Transmission of Quarterly Report for the 1st quarter ended 31 12 2024

Jan 29, 2025 at 10:34 AM UTC · Issued by Haseeb Waqas Sugar Mills Ltd.

Company Information

Board of Directors
1.	Mr. Raza Mustafa	Chairman
2.	Mian Abdullah Ilyas	Director/Chief Executive
3.	Mian Waqas Riaz	Director
4.	Mrs. Yasmin Riaz	Director
5.	Ms. Zainab Waqas	Director
6.	Mrs. Shahzadi Ilyas	Director
7.	Ms. Zakia Ilyas	Director
8.	Mian Abubakar Ijaz	Director
Audit Committee	Human Resource & Remuneration
		Committee
1.	Mian Waqas Riaz (Chairman)	1. Mian Waqas Riaz (Chairman)
2.	Ms. Zakia Ilyas (Member)	2. Mrs. Zainab Waqas (Member)
3.	Mrs. Yasmin Riaz (Member)	3. Ms. Zakia Ilyas (Membr)
Company Secretary	Chief Financial Ofcer
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
Saeed Ul Hassan & Co.	Hameed Majeed Associates (Pvt.) Limited
Chartered Accountants	H.M. House, 7-Bank Square, Lahore
27 C, TAMC Building, 1st Floor
MM Alam Road Gulber III, Lahore
Mills	Registered Ofce
Mouza Jagmal, Tehsil Jattoi	06-F, Model Town, Lahore
District. Muzaffargarh	Tel: 042-35917321-23
		Fax: 042-35917317
		Website: www.hwgc.com.pk
Bankers	Legal Advisor
National Bank of Pakistan	Muhammad Ahsan Khan
Sindh Bank Limited	(Advocate)
The Bank of Punjab

DIRECTORS' REVIEW

FOR THE FIRST QUARTER ENDED 31 DECEMBER 2024

Dear Members

The Directors of your Company take pleasure in presenting the un-audited accounts for the period ended 31 December 2024.

FINANCIAL RESULTS

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

	For the period ended 31 December
	2024		2023
		(Rupees)
Net Sales	-		-
Gross (Loss)	(71,561,933)		(82,649,478)
Net (Loss) before tax	(75,092,191)		(85,876,853)
Net (Loss) after tax	25,776,465		(67,561,948)
Basic Earning per share	0.80		(2.09)

During the period under review, the Company posted gross loss of Rs. (71,561,933) as compared to last periods of Rs. (82,649,478). 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 2025-26 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: 29-01-2025	Chief Executive

HASEEB WAQAS SUGAR MILLS LIMITED

CONDENSED INTERIM BALANCE SHEET

AS AT DECEMBER 31, 2024

Note

CAPITAL AND LIABILITIES

Share Capital and Reserves

Authorized capital

35,000,000 (2016: 35,000,000) ordinary shares of Rs. 10 each

Issued, subscribed and paid up capital

Loan from Directors

Capital Reserves

Surplus on Revaluation of Property

Revenue Reserves

Accumulated (loss) / Profit

Non Current Liabilities

Long term financing

Liability against assets subject to finance lease Deferred liabilities

Deferred taxation

Current Liabilities

Trade and other payables

Markup on Loans and other Payables

Short term borrowings

Unclaimed dividend

Current portion of non current liabilities

Contingencies and Commitments

ASSETS

Non Current Assets

Property, plant and equipment

Long term deposits

Deferred cost

Current Assets

Stores, spares and loose tools Stock in Trade

Advances, Deposits, Prepayments and other Receivables Cash and bank balances

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

Dec 31, 2024

Rupees

350,000,000

324,000,000

1,260,495,119

4,511,088,674

(5,565,170,452)

530,413,341

17,727,972

1,364,590,280

1,382,318,252

764,748,619

1,214,260,189

752,088,315

1,443,972

1,367,187,642

4,099,728,737

6,012,460,330

5,795,619,214

470,000

5,796,089,214

112,000,000

56,407,833

45,571,788

2,391,495

104,371,116

6,012,460,329

Sep 30, 2024

Rupees

350,000,000

324,000,000

1,258,445,119

4,549,877,439

(5,629,735,684)

502,586,874

147,727,972

1,335,458,933

1,483,186,905

796,322,771

1,183,695,578

752,088,315

1,443,972

1,367,187,642

4,100,738,278

6,086,512,057

5,863,625,134

470,000

5,864,095,134

112,000,000

56,407,829

45,376,209

8,632,885

110,416,923

6,086,512,057

Abdullah Ilyas	Raza Mustafa	Syed Mubashir Hussain Bukhari
CHIEF EXECUTIVE.	DIRECTOR.	CHIEF FINANCIAL OFFICER 3

HASEEB WAQAS SUGAR MILLS LIMITED

CONDENSED INTERIM PROFIT AND LOSS ACCOUNT (Unaudited)

FOR THE QUARTER ENDED DECEMBER 31, 2024

		Un-audited
	Note	Dec 31, 2024		Dec 31, 2023
	Rupees
Sales - Net	6	-	-
Cost of goods sold	7	71,561,933		82,649,478
Gross (loss)		(71,561,933)	(82,649,478)
Operating expenses:
- Administrative and general expenses		3,528,716	3,225,071
(Loss) before taxation		(75,090,649)		(85,874,549)
Finance cost		1,542		2,304
(Loss) before taxation		(75,092,191)	(85,876,853)
Deferred Tax		100,868,656		18,314,905
(Loss)/ profit after taxation		25,776,465	(67,561,948)
Earning per share - basic
	0.80	(2.09)

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, 2024

CASH FLOW FROM OPERATING ACTIVITIES

Un-audited

Dec 31, 2024

Dec 31, 2023

Rupees

(Loss) before taxation

Adjustments for:

Depreciation
Finance cost

Operating (loss)/ profit before working capital changes

(Increase) / decrease in current assets:

Stores, spares and loose tools
Stock in trade
Trade deposits and short term prepayments Increase / (decrease) in current liabilities:
Trade and other payables

Cash used in operations

Gratuity paid

Finance cost paid

Net cash generated/ used in operating activities

CASH FLOW FROM INVESTING ACTIVITIES

Property, plant and equipment purchased

Net cash used in investing activities

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

Net cash generated from/ used in financing activities

Net increase in cash and cash equivalents

Cash and cash equivalents at the beginning of the period

Cash and cash equivalents at the end of the period

(75,092,191)

68,005,920

1,542

68,007,462

(7,084,729)

(195,579)

(31,574,152)

(31,769,731)

(38,854,460)

30,563,069

(8,291,391)

2,050,000

(6,241,391)

8,632,885

2,391,494

(85,876,853)

71,821,912

2,304

71,824,216

(14,052,637)

(1,498,382)

(6,870,400)

(17,372,176)

(25,740,958)

(39,793,595)

30,562,307

(9,231,288)

7,109,380

1,474,619

8,583,999

(647,289)

1,971,834

1,324,545

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 COMPREHENSIVE INCOME (Unaudited)

FOR THE QUARTER ENDED DECEMBER 31, 2024

	Un-audited
	Dec 31, 2024		Dec 31, 2023
		Rupees
(Loss) after taxation	25,776,465	(67,561,948)
Other comprehensive income	-		-
Total comprehensive (loss) for the period	25,776,465	(67,561,948)

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, 2024

	Issured	Loan	Surplus on	Accumulated
	Subscribed	from	Revaluation of	Loss/ Profit	Total
	and Paid up	Directors	Property, Plant
	Capital		& Equipmenys
			Rupees
Balance as at September 30, 2023	324,000,000	1,225,190,739	4,713,414,891	(5,496,427,007)	766,178,623
Loss for the period	-			(67,561,948)	(67,561,948)
Increase / (Decrease in Directors Loan					-
Transfer from surplus on revaluation of fixed assets		7,109,380			7,109,380
in respect of incremental depreciation - net of deferred tax		(41,633,473)	41,633,473	-

Balance as at December 31, 2023	324,000,000	1,232,300,119	4,671,781,418	(5,522,355,482)	705,726,055
Loss for the period	-			(229,284,179)	(229,284,179)
Other comprehensive income / (loss) for Period				-	-
Increase in Directors Loan		26,145,000			26,145,000
Revaluation surplus arise during the year			-
Transfer from surplus on revaluation of fixed assets
in respect of incremental depreciation - net of deferred	-		(121,903,977)	121,903,977	-
	-				-
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	-			25,776,465	25,776,465

Increase / (Decrease) in Directors Loan		2,050,000			2,050,000
Transfer from surplus on revaluation of fixed assets
in respect of incremental depreciation - net of deferred	-		(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

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, 2024

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.
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, 2024.
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, 2024.
CONTINGENCIES AND COMMITMENTS
4.1 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, 2024.

5 PROPERTY, PLANT AND EQUIPMENT

Unaudited Audited

Dec 31, 2024

Sep 30, 2024

Rupees

Opening written down value

Additions / (Deletions) during the period

Land
Building
Plant and machinery
Other Assets

Depreciation for the period / year

5,863,625,134

(68,005,920)

5,795,619,214

6,152,109,232

(288,484,098)

5,863,625,134

SALES - NET
- Sugar
- Molasses
- Mud
  Less: Sales tax and federal excise duty
COST OF GOODS SOLD
Raw materials consumed Stores and spares consumed Salaries, wages and other benefits Repair and maintenance Depreciation
Others
Opening work in process Closing work in process
Cost of goods manufactured
Opening finished goods Closing finished goods
RELATED PARTY TRANSACTIONS

Unaudited

Dec 31, 2024		Dec 31, 2023
Rupees
-	-
-	-
-	-
-		-
-		-
-	-

-	-
58,650	292,230
2,548,619	7,110,175
1,744,366	4,525,327
66,887,641	69,722,225
322,657	74,600
71,561,933		81,724,557

-		-
-		-
-		-
71,561,933		81,724,557

-		-
-		-
-		-

71,561,933	81,724,557

Related parties comprise holding company, subsidiaries and associated undertakings, other related group companies, key management personnel including Chief executive, Directors and Executives and Post employment benefit plans. The Company in the normal course of business carries out transactions with various related parties. Details of related party transactions and balances are as follows:

8.1 Balances with related parties	Unaudited		Audited
Dec 31, 2024		Sep 30, 2023
Due to:	Rupees

Abdullah Sugar Mills Limited	749,884,251	672,517,484
Haseeb Waqas Trading (Private) Limited	2,204,064	2,204,064
Long term loan from directors	1,260,495,119	1,232,300,119

Due to related parties represents balances resulting from related party transactions entered into in ordinary course of business.

9 AUTHORIZATION FOR ISSUE

These condensed interim financial statements are being authorized for issue by the Board of Directors of the Company on January 29, 2025.

10 GENERAL

Comparative figures have been rearranged / reclassified, wherever necessary, to facilitate comparison.
Figures have been rounded off to the nearest of rupees.

Abdullah Ilyas	Raza Mustafa	Syed Mubashir Hussain Bukhari
CHIEF EXECUTIVE.	DIRECTOR.	9
CHIEF FINANCIAL OFFICER

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