Financial results for the half year ended 31-12-2025

December 2025

(Un-audited)

June 2025

(Audited)

ASSETS

Non - Current Assets

Property, plant and equipment

17,871,490

18,448,334

Intangible asset

45,114

50,127

Long term investments

415,552

443,964

Long term loans

202,778

182,672

Long term deposits

6,936

6,936

18,541,870

19,132,033

Current Asseu

Stores, spare parts and loose tools

2,005,321

2,098,667

Stock in trade

6,719,325

7,313,274

Trade debts

4,229,129

4,662,811

Loans and advances

208,136

572,899

Current portion of long term loans

20,816

18,874

Trade deposits and short term prepayments

93,465

9,362

Other receivables

681,439

309,016

Advance income tax

S0,000

Short term investment

350,000

Cash and bank balances

63,727

119,941

15,154,844

TOTAL ASSETS

32,913,228

34,286,877

EQUITY AND LIABILITIES

EQUITY

Share capital

0 90

1 087 290

Reserves

54 154

10 28S 9

LIABILITIES

10,629,444

11,372,589

Non - Current Liabilities

Long term financing

7,064,323

7,628,310

Lease liability against right of use assets

59,182

71,666

Deferred liabilities and income

1,188,464

1,225,486

Current Liabilities

8,925,462

Trade and other payables

6,639,390

4,550,612

Unclaimed dividend

775

853

Unpaid dividend

20,801

20,801

Accrued mark-up/ profit

460,853

480,103

Short term borrowings

4,840,725

6,909,208

Current portion of long term financing

1,540,941

1,488,520

Current portion of lease liability against right of use assets

26,627

23,322

Current portion of deferred liabilities and income

241,002

248,026

Provision for levies and income tax less payments

200,701

267,381

13,971,815

13,988,826

CONTINGENCIES AND COMMITMENTS

TOTAL EQUITY AND LIABILITIES

32,913,228

34,286,877

Oct-2025

to Dec-2025

Oct-2024

to Dec-2024

Jul-2025

to Dec-2025

Jul-2024

to

Dec-2024

Sales

6,287,022

7,219,643

13,528,614

13,124,291

Cost of sales

6,057,121

7,160,007

13,094,279

13,049,481

Gross profit

229,901

59,636

434,335

74,810

Distribution and selling costs

79,718

145,343

163,277

267,494

Administrative expenses

132,131

96,900

251,681

264,069

Other operating expenses

48,913

6,051

72,481

30,463

260,762

248,294

487,439

562,026

(30,861)

(188,658)

(53,104)

(487,216)

Ot h e I IflCOITI e

85,164

20,060

150,938

58,613

Operating profit/(loss)

54,303

(168,598)

97,834

(428,603)

Finance cost

319,893

405,498

667,666

910,715

Loss before levies and income tax

(265,590)

(574,096)

(569,832)

(1,339,318)

Levies - current & prior

78,381

91,576

168,656

165,192

Loss before income tax

(343,971)

(665,672)

(738,488)

(1,504,510)

Income tax - Prior

563

-

563

Loss for the period

(343,971)

(666,235)

(738,488)

(1,505,073)

Loss per share - Basic and diluted ( Rupees )

(3.16)

(6.13)

(6.79)

(13 84)

(Rupees in Thousand)

Share capital

Reserves

Total

t Capital reserves

(Accumulated loss)/

Unappropriated profit

Sub Total

December

June

2025

2025

(Un-audited)

(Audited)

ASSETS

Non - Current ASsets

Property, plant and equipment

20,651,202

21,257,284

Intangible asset

45,114

50,127

Long term loans

5,697

3,023

Long term deposits

6,936

6,936

20,708,949

21,317,370

Current Asseu

Stores, spare parts and loose tools

2,600,866

2,767,246

Stock in trade

6,719,325

7,313,274

Trade debts

4,229,129

4,662,811

Loans and advances

183,619

596,525

Current portion of long term loans

20,816

19,010

Trade deposits and short term prepayments

131,678

11,082

Other receivables

731,580

332,635

Advance income tax

S0,000

Short term investment

350,000

Cash and bank balances

277,791

132,179

15,244,804

15,884,762

TOTAL ASSETS

35,953,753

37,202,132

EQUITY AND LIABILITIES

EQUITY

Share capital

1 0 7 29

087 290

Reserves

0 54 05

11 61 639

12,042,095

12,848,929

LIABILITIES

Non - Current Liabilities

Long term financing

7,064,323

7,628,310

Lease liability against right of use assets

59,182

71,666

Deferred liabilities and income

1,194,077

1,229,499

Current Liabilities

8,317,582

8,929,475

Trade and other payables

7,538,453

5,257,300

Unclaimed dividend

775

853

Unpaid dividend

20,801

20,801

Accrued mark-up/ profit

460,853

480,103

Short term borrowings

4,840,725

6,909,208

Current portion of long term financing

1,540,941

1,488,S20

Current portion of lease liability against right of use assets

26,627

23,322

Current portion of deferred liabilities and income

969,031

976,055

Provision for levies and income tax less payments

195,870

267,566

15,594,076

15,423,728

6,287,022

7,219,643

13,S28,614

13, 1 24,291

6,110,782

7,204,323

13,174,945

13,048,529

176,240

15,320

353,669

75,762

79,718

145,343

163,277

267,494

135,464

102,018

258,042

273,647

34,426

2,058

44,270

20,746

249,608

249,419

465,589

561,887

(73,368)

(234,099)

(111,920)

(486, 1 25)

Ct ri er i nhome 81,341

23,843

138,461

71,045

Operating profit/(loss)

7,973

(210,256)

26,541

(415,080)

320,732

405,971

669,253

921,4 1 2

Loss before levies and income tax

(312,759)

(616,227)

(642,712)

(1,336,492)

e . s - ur°Ent â prior

78,381

91,576

168,656

165,192

Loss before income tax

(391,140)

(707,803)

(811,368)

(1,501,684)

(10,094)

5,587

(10,094)

8,989

Loss for the period

(381,046)

(713,390)

(801,274)

(1,510,G73)

Loss per share - Basic and diluted ( Rupees )

(6.56)

(7.37)

(13.89)

Oct-2025

to Dec-2025

Oct-2024

to Dec-2024

Jul-2025

to Dec-2025

Jul-2024

to

Dec-2024

LOSS Ier the period

(381,046)

(713,390)

(801,274)

(1,510,673)

Otner comorehensive income

Items shot •vill ,bever be reclassified fo statement of profit or loss

Lo ss on remeasurement of defined benefit plan having nil tax

(5,560)

(5,560)

TataI onsprehensive loss

(386,606)

(713,390)

(806,834)

(1,510,673)

(Rupees in Thousand)

Share capital

Reserves

Total

t Capital reserves

General reserve

(Accumulated loss)/

Unappropriated profit

Sub Total

1,087,290

11,656,603

285,O00

1,778,223

13,719,826

14,807,116

(1,510,673)

(1,510,673)

(1,S10,673)

1,087,290

11,656,603

28S,OOO

(179,964)

11,761,639

12,848,929

s s6o

5 56o

5 56o

Jul-2025

Jul-2024

to

Dec-2025

to

Dec-2024

Cash flows from/(towards) Operating Activities

Loss before levies and income tax

(642,711)

(1,336,492)

Adjustments for non cash income and expenses:

Depreciation on property, plant and equipment

797,158

Depreciation on right of use assets

12,320

13,254

Amortization of intangible asset

5,013

5,013

Provision for defined benefit plan

71,326

67,142

Gain on disposal of property, plant and equipment

(11,080

(7,577

Impairment/(reversal) of allowance for ECL-net

43,498

{S2)

impairment allowance for slow moving stores, spare parts and loose tools-net

470

13,549

Remeasurement gain on discounting of provision for GIDC

(11,008

Finance costs

669,253

921,412

1,788,485

1,798,891

Decrease/(increase) in current asseu:

1,145,773

462,399

Stores, spare parts and loose tools

165,910

186,205

Stock in trade

593,949

1,294,034

Trade debts

(429,420

Loans and advances

412,906

229,314

Trade deposits and shon term prepayments

(120,596

(68,332

Other receivables

(398,945

646,198

1,043,408

1,857,999

Increase/(decrease) in trade and other payables

2,281,153

(824,956)

Cash flows from operations

4,470,334

1,495,442

(Payment for)/receipts of:

Long term loans

(4,480)

3,397

Defined benefit plan

(38,021)

(10,655)

Finance costs Income tax

Net cash flows from operating activities

(679,336)

{180,258}

3,568,239

(843,660)

(58,946j

585,578

Cash flows (towards)/from Investing Activities

Additions in property, plant and equipment

(416,203

(1,225,S36

Proceeds from disposal of property, plant and equipment

23,360

19,838

Decrease in short term investments

2,500

Net cash flows towards investing activities

(1,203,198)

Cash flows (towards)/from Financing Activities

Long term financing - proceeds received

108,797

141,463

Long term financing - repayments

(701,674

(494,026

Payments for lease liability against right of use assets

(18,346

(18,994

Short term borrowings - net (fixed term instruments)

(157,434

1,463,775

Dividend paid

(7g)

(152

Net cash flows (towards)/from financing activities

(768,73S)

1,092,066

Net increase in cash and cash equivalents

2,406,661

474,446

Cash and cash equivalents at the beginning of the period

(6,469,595)

(3,074,078)

Cash and cash equivalents at the end of the period

(4,062,934)

(2,599,632)

CASH AND CASH EQUIVALENTS COMPRISE OF:

Short term investment

350,000

Cash and bank balances

277,791

204,546