Financial Results for the 1st quarter ended 31-12-2025

1. Mr. Raza Mustafa Chairman

2. Mr. Abdullah Ilyas Director/Chief Executive

3. Mian Waqas Riaz Director

4. Mrs. Yasmin Riaz Director

5. Mrs. Zainab Waqas Director

6. Mrs. Shahzadi Ilyas Director

7. Mrs. Zakia Ilyas Director

8. Mian Abubakar Ijaz Director

1. Mian Waqas Riaz (Chairman) 1. Mian Waqas Riaz (Chairman)

2. Mrs. Zakia Ilyas (Member) 2. Mrs. Zainab Waqas (Member)

3. Mrs. Yasmin Riaz (Member) 3. Mrs. Zakia Ilyas (Member)

1. Mr. Raza Mustafa (Chairman) 1. Mrs. Yasmin Riaz

2. Mrs. Yasmin Riaz 2. Mrs. Zainab Waqas

   ‌Company Secretary Chief Financial Officer

   Mr. Ansar Ahmed, FCA Syed Mubashar Hussain Bukhari

   Tel: 042-35917313 Tel: 042-35917313

   Email: cs@hwgc.com.pk Email: hwgc@hwgc.com.pk

   ‌Auditors Registrar

   M/s Saeed Ul Hassan & Company Hameed Majeed Associates (Pvt.) Limited Chartered Accountants H. M. House, 7-Bank Square, Lahore 27-C, TAMC Building, 1st floor, M.M.

   Alam Road, Lahore

   ‌Mills Registered Office

   Mouza Jagmal, Tehsil Jattoi 06-F, Model Town, Lahore

   District. Muzaffargarh Tel: 042-35917321-23 Fax: 042-35917317

   Website: https://www.hwgc.com.pk

   ‌Bankers Legal Advisor

   National Bank of Pakistan Muhammad Ahsan Khan

   Sindh Bank Limited (Advocate) The Bank of Punjab

   2

   
   
   ‌DIRECTORS' REVIEW FOR THE FIRST QUARTER ENDED 31 DECEMBER 2025 ‌Dear Members

   The Directors of your Company take pleasure in presenting the un-audited accounts for the period ended 31 December 2025.

   ‌FINANCIAL RESULTS

   The financial results of the company for the period under review are summarized as follows:

   	For the period ended 31 December
   	2025	2024
   	(Rupees)
   Net Sales	-	-
   Gross (Loss)	(65,922,697)	(71,561,933)
   Net (Loss) before tax Net (Loss) after tax Basic Earning per share	(69,413,354) 91,528,377 2.72	(75,092,191) 25,776,465 0.80

   During the period under review, the Company posted gross loss of Rs. (65,922,697) as compared to last periods of Rs. (71,561,933). Furthermore, there has been no production activity in the company over the past few years.

   .

   ‌FUTURE OUTLOOK

   Management of the company is hopeful of catching the crushing season 2026-27 and optimistic of doing the crushing at its maximum level.

   ‌ACKNOWLEDGEMENT

   The Board of Directors deeply express their appreciation and pay their gratitude to sugarcane growers, valuable customers, shareholders, banks and Government departments for their continued support, trust, persistent co-operation and patronage which gives strength to pursue our corporate objectives with renewed vigor. The Board also acknowledges the valuable teamwork, devotion and dedication by the executives, employees and workers of the Company.

   On behalf of the Board
   
   Place: Lahore (Abdullah Ilyas) Date: 30-01-2026 Chief Executive ‌HASEEB WAQAS SUGAR MILLS LIMITED CONDENSED INTERIM UNAUDITED BALANCE SHEET AS AT DECEMBER 31, 2025‌

   Dec 31, 2025 Sep 30, 2025

   Note Rupees Rupees

   ‌CAPITAL AND LIABILITIES

   Share Capital and Reserves

   Authorized capital

   35,000,000 (2016: 35,000,000) ordinary

   shares of Rs. 10 each		350,000,000		350,000,000
   Issued, subscribed and paid up capital		324,000,000		324,000,000
   Loan from Directors		1,279,178,319		1,283,018,319
   Capital Reserves
   Surplus on Revaluation of Property		4,357,857,729		4,394,722,370
   Revenue Reserves
   Accumulated (loss) / Profit		(5,591,292,651)		(5,719,685,670)
   		369,743,397		282,055,019
   Non Current Liabilities
   Long term financing		-		-
   Liability against assets subject to finance lease		-
   Deferred liabilities		17,727,972		170,710,443
   Deferred taxation		1,233,977,649		1,264,919,378
   		1,251,705,621		1,435,629,821
   Current Liabilities
   Trade and other payables		769,699,932		828,973,901
   Markup on Loans and other Payables		1,214,260,189		1,183,695,578
   Short term borrowings		753,154,725		752,354,725
   Unclaimed dividend		1,443,972		1,443,972
   Current portion of non current liabilities		1,367,187,642		1,367,187,642
   		4,105,746,460		4,133,655,818
   Contingencies and Commitments	4	-		-
   		5,727,195,478		5,851,340,658
   ASSETS
   Non Current Assets
   Property, plant and equipment	5	5,526,003,121		5,590,405,003
   Long term deposits		470,000		470,000
   		5,526,473,121		5,590,875,003
   Deferred cost		98,000,000		98,000,000

   Current Assets
   Stores, spares and loose tools Stock in Trade Advances, Deposits, Prepayments and other Receivables	56,407,833 46,057,937		56,407,829 103,397,890
   Cash and bank balances	256,588		2,659,936
   	102,722,358		162,465,655
   	5,727,195,478		5,851,340,658

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

   
   
   

   Abdullah Ilyas	Raza Mustafa	Syed Mubashir Hussain Bukhari
   CHIEF EXECUTIVE	DIRECTOR	CHIEF FINANCIAL OFFICER

   HASEEB WAQAS SUGAR MILLS LIMITED

   CONDENSED INTERIM PROFIT AND LOSS ACCOUNT (Unaudited) FOR THE QUARTER ENDED DECEMBER 31, 2025

   Note

   Un-audited

   Dec 31, 2025 Dec 31, 2024

   Rupees

   Sales - Net	6	-		-
   Cost of goods sold	7	65,922,697		71,561,933
   Gross (loss)		(65,922,697)		(71,561,933)
   Operating expenses: - Administrative and general expenses		3,490,658		3,528,716
   (Loss) before taxation		(69,413,354)		(75,090,649)
   Finance cost		-		1,542
   (Loss) before taxation		(69,413,354)		(75,092,191)
   Deferred Tax		160,941,732		100,868,656
   (Loss)/ profit after taxation		91,528,377		25,776,465
   Earning per share - basic		2.82		0.80

   
   
   

   Abdullah Ilyas	Raza Mustafa	Syed Mubashir Hussain Bukhari
   CHIEF EXECUTIVE	DIRECTOR	CHIEF FINANCIAL OFFICER

   ‌HASEEB WAQAS SUGAR MILLS LIMITED

   CONDENSED INTERIM STATEMENT OF CASH FLOWS (Unaudited) FOR THE QUARTER ENDED DECEMBER 31, 2025

   ‌CASH FLOW FROM OPERATING ACTIVITIES

   Un-audited

   Dec 31, 2025 Dec 31, 2024

   Rupees

   (Loss) before taxation (69,413,354) (75,092,191)

   Adjustments for:

   	64,401,882 -	68,005,920 1,542
   	64,401,882	68,007,462
   Operating (loss)/ profit before working capital changes (Increase) / decrease in current assets:	(5,011,472)	(7,084,729)

   • Depreciation

   • Finance cost

   - Trade and other payables	(59,273,969)		(31,574,152)
   	6,448,123		(31,769,731)
   Cash used in operations Gratuity paid Finance cost paid	1,436,651 - -		(38,854,460) - 30,563,069
   Net cash generated/ used in operating activities	1,436,651		(8,291,391)
   CASH FLOW FROM INVESTING ACTIVITIES
   Property, plant and equipment purchased	-		-
   Net cash used in investing activities	1,436,651		(8,291,391)
   CASH FLOW FROM FINANCING ACTIVITIES
   Proceeds / (Repayment) from long term loans - Net Proceeds / (Repayment) from Lease Finance - Net Proceeds / (Repayment) from directors' loan - Net Proceeds / (Repayment) from short term borrowings - Net	- -(3,840,000) -		- -2,050,000 -
   Net cash generated from/ used in financing activities	(3,840,000)		2,050,000
   Net increase in cash and cash equivalents	(2,403,349)		(6,241,391)
   Cash and cash equivalents at the beginning of the period	2,659,937		8,632,885
   Cash and cash equivalents at the end of the period	256,588		2,391,494

   • Stores, spares and loose tools - -

   • Stock in trade - -

   • Trade deposits and short term prepayments 65,722,092 (195,579) Increase / (decrease) in current liabilities:

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

   
   
   

   Abdullah Ilyas	Raza Mustafa	Syed Mubashir Hussain Bukhari
   CHIEF EXECUTIVE	DIRECTOR	CHIEF FINANCIAL OFFICER

   HASEEB WAQAS SUGAR MILLS LIMITED

   ONDENSED INTERIM STATEMENT OF COMPREHENSIVE INCOME (Unaudite

   ‌FOR THE QUARTER ENDED DECEMBER 31, 2025

   Un-audited

   Dec 31, 2025 Dec 31, 2024

   Rupees

   (Loss) after taxation 91,528,377 25,776,465

   Other comprehensive income	-	-
   Total comprehensive (loss) for the period	91,528,377	25,776,465

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

   
   
   

   Abdullah Ilyas	Raza Mustafa	Syed Mubashir Hussain Bukhari
   CHIEF EXECUTIVE	DIRECTOR	CHIEF FINANCIAL OFFICER

   HASEEB WAQAS SUGAR MILLS LIMITED

   CONDENSED INTERIM STATEMENT OF CHANGES IN EQUITY (Unaudited) FOR THE QUARTER ENDED DECEMBER 31, 2025

   Issured	Loan	Surplus on	Accumulated	Total
   Subscribed	from	Revaluation of	Loss/ Profit
   and Paid up	Directors	Property, Plant
   Capital		& Equipmenys

   Rupees

   Balance as at September 30, 2024 324,000,000		1,258,445,119	4,549,877,441	(5,629,735,684)	502,586,876
   Loss for the period - Increase / (Decreas e in Directors Loan Transfer from surplus on revaluation of fixed assets		2,050,000		25,776,465	25,776,465 -2,050,000
   in respect of incremental depreciation - net of deferred tax			(38,788,767)	38,788,767	-
   Balance as at December 31, 2024	324,000,000	1,260,495,119	4,511,088,674	(5,565,170,452)	530,413,341
   Loss for the period	-			(270,881,521)	(270,881,521)
   Other comprehensive income / (loss) for Period				-	-
   Increase in Directors Loan		22,523,200			22,523,200
   Revaluation surplus arise during the year			-
   Transfer from surplus on revaluation of fixed assets in respect of incremental depreciation - net of deferred	-		(116,366,302)	116,366,302	-
   	-				-
   Balance as at September 30, 2025	324,000,000	1,283,018,319	4,394,722,372	(5,719,685,671)	282,055,020
   Loss for the period	-			91,528,377 91,528,377
   Increase / (Decreas e) in Directors Loan		(3,840,000)			(3,840,000)
   Transfer from surplus on revaluation of fixed assets in respect of incremental depreciation - net of deferred	-		(36,864,643)	36,864,643 -

   Balance as at December 31, 2025 324,000,000 1,279,178,319 4,357,857,729 (5,591,292,651) 369,743,397

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

   
   
   

   Abdullah Ilyas	Raza Mustafa	Syed Mubashir Hussain Bukhari
   CHIEF EXECUTIVE	DIRECTOR	CHIEF FINANCIAL OFFICER

   ‌HASEEB WAQAS SUGAR MILLS LIMITED

   NOTES TO THE CONDENSED INTERIM FINANCIAL STATEMENTS. FOR THE QUARTER ENDED DECEMBER 31, 2025

   1. ‌REPORTING ENTITY.

      Haseeb Waqas Sugar Mills Limited ("the Company") was incorporated on 13 January 1992 as a Public Limited Company under the repealed Companies Ordinance, 1984. The Company's registered office is situated at 6-F Model Town, Lahore. The mill is situated at Mouza Jagmal Tehsil Jattoi District Muzafargarh. The Company is listed on Pakistan Stock Exchange. The principal activity of the Company is manufacture and sale of refined sugar and its by-products.

   2. ‌BASIS OF PREPARATION

      These financial statements are unaudited and are being submitted to share holders as required u/s 245 of Companies Ordinance, 1984. These have been prepared in accordance with the International Accounting Standard No. 34 "Interim Financial Reporting" as applicable in Pakistan and notified by Securities and Exchanges Commission of Pakistan (SECP) and shall be read in conjunction with the published audited financial statements for the year ended September 30, 2025.

   3. ‌ACCOUNTING POLICIES AND COMPUTATION METHODS

      The accounting policies and methods of computations adopted for the preparation of these financial statements are the same as applied in the preparation of the preceding annual published financial statements of the Company for the year ended September 30, 2025.

   4. ‌CONTINGENCIES AND COMMITMENTS

      1. There is no material change in the status of the contingencies and commitments reported in the annual financial statements for the year ended September 30, 2025.

   5. ‌PROPERTY, PLANT AND EQUIPMENT

      Unaudited Audited

      Dec 31, 2025 Sep 30, 2024

      Rupees

      -

      -

      -

      -

Opening written down value 5,590,405,003 5,863,625,134 Additions / (Deletions) during the period

• Land

• Building

• Plant and machinery

  -	-
  5,590,405,003	5,863,625,134
  (64,401,882)	(273,220,131)
  5,526,003,121	5,590,405,003

• Other Assets

Depreciation for the period / year

Opening work in process Closing work in process

- -

Cost of goods manufactured 65,922,697 81,724,557

Opening finished goods Closing finished goods

- -

65,922,697 81,724,557

• Comparative figures have been rearranged / reclassified, wherever necessary, to facilitate comparison.

• Figures have been rounded off to the nearest of rupees.