CONTENTS
Corporate Information | 3 |
Directors' Report | 4 |
Condensed Interim Statement of Financial Position | 5 |
Condensed Interim Statement of Profit or Loss | 6 |
Condensed Interim Statement of Comprehensive Income | 7 |
Condensed Interim Statement of Cash Flows | 8 |
Condensed Interim Statement of Changes in Equity | 9 |
Notes to the Condensed Interim Financial Statements | 10 |
15 | |
2
Corporate Information
Board of Directors | Mr. Waqar Ibn Zahoor Bandey | - | Chairman |
Mr. Naveed M. Sheikh | - | Director/CEO | |
Mr. Muhammad Tariq | - | Director | |
Mr. Ibrahim Naveed Sheikh | - | Director | |
Mr. Shahzad Ullah Khan | - | Director | |
Mr. Najam Faiz | - | Director | |
Mrs. Fakhra Chaudhry | - | Director | |
Audit Committee | Mr. Shahzad Ullah Khan | - | Chairman |
Mr. Muhammad Tariq | - Member | ||
Mr. Ibrahim Naveed Sheikh | - | Member | |
Mrs. Fakhra Chaudhry | - | Member | |
HR & Remuneration | Mr. Najam Faiz | - | Chairman |
Committee | Mr. Ibrahim Naveed Sheikh | - | Member |
Mr. Muhammad Tariq | - Member | ||
Chief Financial Officer | Mr. Farooq Ahmed | ||
Head of Internal Audit | Mr. Junaid Akhter | ||
Company Secretary | Mr. Falraz Anwer | ||
Financial Institutions | Soneri Bank Limited | ||
The Bank of Khyber | |||
Habib Bank Limited | |||
HBL Microfinance Bank Limited | |||
U Microfinance Bank Limited | |||
Auditors | UHY Hassan Naeem & Co. | ||
Chartered Accountants | |||
Legal Advisors | Mrs. Aniqua Sheikh | ||
Advocate | |||
Registered Office | Ismail Aiwan-e-Science Building, | ||
205 Ferozepur Road Lahore-54600 | |||
Ph # + 92 (042) 3575-8970 | |||
+ 92 (042) 3575-1308 | |||
Fax #+ 92 (042) 3576-3247 | |||
Shares Registrar | Hameed Majeed Associates (Pvt) Limited | ||
H.M. House, 7-Bank Square, Lahore. | |||
Ph # + 92 (042) 3723-5081-2 | |||
Fax #+ 92 (042) 3735-8817 | |||
Production Facilities | Hydroponic Project | ||
Village Shori Manika | |||
Tehsil Pindi Bhattian, District Hafizabad |
Assets Classified held for Sale
Karmanwala, Tehsil Phalia
Distt. Mandi Bahauddin
Ph # + 92 (546) 541-151/54
Fax #+ 92 (546) 541-162
3
Directors' Review to the Members
For the First Quarter Ended September 30, 2024
Dear Members,
The unaudited interim financial statements for the first quarter ended September 30, 2024, are presented in compliance with the International Accounting Standards (IAS), the Companies Act, 2017, and the Rule Book of the Pakistan Stock Exchange Limited.
Financial Performance
During the period under review, the Company reported revenue of Rs. 73.048 million, compared to Rs. 92.790 million in the corresponding period last year. The decline in revenue is primarily attributed to the reduction in the markup rate by the State Bank of Pakistan.
The operating profit, after accounting for administrative and other expenses, stood at Rs. 25.225 million, compared to Rs. 43.884 million in the same period last year.
The net profit for the quarter amounted to Rs. 14.699 million, compared to Rs. 30.261 million in the corresponding period of the previous year. Earnings per share (EPS) for the quarter stood at Rs. 0.15 per share, compared to Rs. 0.31 per share in the same period last year.
Strategic Business Developments
The Company is currently in the process of divesting its remaining assets, including a composite sugar manufacturing facility located in Phalia, District Mandi Bahauddin. This decision is in line with the resolution passed by the Shareholders in the 18th Annual General Meeting of the Company.
Proceeds from the sale of these assets will be strategically allocated alongside the Company's existing funds in accordance with its Object Clause and the business activities permitted under its Memorandum of Association.
Future Outlook
The Board remains committed to maximizing shareholder value by focusing on prudent financial management and strategic capital deployment. The Company will continue to explore growth opportunities that align with its long-term vision and corporate objectives.
Acknowledgment
The Board of Directors expresses its gratitude to the shareholders, customers, employees, and regulatory authorities for their continued support and confidence in the Company.
For and on behalf of the Board
Waqar Ibn Zahoor Bandey | Naveed Mughis. Sheikh |
Chairman | Chief Executive Officer |
Lahore
Monday, February 10, 2025
4
CONDENSED INTERIM STATEMENT OF FINANCIAL POSITION (UN-AUDITED)
AS AT SEPTEMBER 30, 2024
September 30, 2024 | June 30, 2024 | ||
(Un- Audited) | (Audited) | ||
EQUITY AND LIABILITIES | Note | (Rupees in '000) | (Rupees in '000) |
Share Capital And Reserves | |||
Authorized Share Capital | |||
100,000,000 (2023: 100,000,000) | |||
Ordinary Shares of Rupees 10 each | 1,000,000 | 1,000,000 | |
Issued, Subscribed and Paid-up Capital | 6 | 990,200 | 990,200 |
Surplus on Revaluation of Property, Plant | |||
and Equipments - Net of Deferred Tax | 7 | 5,528,996 | 5,528,996 |
Revenue Reserves - Unappropriated Profit | 3,834,612 | 3,819,913 | |
10,353,808 | 10,339,109 | ||
LIABILITIES | |||
Non-Current Liabilities | |||
Deferred Liabilities | 8 | 1,865,864 | 1,852,017 |
Current Liabilities | |||
Trade and Other Payables | 605,726 | 594,621 | |
Contingencies and Commitments | 9 | - | - |
12,825,398 | 12,785,747 | ||
ASSETS | |||
Non-Current Assets | |||
Property, Plant and Equipment | 10 | 875,392 | 860,719 |
Current Assets | |||
Stock in Trade | 892,958 | 904,493 | |
Loan and Advances | 147,343 | 134,048 | |
Trade Deposits, Prepayments and Other Receivables | 34,807 | 25,059 | |
Accrued Markup | 780 | 9,209 | |
Short Term Investments | 1,605,709 | 1,467,838 | |
Tax Refunds Due from Government | 255,376 | 244,587 | |
Cash and Bank Balances | 68,258 | 195,019 | |
3,005,231 | 2,980,253 | ||
Assets Held for Sale | 11 | 8,944,775 | 8,944,775 |
12,825,398 | 12,785,747 |
The annexed notes from 1 to 15 form an integral part of these financial statements.
Chief Executive Officer | Director | Chief Financial Officer |
5
CONDENSED INTERIM STATEMENT OF PROFIT OR LOSS (UN-AUDITED)
FOR THE FIRST QUARTER ENDED SEPTEMBER 30, 2024
September 30, 2024 | September 30, 2023 | |
(Un- Audited) | (Un- Audited) | |
Note | (Rupees in '000) | (Rupees in '000) |
Profit or Loss - Continuing Operations: | ||
Revenue | 73,048 | 92,790 |
Gross Profit | 73,048 | 92,790 |
Administrative Expenses | (47,823) | (48,906) |
25,225 | 43,884 | |
Other Operating Expenses | - | - |
Other Operating income | - | - |
Profit / (Loss) from Operations | 25,225 | 43,884 |
Finance Cost | (48) | (24) |
Profit / (Loss) before Taxation and Tax Levies | 25,177 | 43,860 |
Taxation and Tax Levies | (4,187) | (5,410) |
Profit / (Loss) after Taxation and Tax Levies - Continuing Operations | 20,990 | 38,450 |
Profit / (Loss) after Taxation and Tax Levies - Discontinued Operations 12 | (6,291) | (8,189) |
Profit / (Loss) after Taxation and Tax Levies | 14,699 | 30,261 |
Earning / (Loss) per Share - Basic and Diluted (Rupees) | 0.15 | 0.31 |
The annexed notes from 1 to 15 form an integral part of these financial statements.
Chief Executive Officer | Director | Chief Financial Officer |
6
CONDENSED INTERIM STATEMENT OF COMPREHENSIVE INCOME (UN-AUDITED)
FOR THE FIRST QUARTER ENDED SEPTEMBER 30, 2024
September 30, 2024 | September 30, 2023 | |
(Un- Audited) | (Un- Audited) | |
(Rupees in '000) | (Rupees in '000) | |
Profit / (Loss) After Taxation and Tax Levies - Continuing Operations | 20,990 | 38,450 |
Profit / (Loss) After Taxation and Tax Levies - Discontinued Operations | (6,291) | (8,189) |
Total Comprehensive Income / (Loss) for the Period | 14,699 | 30,261 |
The annexed notes from 1 to 15 form an integral part of these financial statements.
Chief Executive Officer | Director | Chief Financial Officer |
7
CONDENSED INTERIM STATEMENT OF CASH FLOWS (UN-AUDITED)
FOR THE FIRST QUARTER ENDED SEPTEMBER 30, 2024
September 30, 2024 | September 30, 2023 | ||
CASH FLOWS FROM OPERATING ACTIVITIES | Note | (Un- Audited) | (Un- Audited) |
(Rupees in '000) | (Rupees in '000) | ||
Profit before Taxation and Tax Levies | 25,177 | 43,860 | |
Adjustments for: | |||
Finance Cost | 48 | 24 | |
Depreciation of Property, Plant and Equipment | 4,038 | 2,966 | |
Provision for Staff Retirement Benefits - Gratuity | 13,988 | - | |
18,074 | 2,990 | ||
Operating Profit before Working Capital Changes | 43,251 | 46,850 | |
(Increase) /Decrease in Current Assets: | - | - | |
Stores, spares and loose tools | |||
Stock in Trade | 11,535 | (13,472) | |
Loans and Advances | (13,295) | (5,665) | |
Accrued Markup | 8,429 | (10,060) | |
Trade Deposit, Prepayments and Other Receivables | (9,748) | (189) | |
Increase / (decrease) in current liabilities: | (3,079) | (29,386) | |
Trade and Other Payables | 11,105 | (2,040) | |
Cash Generated from Operations | 8,026 | (31,426) | |
Finance Cost Paid | (48) | (24) | |
Staff Retirement Benefits - Gratuity Paid | (141) | (136) | |
Income Tax Paid | (14,976) | (12,618) | |
(15,165) | (12,778) | ||
Net Cash Used in Operating Activities - Continuing Operations | 36,112 | 2,646 | |
Net Cash Used in Operating Activities - Discontinued Operations | 13 | (6,291) | (8,189) |
CASH FLOWS FROM INVESTING ACTIVITIES | |||
Capital Expenditure on Property, Plant and Equipment | (111) | (452) | |
Capital Work in Process | (18,600) | (22,825) | |
Investment in Mutual Funds | (137,871) | 69,737 | |
Net Cash Generated from Investing Activities - Continuing Operations | (156,582) | 46,460 | |
Net Cash Generated from Investing Activities - Discontinuing Operations | 13 | - | - |
CASH FLOWS FROM FINANCING ACTIVITIES | |||
Long Term Finances | - | - | |
Net Cash Used in / Generated from Financing Activities - Continuing Operations | - | - | |
Net Cash Used in / Generated from Financing Activities - Discontinued Operations 13 | - | - | |
Net (Decrease) / Increase in Cash and Cash Equivalents | (126,761) | 40,917 | |
Cash and Cash Equivalents at the Beginning of the Period | 195,019 | 1,132,361 | |
Cash and Cash Equivalents at the End of the Period | 68,258 | 1,173,278 |
The annexed notes from 1 to 15 form an integral part of these financial statements.
Chief Executive Officer | Director | Chief Financial Officer |
8
CONDENSED INTERIM STATEMENT OF CHANGES IN EQUITY (UN-AUDITED)
FOR THE FIRST QUARTER ENDED SEPTEMBER 30, 2024
Revaluation Surplus | Revenue Reserves | |||
Ordinary Share | on Property, Plant | Unappropriated | ||
Capital | and Equipment | Profit / (Loss) | Total | |
(Rupees in '000 ) | ||||
Balance as on July 1, 2023 | 990,200 | 5,528,996 | 3,741,683 | 10,260,879 |
Total Comprehensive Income: | ||||
Profit for the Period | - | - | 30,261 | 30,261 |
Other Comprehensive Income | - | - | - | - |
- | - | 30,261 | - | |
30,261 | ||||
Balance as at September 30, 2023 | 990,200 | 5,528,996 | 3,771,944 | 10,291,140 |
Balance as on July 1, 2024 | 990,200 | 5,528,996 | 3,819,913 | 10,339,109 |
Profit for the Period | - | - | 14,699 | 14,699 |
Other Comprehensive Income | - | - | - | - |
- | - | 14,699 | 14,699 | |
Balance as at September 30, 2024 | 990,200 | 5,528,996 | 3,834,612 | 10,353,808 |
The annexed notes from 1 to 15 form an integral part of these financial statements.
Chief Executive Officer | Director | Chief Financial Officer |
9
NOTES TO THE CONDENSED INTERIM FINANCIAL STATEMENTS (UN-AUDITED)
FOR THE FIRST QUARTER ENDED SEPTEMBER 30, 2024
- LEGAL STATUS AND NATURE OF BUSINESS
Imperial Limited ("the Company") was incorporated in Pakistan on May 9, 2007 under the Companies Ordinance, 1984 (Now Companies Act, 2017). The shares of the Company are quoted on Pakistan Stock Exchange Limited. The Company's registered office is situated at Ismail Aiwan-e-Science Building, 205 Ferozepur Road, Lahore.
The principle line of business is to carry on the business of buying, selling, holding or otherwise acquiring or investing the Capital of the Company in any sort of Financial Instruments but not to act as an Investment / Brokerage Company.
Previously, the Company in its Annual General Meeting resolved to dispose of its land, building and plant and machinery related to Sugar and Distillery sector. Whole of the land, building and plant & machinery located at Mian Channu was disposed of on August 21, 2017, whereas assets of sugar and ethanol manufacturing facilities located at Tehsil Phalia, District Mandi Bahaudin are held for sale.- STATEMENT OF COMPLIANCE
2.1 These Condensed Interim Financial Statements have been prepared in accordance with the accounting and reporting standards as applicable in Pakistan for Interim Financial Reporting. The Accounting and Reporting standards as applicable in Pakistan for interim financial reporting comprise of:
- International Financial Reporting Standards (IFRS) issued by the International Accounting Standards Board (IASB) as notified under the Companies Act, 2017 ; and
- Provisions of and directives issued under the Companies Act, 2017.
Where the provisions of and directives issued under the Companies Act, 2017 differ with the requirements of IAS 34, the provisions of and directives issued under the Companies Act, 2017 have been followed.
- This Condensed Interim Financial Information is being submitted to the shareholders as required by the listing regulations of Pakistan Stock Exchange Limited and Section 237 of the Companies Act, 2017.
- This Condensed Interim Financial Information does not include all of the Information and Disclosures required for full Annual Financial Statements, and should be read in conjunction with the Financial Statements of the Company for the Year Ended June 30, 2024.
- Comparative Condensed Interim Financial Position extracted from Annual Audited Financial Statements for the Year Ended June 30, 2024 and Comparative Condensed Interim Profit and Loss Account, Condensed Interim Statemen t of Comprehensive Income, Condensed Interim Statement of Changes in Equity and Condensed Interim Cash Flow Statemen t are stated from Un-Audited Condensed Interim Financial Information for the Period Ended September 30, 2023.
- BASIS OF PRESENTATION, MEASUREMENT AND ESTIMATION
Estimates used in preparations of these Condensed Interim Financial Information are reasonable under the circumstances, continually evaluated and are based on historical experience. The basis of presentation and measurement adopted for the preparation of these Condensed Interim Financial Information are the same as those adopted in the preparation of the preceding Annual Published Audited Financial Statements for the Year Ended June 30, 2024. - SIGNIFICANT ACCOUNTING POLICIES
The accounting policies adopted and applied for the preparation of this Condensed Interim Financial Information are the same as those applied in the preparation of preceding Annual Published Audited Financial Statements of the Company for the Year Ended June 30, 2024.
10