CONTENTS
Corporate Information | 3 |
Directors' Review To the Members | 4 |
Independent Auditor's Review Report To the members of Imperial Limited | 5 |
Report on Review of Interim Financial Statemenrts | |
Condensed Interim Statement of Financial Position | 7 |
Condensed Interim Statement of Profit or Loss | 8 |
Condensed Interim Statement of Comprehensive Income / (Loss) | 9 |
Condensed Interim Statement of Cash Flows | 10 |
Condensed Interim Statement of Changes in Equity | 11 |
Notes to the Condensed Interim Financial Statements | 12 |
18 | |
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 Six Months and Three Months Periods Ended December 31, 2024
Dear Members,
The interim financial statements for the half year ended December 31, 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. 168.249 million, compared to Rs. 192.277 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. 83.472 million, compared to Rs. 94.931 million in the same period last year.
The net profit for the quarter amounted to Rs. 54.727 million, compared to Rs. 59.967 million in the corresponding period of the previous year. Earnings per share (EPS) for the quarter stood at Rs. 0.55 per share, compared to Rs. 0.61 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 | |
Thursday, April 10, 2025 |
4
INDEPENDENT AUDITOR'S REVIEW REPORT
To the members of Imperial Limited
Report on Review of Interim Financial Statements
Introduction
We have reviewed the accompanying condensed interim statement of financial position of
Imperial Limited ("the Company") as at December 31, 2024 and the related condensed
interim statement of profit or loss, condensed interim statement of other comprehensive
income, condensed interim statement of changes in equity and condensed interim statement
of cash flows, and notes to the financial statements for the six-month period then ended (here-
in-after referred to as the "interim financial statements"). Management is responsible for the
preparation and presentation of these interim financial statements in accordance with
accounting and reporting standards as applicable in Pakistan for interim financial reporting.
Our responsibility is to express a conclusion on these financial statements based on our
review. The figures of the condensed interim statement of profit or loss and condensed interim
statement of other comprehensive income for the quarter ended December 31, 2023 and 2024
have not been reviewed, as we are required to review only the cumulative figures for the six-
month period ended December 31, 2024.
Scope of Review`
We conducted our review in accordance with International Standard on Review Engagements
2410, "Review of interim Financial Information Performed by the Independent Auditor of the
entity". A review of interim financial statements consists of making inquiries, primarily of
persons responsible for financial and accounting matters, and applying analytical and other
review procedures. A review is substantially less in scope than an audit conducted in
accordance with International Standards on Auditing and consequently does not enable us to
obtain assurance that we would become aware of all significant matters that might be
identified in an audit. Accordingly, we do not express an audit opinion.
Conclusion
Based on our review, nothing has come to our attention that causes us to believe that the
accompanying interim financial statements are not prepared, in all material respects, in
accordance with the accounting and reporting standards as applicable in Pakistan for interim
financial reporting.
5
Other Matters
The condensed interim financial statement of the company for the six-month period ended
December 31, 2023 and annual financial statements for the year ended June 30, 2024 were
reviewed and audited respectively by another firm of chartered accountants who expressed
unqualified conclusion and unqualified opinion thereon dated February 29, 2024 and
November 28, 2024 respectively.
The engagement partner on the review resulting in this independent auditor's review report
is Mr. Ibne Hassan.
Place: Lahore | UHY Hassan Naeem & Co. |
Date: | Chartered Accountants |
UDIN: |
6
Condensed Interim Statement of Financial Position (Un-audited)
As at December 31, 2024
(Un-audited) | (Audited) | ||
31-December | 30-June | ||
2024 | 2024 | ||
Note | (Rupees in '000') | (Rupees in '000') | |
ASSETS | |||
Non-Current Assets | |||
Property, plant and equipment | 5 | 882,297 | 858,645 |
Current Assets | |||
Stores, spares and loose tools | 222,718 | 207,035 | |
Project cost held for sale | 6 | 872,094 | 904,493 |
Loan and advances | 159,244 | 134,048 | |
Trade deposits, prepayments and other receivables | 20,131 | 18,507 | |
Accrued mark-up | 3,226 | 9,209 | |
Short-term investments | 7 | 1,604,991 | 1,467,838 |
Tax refunds due from government | 305,314 | 269,926 | |
Cash and bank balances | 8 | 88,144 | 195,019 |
3,275,862 | 3,206,075 | ||
Non-current assets held for sale | 9 | 8,739,814 | 8,739,814 |
12,897,973 | 12,804,535 | ||
EQUITY AND LIABILITIES | |||
Share Capital And Reserves | |||
Authorized share capital 100,000,000 (2024: 100,000,000) | |||
Ordinary shares of Rs. 10 each | 10 | 1,000,000 | 1,000,000 |
Issued, subscribed and paid-up share capital | 10 | 990,200 | 990,200 |
Surplus on revaluation of property, plant and equipment | 11 | 5,528,996 | 5,528,996 |
Revenue reserves - unappropriated profit | 3,874,640 | 3,819,913 | |
Non-Current Liabilities | 10,393,836 | 10,339,109 | |
Deferred liabilities | 12 | 1,851,834 | 1,852,017 |
Current Liabilities | |||
Trade and other payables | 13 | 652,303 | 613,409 |
Contingencies and commitments | 14 | 12,897,973 | 12,804,535 |
The annexed notes from 1 to 21 form an integral part of these condensed interim financial statements.
Chief Executive Officer | Director | Chief Financial Officer |
7
Condensed Interim Statement of Profit or Loss (Un-audited)
For the six months and three months periods ended December 31, 2024
Six months ended | Three months ended | ||||
31-December | 31-December | 31-December | 31-December | ||
2024 | 2023 | 2024 | 2023 | ||
Note | (Rupees in '000') | (Rupees in '000') | (Rupees in '000') | (Rupees in '000') | |
Profit or loss - continuing operations | |||||
Revenue | 15 | 168,249 | 192,277 | 95,201 | 99,487 |
Gross profit | 168,249 | 192,277 | 95,201 | 99,487 | |
Administrative expenses | (85,600) | (97,448) | (37,777) | (48,542) | |
Other operating expenses | (5) | (696) | (5) | (696) | |
Other operating income | 828 | 798 | 828 | 798 | |
(84,777) | (97,346) | (36,954) | (48,440) | ||
Profit from operations | 83,472 | 94,931 | 58,247 | 51,047 | |
Finance cost | (86) | (85) | (38) | (61) | |
Profit before taxation | 83,386 | 94,846 | 58,209 | 50,986 | |
Taxation | (11,052) | (11,384) | (6,865) | (5,974) | |
Profit after taxation - continuing operations | 72,334 | 83,462 | 51,345 | 45,012 | |
Loss after taxation - discontinued operations | 16 | (17,607) | (23,495) | (11,316) | (15,306) |
Profit after taxation | 54,727 | 59,967 | 40,029 | 29,706 | |
Earnings per share - basic and diluted | 0.55 | 0.61 | 0.40 | 0.30 |
The annexed notes from 1 to 21 form an integral part of these condensed interim financial statements.
Chief Executive Officer | Director | Chief Financial Officer |
8
Condensed Interim Statement of Other Comprehensive Income / (Loss) (Un-Audited)
For the six month and three month periods ended December 31, 2024
Six month ended | Three months ended | |||
31-December | 31-December | 31-December | 31-December | |
2024 | 2023 | 2024 | 2023 | |
(Rupees in '000') | (Rupees in '000') | (Rupees in '000') | (Rupees in '000') | |
Profit for the period - continuing operations | 72,334 | 83,462 | 51,345 | 45,012 |
Loss for the period - discontinued operations | (17,607) | (23,495) | (11,316) | (15,306) |
Other comprehensive income | - | - | - | - |
Total comprehensive income / (loss) | 54,728 | 59,967 | 40,029 | 29,706 |
The annexed notes from 1 to 21 form an integral part of these condensed interim financial statements.
Chief Executive Officer | Director | Chief Financial Officer |
9
Condensed Interim Statement Of Cash Flows (Un-Audited)
For the six months period ended December 31, 2024
31-December | 31-December | ||
2024 | 2023 | ||
Note | (Rupees in '000') | (Rupees in '000') | |
Cash flows from operating activities | |||
Profit before taxation and levy | 83,386 | 94,846 | |
Adjustments for: | |||
Finance cost | 86 | 85 | |
Depreciation of property, plant and equipment | 8,071 | 5,817 | |
8,157 | 5,902 | ||
Operating profit before working capital changes | 91,543 | 100,748 | |
Working capital Changes | |||
Stores, spares and loose tools | (15,683) | (90) | |
Stock in Trade | 32,399 | (28,574) | |
Loan and advances | (25,196) | (2,976) | |
Accrued mark-up | 5,983 | (19,210) | |
Trade deposits, prepayments and other receivables | (1,623) | (1,459) | |
Trade and other payables | 38,894 | 546 | |
34,774 | (51,763) | ||
Cash generated from operations | 126,317 | 48,985 | |
Finance cost paid | (86) | (85) | |
Staff retirement benefits - gratuity paid | (183) | (136) | |
Income tax paid | (46,440) | (25,877) | |
(46,709) | (26,098) | ||
Net cash generated from operating activities - continuing operations | 79,608 | 22,887 | |
Net cash used in operating activities - discontinued operations | 17.1 | (17,607) | (23,495) |
Cash flows from investing activities | |||
Capital expenditure on property, plant and equipment | - | 3,197 | |
Capital work in process | 5.1 | (31,723) | (114,276) |
Short-term investments | (137,153) | 84,262 | |
Net cash used in investing activities - continuing operations | (168,876) | (26,817) | |
Net cash generated from investing activities - discontinued operations | 17.2 | - | - |
Cash flows from financing activities | |||
Net cash generated from financing activities - continuing operations | - | - | |
Net cash generated from financing activities - discontinued operations | 17.3 | - | - |
Net decrease in cash and cash equivalents | (106,875) | (27,425) | |
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 | 88,144 | 1,104,936 |
The annexed notes from 1 to 21 form an integral part of these condensed interim financial statements.
Chief Executive Officer | Director | Chief Financial Officer |
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