DEWAN SUGAR MILLS LIMITED
CONTENTS
Company Information | 4 |
Directors' Report | 5 |
Condensed Interim Statement of Financial Position | 6 |
Condensed Interim Statement of Profit or Loss | 7 |
Condensed Interim Statement of Comprehensive Income | 8 |
Condensed Interim Statement of Cash Flow | 9 |
Condensed Interim Statement of Changes in Equity | 10 |
Condensed Interim Statement of Segment Wise Operating Results | 11 |
Condensed Notes to the Financial Statements | 12 |
16 |
A YOUSUF DEWAN COMPANY
COMPANY INFORMATION
EXECUTIVE DIRECTORS
Ishtiaq Ahmad - Chief Executive Officer
Ghazanfar Baber Siddiqi
NON-EXECUTIVE DIRECTORS
Abdul Basit - Chairman Board of Directors
Syed Maqbool Ali
Nida Jamil
Mehmood-ul-Hassan Asghar
INDEPENDENT DIRECTOR
Aziz-ul-Haque
COMPANY SECRETARY
Muhammad Hanif German
CHIEF FINANCIAL OFFICER
Muhammad Ilyas Abdul Sattar
AUDITORS
Feroze Sharif Tariq & Co. - Chartered Accountants
COST AUDITORS
UHY Hassan Naeem & Co.
TAX ADVISOR
Sharif & Company - Advocates
LEGAL ADVISOR
A.K. Brohi & Company Advocates
AUDIT COMMITTEE
Aziz-ul-Haque
Syed Maqbool Ali
Abdul Basit
HUMAN RESOURCE & REMUNERATION COMMITTEE
Aziz-ul-Haque
Ghazanfar Baber Siddiqi
Abdul Basit
BANKERS
National Bank of Pakistan
Summit Bank Limited
Habib Bank Limited
Standard Chartered Bank Pakistan Limited
The Bank of Khyber Limited
REGISTERED OFFICE:
Dewan Centre, 3-A Lalazar, Beach Hotel
Road, Karachi-74000, Pakistan.
SHARE REGISTRAR / TRANSFER AGENT BMF Consultants Pakistan (Pvt.) Limited Annum Estate Building, Room No. 310 & 311, 3rd Floor, 49, Darul Aman Society.
Main Shahrah-e-Faisal, Adjacent Baloch Colony, Karachi, Pakistan.
FACTORY
Jillaniabad, Budho Talpur,
Taluka: Mirpur Bathoro
District: Sujawal Sindh, Pakistan.
Chairman
Member
Member
Chairman
Member
Member
MCB Bank Limited
Meezan Bank Limited
The Bank of Punjab
Dubai Islamic Bank Pakistan Limited
Bank Islami Pakistan Limited
CORPORATE OFFICE Block-A,2nd Floor Finance & Trade Centre
Shahrah-e-Faisal, Karachi, Pakistan.
WEBSITE
www.yousufdewan.com
04 QUARTERLY REPORT
DEWAN SUGAR MILLS LIMITED
DIRECTORS' REPORT
IN THE NAME OF ALLAH; THE MOST GRACIOUS AND MERCIFUL.
IF YE ARE GRATEFUL, I WILL GIVE YOU MORE (HOLY QURAN)
The Board of directors of Dewan Sugar Mills Limited is pleased to present unaudited condensed interim financial statements for the first quarter ended December 31, 2024
FINANCIAL RESULTS
During the period under consideration, your Company has after-taxloss to Rs. 333.082 million, compared to loss of Rs. 32.289 million in the corresponding period last year.
PERFORMANCE REVIEW
Distillery Segment
The Distillery unit has not commenced production in the first quarter due to lesser availability of raw material, working capital constraints and uncertainty in the international market as to prices and demand. During the current quarter operating loss of was Rs,195.633million as compared to last quarter profit of Rs. 74.706 million. The management is optimistic for improvement in the operating results in the near future and is hopeful that the export prices will increase.
Sugar Segment
Sugar unit maintenance work has been completed and By the Grace of Allah started its crushing season from January 22, 2025.
Chip Board
The Chip Board plant produced 6,560 sheets during the period under review as compared to production of 3,980 sheets during the corresponding period of last year.
In conclusion, we bow, beg and pray to Almighty Allah, Rahman-o-Ar-Rahim, in the name of our beloved Prophet Muhammad (peace be upon him) for the continued showering of his blessings, guidance, strength, health, and prosperity to us, our company, country and nation; and also pray to Almighty Allah to bestow peace, harmony, brotherhood, and unity in true Islamic spirit to whole of the Muslim Ummah; Ameen; Summa Ameen.
LO-MY LORD IS INDEED HEARER OF PRAYER (AL-QURAN)
Under Authority of the Board of Directors
Abdul Basit | |||
Ishtiaq Ahmad | |||
Chairman Board of Director | CEO & Director |
Date: January 28, 2025
Place: Karachi
QUARTERLY REPORT 05
A YOUSUF DEWAN COMPANY
CONDENSED INTERIM STATEMENT OF FINANCIAL POSITION
FOR THE QUARTER ENDED DECEMBER 31, 2024
December | September | ||
ASSETS | 31, 2024 | 30, 2024 | |
Notes | (Rupees in '000') | ||
NON-CURRENT ASSETS | |||
5 | 7,327,041 | ||
Property, Plant and Equipment | 7,430,796 |
CURRENT ASSETS
Stores, Spares and Loose Tools
Stock-in-Trade
Trade Debts - Unsecured, Considered Good
Loans and Advances and Other Receivable -
Unsecured, Considered Good
Trade Deposits, Short-Term Prepayments
and Current Balances with Statutory Authorities Income Tax Refunds and Advances
Short term Investment - Related Party6 Cash and Bank Balances
TOTAL ASSETS
EQUITY AND LIABILITIES
SHARE CAPITAL AND RESERVES
Authorized Capital
130,000,000 (2024: 130,000,000) Ordinary Shares of Rs. 10/- each
Issued, Subscribed and Paid-up Capital
Reserves and Surplus
Surplus on Revaluation of Property,
Plant & Equipment(Net)
NON-CURRENT LIABILITIES
151,061
364,884
49,498
686,141
11,944
164,021
-
12,120
1,439,669
8,766,710
1,300,000
915,120
(6,163,502)
4,253,859
(994,523)
139,965
709,818
42,562
489,478
11,944
157,938
-
28,128
1,579,833
9,010,629
1,300,000
915,120
(5,895,009)
4,318,448
(661,441)
Sponsors Loan - Unsecured | 7 | 474,941 |
Long Term Finance (Secured) | 8 | - |
Long Term Interest Payable | 9 | - |
Deferred Liabilities | 10 | 1,658,821 |
CURRENT LIABILITIES | ||
Trade and Other Payables - Unsecured | 4,604,732 | |
Interest, Profit, Mark-up Accrued on Loans | 12,010 | |
and Other Payables | ||
Short Term Finances - Secured | 11 | 192,196 |
Unclaimed Dividend | 770 | |
Current Portion of Non-Current Liabilities | 8&9 | 2,632,929 |
Provision for Taxation | 184,834 | |
7,627,471 | ||
CONTINGENCIES & COMMITMENTS | 12 | - |
8,766,710 | ||
461,075
-
-
1,685,201
4,503,288
12,010
192,196
770
2,632,929
184,601
7,525,794
-
9,010,629
The annexed notes form an integral part of these financial statements
Ishtiaq Ahmad | Muhammad Ilyas Abdul Sattar | Abdul Basit |
CEO & Director | Chief Financial Officer | Chairman Board of Director |
06 QUARTERLY REPORT
DEWAN SUGAR MILLS LIMITED
CONDENSED INTERIM STATEMENT OF PROFIT OR LOSS (UN-AUDITED)
FOR THE QUARTER ENDED DECEMBER 31, 2024
December | December | ||
31, 2024 | 31, 2023 | ||
(Rupees in '000') | |||
Sales - net | 271,262 | 758,052 | |
Cost of Sales | (592,782) | (724,722) | |
Gross Profit/(Loss) | (321,520) | 33,330 | |
Administrative and General Expenses | (16,984) | (23,780) | |
Distribution and Selling Costs | (8,074) | (34,556) | |
Other Operating Income/(Loss) | 1,327 | (4,350) | |
(Loss) from Operations | (345,251) | (29,356) | |
Finance Cost | (13,980) | (14,062) | |
(Loss) before Tax & Levies | (359,231) | (43,418) | |
Levies | (232) | (7,731) | |
(359,463) | (51,149) | ||
Taxation | 26,381 | 18,860 | |
(Loss) after-tax | |||
(333,082) | (32,289) | ||
Loss per Share - Basic | (3.64) | (0.35) | |
The annexed notes form an integral part of these financial statements
Ishtiaq Ahmad | Muhammad Ilyas Abdul Sattar | Abdul Basit |
CEO & Director | Chief Financial Officer | Chairman Board of Director |
QUARTERLY REPORT 07
A YOUSUF DEWAN COMPANY
CONDENSED INTERIM STATEMENT OF COMPREHENSIVE INCOME (UN-AUDITED)
FOR THE QUARTER ENDED DECEMBER 31, 2024
December | December | |
31, 2024 | 31, 2023 | |
(Rupees in '000') | ||
Loss for the period | (333,082) | (32,289) |
(333,082) (32,289)
The annexed notes form an integral part of these financial statements
Ishtiaq Ahmad | Muhammad Ilyas Abdul Sattar | Abdul Basit |
CEO & Director | Chief Financial Officer | Chairman Board of Director |
08 QUARTERLY REPORT
DEWAN SUGAR MILLS LIMITED
CONDENSED INTERIM STATEMENT OF CASH FLOW (UN-AUDITED)
FOR THE QUARTER ENDED DECEMBER 31, 2024 | December | December |
31, 2024 | 31, 2023 | |
Cash Flow from Operating Activities | (Rupees in '000') | |
(Loss) Before Taxation | (359,231) | (43,418) |
Adjustment for Non-Cash and Other Items: |
Depreciation
Financial Charges
Changes in Operating Assets and Liabilities
(Increase) / Decrease in Current Assets
Stores and Spares
Stock in Trade
Trade Debts
Loans and Advances
Trade Deposits, Prepayments & Other Balances
Increase / (Decrease) in Current Liabilities
Trade and Other Payables
Short Term Finances
Taxes Paid
Financial Charges Paid
Net Cash Flows from Operating Activities
Cash Flow from Investing Activities
Fixed Capital Expenditure
Net Cash Out Flows from Investing Activities Cash Flow from Financing Activities
Net Cash Out Flows from Financing Activities
Net Decrease in Cash and Bank Balances
Cash and Bank Balances at Beginning of the period Cash and Bank Balances at the end of the period
103,755
13,980
117,735
(241,496)
(11,096)
344,934
(6,936)
(196,662)
-
101,444
-
231,684
(6,083)
(113)
(6,196)
(16,008)
-
-
-
-
(16,008)
28,128
12,120
79,712
14,062
93,774
50,356
(8,923)
307,714
(8,774)
67,156
1,004
(397,004)
--
(38,827)
(6,909)
(29)
(6,938)
4,591
(8,802)
(8,802)
--
--
(4,211)
33,926
29,715
The annexed notes form an integral part of these financial statements.
Ishtiaq Ahmad | Muhammad Ilyas Abdul Sattar | Abdul Basit |
CEO & Director | Chief Financial Officer | Chairman Board of Director |
QUARTERLY REPORT 09
A YOUSUF DEWAN COMPANY
CONDENSED INTERIM STATEMENT OF CHANGES IN EQUITY (UN-AUDITED)
FOR THE QUARTER ENDED DECEMBER 31, 2024
Issued,
Subscribed &
Paid-up
Capital
Revaluation | ||
General | Accumulated | Surplus on |
Propery, | ||
Reserve | Profit/( Loss) | |
Plant & | ||
Equipment |
(Rupees in '000')
Total
Balance as on October 01, 2023 | 915,120 | 190,000 | (5,649,465) | 3,246,350 | (1,297,995) | ||||
(Loss) for the Quarter | -- | -- | (32,289) | -- | (32,289) | ||||
Incremental Depreciation transferred from Surplus on | |||||||||
Revaluation of Property, Plant & Equipment - Net of tax | -- | -- | 46,175 | (46,175) | -- | ||||
Balance as on December 31, 2023 | |||||||||
915,120 | 190,000 | (5,635,579) | 3,200,175 | (1,330,284) | |||||
Balance as on October 01, 2024 | 915,120 | 190,000 | (6,085,009) | 4,318,448 | (661,441) | ||||
(Loss) for the Quarter | -- | -- | (333,082) | -- | (333,082) | ||||
Incremental Depreciation transferred from Surplus on | |||||||||
Revaluation of Property, Plant & Equipment - Net of tax | -- | -- | 64,589 | (64,589) | -- | ||||
Balance as on December 31, 2024 | |||||||||
915,120 | 190,000 | (6,353,502) | 4,253,859 | (994,523) | |||||
The annexed notes form an integral part of these financial statements
Ishtiaq Ahmad | Muhammad Ilyas Abdul Sattar | Abdul Basit |
CEO & Director | Chief Financial Officer | Chairman Board of Director |
10 QUARTERLY REPORT
CONDENSED INTERIM STATEMENT OF SEGMENT WISE OPERATING RESULTS (UN-AUDITED)
FOR THE QUARTER ENDED DECEMBER 31, 2024
Sugar | Polypropylene | |||
Segment | Segment | |||
Dec-24 | Dec-23 | Dec-24 | Dec-23 |
Board and Panel
Segment
Dec-24 Dec-23
(Rupees in '000')
Distillery | Total | |||
Segment | ||||
Dec-24 | Dec-23 | Dec-24 | Dec-23 |
QUARTERLY REPORT
Gross Sales
Local
Exports
Sales Commission
Sales Tax /Special Excise Duty
Net Sales
COST OF SALES
Gross Profit
Administrative Expenses
Selling and Distribution Costs
Other Operating (Income)/Loss
Profit/(Loss) before Tax and Financial Cost
-
-
-
-
-
-
-
142,830
(142,830)
4,710
-
-
4,710
(147,540)
-
-
-
-
-
-
-
94,462
(94,462)
7,763
-
(479)
7,284
(101,746)
-
-
-
-
-
-
-
-
-
1,846
-
-
1,846
(1,846)
-
-
-
-
-
-
-
-
-
1,762
-
-
1,762
(1,762)
22,232 | 5,887 | |
- | - | |
22,232 | 5,887 | |
- | - | |
3,680 | 981 | |
3,680 | 981 | |
18,552 | 4,906 |
18,759 5,432
- (526)
- 28
- -
- -
- 28
- (554)
66,767
195,777
262,544
1,263
8,571
9,834
252,710
431,193
(178,483)
10,403
8,074
(1,327)
17,150
(195,633)
45,625
716,653
762,278
3,771
5,361
9,132
753,146
624,828
128,318
14,227
34,556
4,829
53,612
74,706
88,999
195,777
284,776
1,263
12,251
13,514
271,262
592,782
(321,520)
16,984
8,074
(1,327)
23,731
(345,251)
51,512
716,653
768,165
3,771
6,342
10,113
758,052
724,722
33,330
23,780
34,556
4,350
62,686
(29,356)
DEWAN SUGAR MILLS LIMITED
11
Ishtiaq Ahmad | Muhammad Ilyas Abdul Sattar | Abdul Basit |
CEO & Director | Chief Financial Officer | Chairman Board of Director |
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