The 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.
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 | Audit Committee | |||
Mr. Syed Anwar Hussain Shahid | Chief Executive | Mr. Jawad ur Rehman Khan | Chairman | |
Mr. Muhammad Aamir Beg | Independent Director | Mr. Muhammad Aamir Beg | Member | |
Ms. Faiza Iftikhar | Independent Director | Mr. Amjed Javed Aftab | Member | |
Mr. Jawad ur Rehman Khan | Independent Director | |||
Mr. Ghias-ul-Hasan | CPL Nominee | Human Resource Committee | ||
Mr. Amjed Javed Aftab | CPL Nominee | |||
Mr. Muhammad Aamir Beg | Chairman | |||
Mr. Saif-ur-Rehman | CPL Nominee | |||
Mr. Syed Anwar Hussain Shahid | Member | |||
Mr. Ghias-ul-Hasan | Member | |||
Nomination Committee | Risk Management Committee | |||
Ms. Faiza Iftikhar | Chairperson | Mr. Saif-ur-Rehman | Chairman | |
Mr. Ghias-Ul-Hasan | Member | Mr. Amjed Javed Aftab | Member | |
Chief Financial Ofcer | Auditors | |||
Mr. Syed Muhammad Usman Afzaal | UHY Hassan Naeem & Co. | |||
Company Secretary | (Chartered Accountants) | |||
193-A, Shah Jamal | ||||
Mr. Al-Yousuf | Lahore, Pakistan | |||
Head of Internal Audit | Phone No. 042 35403550 | |||
Fax No. 042 35403599 | ||||
Mr. Kazim Ali | E-mail: info@uhy-hnco.com | |||
Legal Advisor | Share Registrar | |||
Siddiqui Bari Kasuri & Co. | Corplink (Pvt.) Ltd. | |||
Advocates & Corporate Legal Consultants | Wings Arcade, 1-K Commercial Model Town, Lahore | |||
179/180-A, Scotch Corner, Upper Mall, Lahore | Phone No. 042 35916714, Fax No. 042 35869037 | |||
Phone No. 042-35758573-74, Fax No. 042-35758572 | E-mail: shares@corplink.com.pk | |||
Bankers of the Company | Islamic Bankers of the Company | |||
Askari Bank Ltd. | Soneri Bank Ltd. | Al Baraka Bank (Pakistan) Ltd. | ||
PAIR Investment Company Ltd. | MCB Bank Ltd. | MCB Islamic Bank Ltd. | ||
Samba Bank Ltd. | Bank Alfalah Ltd. | Saudi Pak Industrial & Agricultural Investment Co. Ltd. | ||
National Bank of Pakistan | United Bank Ltd. | Faysal 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 | Sales Tax Registration Number | |||
0225972-9 | 0409170300137 | |||
Registered Address | Mills | |||
125-B, Quaid-e-Azam Industrial Estate | Jauharabad, District Khushab, | |||
Kot Lakhpat, Lahore, Punjab, Pakistan | Punjab, Pakistan | |||
Phone No. 042 35213491 | Phone No. 0454 720063-6, | |||
Fax No. 042 35213490 | Fax No. 0454 720880 | |||
E-mail: secretary@jsml.com.pk |
Company Website
www.jsml.com.pk
04 | JSML 1st Quarter 2025
JSML 1st Quarter 2025 | 05
Financial Highlights
Topline
Bottom line
Gross Profit
Net Profit
Acid Test
Market Value Per Share
Price Earning
ROCE
Rs. 2.77 Billion
Rs. 47.22 Million
6.74%
1.20%
0.48 Times
RS. 22.50
12.56 Times
1.19
Perent
06 | JSML 1st Quarter 2025
Key Performance Indicators
Rs. 2.77 Billion
Rs. 187 Million
2.16 Times
Rs. 47.22 Millions
Rs. 1.38
Rs. 95.33
Rs. 14.21 Billions
Rs. 57.98 Millions
Sales
Gross Profit
Financial
Leverage
Profit
After Tax
Earning
Per Share
Breakup Value
Per Share
Total
Assets
Cash used in
Operating Activities
12.67%
(10.10%)
(21.17%)
(16.32%)
(16.36%)
2.35%
(0.91%)
(122.05%)
JSML 1st Quarter 2025 | 07
Directors' Report
Dear Members, Assalam-O-Alaikum
On behalf of the Board of Directors and myself, I am delighted to present before you the unaudited financial statements of the Company for the first quarter ended December 31, 2024.
Sector Overview
The closure of the financial year 2023-24 for the sugar sector underscores notable challenges, despite its position as one of the most rewarding industries for stakeholders, including farmers and government revenues through taxation. Regulatory authorities have implemented stringent measures to oversee the sector's performance, while the adoption of a track-and-trace system reflects the industry's dedication to transparency and its contribution to the nation's economic growth.
In the first quarter of FY2024/25, the sector began the crushing season with minimal stock levels. To facilitate sectoral growth, the government opted not to announce a Minimum Support Price (MSP) for sugarcane, allowing prices to be determined by core economic principles. Additionally, the sector maximized the export opportunities allocated to it, generating substantial contributions to the national exchequer after effectively meeting the domestic sugar demand. This year, changes in climatic conditions have adversely affected sugarcane yields. However, this shortfall is expected to be offset by the expansion of cultivated areas, ensuring sufficient sugar production to meet domestic consumption needs. The ever-evolving market dynamics, including speculative activities and fluctuating export demand, have contributed to volatility in sugar prices. However, reduced raw material and financial costs this season are expected to support the sector in generating favorable returns for stakeholders.
Operational Performance
The processing facility commenced operations on November 21, 2024, and operated for a total of 41 days during the quarter. Overall crushing recorded a decline of 25.91% compared to the corresponding period last year, primarily due to a shortage of sugarcane at the beginning of the crushing season. Despite these constraints, the Company produced 14,131 metric tons (MT) of white refined sugar, reflecting a 24.98% reduction compared to the previous year.
Notably, the average sucrose recovery improved by 0.24%, demonstrating the Company's focus on optimizing efficiencies. However, the yield of molasses decreased by 6.78%, which influenced the overall contribution margin, however total loss of sugar contents in by-product improved by 3.84 percent through efficient milling process. Further, in line with our commitment to supporting the agricultural community, the Company has implemented a strategy to provide fertilizers on credit to growers which has resulted in an improved varietal cane to JSML at gate premises. By empowering growers with these resources, we aim to boost cane yield and contribute to the overall productivity of the industry.
Financial Performance
The Company experienced a revenue growth, rising from Rs 2,456 million to Rs 2,767 million. However, this increase was accompanied by a substantial rise in the Cost of Sales, which grew from Rs 2,248 million to Rs 2,581 million, representing an approximate 14.77% increase. This surge was largely attributed to the higher value of opening stock compared to the previous year. Additionally, elevated stock levels and increased raw material costs further drove up the Cost of Sales. Consequently, gross profit growth fell short of expectations.
Furthermore, Finance Costs rose from Rs 53 million to Rs 57 million, reflecting an increase of approximately 5.7%. This was primarily driven by the extended retention of sugar stock for export purposes, resulting in a longer period of stock financing. As a result, the net profit declined from Rs 56 million to Rs 47 million.
08 | JSML 1st Quarter 2025
Despite these challenges, the Company continues to maintain a robust financial position and remains in compliance with its financial obligations. We are committed to sustaining strong relationships with financial institutions and stakeholders while focusing on improving inventory management, controlling costs, and exploring financing strategies to enhance profitability for all its stakeholders.
Acknowledgement
The Directors of the Company would 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 1st Quarter 2025 | 09
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