Financial Results for the Period Ended June 30, 2025

June 30,

2025

June 30,

2024

June 30,

2025

June 30,

2024

Rupees Rupees

Re'venue from conlracls wilh cuslomars - net

19,744.091

17,812,468

37,610,543

34,384,676

Costofsaes

(19,705,943)

(16,376,445)

(36,160,516)

(31,882,978)

Gross profit

38,148

1,4 36,023

1,450,027

2,501,698

Distribulion and marketing expenses

(169,264)

(185,316)

(301.971)

(329,494)

Administrative expenses

(573,904)

(542,395)

(1,188,973)

(1,219,886)

Olher expenses

(289,616)

(30,249)

(398,065)

(53,473)

Other income

52,409

119,740

213,604

295,017

Operating (loes) / profit

(942,447)

797,803

(225,378)

1,193,862

Finance cosls

(1,489,960)

(2,125,564)

(2.992,720)

(3,793,656)

Loss before minimum tax differential,

final tax and income tax

(2,432,407)

(1,327,761)

(3,218,098)

(2,599,794)

Minimum tax differential

(4,048)

(27'j)

(4,173)

(279)

Final tax

102,560

(26,223)

45,009

(41,888)

Loss before income tax

(2,333,896)

(1,354,263)

(3,177,182)

(2,64 ,96J )

Licom e IN X

(71,6g2)

665,829

(52,946)

1.052,285

Lossfor hepedod

(2,405,537)

(688,434)

(3,230,128)

(1,589,676)

Olher comprehensive income for lhe period

Total comprehensive loss for the period

(2,405,537)

(688.434)

(3,230,128)

(1,589.676)

Loss per share - baaic

(2.6

(0.76)

Loss per share - dllute d

(2.65) (0.76) (3.55) (1.97)

(008,923)

(900,023)

(201,000)

(201,000)

Final divIdend for the year ended December 31. 20£3

- Rs. 1 per ordin ary share

Rs. 0.67 per pre(erence share

(1,1OF, fi23)

(1,109,920)

Bulan to as at June 30, 2024 |Unaudlto d)

9,089,233

3,000,000

3,8i'4,953

9,92 8,300

z5,89:2,486

Total c omprellenslvo Income for Ihe haIf year ended

Decembor 31, 20fl4

1,4 £9.093

I .429,093

BaIanco as at Decem her 31, 2024 {AudIted}

9.089,P33

3,000,000

3,874,9fi3

Total compreh ensive loss for the FlaIf year onded

fliine 30, 2025

(3,230,128)

(3,230,128)

Cha tes issua me cost

(14,56b)

{14,5GG)

CASH FLOWS FROM QPERATING ACTIVITIES

Cash generated From operalions

6,818,647

7,869,48B

Long-term loans and advances, net

(13,320)

5,403

RelirenJent benefits paid

(98,860)

(67,862)

Minimum tax differential paid

(4,173)

(279)

Final lax adjusted / (paid)

45,089

(41,888)

Income tax paid

(1,907,053)

(2,545,496)

Net cash generated from operating activities

4,840,330

5,219,366

CASH FLDWS FROM INVESTING ACTIVITIES

Purchases of property, plant and equipment and intangible assets

(2,246,329)

(6,074,677)

Proceeds from disposa! of property, pram and equipmenl

8,674

42,984

Purchase of short-lerm inveslments

(112,000)

Proceeds on sale / malurily of short-lerm investments

1,284,971

3,052,094

Income on short-term investments, intercompany balances and bank deposits

122,337

196,190

Net cash utilised in investing activities

(830,347)

(2,893,409)

CASH FLOWS FROM FINANCING ACTIVITIES

Proceeds from |ong-lerm borrowings - net of transaclion costs

2.000,000

Repayments of long-term borrowings

(320,145)

(2,802,060)

Proceeds from short-lerm borrowings

2,500,000

399,000

Repayment of short•tern borrowings

(5,301,884)

(324,360)

Proceeds of subordinated loan from the parent company

1,000,000

1,500,OOD

Repayment of subordinated loan to Ihe parent company

(1,000,000)

(1,500.000)

Shares issuance cosl paid

(6,312)

Finance cosls paid

(2,488.215)

(3,180,489)

Lease fei›IaIs paid

(460,131)

(812,036)

Dividend paid

(4,072)

(1,456,077)

Net cash utilised in financing activities

(6,080,759)

(6,176,022)

Net decrease in cash and cash equivalents

(2.070,776)

(3,850,065)

Net foreign exclJa age differences on cash and cash equivalents

40,425

(5,228)

Cash and cash equivalenls at beglnning of1he period

150370

(2,695,581)

Cash and cash equivalents at end of the period

(1,879,981)

(6,550,874)

26,357,220

111.971

234,608

1,482,986

28,186,785

2,522,344

44.109

593,613

1I ,g71.157

1,170,110

280,391

7,5J 4,735

46,132,066

ASSETS

Non•Current Assets

Property, plant and equipment

49,636,125

49.#86,262

Right-of-use asset

415,582

G45,943

Intangible assels

507,596

514,900

Lon9-term inves‹men‹s

1 2,787, 000

6,837,000

Long -lerm loans and advances

20 952

7,666

Gurrent Assete

68,3b7,255

57,491,771

Stores, spares and loose tpols

4,519,644

4,506,160

Slock-in-made

9,670,195

13,420,730

Trade debts

1,758,758

1,248.473

Loans, advances, deposits, prepayments and olher receivables

8,124,542

10,9 09,610

Income tax recoverable

8,118,627

6,708,309

Short-Ierm Investments

i 60,4 91

1,445,006

Cash and banh balances

4,177,488

3,3 41,190

36,529,745

41,579,4 86

TOTALASSETS

99,891,OOO

99,071,267

EQUITY AND LIABILITIES

Equip

Ordinary share capital

9,0B9, 233

9,089,233

Preference shares

3,000,000

3,000,000

Share premium

3,874,953

3.874,953

Unapproprialed profits

9,613,963

12,438,639

25,578,14 9

28,d02,825

NonCuwentM«bil8es

Long-term borrowings

27,941,832

Government granl

135,872

Lease Iiabi|ittes

395,199

Deferred tax liability

1,865 647

30,338.550

Current Liabilities

Grade and olher payables

Service benefit obligations

98,860

Currenl portion of long-term borroyzings

1,047,520

Currenl portion of government grant

45,090

Current porlion of lease liabilities

830,704

Short-term borrowings

11,848,627

Accrued interest / mark-op

617,488

Unclaimed d vidend

284,463

Provisions

6,110,603

40,329,882

Co ntinge n cies and C•ommitments

74,318.851

70,668,•432

TOTAL EQUITY AND LIABILITIES

99,897.000

99,071,257

June 30,

2025

June 30,

2024

June 30,

2075

June 30,

2024

Rupees

Revenue from contracts with cuslomers - net

19,452,566

17,812,077

37,399,092

34,376,690

OOS( Of S a IN8

(t9,20Z,339)

f16,375,000)

(35,695,100)

(31,875,373)

Gross profit

245,227

1,437,077

1,703,992

2,501,317

Oistrlbution and marketiflp expenses

(157,G24)

(J 79,516)

(278,862)

Administrative expenses

(573,904)

(542,395)

(1,188,973)

(1,219,0B6)

Other expenses

(404,952)

(3,473)

(5 TI ,905)

(2p,447)

Other income

176,558

299,304

51373B

S84M15

Operatl ng (loss) / profit

(T14,69s)

1,010,997

237,880

4,5]9,532

Finance cosls

(1,507,163)

(2,125,706)

(2,990,055)

(3,789,932)

Loss before mjninnum tax differentia!, final tax

and income tax

(2,221,858)

(1,114.709)

(2.761,065)

(2,270,400)

Minimum tax diffeTenlia!

(3,546]

(3,546)

Final tax

103,182

(26,196)

45,711

(41,861)

Loss before income tax

(2,122,222)

(1,140,g05)

(2,718,900)

(2,31Z,261)

Income tax

(73,909)

660,418

(105,776)

1,047,459

Loss for the period

(2,196,131)

(480,4g7)

(2,824.676)

(1,264,802)

Other comprehensive income for the period

Total comprehensive laas For the period

(2, 96,131)

(480,487)

(2,B24,676)

(1,264,802)

Loss per share - basic

(2.4;[

(0,53)

(3.11)

(1.61)

Loss per share - diluted

(2.42)

(0.53)

(3.11)

T1.61)

(ggg,g23)

(908,923,

(201,000)

(201,000)

Trans actlo Us v/ith ownem

Final dividend for lhe year ended December 31, 2023

- Rs. 1 per ordinary share

- Rs 0.67 per preference sljare

(1,109,923)

(1,109,923)

Balance as ai Jvne 50, 2024 (Una uditedJ

P,08 9,P33

3,0 ¿00

3%74,9S3

10,563,497

Tofag comprehonsly6 )gcorrie |or tfic half year endc d Decemb er 31, Z024

Balanc e as at December 31, 2024 (Aud Ited)

9,089, 233

3,000,000

3.874,9fi3

4P,438,639

28,4 02,825

Total comprefiens lvc loss for the half ye ar ended

June 80, 2025

(2,824.67 6)

Balanc e as al J uno 80, 2025 (U naudited)

9,089,233

3,000.000

3,874, 9â3

g ,6J 3,963