THIRD QUARTER REPORT 2025
THE COVER STORYThe book illustrates the journey of our success beginning from very moment the farmer leaves his home to seeds his crop to the business avenues it opens to every achievement, at every step, a deep sense of responsibility has been reflected by our financial performance, manufacturing excellence, quality control measures and innovative approach to fuel the expectations of our stakeholders.
Table of Contents
Corporate Information 04
Financial Highlights 06
Directors' Report 08
Directors' Report (Urdu) 11
Condensed Interim Statement of Financial Position 12
Condensed Interim Statement of Comprehensive Income 14
Condensed Interim Statement of Other Comprehensive Income 15
Condensed Interim Statement of Cash Flows 16
Condensed Interim Statement of Changes in Equity 18
Notes to the Condensed Interim Financial Statements 19
Jama Punji Information
Corporate Information
Board of Directors
Mr. Syed Anwar Hussain Shahid Chief Executive Mr. Muhammad Aamir Beg Independent Director Ms. Faiza Iftikhar Independent Director Mr. Jawad ur Rehman Khan Independent Director Mr. Ghias-ul-Hasan CPL Nominee
Mr. Amjed Javed Aftab CPL Nominee
Mr. Saif-ur-Rehman CPL Nominee
Nomination Committee
Ms. Faiza Iftikhar Chairperson
Mr. Ghias-Ul-Hasan Member
Chief Financial Officer
Mr. Syed Muhammad Usman Afzaal
Company Secretary
Mr. Al-Yousuf
Head of Internal Audit
Mr. Kazim Ali
Legal Advisor
Siddiqui Bari Kasuri & Co.
Advocates & Corporate Legal Consultants 179/180-A, Scotch Corner, Upper Mall, Lahore
Phone No. 042-35758573-74, Fax No. 042-35758572
Bankers of the Company
Askari Bank Ltd. Soneri Bank Ltd.
PAIR Investment Company Ltd. MCB Bank Ltd.
Samba Bank Ltd. Bank Alfalah Ltd.
National Bank of Pakistan United Bank Ltd.
Habib Metropolitan Bank Ltd. Habib Bank Ltd. Parwaaz Financial servicies Ltd. FINCA Bank Ltd. Pak China Investment Compnay Ltd. Allied Bank Ltd.
National Tax Number
0225972-9
Registered Address
125-B, Quaid-e-Azam Industrial Estate Kot Lakhpat, Lahore, Punjab, Pakistan Phone No. 042 35213491
Fax No. 042 35213490
E-mail: secretary@jsml.com.pk
Company Website
https://www.jsml.com.pk
Audit Committee
Mr. Jawad ur Rehman Khan Chairman
Mr. Muhammad Aamir Beg Member
Mr. Amjed Javed Aftab Member
Human Resource Committee
Mr. Muhammad Aamir Beg Chairman
Mr. Syed Anwar Hussain Shahid Member
Mr. Ghias-ul-Hasan Member
Risk Management Committee
Mr. Saif-ur-Rehman Chairman
Mr. Amjed Javed Aftab Member
Auditors
UHY Hassan Naeem & Co. (Chartered Accountants) 193-A, Shah Jamal Lahore, Pakistan
Phone No. 042 35403550
Fax No. 042 35403599
E-mail: info@uhy-hnco.com
Share Registrar
Corplink (Pvt.) Ltd.
Wings Arcade, 1-K Commercial Model Town, Lahore Phone No. 042 35916714, Fax No. 042 35869037
E-mail: shares@corplink.com.pk
Islamic Bankers of the Company
Al Baraka Bank (Pakistan) Ltd. MCB Islamic Bank Ltd.
Saudi Pak Industrial & Agricultural Investment Co. Ltd. Faysal Bank Ltd.
Sales Tax Registration Number
0409170300137
Mills
Jauharabad, District Khushab, Punjab, Pakistan
Phone No. 0454 720063-6,
Fax No. 0454 720880
04 | JSML 3rd Quarter 2025
JSML 3rd Quarter 2025 | 05 | |||||
Rs. 8.29
Billion
Bottom line | |
Rs. 189.94 Million |
Gross Profit | |
13.12% |
Net Profit | |
2.29% |
Acid Test | |
0.54 Times |
Market Value Per Share | |
Rs. 53.86 |
Price Earning | |
9.68 Times |
ROCE | |
8.23% Perent |
06 | JSML 3rd Quarter 2025
Key Performance Indicators
Rs. 8.29
Billions
Sales
69.10%
Rs. 1.087
Billions
Gross Profit
9.42%
1.68
Times
Financial Leverage
49.32%
Rs. 189.94
Millions
Profit After Tax
71.49%
Rs. 5.57
Earning Per Share
71.48%
Rs. 278.06
Breakup Value Per Share
1.58%
Rs. 16.78
Billions
Total Assets
17.02%
Rs. 1,651.68
Millions
Cash used in Operating Activity
(64.23%)
JSML 3rd Quarter 2025 | 07
Directors' Report
Dear Members, Assalam-O-Alaikum
On behalf of the Board of Directors and myself, I am pleased to present before you the un-audited financial statements of the Company for the nine-month ended June 30, 2025.
Sector Overview
Sugar is considered an essential commodity in Pakistan, with federal and provincial governments overseeing its pricing and supply to ensure stability and affordability. Provincial authorities also restrict sugar mills to sourcing sugarcane from designated areas and control procurement quantities. This extensive control at the provincial level aims to maintain a steady production flow and protect local farmer/consumers. Nonetheless, price fluctuations and supply shortages have still characterized the market. Sugarcane production in 2025/26 is projected to reach 83.5 million metric tons, a four percent increase compared to the 2024/25. Similarly sugar production in 2025/26 is projected to reach 6.9 million tons, this increase is based on expectations for improved sugar content and average cane yield. Based on historical trend ample stock is available in the country sufficient to meet the sugar requirements of the Country till the start of the next crushing season. In support of the federal government's efforts to manage inflationary pressures, the sugar industry has agreed to maintain ex-mill prices at controlled levels during the domestic supply period. This commitment is premised on understanding that, following the conclusion of the 2025/26 crushing season, the export of surplus sugar will be permitted. Such an arrangement is expected to contribute positively to foreign exchange inflows while enabling the industry to manage inventory levels efficiently and avoid excessive carry-over stocks.
Operational Performance
Jauharabad Sugar Mills Limited commenced its crushing season for the year 2024/25 on November 21, 2024, compared to November 25 in the previous year. The plant operated for 110 days this season 7 days longer than the 103 days in the prior year. Despite a longer operational duration, the Company processed 623,733 metric tons of sugarcane, showing a decrease of approximately 5.21% compared to 657,997 metric tons crushed last year. However, the sugar recovery rate improved during the current crushing season, rising from 9.854% in the previous year to 10.104%. This increase in recovery rate is a key indicator of enhanced operational efficiency, reflecting the Company's commitment to develop sugarcane through improved process controls and optimized plant performance. As a result, the Company managed to sustain output levels and improve cost-effectiveness, despite the decline in total cane crushed. Reinforcing its commitment to sustainability and corporate responsibility, the Company ensured timely payments to growers and vendors, thereby strengthening stakeholder confidence, and supporting long-term supply chain resilience.
Financial Performance
The Company reported net sales of Rs. 8.29 billion for the nine-month period ended 30 June 2025, reflecting a substantial increase compared to Rs. 4.90 billion recorded in the corresponding period of the previous financial year (9MFY2023/24). Gross profit rose by 9.42%, reaching Rs. 1.087 billion, up from Rs. 994 million in the same period last year, driven by improved operational efficiencies. Profit After Tax (PAT) also witnessed a significant growth of 71.5%, highlighting stronger bottom-line performance in conjunction with Earning Per Share (EPS). Profit After Tax (PAT) increased to 2.29% 2024/25 (2.26% 2024/23) with respect of sales, primarily attributable to higher gross profits and a notable reduction in financial costs.
08 | JSML 3rd Quarter 2025
The Company continues to actively monitor macroeconomic and financial developments and remains optimistic about a potential recovery in sugar prices in the last quarter of this financial year that will provide an optimum return for all its stakeholders.
Acknowledgement
The Directors of the Company like to thank all stakeholders for their commitment and continued support for the betterment and prosperity of the Company.
For & on Behalf of Board
Syed Anwar Hussain Shahid
Chief Executive
JSML 3rd Quarter 2025 | 09
10 | JSML 3rd Quarter 2025
JSML 3rd Quarter 2025 | 11
Condensed Interim Statement of Financial Position (Un-audited)
As at June 30, 2025
Un-audited Audited
Note
Jun 30
2025
Sep 30
2024
(Rupees in thousands)
Assets Non-current assets | ||||
Property, plant and equipment | 5 | 10,375,663 | 10,272,237 | |
Intangible assets | 26 | 35 | ||
Long term deposits | 5,257 | 5,257 | ||
Current assets | 10,380,946 | 10,277,529 | ||
Stores, spare parts and loose tools | 163,105 | 194,303 | ||
Stock-in-trade | 3,021,637 | 2,902,290 | ||
Loans and advances | 463,974 | 315,759 | ||
Trade debts - unsecured considered good | 1,440,315 | 53,028 | ||
Trade deposits and short term prepayments | 160,323 | 155,885 | ||
Other receivables | 22,221 | 22,221 | ||
Tax refunds due from the government | 267,979 | 186,811 | ||
Short term investments | 87,863 | 14,862 | ||
Cash and bank balances | 776,450 | 221,488 | ||
6,403,867 | 4,066,647 | |||
Total Assets | 16,784,813 | 14,344,176 | ||
The annexed notes 1 to 15 form an integral part of these condensed interim financial statements.
Lahore: | |||
July 30, 2025 | Chief Executive | Director | Chief Financial Officer |
12 | JSML 3rd Quarter 2025
Condensed Interim Statement of Financial Position (Un-audited)
As at June 30, 2025
Un-audited Audited
Note
Jun 30
2025
Sep 30
2024
(Rupees in thousands)
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 | 1,353,707 | 1,081,199 | |
Loan from sponsors | 1,341,736 | 1,383,836 | |
Revaluation surplus on property, | |||
plant and equipment -net of tax | 6 | 6,080,628 | 6,163,196 |
Total Equity Non-current liabilities | 9,489,758 | 9,341,918 | |
Liability against assets subject to finance lease | 88,165 | 790 | |
Deferred liabilities | 936,118 | 900,645 | |
Current liabilities | 1,024,283 | 901,435 | |
Trade and other payables | 584,305 | 1,177,345 | |
Unclaimed dividend | 1,794 | 1,797 | |
Current portion of: | |||
- Liability against assets subject to finance lease | 22,778 | 603 | |
Accrued mark-up | 195,581 | 117,886 | |
Short term borrowings - secured | 7 | 5,255,314 | 2,702,235 |
Provision for taxation | 210,999 | 100,956 | |
Contingencies and commitments | 8 | 6,270,771 | 4,100,822 |
16,784,813 | 14,344,176 | ||
The annexed notes 1 to 15 form an integral part of these condensed interim financial statements.
Lahore:
July 30, 2025
Chief Executive Director Chief Financial Officer
JSML 3rd Quarter 2025 | 13
Condensed Interim Statement of Comprehensive Income (Un-audited)
For the Nine Month Period Ended June 30, 2025
Nine month period ended Three month period ended
Note
2025
Jun 30
2024
2025
Jun 30
2024
(Rupees in thousands)
Sales - net 9 | 8,293,214 | 4,904,242 | 2,633,482 | 776,889 | |
Cost of sales 10 | (7,205,229) | (3,909,877) | (2,231,883) | (503,746) | |
Gross profit Operating expenses: | 1,087,985 | 994,365 | 401,599 | 273,143 | |
Administrative expenses | (197,088) | (182,891) | (55,063) | (33,842) | |
Distribution cost | (32,403) | (10,751) | (487) | (820) (34,662) | |
(229,491) | (193,642) | (55,550) | |||
Operating profit | 858,494 | 800,723 | 346,049 | 238,481 | |
Finance cost | (514,858) | (738,633) | (219,005) | (351,287) | |
Other income | 6,690 | 30,508 | 3,637 | 15,294 | |
Profit before taxation and levy | 350,325 | 92,598 | 130,681 | (97,512) | |
Levy | (48,795) | (61,346) | (2,256) | (57,922) | |
Profit before taxation | 301,530 | 31,252 | 128,425 | (155,434) | |
Taxation 11 | (111,590) | 79,510 | (58,519) | 87,828 | |
Profit after taxation | 189,940 | 110,762 | 69,906 | (67,606) | |
Earnings per share (Rupees) Basic & diluted | 5.57 | 3.25 | 2.05 | (1.98) | |
The annexed notes 1 to 15 form an integral part of these condensed interim financial statements.
Lahore:
July 30, 2025
Chief Executive Director Chief Financial Officer
14 | JSML 3rd Quarter 2025
Condensed Interim Statement of Other Comprehensive Income (Un-audited)
For the Nine Month Period Ended June 30, 2025
Nine month period ended Jun 30
Three month Period ended Jun 30
2025 2024 2025 2024
(Rupees in thousands)
Profit after taxation | 189,940 | 110,762 | 69,906 | (67,606) | |
Other comprehensive | |||||
income for the period | - | - | - | - | |
Total comprehensive | |||||
189,940 | 110,762 | 69,906 | |||
income for the period | (67,606) |
The annexed notes 1 to 15 form an integral part of these condensed interim financial statements.
Lahore:
July 30, 2025
Chief Executive Director Chief Financial Officer
JSML 3rd Quarter 2025 | 15
Condensed Interim Statement of Cash Flows (Un-audited)
For the Nine Month Period Ended June 30, 2025
Note
Nine month period ended Jun 30
2025 2024
(Rupees in thousands)
Cash flow from operating activities | ||||
Profit before taxation and levy | 350,325 | 92,598 | ||
Adjustments for: | ||||
Depreciation | 5.1 | 247,961 | 230,908 | |
Amortization | 9 | 13 | ||
Gain on disposal of property, plant and equipment | (10,651) | (2,828) | ||
Provision for WPPF | 18,548 | 4,913 | ||
Finance cost | 514,858 | 738,633 | ||
770,725 | 971,639 | |||
Profit before working capital changes | 1,121,051 | 1,064,237 | ||
Working capital changes | ||||
Stores, spare parts and loose tools | 31,198 | 120,931 | ||
Stock in trade | (119,347) | (4,493,820) | ||
Loans and advances | (148,216) | (171,300) | ||
Trade debts - unsecured considered good | (1,387,288) | (71,436) | ||
Trade deposits and short term prepayments | (4,438) | (6,197) | ||
Trade and other payables | (610,141) | (423,503) | ||
(2,238,232) | (5,045,325) | |||
Cash used in operations | (1,117,182) | (3,981,088) | ||
Finance cost paid | (437,020) | (518,684) | ||
Tax and levy paid | (96,036) | (102,098) | ||
WPPF paid | (1,447) | (14,013) | ||
Net cash used in operating activities | (1,651,685) | (4,615,883) | ||
The annexed notes 1 to 15 form an integral part of these condensed interim financial statements.
Lahore:
July 30, 2025
Chief Executive Director Chief Financial Officer
16 | JSML 3rd Quarter 2025
Condensed Interim Statement of Cash Flows (Un-audited)
For the Nine Month Period Ended June 30, 2025
Nine month period ended Jun 30
2025 2024
(Rupees in thousands)
Cash flow from investing activities | |||
Addition to fixed assets | (221,951) | (310,001) | |
Long term deposits | - | (52,166) | |
Proceeds from sale of fixed assets | 19,215 | 5,581 | |
Net cash used in investing activities | (202,736) | (356,586) | |
Cash flow from financing activities | |||
Lease rentals paid | (28,593) | (1,884) | |
Dividend paid | (3) | (33,959) | |
Loan from associates | (42,100) | - | |
Net cash used in financing activities | (70,696) | (35,843) | |
Net decrease in cash and cash equivalents | (1,925,116) | (5,008,312) | |
Cash and cash equivalents at the beginning of the period | (2,465,885) | (1,181,054) | |
Cash and cash equivalents at the end of the period
Cash and cash equivalents comprise of following statement of financial position amounts:
(4,391,002)
(6,189,366)
- Short term investments | 87,863 | 14,860 |
- Cash and bank balances | 776,450 | 270,490 |
- Short term borrowings | (5,255,314) | (6,474,716) |
(4,391,002) | (6,189,366) |
The annexed notes 1 to 15 form an integral part of these condensed interim financial statements.
Lahore:
July 30, 2025
Chief Executive Director Chief Financial Officer
JSML 3rd Quarter 2025 | 17
Condensed Interim Statement of Changes in Equity (Un-audited)
For the Nine Month Period Ended June 30, 2025
Share Capital
Share Premium
Accumulated profits
Loan from Sponsors
Revaluation Surplus
Total
- - | - - | 178,368 - | - - | - - | 178,368 - |
(Rupees in thousands)
Balance as on October 01, 2023 | 341,284 | 372,403 | 1,000,144 | 874,598 | 6,276,499 | 8,864,928 |
(audited) | ||||||
Profit after taxation | ||||||
Other comprehensive income for the period | ||||||
Total comprehensive |
income for the period - Transactions made during the period - | - - | 178,368 - | - - | - - | 178,368 - |
Transfer of incremental depreciation (net of tax) | - 56,652 | - (56,652) | - | ||
Final dividend paid for the year ended September 30, 2023 (Rs. 1 per share) | - (34,128) | - - | (34,128) | ||
Balance as on June 30, 2024 | |||||
- | |||||
- | |||||
341,284 | 372,403 | 1,201,036 | 874,598 | 6,219,847 | 9,009,168 |
Balance as on October 01, 2024 audited) | 341,284 | 372,403 | 1,081,199 | 1,383,836 | 6,163,196 | 9,341,918 |
Profit after taxation | - | - | 189,940 | - | - | 189,940 |
Other comprehensive income for the period | - | - | - | - | - | - |
Total comprehensive income for the period | - | - | 189,940 | - | - | 189,940 |
Transactions made during the period | - | - | - | (42,100) | - | (42,100) |
Transfer of incremental depreciation (net of tax) | - | - | 82,568 | - | (82,568) | - |
Balance as on | ||||||
(un-audited) | 341,284 | 372,403 | 1,353,707 | 1,341,736 | 6,080,628 | 9,489,758 |
un-audited)
June 30, 2025
The annexed notes 1 to 15 form an integral part of these condensed interim financial statements.
Lahore:
July 30, 2025
Chief Executive Director Chief Financial Officer
18 | JSML 3rd Quarter 2025
Notes to the Condensed Interim Financial Statements (Un-audited)
For the Nine Month Period Ended June 30, 2025
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.
Basis of preparation
Statement of compliance
These Condensed interim financial statements comprise the condensed interim statement of financial position of the company as at June 30, 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 nine month period ended June 30, 2024.
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 3rd Quarter 2025 | 19
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