Citi Pharma Ltd.PSX: CPHL

Transmission of Quarterly Report for the Period Ended 31st March 2026

Apr 30, 2026 at 10:33 AM UTC · Issued by Citi Pharma Ltd.

CONDENSED INTERIM FINANCIAL STATEMENTS (UN-AUDITED) FOR THE PERIOD ENDED MARCH 31, 2026

CITI PHARMA LIMITED

Email: info@citipharma.com.pk Website: https://www.citipharma.com.pk

Tel: 042 - 35316587

Address: 588-Q, Johar Town Lahore

TABLE OF CONTENTS

Company Information 3

Director's Report 4

Director's Report Urdu 7

Financial Satements 10

COMPANY INFORMATION

BOARD OF DIRECTORS

Mr. Nadeem Amjad - Chairman

Mr. Rizwan Ahmad - Chief Executive Officer Dr. Zameer Ul Hassan - Executive Director Ms. Saira Aslam - Non-Executive Director Mr. Muhammad Naeem - Non-Executive Director

Mr. Abdul Jaleel Shaikh - Independent Director Ms. Saima Shafi Rana- Independent Director

AUDIT COMMITTEE

Mr. Abdul Jaleel Shaikh (Independent Director) Mr. Nadeem Amjad (Non-Executive Director) Mr. Muhammad Naeem (Non-Executive Director)

Human Resource & Remuneration Committee

Ms. Saima Shafi Rana (Independent Director)

Mr. Zameer Ul Hassan Shah (Executive Director)

Mr. Rizwan Ahmad (Executive Director)

Management

Chief Financial Officer Mr. Salman Anwar Malik Company Secretary

Mr. Muhammad Rasheed Alam Head of Internal Auditor

Mr. Muhammad Ishaq

External Auditors

Aslam Malik & Co. Chartered Accountants

Legal Advisors

Mr. Harron Farrukh

Share Registrar

F.D Registrar Services (Pvt) Ltd

Bankers

Habib Metropolitan Bank Limited Habib Bank Limited - Islamic

Pak Brunei Investment Company Limited Samba Bank Limited

Soneri Bank Limited Bank of Punjab Limited National Bank of Pakistan Bank Al Habib Limited Meezan Bank Limited

Standard Chartered Bank (Pakistan) Limited United Bank Limited

Head Office

588-Q Block, M.A., Johar Town, Lahore Tel: +92-42-35316587

Registered Office

3-KM, Head Balloki Road, Bhai Pheru, Distt Kasur

Tel: +92-49-4510189, 4513392

Fax: +92-49-4510191

E-Mail: corporate@citipharma.com.pk Website: https://www.citipharma.com.pk

DIRECTORS' REPORT

The Directors of Citi Pharma Limited ("the Company") are pleased to present the unaudited condensed interim financial statements for the period ended March 31, 2026. These financial statements have been prepared in accordance with the requirements of the International Accounting Standard (IAS) 34 'Interim Financial Reporting' and the director's report is prepared in accordance with section 227 of Companies Act, 2017 and Chapter XII of the Listed Companies (Code of Corporate Governance) Regulations, 2019.

COMPOSITION OF BOARD

The total number of directors are 7 as the following:

Male 5
Female 2

Sr. No.	Category	Name
1	Independent Director	Mr. Abdul Jaleel Shaikh Ms. Saima Shafi Rana
2	Executive Director	Mr. Rizwan Ahmad Mr. Dr. Zameer Ul Hassan Shah
3	Non-Executive Director	Mr. Nadeem Amjad Mr. Muhammad Naeem Ms. Saira Aslam

FINANCIAL HIGHLIGHTS

Sales

During the period under review, Citi Pharma Limited delivered a strong financial performance, supported by improved operational efficiencies and sustained demand in the pharmaceutical sector. The Company recorded a turnover of PKR 10,787 million, reflecting a growth of 6.8% compared to PKR 10,100 million in the corresponding period of the previous year.

Profitability

Gross profit registered a significant increase to PKR 1,999 million, showing a 37% rise over PKR 1,456 million in the corresponding period. This improvement was primarily driven by tighter cost controls, an improved product portfolio mix, higher sales contribution from formulation products, and greater operational efficiencies across production processes.

Profit after tax also grew to PKR 883.4 million, a 30% increase as compared to PKR 678.8 million in the corresponding period last year, reflecting continued earnings momentum and the Company's consistent focus on financial discipline and sustainable profitability.

Citi Pharma Limited continues to focus on strengthening its financial position through prudent utilization of growth opportunities, ongoing optimization of operational efficiencies and sustainable value creation for its stakeholders.

FUTURE CHALLENGES & PROSPECTS

The Directors remain cautiously optimistic regarding the future outlook of the pharmaceutical industry, both domestically and internationally. In Pakistan, the sector continues to benefit from rising healthcare expenditure, population growth, increasing disease prevalence, and sustained policy support aimed at strengthening local manufacturing and reducing import dependency. Ongoing regulatory reforms and export promotion initiatives are expected to further support long-term industry growth.

However, the operating environment during the quarter ended 31 March 2026 has remained challenging due to geopolitical tensions, global economic uncertainty, and continued disruptions in supply chains. These factors have resulted in volatility in raw material prices, particularly APIs, higher freight and logistics costs, and extended lead times, thereby impacting industry margins.

Inflationary pressures and exchange rate fluctuations have further increased input costs across the value chain. Key medicines and raw materials, including Paracetamol and other commonly used analgesics and antipyretics, have experienced price increases due to higher import costs and supply constraints. Despite regulated pricing for essential medicines, the gap between rising costs and controlled prices continues to pressure profitability in the sector.

At the same time, the industry continues to benefit from the shift towards value-based healthcare, rising incidence of chronic diseases, and increasing demand for generics and biosimilars. Global supply chain realignments also present export opportunities for compliant manufacturers.

During this phase, Citi Pharma Limited remains focused on disciplined execution of its strategic initiatives, with emphasis on operational efficiency, technological advancement, and sustainable value creation across its business segments.

The Company is currently prioritizing the following initiatives:

Completion and operationalization of the Biotech formulation, which is expected to enhance product credibility, strengthen regulatory compliance, and facilitate entry into regulated international markets.
Penicillin Project, this project will further strengthen the Company's core antibiotic portfolio, enhance
backward integration, and improve overall production efficiency and cost competitiveness.
Development of veterinary formulations (Wholly owned Subsidiary), with the introduction of products aimed at improving livestock productivity and animal health, thereby diversifying the product portfolio and addressing growing domestic demand. The subsidiary has currently commenced operations through outsourcing of manufacturing activities to third-party facilities, and the Company is in the process of establishing its own dedicated manufacturing plant.
Strengthening export readiness, including alignment with international regulatory requirements and engagement with potential distributors and strategic partners in selected emerging markets.

In parallel, the Company continues to place strong emphasis on prudent cost control, operational efficiency enhancements, and effective management of working capital to ensure sustained financial resilience in a dynamic and challenging market environment.

The Directors also wish to express their sincere appreciation for the continued cooperation and valuable support extended by the Regulatory Authorities, Shareholders, Customers, Vendors, Employees, and all other stakeholders, whose trust and contributions remain integral to the Company's continued progress.

For and on behalf of the Board

(Rizwan Ahmad) (Nadeem Amjad)

Chief Executive Officer Director

Lahore

Dated: April 29, 2026

CITI PHARMA LIMITED

CONDENSED INTERIM STATEMENT OF FINANCIAL POSITION AS AT MARCH 31,2026

Note

March 31, 2026 June 30 , 2025

(Un-audited) (Audited)

------------------Rupees------------------

EQUITY AND LIABILTIES SHARE CAPITAL AND RESERVES Authorized Capital:
300,000,000 Ordinary shares of Rs. 10/ each		3,000,000,000	3,000,000,000
Share Capital and Reserves:
228,461,200 ( June 2025: 228,461,200 ) Ordinary Shares Of Rs. 10/ Each	4 2,284,612,000		2,284,612,000
Share Premium	1,391,532,000		1,391,532,000
Revenue Reserves-Unappropriated Profits	1,890,643,407		1,806,817,381
Revaluation Surplus On Land	5,384,617,300		5,384,617,300
NON-CURRENT LIABILITIES		10,951,404,707	10,867,578,681
Long Term Financing - Secured	5 30,714,500		-
Deferred Liabilities	208,734,107		201,763,862
Lease Liabilities	53,207,092		64,864,123
		292,655,700	266,627,986
CURRENT LIABILITIES
Trade and Other Payables	3,598,797,887		3,858,531,251
Due to Related Parties	-		5,686,383
Short Term Borrowings-Secured	3,419,760,128		2,863,211,696
Current Portion of Long Term Liabilities-Secured	62,186,419		15,802,536
Dividend Payable	2,502,154		4,065,868
Accrued Mark Up	86,081,710		38,268,523
Provision For Taxation	464,125,013		519,677,557
		7,633,453,313	7,305,243,814
Contingencies and Commitments	6	-	-
TOTAL EQUITY AND LIABILITIES		18,877,513,719	18,439,450,481
ASSETS NON CURRENT ASSETS
Property, Plant and Equipment	7 8,624,089,332		8,687,898,852
Long Term Security Deposits	27,793,117		25,443,117
Long Term Advance	254,540,900		254,540,900
		8,906,423,349	8,967,882,869
CURRENT ASSETS
Stock in Trade	4,406,558,998		3,929,701,530
Trade Debts- Unsecured	4,217,486,908		3,078,215,648
Advances Deposits, Prepayments and Other Receivables	1,022,856,402		903,708,936
Short Term Investments	3,121,000		956,388,685
Cash And Bank Balances	321,067,061		603,552,814
		9,971,090,370	9,471,567,612
TOTAL ASSETS		18,877,513,719	18,439,450,481
The annexed notes form an integral part of these condensed interim financial	statements.

Chief Executive Officer Chief Financial Officer Director

CITI PHARMA LIMITED

CONDENSED INTERIM STATEMENT OF PROFIT OR LOSS (UN-AUDITED) FOR THE PERIOD AND QUARTER ENDED MARCH 31, 2026

Notes

Three month ended Nine Months Ended

March 31, 2026 March 31, 2025 March 31, 2026 March 31, 2025

---------------------------------------------Rupees---------------------------------------------

Sales- Net		3,084,746,120	3,341,107,922	10,787,560,091	10,100,185,059
Cost of Sales		(2,562,119,133)	(2,852,435,507)	(8,788,404,932)	(8,643,865,934)
Gross Profit		522,626,987	488,672,415	1,999,155,159	1,456,319,125
Administrative Expenses		54,105,916	57,257,879	165,952,038	161,904,092
Selling Expenses		60,554,025	35,876,526	178,443,759	119,703,970
		(114,659,941)	(93,134,405)	(344,395,797)	(281,608,062)
Operating Profit		407,967,047	395,538,010	1,654,759,363	1,174,711,063
Financial (Cost) /Income		(80,020,639)	(99,063,295)	(282,036,717)	(231,505,104)
		327,946,408	296,474,715	1,372,722,646	943,205,959
Other Income/(Loss)	8	22,551,828	23,173,268	79,345,127	165,818,206
		350,498,235	319,647,983	1,452,067,772	1,109,024,165
Other Expenses		(24,053,800)	(25,431,096)	(99,651,710)	(80,335,099)
Profit before income taxes and	final tax	326,444,435	294,216,887	1,352,416,062	1,028,689,066
Taxation - Final taxes		-	-	-	(4,004)
Profit before income tax		326,444,435	294,216,887	1,352,416,062	1,028,685,062
Taxation - Income tax		(51,029,268)	(73,841,712)	(468,975,837)	(349,842,286)
Profit after income tax		275,415,168	220,375,175	883,440,226	678,842,776
Earnings per share (EPS)
- Basic and Diluted		1.21	0.96	3.87	2.97

The annexed notes form an integral part of these condensed interim financial statements.

Chief Executive Officer Chief Financial Officer Director

CITI PHARMA LIMITED

C ONDENSED INTERIM STATEMENT OF C OMPREHENSIVE INCOME (UN-AUDITED) FOR THE PERIOD AND QUARTER ENDED MARCH 31, 2026

Note

Three month ended Ni ne Months Ended March 31, 202d March 31, 2025 March 31, 2026 March 31, 2025

--- Rupees----------------------------

Profit for the peri od	275,115,168	220,375,175	883,110,226	678,812,776
Other comprehensive income for the period
Item that wiII not be reclassified subsequently to Profit or Loss Revaluation Surplus on Land
Total compre hensive income for the Period	275,415,168	220,375,175	883,440,226	678,842,776

The annexed notes form an integral part of these condensed interim financial statements.

Chief Executive Officer Chi ef Financial Officer Director

CITI PHARMA LIMITED

STATEMENT OF CHANGES IN EQUITY (UN-AUDITED)

FOR THE PERIOD AND QUARTER ENDED MARCH 31, 2026

CAPITAL RESERVES

REVENUE

RESERVES

PARTICULARS

SHARE CAPITAL

SHARE DEPOSIT MONEY

REVALUATION SURPLUS

SHARE PREMIUM

UN-

APPROPRIATED PROFIT

TOTAL

- - - - - - - - - - - - - - - - - - - - - Rupees - - - - - - - - - - - - - - - - - - - - - - -

Balance as at July 01, 2024 Total Comprehensive Income for the nine months	2,284,612,000	-	309,294,525	1,391,532,000	1,647,690,917	5,633,129,442
Final Dividend Paid for the year ended June 2024 @ 32.5%					(742,498,900)	(742,498,900)
Profit for the period	-	-	-	-	678,842,776	678,842,776
Other comprehensive income	-	-	-	-	-	-

Balance as at March 31, 2025	2,284,612,000	-	309,294,525	1,391,532,000	1,584,034,793	5,569,473,318
Total Comprehensive Income for the nine months
Balance as at July 01, 2025	2,284,612,000	-	5,384,617,300	1,391,532,000	1,806,817,381	10,867,578,681
Final Dividend Paid for the year ended June 2025 @ 35%	-	-			(799,614,200)	(799,614,200)
Profit for the period Other comprehensive income	- -	- -			883,440,226	883,440,226
Balance as at March 31, 2026	2,284,612,000	-	5,384,617,300	1,391,532,000	1,890,643,407	10,951,404,707

The annexed notes form an integral part of these condensed interim financial statements.

Chief Executive Officer Chief Financial Officer Director

CITI PHARMA LIMITED

STATEMENT OF CASH FLOWS (UN-AUDITED)

FOR THE PERIOD AND QUARTER ENDED MARCH 31, 2026

March 31, 2026 March 31, 2025

------------------Rupees------------------

CASH FLOW FROM OPEARTING ACTIVITIES Profit Before Taxation for the period		1,352,416,062	1,028,689,066
Adjustments For Non- Cash Items And Other Line Items:
Depreciation		137,575,042	119,267,634
Financial Charges		282,036,717	231,505,104
Accrued Interest Income		-	(7,510,295)
Unrealized Gain/Loss on Investment in Shares		-	4,536,958
Amortization and Extinguishment of Deferred Grant		-	(582,494)
Worker's Profit Participation Fund		72,603,389	55,224,360
Worker's Welfare Fund		27,048,321	20,573,781
		519,263,469	423,015,049
Profit/ (Loss) before working capital changes		1,871,679,532	1,451,704,115
Effect of working capital changes
Advances, Deposits And Prepayments		(92,107,590)	52,129,049
Trade Debts		(1,139,271,260)	(1,341,546,778)
Stock In Trade		(476,857,469)	(895,721,955)
Trade And Other Payables		(286,773,649)	888,640,295
		(1,995,009,968)	(1,296,499,389)
Financial Charges Paid		(234,223,529)	(262,603,897)
Income Tax Paid		(542,628,334)	(426,353,670)
Gratuity Paid		-	-
Worker's Profit Participation Fund		(72,611,424)	(68,780,302)
		(849,463,286)	(757,737,870)
Net cash flow from operating activities	A	(972,793,723)	(602,533,144)
CASH FLOW FROM INVESTING ACTIVITIES
Purchase Of Property, Plant & Equipment		(49,975,885)	(45,519,385)
Paid for Capital Work in Progress		(23,789,638)	(127,563,025)
Paid for Long Term Security Deposits		(2,350,000)	(8,768,141)
Short Term Investments		63,378,575	19,815,262
Net cash flow from investing activities	B	(12,736,948)	(162,035,289)
CASH FLOW FROM FINANCING ACTIVITIES
Long-term loans obtained/(repaid)		77,429,000	(12,859,000)
Due to Related Parties Lease Rentals Paid Dividend Paid Short Term Borrowings		(5,686,383) (11,987,647) (801,177,914) 556,548,432	(40,148,000) (8,727,657) (741,386,647) 1,516,732,035
Net Cash flow From Investing Activities	C	(184,874,512)	713,610,732
Net Increase/ (decrease) in cash and cash equivalents	A+B+C	(1,170,405,183)	(50,957,701)
Cash and cash equivalents at beginning of the period		1,491,472,244	1,278,333,631
Cash and cash equivalents at end of the period		321,067,061	1,227,375,930
Cash and cash equivalents compromise of: Cash in hand		9,757,564	2,601,846
Cash at banks		311,309,497	28,119,815
Short Term Investments		-	1,196,654,269
		321,067,061	1,227,375,930
The annexed notes form an integral part of these condensed interim financial statements.

Chief Executive Officer

Chief Financial Officer

Director

CITI PHARMA LIMITED
CONDENSED INTERIM NOTES TO THE FINANCIAL STATEMENTS		March 31, 2026	June 30, 2025
FOR THE PERIOD AND QUARTER ENDED MARCH 31, 2026	Notes	(Un-audited)	(Audited)
------------------Rupees------------------
4 SHARES CAPITAL
Authorized share capital		3,000,000,000		3,000,000,000
300,000,000 Ordinary shares of Rs. 10/ each
Issued, subscribed and paid up capital
117,692,000 (June 2025: 117,692,000) Ordinary shares of Rs. 10 each, fully paid in cash		1,176,920,000		1,176,920,000
110,769,200 (June 2025: 110,769,200) Ordinary Share of Rs. 10 each issued as fully paid Bonus shares		1,107,692,000		1,107,692,000
		2,284,612,000		2,284,612,000
5 LONG TERM FINANCING - SECURED
Term finance against purchase of machinery from Bank Al-Habib Limited		64,000,000
Finance of Machinery in SBP (TERF) from Bank Al-Habib Limited		13,429,000		-
		77,429,000		-
Current Portion shown under current liabilities		(46,714,500)		-
		30,714,500		-

6 CONTINGENCIES AND COMMITMENTS

There has been no material change in the status of contingencies and commitments disclosed in note 15 to the Company's financial statements for the year ended June 30, 2025.

7	PROPERTY PLANT & EQUIPMENT Operating Fixed Assets			8,469,240,584		8,542,377,585
	Right of Use Assets			81,952,221		96,414,377
	Capital Work-in-Progress			72,896,528		49,106,889
				8,624,089,332		8,687,898,852
				March 31, 2026		March 31, 2025
8 OTHER INCOME ------------------Rupees------------------
	Bank Profits on Saving Accounts			1,323,114		1,495,852
	Profits on Term Deposit Receipts (TDRs)			53,324,571		112,703,017
	Dividend Income			-		26,693
	Markup on Investment in Yaqeen Developers Limited (Related Party)			24,697,441		34,683,115
	Realized Gain on Investment in Shares- Net Insurance Claim			- -		16,327,034 -
	Income from non-financial assets Amortisation of Grant Income			-		582,494
				79,345,127		165,818,206
9	TRANSACTION WITH RELATED PARTIES
	The Related parties comprise principal shareholders and their affiliates, directors, companies with common directorship and key management personnel. The transactions with related parties have been carried out at arms length basis. Detail of transactions and balances at period end with related parties, other than those which have been disclosed elsewhere in these condensed interim financial statements, are as follows:
	Nature / name of related party and basis of relationship % of Shareholding Nature of Transactions			March 31, 2026 Rupees		June 30, 2025 Rupees
9.1	Associated Companies
	Associated Companies
	Citi Technologies (Pvt) Ltd.	-	Funds Received-Net	-	44,585,244
	(Common Directorship)		Funds Paid-Net
			Payments on behalf of the Company
	Yaqeen Developers Ltd.		Markup Income	24,697,441	44,347,388
	(Common Directorship)		Funds Received	-	53,000,000
	Citi Innovations (Pvt) Ltd.		Funds Received	5,686,383	11,215,933
	(Common Directorship)		Funds Paid-Net		5,500,000
			Payments on behalf of the Company
	Directors
	Mr. Rizwan Ahmad	22.7%	Loan obtained
	(Directorship / CEO)		Loan repaid	-	31,220,000
	Mr. Nadeem Amjad	26.0%	Loan obtained
	(Directorship / Chairman)		Loan repaid	-	12,200,000

REMUNERATION OF CHIEF EXECUTIVES, DIRECTORS AND EXECUTIVES

2026

	Chief Executive	Directors	Executives	Total
Managerial remuneration	8,600,000	10,063,280	41,214,826	59,878,106
Bonuses	-	-	-	-
Meeting Fees (Independent directors 2)		1,450,000	-	1,450,000
No. of persons	1	2	25	28

2025

Chief Executive		Directors	Executives	Total
Managerial remuneration	6,600,000	10,063,280	37,468,024	54,131,304
Bonuses	-	-	-	-
Meeting Fees (Independent directors 2)		1,110,000		1,110,000
No. of persons	1	2	23	26

UTILIZATION OF PROCEEDS FROM INITIAL PUBLIC OFFERING

The principal purpose of the issue was to increase the capacity in both segment of Active Pharmaceutical Ingredients (API) and Formulation and to set up a state of the art, 200 bed hospital facility.

Estimated break-up of utilization of the IPO proceeds is mentioned below:

Description

Funds Required (Rupees)

Allocation (%)

Actual Expenditure (Rupees)

Excess/ (Less) Incurred (Rupees)

API Segment	150,000,000 405,194,500	7.4% 19.9%	150,000,000 405,194,500	- -
Civil Works Procurement of Plant and Machinery
	555,194,500	27.3%	555,194,500	-
Formulation Segment	250,000,000 307,630,000	12.3% 15.1%	250,000,000 307,630,000	- -
Civil Works Procurement of Plant and Machinery
	557,630,000	27.4%	557,630,000	-

Utilization of Excess Proceeds Repayment of Borrowings Working Capital Requirement

IPO Expenses

54,197,497

108,902,639

127,667,864

19%

37%

44%

54,197,497

108,902,639

127,667,864

290,768,000

100%

290,768,000

In accordance with Section 16A of the Public Offering Regulations, 2017, which requires offering an exit opportunity in the event of a change in the principal purpose of issue as disclosed in the prospectus, the Company, in its Extra Ordinary General Meeting (EOGM) held on 26 June 2025, approved the reallocation of unutilized IPO proceeds.

amounting to Rs. 922.5 million originally earmarked for the hospital facility.

The Company has duly complied with the requirements of the IPO Regulations, including:

*Preparation and disclosure of the statement of facts setting out the reasons and rationale for the proposed reallocation; and

*Provision of the required exit opportunity to dissenting shareholders in accordance with applicable laws and regulations

Reallocation of IPO Funds in light of public offering regulations 2017 section 16A
Biotech Formulation - (Ampoules)	339,114,648	16.7%	339,114,648
Carbapenem Formulation - (3-Sections)	238,651,538	11.7%	238,651,538
Penicillin Formulation - (4-Sections)	344,785,314	16.9%	344,785,314

922,551,500 45.3% 922,551,500

DATE OF AUTHORIZATION FOR ISSUE
These condensed interim financial statements were authorized for issue on April 29, 2026 by the board of directors of the company.
GENERAL

The figures have been rounded off to the nearest rupees.

Corresponding figures have been rearranged, and reclassified, where necessary, for better presentation and disclosure.

Chief Executive Officer Chief Financial Officer Director

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