Jauharabad Sugar Mills Ltd.PSX: JSML

Financial Results for the Quarter Ended 31-Mar-2025

· Issued by Jauharabad Sugar Mills Ltd.

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(i)

CASF1 DI10DEND

NIL

(ii)

BONt'S SHARES

NIL

(iii)

RIGHT SHARES

NIL

(iv)

OTHER ENTITLEMENT/ CORPORATE ACTION

NIL

(s)

An OTHER PRICE SENSITIVE INFORMATION

NIL

Thr unautlited Condensed interim Financial Results as approved by the Board of Directors along with S tatcment of Comprehrnsn-e Income, Statement of Financial Position, Statement of Changes In Eguit) and S tatemcnt of Cash Flours of the Company are attached herewith.

The quarterly un-audited condensed interim financial statements of the Company for the Six oionths ended Starch 31, 2023, wJ be transmitted through PUCARS separately, within the specified rime.

Thanlung you,

Yours fmthfully,

For JJuharabad Sugar Mills Limited



JALIIlAItAI&Al) SUGAR MILLS LIMITED

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{auharobod

D tnct Khusfiob

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I 2S B. Gai‹- Uo I

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I/'.r,i LoPA{xz1. Lahcre



Tel • 92 42 3521 3t9 I Fax : + 92.42.3521.3490

CamScanner

Condensed Interim Statement of Financial Position (Un-audited)

As at March 31, 2025



Un-audited Audited

Note

Mar 31

2025

Sep 30

2024

(Rupees in thousands)

Assets

Non-current assets

Property, plant and equipment

5

10,276,231

10,272,237

Intangible assets

29

35

Long term deposits

5,257

5,257

Current assets

10,281,517

10,277,529

Stores, spare parts and loose tools

228,955

194,303

Stock-in-trade

4,960,943

2,902,290

Loans and advances

452,060

315,759

Trade debts - unsecured considered good

1,754,054

53,028

Trade deposits and short term prepayments

170,488

155,885

Other receivables

22,221

22,221

Tax refunds due from the government

222,549

186,811

Short term investments

14,856

14,862

Cash and bank balances

457,539

221,488

8,283,665

4,066,647

Total Assets

18,565,182

14,344,176

The annexed notes 1 to 15 form an integral part of these condensed interim financial statements.

Lahore:

May 28, 2025

Chief Executive

Director

Chief Financial Officer





| JSML 2nd Quarter 2025

Share capital and reserves

Authorized share capital

700,000

700,000

Share capital

341,284

341,284

Capital reserves:

Share premium

372,403

372,403

Revenue reserves:

Accumulated profits

1,255,051

1,081,199

Loan from sponsors

1,383,836

1,383,836

Revaluation surplus on property,

plant and equipment -net of tax

6

6,109,377

6,163,196

Total Equity

Non-current liabilities

9,461,951

9,341,918

Liability against assets subject to finance lease

435

790

Deferred liabilities

913,514

900,645

Current liabilities

913,949

901,435

Trade and other payables

782,158

1,177,345

Unclaimed dividend

1,794

1,797

Current portion of:

- Liability against assets subject to finance lease

666

603

Accrued mark-up

160,174

117,886

Short term borrowings - secured

7

7,071,661

2,702,236

Provision for taxation

172,829

100,956

Contingencies and commitments

8

8,189,282

4,100,823

14,344,176

18,565,182

Note

Un-audited Audited

Mar 31 Sep 30

2025 2024

(Rupees in thousands)

The annexed notes 1 to 15 form an integral part of these condensed interim financial statements.

Lahore:

May 28, 2025

Chief Executive

Director

Chief Financial Officer

JSML 2nd Quarter 2025 |

Condensed Interim Statement of Financial Position (Un-audited)

As at March 31, 2025



Note

Six month period ended March 31

Three month period ended March 31

2025 2024 2025 2024

(Rupees in thousands)

Sales - net 9

5,659,732

4,127,353

2,892,531

1,671,309

Cost of sales 10

(4,973,346)

(3,406,131)

(2,392,702)

(1,157,649)

Gross profit

Operating expenses:

686,386

721,222

499,829

513,660

Administrative expenses

(142,025)

(149,049)

(86,510)

(93,952)

Distribution cost

(31,916)

(9,931)

(28,370)

(6,271)

(100,223)

(173,941)

(158,980)

(114,880)

Operating profit

512,445

562,242

384,949

413,437

Finance cost

(295,853)

(387,346)

(239,089)

(334,146)

Other income

3,052

15,214

7,893

18,125

Profit before taxation and levy

219,644

190,110

153,753

97,416

Levy

(46,539)

(3,424)

(13,991)

28,351

Profit before taxation

173,105

186,686

139,762

125,767

Taxation 11

(53,072)

(8,318)

(66,952)

(3,830)

Profit after taxation

120,033

178,368

72,810

121,937

Earnings per share (Rupees)

Basic & diluted

3.52

5.23

2.13

3.57

The annexed notes 1 to 15 form an integral part of these condensed interim financial statements.

Lahore:

May 28, 2025

Chief Executive Director Chief Financial Officer

| JSML 2nd Quarter 2025

Condensed Interim Statement of Comprehensive Income (Un-audited)

For the Half Year ended March 31, 2025



Six month period ended

March 31

Three month period ended March 31

2025 2024 2025 2024

(Rupees in thousands)

Profit after taxation

Other comprehensive income for the period

178,368

121,937

-

-

Total comprehensive income for the period

178,368

121,937

The annexed notes 1 to 15 form an integral part of these condensed interim financial statements.

Lahore:

May 28, 2025

Chief Executive

Director

Chief Financial Officer

JSML 2nd Quarter 2025 |

72,810

120,033

-

72,810

-

120,033

Condensed Interim Statement of Other Comprehensive Income (Un-audited)

For the Half Year ended March 31, 2025



Note

Six month period ended March 31

Condensed Interim Statement of Cash Flows (Un-audited)

For the Half Year ended March 31, 2025



2025 2024

(Rupees in thousands)

Cash flow from operating activities

Profit before taxation and levy

219,644

190,110

Adjustments for:

Depreciation

5.1

160,760

151,818

Amortization

6

9

Gain on disposal of property, plant and equipment

(2,061)

-

Provision for WPPF

11,682

10,046

Finance cost

295,853

387,346

466,240

549,219

Profit before working capital changes

685,884

739,329

Working capital changes

Stores, spare parts and loose tools

(34,652)

103,644

Stock in trade

(2,058,653)

(4,867,611)

Loans and advances

(136,302)

(136,302)

Trade debts - unsecured considered good

(1,701,027)

(433,920)

Trade deposits and short term prepayments

(14,603)

(11,442)

Trade and other payables

(405,444)

(372,581)

(4,350,681)

(5,718,212)

Cash used in operations

(3,664,797)

(4,978,883)

Finance cost paid

(253,460)

(201,837)

Tax and levy paid

(50,604)

(88,649)

WPPF paid

(1,425)

(14,013)

Net cash used in operating activities

(3,970,286)

(5,283,382)

The annexed notes 1 to 15 form an integral part of these condensed interim financial statements.

Lahore:

May 28, 2025

Chief Executive Director Chief Financial Officer

| JSML 2nd Quarter 2025

Cash flow from investing activities

Addition to fixed assets

(173,318)

(267,335)

Long term deposits

-

(51,000)

Proceeds from sale of fixed assets

10,625

-

Net cash used in investing activities

(162,693)

(318,335)

Cash flow from financing activities

Lease rentals paid

(398)

(1,669)

Dividend paid

(3)

(33,959)

Net cash used in financing activities

(401)

(35,628)

Net decrease in cash and cash equivalents

(4,133,380)

(5,637,345)

Cash and cash equivalents at the beginning of the period

(2,465,886)

(1,181,054)

- Short term investments

14,856

14,863

- Cash and bank balances

457,539

373,652

- Short term borrowings

(7,071,661)

(7,206,914)

(6,599,266)

(6,818,399)

Six month period ended March 31

2025 2024

(Rupees in thousands)

Cash and cash equivalents at the end of the period

(6,599,266)

(6,818,399)

Cash and cash equivalents comprise of following statement of financial position amounts:

The annexed notes 1 to 15 form an integral part of these condensed interim financial statements.

Lahore:

May 28, 2025

Chief Executive

Director

Chief Financial Officer

JSML 2nd Quarter 2025 |

Condensed Interim Statement of Cash Flows (Un-audited)

For the Half Year ended March 31, 2025



Condensed Interim Statement of Changes in Equity (Un-audited)

For the Half Year ended March 31, 2025



Share Capital

Share Premium

Accumulated profits

Loan from Sponsors

Revaluation Surplus

Total

(Rupees in thousands)

Balance as on October 01, 2023 (audited)

Profit after taxation

Other comprehensive income for the period

Total comprehensive income for the period

Transactions made

341,284 372,403

-

-

178,368

-

-

178,368

-

-

-

-

-

-

- -

1,000,144

178,368

874,598 6,276,499 8,864,928

- - 178,368

during the period

Transfer of incremental

-

- -

- -

-

depreciation (net of tax)

-

- 56,652

- (56,652)

-

Final dividend paid

for the year ended

September 30, 2023

(Re. 1 per share)

-

- (34,128)

- -

(34,128)

Balance as on

March 31, 2024

341,284

372,403

1,201,036

874,598

6,219,847

9,009,168

un-audited)

October 01, 2024

audited)

341,284

372,403

1,081,199

1,383,836

6,163,196

9,341,918

Profit after taxation

-

-

120,033

-

-

120,033

Other comprehensive

-

-

-

-

-

-

income for the period

Total comprehensive

income for the period

-

-

120,033

-

-

120,033

Transactions made

during the period

-

-

-

-

-

-

Transfer of incremental

depreciation (net of tax)

-

-

53,819

-

(53,819)

-

March 31, 2025

341,284

372,403

1,255,051

1,383,836

6,109,377

9,461,951

(un-audited)

Balance as on

Balance as on

Lahore:

May 28, 2025

Chief Executive Director Chief Financial Officer

| JSML 2nd Quarter 2025

Notes to the Condensed Interim Financial Statements (Un-audited)

For the Half Year ended March 31, 2025

  1. Reporting entity

    Jauharabad Sugar Mills Limited "the Company" (formerly known as Kohinoor Sugar Mills Limited) was incorporated in Pakistan in 1968 under the repealed Companies Act, 1913 (now Companies Act, 2017). The shares of the Company are listed on the Pakistan Stock Exchange. The registered office of the Company is situated at 125-B, Quaid-e-Azam Industrial Estate, Gate No. 4, Kot Lakhpat, Lahore, and the mill is located at Jauharabad, District Khushab, Pakistan. The production plant is located at Industrial Area Jauharabad City, District Khushab in the province of Punjab. The principal activity of the Company is manufacturing and sale of sugar and its by-products.

  2. Basis of preparation

    1. Statement of compliance

      These Condensed interim financial statements comprise the condensed interim statement of financial position of the company as at March 31, 2025 and the related condensed interim statement of comprehensive income, the condensed interim statement of cash flows and the condensed interim statement of changes in equity together with the notes forming part thereof.

      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 Accounting Standard (IAS) 34, Interim Financial Reporting, issued by the International Accounting Standards Board (IASB) and Islamic Financial Accounting Standards ("IFAS") issued by the Institute of Chartered Accountants of Pakistan as notified under the Companies Act, 2017;

      • 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.

        These condensed interim financial statements do not include all of the information required for annual financial statements and should be read in conjunction with the annual audited financial statements as at and for the year ended September 30, 2024. Comparative condensed interim statement of financial position is stated from annual audited financial statements as of September 30, 2024, whereas comparatives for condensed interim statement of comprehensive income, condensed interim statement of cash flows and condensed interim statement of changes in equity and related notes are extracted from condensed interim financial statements of the Company for the Six month period ended March 31, 2024.

    2. Basis of measurement

      These condensed interim financial statements has been prepared under the historical cost convention except for the Company's freehold land, building and plant & machinery which are stated at revalued amount.

      JSML 2nd Quarter 2025 |

      Notes to the Condensed Interim Financial Statements (Un-audited)

      For the Half Year ended March 31, 2025

    3. Functional and presentation currency

      These condensed interim financial statements are presented in Pak Rupees which is the functional and presentation currency of the Company.

    4. Critical accounting estimates and judgments

      Judgments and estimates made by management in the preparation of these condensed interim financial statements are the same as those applied to the preceding annual published financial statements of the Company for the year ended September 30, 2024.

  3. Accounting policies and computation methods

    1. The accounting policies adopted for the preparation of these condensed interim financial statements are the same as those applied in the preparation of preceding annual published financial statements of the Company for the year ended September 30, 2024.

    2. There were certain other new standards and amendments to the approved accounting standards which became effective during the period but are considered not to be relevant or have any significant effect on the Company's operations and are, therefore, not disclosed.

  4. Seasonality of operations

    The Company is inter-alia, engaged in manufacturing of sugar for which the season begins in November / December and ends in March / April. Therefore, majority of the expenses are incurred and production activities are undertaken in first half of the Company's financial year thus increasing volume of inventories and current liabilities at the end of the six months.

    Note

    Un-audited Mar 31

    2025

    Audited Sep 30

    2024

    (Rupees in thousands)

  5. Property, plant and equipment Capital work-in-progress

    1. Property, plant and equipment

5.1

10,274,438

1,793

10,276,231

10,270,444

1,793

10,272,237

Balance at beginning of the period / year Add: Revaluation surplus

Add: Additions during the period / year

10,270,444

-173,318

9,813,103

-768,576

Less: Book value of operating assets disposed - off during the period / year

(8,564)

(2,796)

10,435,198

10,578,883

Depreciation charged during the period / year

(160,760)

(308,439)

10,274,438

10,270,444

| JSML 2nd Quarter 2025

Un-audited

Audited

Mar 31

2025

Sep 30

2024

(Rupees in thousands)

6 Revaluation surplus on property, plant and equipment - net of tax

Land

4,112,812

4,112,812

Building

249,113

249,113

Plant and machinery

3,362,806

3,362,806

7,724,731

7,724,731

Less: Accumulated incremental depreciation

(799,856)

(724,054)

6,924,875

7,000,677

Less: Deferred tax liability

Opening balance

837,481

883,760

Tax on Incremental depreciation for the period / year

(21,983)

(46,279)

815,498

837,481

6,109,377

6,163,196

Sanction limit 'Rupees in Note

thousand'

Un-audited Mar 31

2025

Audited Sep 30

2024

(Rupees in thousands)

7 Short term borrowings - secured

Mark-up based borrowings from conventional banks

Running finance Cash finance

Term Finance

7.1

7.1

5,650,000

2,702,236

Islamic mode of financing Murabaha / Istisna

Bai salam

7.2

7.2

3,025,000

8,675,000

-

2,702,236

7.1 These facilities have been obtained from various conventional banks to meet working capital requirements and are secured by charge over current and future assets (fixed and current) of the Company, pledge of sugar stock, lien over import documents and personal guarantees of sponsors and corporate guarantee of Cane Processing (Private) Limited (Holding Company).

These facilities carry mark-up at the rates ranging from 3 month KIBOR + 2.00% to 3 months KIBOR + 2.50% per annum payable quarterly.

JSML 2nd Quarter 2025 |

4,329,350

2,742,311

7,071,661

Notes to the Condensed Interim Financial Statements (Un-audited)

For the Half Year ended March 31, 2025

-

-

1,993,095

749,216

2,275,000

750,000

346,238

1,880,998

475,000

999,855

2,529,495

800,000

1,350,000

3,350,000

950,000

Notes to the Condensed Interim Financial Statements (Un-audited)

For the Half Year ended March 31, 2025

The aggregate available short term funded facilities amounts to Rs.5.65 billion (2024: Rs. 5.30 billion).

  1. These facilities have been obtained from various Islamic banks to meet working capital requirements and are secured by charge over current and future assets (fixed and current) of the Company, pledge of sugar stock, lien over import documents, and personal guarantees of sponsors and corporate guarantee of Cane Processing (Private) Limited (Holding Company).

    These facilities carry mark-up at the rates ranging from matching KIBOR + 1.75% per annum to matching KIBOR + 2.50% per annum.

    The aggregate available short term funded facilities amount to Rs 3.025 billion (2024: Rs. 2.73billion).

  2. The loans from sponsors of the Company are subordinated under subordination agreement.

  1. Contingencies and commitments

    1. Contingencies

      There is no material change in contingencies from the audited financial statements of the Company for the year ended September 30, 2024.

    2. Commitments

Commitments in respect of irrevocable letter of credits for stores and spares at the period end is Nil (September 30, 2024: Nil).

Six month period ended March 31

Three month period ended March 31

2025

2024

2025

2024

(Rupees

in thousands)

9 Sales - net

Local

5,716,470

4,826,703

3,414,690

1,942,893

Export

825,872

-

-

-

Less:

6,542,342

4,826,703

3,414,690

1,942,893

Sales tax

(879,696)

(696,819)

(521,063)

(271,111)

Commission

(2,914)

(2,531)

(1,096)

(473)

5,659,732

4,127,353

2,892,531

1,671,309

| JSML 2nd Quarter 2025

2025

2024

2025

2024

(Rupees in thousands)

10 Cost of Sales

Raw material cane

6,442,932

7,680,605

4,981,265

5,388,871

purchased and consumed

Salaries, wages and

other benefits

135,834

147,036

83,870

99,424

Chemicals, fuel, lubes and

packing material

151,838

167,717

110,360

116,334

Manufacturing expenses

143,844

129,593

70,103

65,157

Depreciation

157,545

148,782

78,762

72,727

Amortization

6

9

3

5

7,031,999

8,273,742

5,324,363

5,742,518

Opening work-in-process

5,035

5,414

119,372

160,201

Closing work-in-process

(4,267)

(5,228)

(4,267)

(5,228)

Cost of goods

manufactured

7,032,767

8,273,928

5,439,468

5,897,491

Opening stock of

finished goods

2,897,254

1,519,281

1,909,909

1,647,236

9,930,021

9,793,209

7,349,377

7,544,727

Closing stock of

finished goods

(4,956,675)

(6,387,078)

(4,956,675)

(6,387,078)

Cost of sales

4,973,346

3,406,131

2,392,702

1,157,649

Six month period ended March 31

Three month period ended March 31

  1. Taxation

    Provision for taxation for the period has been calculated as per the requirements of Income Tax Ordinance, 2001.

  2. Transactions with related parties

The related parties comprise directors of the Company, key employees, provident fund trust, associated undertakings and holding company. Details of transactions with related parties, other than those which have been specially disclosed elsewhere in these financial statements are as follows:

JSML 2nd Quarter 2025 |

Notes to the Condensed Interim Financial Statements (Un-audited)

For the Half Year ended March 31, 2025

Lahore:

May 28, 2025

Chief Executive

Director

Chief Financial Officer

Un-audited Audited

Mar 31 Sep 30

2025 2024

(Rupees in thousands)

Relationship

Nature of transaction

Post employment benefit plan

Provident fund contribution paid

Amount payable at year end

Dividend paid

Loan received during the period /

5,948

Cane Processing (Pvt.) Limited

131,302

21,726

Loan from sponsors

560,238

Loan repaid during the period / year

61,000

  1. Financial Risk Management

    The Company activities expose it to a variety of financial risk: market risk (including currency risk, fair value interest risk, cash flow interest risk and price risk), credit risk and liquidity risk.

    The interim financial information does not include all financial risk management information and disclosures required in the annual financial statements, and should be read in conjunction with the Company's annual financial statements as at September 30, 2024.

  2. Date of authorization

    These un-audited condensed interim financial statements were authorized for issue on May 28, 2025 by the Board of Directors of the Company.

  3. General

    1. Figures have been rounded off to the nearest thousand Rupees.

| JSML 2nd Quarter 2025

-

-

2,583

-

-

Notes to the Condensed Interim Financial Statements (Un-audited)

For the Half Year ended March 31, 2025







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