HASCOL I?ETROLEUKI LIMITED
16 May 2025
The General Manager
Pakistan Stock Exchange Limited
Stock Exchange Building Stock Exchange Road Karachi
Dear Sirs,
Re: FINANCIAL RESULTS FOR THE YEAR ENDED 31" DECEIYIBER 2024
We are pleased to inform you that the Board of Directors of the Company in their meeting held on 15 May 2025 at the corporate office of the Company, has approved the Annual Accounts for the year ended 31 December 2024 and recommended the following:
DIVIDEND
Nil.
FINANCIAL., RESULTS
The financial results of the Company along with Statement of Financial Position, Statement of Changes in Equity and Statement of Cash Flows, for the year ended 31stDecember 2024 are attached herewith.
Chief Financial Omcer
HASCUL PFTBO6ELIM LIMITED
ANNUAL GENEREAL MEETING The Annual General Meeting of the Company will be held on 11 June 2025. BOOK CLOSURE DATESThe Share Transfer Books of the Company will be closed from 04 June 2025 to 11 June 2025, (both days inclusive). Transfers received at the office of the Company's Share Registrar, Messrs. CDC Share Registrar Services Limited, CDC House, 99-B, Block 'B', S.M.C.H.S., Main Shahrah-e-Faisal Karachi, at the close of business on 03 June 2025 will be treated in time for the purpose of attending the Annual General Meeting.
The Annual Report of the Company for the year ended 31stDecember 2024 will be transmitted through PUCARS at least 21 days before the holding of the Annual General Meeting.
Y urs sincerely,
Chief Executive £ ficer Chief Financial Officer
Copy to: The Securities and Exchange Commission of Pakistan, Islamabad.
DirectorHASCOL PETROLEUM LIMITED
UNCONSOLfDATED STAYSMENT Ofi FINANCfAL POSITION
S MBE 2
ASSETS
Non-current assets
Property, plant and equipment Right-of-use assets
Intangible ssset
Long-term investments Deferred taxatian - net Long-ferm deposits Total non-Current assets
S 24,555,962
J 0 118,543
29,432,687
21,D73,842
Z,598,122
7,184
3,675,000
102,303
27,456,451
Current assets Stock-in-trade Trade debts Advances
Deposits and prepayments
Other receivables
Accrued mark-up and profit Short term investments Cash and bank balances Total current assets
TOTAL ASSETS
EQUITY AND LIABILITIES
12,069,049
¥¥
12
J3
Z6,S63,997
2,621,370
237,57Z
JR
26
Z,B72,802
143
JB
584,624
954,033
875,283
368,519
7,624,596
627
100,097
835,313
22,827,517
2 o z 9sg
Share capital and reserves Share capital
Reserves
Revaluation surplus on property, plant and equipment Total shareholders' deficit
J9
Jd
9,991,207 (113,089,976j 16,592,339
9,991,207 (101,47g,9B7)
12,504,066
@6,506,430} (78,984,714)
LIABILITIES
Non-current liabilities
Long-term financing - secured Lease liabilities
Deferred liabilities
Total non-current liabilities
Current liabilities
Tr8de and other payables Unclaimed dividend Taxation - net
Accrued mark-up and profit
Short-term borrowings
Current ponion of non-current liabllities
Total current liabilities
TOTAL LlABJLJYiE5
TOTAL EQUITY AND LIABILITIES
CONTINGENCIES AND COMMITMENTS
21 6,922,309
1,871,2B5
26
31,000,73d
7,735,739
349,304,790
8,682,2Q6
3,379,579
304,369
12,366,154
5 t,084,679
356,928
1,320,616
23,383,120
35,644,035
5,113,150
116,902,528
129,268,682
50,283,968
The annexed notes from to 53 form an Integral porr of these unco/1so//dored//0onc/a/ sroremenrs.
Chief Financial Officer Director
UNCONSOLIDATED STATEMENT OF PROFIT OR LOSS
FOR THE Y£AR ENDED DECEMBER 31, 2024
2024 2023
Note ------------ Rupees In '000 ------------
Saes - net | 30 | 143,B5B,D9S | 162,747,628 | ||||
Sales tax | (52,585) | (38,021) | |||||
Net sales | 162,709,607 | ||||||
Other revenue | 31 | 463,207 | 495,785 | ||||
Net revenue | 144,268,717 | 163,2os,3gz | |||||
32 | (140,935,316) | (158,312,436) | |||||
Gross profit | 3,333,401 | 4,892,gs6 | |||||
Distribution and marketing expenses | (3,617,607) | ||||||
Administrative expenses Operating expenses | (4,461,914) | (912,369) t4.s2g,976› | |||||
Allowance for expected credit loss on trade debts | 35 | (67,111) | |||||
Other expenses | 36 | (3,Y87,591) | (807,692) | ||||
Other income | 37 | 3,253,296 | 172,969 | ||||
Operating loss | (352,750) | ||||||
Finance cost | (11,008,0s0) | ||||||
Exchange gain / (loss) - net | (5,799,034] | ||||||
(10,328,4d4) | (16,807,124) | ||||||
Loss before InCome tax and levy (final & minimum tax) | (12,058,363) | (17,159,B74) | |||||
Final taxes | 39.3 | ||||||
Minimum tax differential | 39.4 | (602,188) | (654,474) | ||||
Loss before income tax | (1Z,660,551) | (1Y,814,348) | |||||
Income tax | |||||||
Current For the year | 39.S |
Prior year
Deferred
Loss after income tax
Loss per share - baslc and diluted (in Rupees)
(12,660,551)
40 (12.67}
(17,814,Z48)
UNCONSOLIOATEO STATEMENT OF COMPREHENSfVE INCOME
FOR THE YEAR ENDED DECEMBER 31, 2BZ4
2024 2023
Note -------- Rupees in '0o0 ----•-------
Loss after income tax | (1Z,66O,S51) | (17,814,348) | ||
Items that will not be reclassified subsequently to unconsolidated statement of profit or loss | ||||
Remeasurement of actuarial (loss) / gain | ||||
on defined benefit obligation • net of tax | 49.¥.G | (15,779) | 8,644 | |
Revaluation surplus on property, plant and equipment | 5.1 | 5,154,g14 | ||
Total comprehensive loss for the year | (7,521,716) | (17,805,704) |
The annexed notes/rom 1 to S3/arm art integral part of these unconsalidated financial statements.
CAief Financial Officer Director
UNCONSOLIOATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED DECEMBER 31, 2024
Capital
Revenue Surplus on
Share
reserve revaluation of Total
CapitaJ
Share
Accu I d
property,
plant and
shareholders'
deficit
premium
OSS eqtJipment
Balance as at January 01, 1013 Total comprehensive loss for tha year | 9,991,207 | 4,639,735 | (89,503,731) | 13,693,779 | (61,179,010) | |
Loss after taxation | (17,814,34B) | |||||
Other comprehensive income | ||||||
Remeasurement of actuarial gain on defined benefit ooligation-net of tax (note 49.1.6) | 8,644 | 8,6'44 | ||||
Total comprehensive loss for the year | |17,805,704) | (17,805,704) | ||||
Transferred from sutpus on revaluation of property, plant | ||||||
and equipment of incremental depreciation | - | 1;189,713 | (1,189,713) | |||
- | - | (16,615,991) | (1,189,71Z) | (L7,805,704) | ||
Balance as at December 31, 2023 | 9,991,207 | 4,639,735 | (106,119,722) | 12,504,066 | (78,984,714) | |
Total comprehensive loss for the year | ||||||
Loss after taxation | - | - | t12,660,5S1) | - | (12,660,551) | |
Other comprehensive income | ||||||
Remeasurement of actuarial loss on defined benefit | ||||||
obligation-net of tax (note 49.1.6) . | ||||||
Revaluation surplus on propeny, plant and equipment - - | 5,154,634 | 5,154,61e | ||||
Total comprehensive loss for the year - - (12,676,330) | 5,154,614 | (7,521,716) | ||||
Transferred from 'surplus on revaluation of property, plant | ||||||
and equipment of incremental depreciation
Balance as at December 11, 2024
1,066,341 " (1,066,341)
(I ,sos,sgs) 4,oss,z73 (7,521,716)
9,99I,Z07 4,639,735 729,7J1) l6,S9],339 (86006,43B
The annexed notes Jrom 1 to S3 farm ay integral part of these uncansotidated Jinanciot statements.
Chief Financial Offlcer
UNCONSOLIDATED STATEMENT OF CASH FLOWS
FOR TNE YEAR ENDED DECEMBER 31, 2034
2024 2023
Note ------------- Rupees 1n *000 --------------
CASH FLOWS FROM OPERATING ACTIVITJ£S | ||||||
Cash generated from operations | 43 | B,464,047 | 6,078,802 | |||
Finance cost paid | (1,547,468) | (1,451,638) | ||||
Taxes paid | (45,074) | (32,129) | ||||
Contributions to gratuity fund | 49.J.4 | (10,000) | (108,152) | |||
Net cash generated from operating activities | 4,861,505 | 4,486,883 | ||||
CASH FLOWS FROM INVESTING ACTIVITIES | ||||||
Capital expenditure incurred | S.7.1 | (87,924) | (133,785) | |||
Additions in intangible assets | (7,430) | |||||
Proceeds from disposal of property, plant and equipment | 51,134 | 17,035 | ||||
Profit / mark-up received on bank deposits and TFC's Long-term deposits - net | 67,535 | 10J,353 127,830 | ||||
Net cash generated from investing activities | 14,515 | 105,003 | ||||
CASH FLOWS FROM FINANCING ACTIVITIES | ||||||
Lease liability repaid - net | (869,303) | |||||
Net cash used in financing activities | (563,412) | (869,303) | ||||
Net increase In CaSh and cash equivalents | 3,722,sg3 | |||||
Cash and cash equivalents at the beginning of the year | 18 & Z7 | (34,808,722) | (38,531,305) | |||
Cash and cash equivalents at the end of the year | 44 | (30,496,114) | (34,808,7ZZ) | |||
The annexed nptes from 1 to 53 form an integral part of these unconsolidated financial statements.
Chief Financlal Officer Director
HAKOL PETROLEUM LIMITED
CONSOMDATED STATEMENT OF FINANCIAL POSITION
S T DEC M R 2
ASSETS
Restated Restated
2024 2023 2022
Note ---------•--------------- Rupee4 in '000 ----------------•----------
Non-current assets
Property, plant and equipment Right-of-use assets
Intangible asset
Long-term investments Deferred taxation - net Long-term deposits ToCaI nofi-current assets
Current assets Stock-In-trade Trade debts Advances
Deposits and prepaymenu
other receivables
Accrued mark-up and pr0fit Shon term investments Cash and bank balances Total currant assets
22,690,389
6
7
Z6,082,055
2,259,740
9
4d9,260
2,599,349
7,184
513,112
102,303
25,912,337
22
¥8
27,143,335
2,826,364
JR
J6
¥7
18
392,544
2,835,103
Z57 100,097
1,132,572
913,805
374,413
7,586,590
925
100,097
916,010
23,593,512
24,603,272
2,901,975
29
514,663
230,133
28,250,072
8,731,027
748,7ag
1,023,052
349,667
3,928,142
1,368
98,700
8B1,099
15,761,794
TOTAL ASSETS
EQUITY AND LIABIUTIES
49,505,849 8 6
Share capital and reserves
Share capital Reserves
Revaluation surplus on property, plant and equlpment Total shareholders' deficit
LIABILITIES
Non-current liabilities
Long-term financing - secured
Lease liabilities
Deferred liabilities
Total non-current liabilities
20 9,991,207 9,991,207
7¥ (113,t60,D45) (102,677,769)
16,85Z,388 12,764,115
(86,416,450) (79,922,447)
33
24
3,159,4Z8
294,2B3
8,682,106
3,379,579
323,763
12,3B5,548
9,991,207
(85,399,993) 1B,695,779 (61,715,007)
10,103,537
3,517,168
496,710
14,117,415
Current liabilittas
Trade and other payables Unclaimed dividend Taxation - net
Accrued mark-up and pr0fit
Short-term borrowings
Current portion of non-current liabilitles Total current liabilities
TOTAL LIABILITIES
TOTAL EQUITY ANO L(ABILITIES CONTINGENCIES ANO COMMITMENTS
29
7,735,?39
t39,201,47B
149,577,458
30
51,358,498
356,928
1,184,770
23,383,1Z0
35,644,035
5,115,397
117,042,748
129,428,296
49,505,849
32,391,283
356,928
614,071
14,244, 273
39,30Z,994
4,700,009
91,609,458
105,726,873
44 011 866
The annexed notes from J to 54 form an Integral part o/these consolidated financial statements.
Chief Financial Officer
HASCOL PETROLEUM LIMITED
CONSOLJDATED STATEMENT OE PROFIT OR LOSS
FOR THE YEAR £NDED DECEMBER 31, 2024
Restated
2024 2023
Note -------- Rupees in '000 ------------
Sa les - net
Sales tax Net sales
Other revenue Net revenue
COSt Of SBI£S
Distribution and marketing expenses Admininrative expenses
Operatifig expenses
Allowance for expected credit Joss on trade debts
Other expenses Other inCome
Operating fuss
3J 145,875,707 (357,9B4)
3J 477,339
145,995,062
33 (142,388,459)
(3,772,011)
(1,Q75,1S5}
34
3y
36 (64,999)
J7 (2,614,130)
38 3,263,414
(656,278)
155,033,841 (399,678j
164,634,163
507,518
165,141,681 f160,023,528) 5,118,153
(3,864,013)
(1,120,326)
(4,?84,339)
(85,688) (1,199,613j 176,3D9
(975,178)
Finance cost
Exchange gain / (los I - net
Share of (loss) / profit from associates
Loss before income tax a md levy (final & minimum tax) Fina Itaxes
Minim um tax differential
Loss before income tax Income tax
Current For the year
Prioryear
Deferred
Loss for the year
Loss per share - baslc and diluted
79
40.J
4R2
40.3
41
(1O,542,97D) Z0B,159 (34,s10)
(10,369,321)
(11,025,599)
{806,085)
(11,631,6B4)
(12,010,600j (5,B44,896)
7,654
(26,847,842)
(i7,g2z,ozo
(654,474)
(1B,477,494)
(18,477,494)
(¿8.49)
the onnexed n‹ftes from 1 to 54 farm an integral port of these consolidated financial statements.
Ehief financial Officer Director
HASCOL PETRO1EUM LIMITED
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED DECEMBER 31, 20Z4
Restated
2024 2023
Note ------------ Rupees in '0g0 ------------
Loss for the year
Items that will not de reclossified subsequently to consolidated statement a/ptofit or loss
Remeasurement of actuaria1 (loss) / gain on defined benefit obligation - net of tax
Revaluation surplus on property, plant and equipment Total comprehensive loss for the year
(l1,631,6fl4]
(6,494,003)
(18,477,494)
10,005
(18,467,489)
The annexed notes from 1 to 54 form on integral part of these consolidated financial statements.
Chief Financial Officer Director
CONSOLIDATED STATEMENT OF CHANGES IN EQUITV
FOR THE YEAR ENOED DECEMBER 31, 2024
Sfiare
Capital reserves Revenue
unrealized gain / (loss) on
Share remeasureme Accumulated premium nt of losses
fiVTOC1
revaluation of Total property, shareholders' plant and deficit equipment
Balance as at January 01, 2023 Effect of restatement
Balance as at January 01, 2013 - restated
Total comprehensive IosS for the year Loss for the year
Other comprehensive income
Remeasurement of actuarial gain on defined benefit obligation-ner of tax (note TO.z•6)
devaluation surplus on property, plant and equipment Total comprehensive Joss for the year
Transferred from surplus an revaluation of property, plant and equipment of incremental
Balance as at December 31, 2023 - restated
Total comprehen'sive loss for the year Loss (or the year
Other comprehensive income
Remeasurement of actuarial gain on defined benefit obligation-n-°t of tax (note 50,I.6)
Revaluation surplus on property, plant and equipment
Total comprehensive loss for the year
Transferred from surp1us on revaluation of property, plant and equipment
Balance as at December 31, ZD24
9,991,207 4,639,735
(18,477,494) | (18;477,494) | ||||
10,00fi | 10,005 | ||||
260049 | 2K,A9 |
9,991,107 4,639,235
g,gg1,20.7 4,639,73°i
5,B17 IB9,747,995l
(5,817) (291,7Z3) (90,0Z9,728)
(18,467,4B9)
L,189,713
- (17,277,776j
(11,631,686) | (11,6Z1,684) | ||||
{1G,933) | (16,933) | ||||
5,154,6E4 | 5,154,614 |
(107,317,504)
(11,648,61a)
-
f117,899.780)
- (10,582,276)
S3,693,779 (61,4J7,457j
fzg7,ssoj
13,693,779 (61,715;007)
260,049 18,207,440)
(1,1B9,713)
(929,664) (GB.207,440)
12,764,115 (79,922,447)
5,154,614 (6,494,DO3)
4,0B8,273 (6,494,003)
One annexed notes /rom 3 to 54 form an integral part of these consolidotedfihancia! statements.
Chief Financial Offiter
CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED DECEMBER 31, 2024
CASH FLOWS FROM OPERATING ACTIVITIES
Restated
2024 2023
Note -------------" Rupees in '000 --------------
Cash generated from operations | 44 | 6,492,367 | 5,776,361 | |||
Finance cost paid | (1,550,593) | (1,453,452) | ||||
Taxes paid | (101,452) | (87,306) | ||||
Contributions to gratuity fund | 50.J.4 | (10,207) | (108,152) | |||
Net cash generated from operating activities | 4,830,115 | 4,127,451 | ||||
CASH FLOWS FROM INVESTING ACTIVITIES | ||||||
Capital expenditure incurred | 6.J | (140,097) | ||||
Additions in intangible assets | (7,430) | |||||
Proceeds from disposal of property, pJant and equipment | 17,035 | |||||
Investment redeemed during the year | 9,342 | 9,2D5 | ||||
Profit / mark-up received on bank deposits and TFC's | 67,9B5 | 101,107 | ||||
Long-term deposits repaid - net | (16,230) | 127,830 | ||||
Net cash generated from investing activities | 21,474 | 107,650 | ||||
CASH FLOWS FROM FINANCING ACTIVITIES | ||||||
Lease liability repaid - net | (565,6s9) | (541,231) | ||||
Net cash used in financing activities | (565,649) | (541,231) | ||||
Net increase in cash and cash equivalents | 4,2B5,940 | 3,693,870 | ||||
Cash and cash equivalents at the beginning of the year | 19 & GB | (34,728,0Z5) | (38,421,895) | |||
Cash and cash equivalants at the end of the year | (34,728,025) |
The annexed notes from 1 to 54 form an integral part of these conso/idoted/inoncio/ statements.
Chief Financial Officer Director