profit of equity-accounted investees - net of tax Compensation against court order
Finance cost
Provision for employee retirement benefits
Changes in working capital:
Stores, spare parts and loose tools
Stock in trade
Trade debts
Advances
Deposits and prepayments
Other receivables
Trade and other payables
Cash generated from operating activities
Long term deposits
Finance cost paid
Employee retirement benefits
Payment to Gratuity fund
Income tax paid
Net cash generated from operating activities
CASH FLOWS FROM INVESTING ACTIVITIES
Acquisition of property, plant and equipment
Acquisition of intangible assets
Proceeds from sale of property, plant and equipment
Rent received from investment property
Short term investment
Profit received on investment / deposit accounts
Dividend received
Interest received on investments
Increase in long term investments
Net cash (used in) / generated from investing activities
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from financing
Repayments of financing
Dividend paid
Net cash used in financing activities
Net increase in cash and cash equivalents
Cash and cash equivalents at beginning of the period
Cash and cash equivalents at end of the period
Nine month period ended | ||
31 march | ||
2025 | 2024 | |
Note | ------------(Rupees '000)----------- | |
27,021,830 | 16,276,363 | |
7,208 | (117,441) | |
4,463,645 | 4,284,000 | |
100,555 | 96,960 | |
95,018 | (1,044) | |
37,137 | 9,567 | |
(28,404) | (25,885) | |
(21,383) | (4,732) | |
(941,685) | (51,565) | |
- | 3,649 | |
(7,492,272) | (3,515,649) | |
10,632 | 10,570 | |
6,299,885 | 8,562,170 | |
149,587 | 141,331 | |
2,679,923 | 9,391,931 | |
29,701,753 | 25,668,294 | |
1,647,615 | 896,904 | |
(1,721,770) | (308,279) | |
(447,459) | 65,805 | |
537,570 | 1,681,783 | |
(65,810) | (69,546) | |
34,192 | 1,069,965 | |
13,427,566 | 2,770,592 | |
13,411,904 | 6,107,224 | |
43,113,657 | 31,775,518 | |
(3,650) | 15,957 | |
(8,762,234) | (9,206,609) | |
- | 160 | |
(330,000) | - | |
(7,447,248) | (4,097,743) | |
(16,543,132) | (13,288,235) | |
26,570,525 | 18,487,283 | |
(1,395,024) | (4,001,841) | |
- | (48,040) | |
82,750 | 171,417 | |
40,784 | 37,351 | |
- | 4,885,660 | |
24,620 | 56,298 | |
3,611,800 | 3,159,294 | |
939,642 | - | |
(6,658,869) | (725,053) | |
(3,354,297) | 3,535,086 | |
1,177,000 | - | |
(10,512,543) | (7,258,433) | |
(12,305,263) | (7,703,757) | |
(21,640,806) | (14,962,190) | |
1,575,422 | 7,060,179 | |
(8,197,528) | (16,891,169) | |
9 | (6,622,106) | (9,830,990) |
The annexed notes 1 to 14 form an integral part of these condensed interim financial statements.
CHIEF FINANCIAL OFFICER | DIRECTOR | CHIEF EXECUTIVE |