29 April 2025
The General Manager
Pakistan Stock Exchange Limited Stock Exchange Building
Stock Exchange Road Karachi.
Subject: FINANCIAL RESULTS FOR THE NINE MONTHS ENDED31 MARCH 2025
FORM-7
CONFIDENTIAL
Dear Sir,
We have to inform you that Board of Directors of Javedan Corporation Limited (the Company), in their 83'dmeeting held on Monday, 28 April 2025 at 05:00 p.m. at Arif Habib Centre, Karachi recommended the following:
CASH DIVIDEND
BONUS SHARES
RIGHT SHARES
-
ANY OTHER ENTITLEMENT / CORPORATE ACTION
Nil Nil Nil Nil
ANY OTHER PRICE-SENSITIVE INFORMATION Nil
The condensed interim unconsolidated and consolidated financial statements of the Company are attached herewith as follows:
Un-consolidated financial statements:
Condensed Interim Statement of Profit or Loss as Annexure-Al
Conden Interim Statement of Financial Position as Annexure-A2
Condensed Interim Statement of Comprehensive Income as Annexure-A3
Condensed Interim Statement of Changes in Equity as Annexure-A4
Condensed Interim Statement of Cash Flows as Annexure-A5
Consolidation financial statements:
Condensed Interim Statement of Profit or Loss as Annexure-B l
Conden Interim Statement of Financial Position as Annexure-B2
Condensed Interim Statement of Comprehensive Income as Annexure-B3
Condensed Interim Statement of Changes in Equity as Annexure-B4
Condensed Interim Statement of Cash Flows as Annexure-B5
You may please also inform the TRE Certificate Holders of the Exchange accordingly.
The report of the Company for the nine months ended 31 March 2025 will be transmitted through PUCARS separately, within specified time.
Yours' faithfully,
eer Ullah Sheikh Company Secretary
n
Encls: As stated above
JAVEDAN CORPORATION LIMITED
UNCONSOLIDATED CONDENSED INTERIM STATEMENT OF PROFIT OR LOSS (UNAUDITED) FOR THE NINE MONTHS AND QUARTER ENDED MARCH 31, 2025For the Nine Months Ended For the Quarter Ended | ||||||
March 31, | March 31, | March 31, | March 31, | |||
2025 | 2024 | 2025 | 2024 | |||
Note -------- ----------•---•• (Rupees in '000') --------------------------------- | ||||||
Revenue from contracts with customers - net | 18 | 5,063,155 | 3,113,650 | 1,224,452 | 1,418,172 | |
Cost of sales | 19 | (2,240,472) | (1,511,230) | (269,279) | (574,111) | |
Gross profit | 2,822,683 | 1,602,420 | 955,173 | 844,061 | ||
Marketing and selling expenses | (40,266) | (34,744) | (9,593) | (3,791) | ||
Flyover cost | (479,890) | (298,581) | ||||
Administrative expenses | (535,604) | (392,665) | (186,235) | (123,212) | ||
Finance cost - Net | 20 | (243,552) | (144,317) | (61,693) | (21,359) | |
Other income | 21 | 415,262 | 972,200 | 114,760 | 44,222 | |
Profit before levies and tax | 2,418,523 | 1,523,004 | 812,412 | 441,340 | ||
Levies (u/s 100D) | (29,040) | |||||
Profit before taxation | 2,418,523 | 1,493,964 | 812,412 | 441,340 | ||
Taxation - net | 22 | (607,203) | (329,267) | (237,572) | (42,428) | |
Profit for the period | 1,811,320 | 1,164,697 | 574,840 | 398,912 | ||
(Rupees) | ||||||
Earnings per share | ||||||
Basic | 23 | 4.76 | 3.06 | 1.51 | 1.05 | |
Diluted | 23 | 4.76 | 3.06 | 1.51 | ||
The annexed notes from 1 to 29 form an integral part of these condensed interim financial statements.
Chief Financial Officer Chief Executive
JAVEDAN CORPORATION LIMITED UNCONSOLIDATED CONDENSED INTERIM STATEMENT OF FINANCIAL POSITION AS AT MARCH 31, 2025 | |||
March 31, | June 30, | ||
ASSETS | Note | 2025 (Unaudited) - (Rupees in | 2024 (Audited) '000') • |
NON-CURRENT ASSETS | |||
Property and equipment | 5 | 10,075,130 | 9,784,148 |
Intangible assets | 2,876 | 863 | |
Investment properties | 6 | 603,370 | 603,370 |
Long-term deposits | 9,155 | 9,525 | |
Long-term investments | 7 | 7,835,892 | 6,521,452 |
Long-term advances
CURRENTASSETS
Development properties Trade debts
Loans and advances
Trade deposits, prepayments and other receivables Short-term investments
Unclaimed deposit
Cash and bank balances
EQUITY AND LIABILITIESSHARE CAPITAL AND RESERVES
Share Capital Authorised
390,000,000 (June 30, 2024: 390,000,000) ordinary shares of Rs. 10/- each
Issued, subscribed and paid-up capital Capital reserves
Revenue reserves
Other component of equity - revaluation surplus on lands
8 941,687 973,503
19,468,110 17,892,861
16,797,950 | 17,494,616 |
2,146,631 | 1,142,460 |
623,337 | 1,057,757 |
1,002,568 | 789,540 |
1,502,500 | 1,707,525 |
941 | 941 |
144,397 | 228,031 |
9
10
11
12
13
22,218,325 22,420,870
41,686,435 40,313,731
_ 3,900,000 3, 00,000
3,808,604 3,808,604
2,758,293 2,758,293
10,378,402 10,022,439
8,681,815 8,749,900
NON-CURRENT LIABILITIES | 25,627,114 | 25,339,236 | |
Long-term financings | 14 | 4,654,129 | 3,925,098 |
Deferred grant | 70,512 | 41,781 | |
Deferred tax liability | 364,215 | 303,192 | |
Deferred liability - gratuity | 112,249 | 93,676 | |
5,201,105 | 4,363,747 | ||
CURRENT LIABILITIES | |||
Trade and other payables | 15 | 5,239,823 | 4,243,413 |
Preference shares | 505 | 505 | |
Accrued mark-up | 561,170 | 613,072 | |
Contract liabilities | 339,831 | 475,766 | |
Short-term borrowings | 16 | 1,968,497 | 1,892,898 |
Current maturity of non-current liabilities | 2,048,544 | 3,166,805 | |
Taxation - net | 672,235 | 208,067 | |
Unpaid preference dividend | 409 | 363 | |
Unclaimed dividend | 27,201 | 9,859 |
TOTAL EQUITY AND LIABILITIES
CONTINGENCIES AND COMMITMENTS 17
The annexed notes from 1 to 29 form an integral part of these condensed interim financial statements.
Chief Financial Officer Chief Executive
10,858,216 10,610,748
41,686,435 40,313,731
Director
UNCONSOLIDATED CONDENSED INTERIM STATEMENT OF COMPREHENSIVE INCOME (UNAUDITED) FOR THE NINE MONTHS AND ouARTER ENDED DECEMBER 31, 2024
For the Nine Months Ended For the Quarter Ended March 31, March 31, March 31, March 31,
2025 2024 2025 2024
(Rupees in '000')
Profit for the period
Other comprehensive income for the period
- net of tax
1,811,320 1,164,697
574,840
398,912
Total comprehensive income for the period
- net of tax
1,811,320 1,164,697
574,840
398,912
The annexed notes from 1 to 29 form an integral part of these condensed interim financial statements.
Chief Financial Officer Chief Executive
UNCONSOLIDATED CONDENSED INTERIM STATEMENT OF CHANGES IN EQUITY (UNAUDITED) FOR THE NINE MONTHS ENDED MARCH 31, 2025
Issued, Capital reserves subscribed
Revenue reserves Other component
and paid-
up capital Share
Tax Un-
of equity Total Equity
Revaluation
premium
holiday General appropriated surplus on reserve profit lands
--------------------------------•------------- -- (Rupees in '000') --.
Balance as at July 01, 2023 (Audited) | 3,808,604 | 2,746,327 | 11,966 | 63,500 | 10,473,927 | 8,817,355 | 25,921,679 | |||||
Final dividend @ 60 percent on ordinary shares | ||||||||||||
for the year ended June 30, 2023 | (2,285,163) | (2,285,163) | ||||||||||
Profit for the period Other comprehensive income for the period, net of tax | 1,164,697 | - | 1,164,697 |
Total comprehensive income for the period, net of tax
Revaluation surplus on freehold land realised on account of sale of development properties
1,164,697
62,680
(62,680)
1,164,697
Balance as at March 31, 2024
(Unaudited) | 3,808,604 | 2,746,327 | 11,966 | 63,500 | 9,416,141 | 8,754,675 | 24,801,213 | |||||
Balance as at July 01, 2024 (Audited) | 3,808,604 | 2,746,327 | 11,966 | 63,500 | 9,958,939 | 8,749,900 | 25,339,236 | |||||
Final dividend @ 60 percent on ordinary shares for the year ended June 30, 2024 | (1,523,442) | (1,523,442) | ||||||||||
Profit for the period | - | 1,811,320 | - | 1,811,320 | ||||||||
Other comprehensive income for the period, net of tax |
Total comprehensive income for the period, net of tax
Revaluation surplus on freehold land realised on account of sale of development properties
1,811,320
68,085 (68,085)
1,811,320
Balance as at March 31, 2025
(Unaudited) 3,808,604 2,746,327 11,966 63,500 10,314,902 8,681,815 25,627,114
The annexed notes from 1 to 29 form an integral part of these condensed interim financial statements.
Chief Financial Officer chief Executive
UNCONSOLIDATED CONDENSED INTERIM STATEMENT OF CASH FLOWS (UNAUDITED)
FOR THE NINE MONTHS ENDED MARCH 31, 2025
For the Nine Months Ended March 31, March 31,
2025 2024
Note --------Rupees in '000--------
Operating profit before working capital changes Change in current assets | 25 | 2,691,467 | 775,481 |
Development properties | 696,666 | (207,524) | |
Trade debts | (1,004,171) | 6,944,824 | |
Loans and advances | 434,420 | (813,377) | |
Trade deposits and other receivables | (213,602) | (436,654) | |
(86,687) | 5,487,269 | ||
Change in current liabilities |
Trade and other payables Deferred grant
Contract liabilities
Unpaid preference dividend
996,410 | 512,478 |
28,731 | 31,502 |
(135,935) | (5,612) |
46 | 45 |
889,252 538,413
Cash flows generated from operations Payments for: | 3,494,032 | 6,801,163 | |
Income taxes | (82,012) | (92,328) | |
Finance costs | (320,075) | (165,222) | |
Gratuity | (4,416) | (8,962) | |
Long-term deposits (paid) / refunded 370 (5) | |||
Net cash flows generated from operational activities | 3,087,899 | 6,534,646 | |
CASH FLOWS FROM INVESTING ACTIVITIES | |||
Additions to property, plant and equipment | (405,006) | (822,950) | |
Additions to intangible assets | (2,925) | ||
Sale proceeds from disposal of property, plant and equipment | 9,200 | ||
Sale proceeds from disposal of Equity instruments | 133,150 | ||
Sale proceeds from disposal of Term Deposit Receipts | 6,000 | ||
Long Term investment | (1,114,839) | ||
Advance against issuance of units | 31,816 | (304,364) | |
Net cash flows used in investing activities | (1,351,804) | (1,118,114) | |
CASH FLOWS FROM FINANCING ACTIVITIES | |||
Dividend paid: | |||
- ordinary shares | (1,506,100) | (2,281,746) | |
Long-term financing - net | (389,230) | (1,194,018) | |
Short-term borrowings - net | 1 | (1,572,817) | |
Net cash used in financing activities | (1,895,329) | (5,048,581) | |
Net increase in cash and cash equivalents | (159,234) | 367,951 | |
Cash and cash equivalents at beginning of the period | (989,343) | (2,451,908) | |
Cash and cash equivalents at end of the period Cash and cash equivalents | (1,148,577) | (2,083,957) | |
Cash and bank balances | 144,397 | 450,265 | |
Short term running finance
(1,292,974) (2,534,222)
(1,148,577) (2,083,957)
The annexed notes from 1 to 29 form an integral part of these condens interim financial statements.
Chief Financial Officer Chief Executive " Director
CONDENSED INTERIM CONSOLIDATED STATEMENT OF PROFIT OR LOSS (UNAUDITED) FOR THE NINE MONTHS AND QUARTER ENDED MARCH 31, 2025
For the Nine Months Ended For the Quarter Ended | |||||
March 31, | March 31, | March 31, | March 31, | ||
2025 | 2024 | 2025 | 2024 | ||
Note '---------------------------------- (Rupees in '000') ---------------------------------- | |||||
Revenue from contracts with customers - net | 18 | 5,308,255 | 3,300,561 | 1,318,272 | 1,484,661 |
Cost of sales | 19 | (2,494,643) | (1,710,489) | (359,953) | (652,476) |
Gross profit | 2,813,612 | 1,590,072 | 958,319 | 832,186 | |
Marketing and selling expenses | (40,266) | (34,742) | (9,601) | (3,786) | |
Flyover cost | (479,890) | (298,581) | |||
Administrative expenses | (582,140) | (468,517) | (201,879) | (149,906) | |
Finance cost - Net | 20 | (219,273) | (113,517) | (55,519) | (14,177) |
Other income | 21 | 413,467 | 974,099 | 114,219 | 44,936 |
Profit before levies and tax | 2,385,399 | 1,467,505 | 805,539 | 410,671 | |
Levies | (3,435) | (30,542) | (1,297) | (851) | |
Profit before taxation | 2,381,964 | 1,436,963 | 804,242 | 409,820 | |
Taxation - net | 22 | (595,130) | (312,246) | (233,335) | (39,993) |
Profit for the period | 1,786,834 | 1,124,717 | 570,907 | 369,827 | |
Earnings per share Basic
Diluted
23 4.69
4.69
1.50
0.97
23
(Rupees)
2.95
1.50
0.97
The annexed notes from 1 to 29 form an integral part of these condensed interim financial statements.
Chief Financial Officer Chief Executive
CONDENSED INTERIM CONSOLIDATED STATEMENT OF FINANCIAL POSITION AS AT MARCH 31, 2025 | |||
March 31, | June 30, | ||
2025 | 2024 | ||
(Unaudited) | (Audited) | ||
Note -------- (Rupees in '000') -------- | |||
ASSETS | |||
NON-CURRENT ASSETS | |||
Property and equipment | 5 | 10,079,238 | 9,786,022 |
Intangible assets | 2,876 | 863 | |
Investment properties | 6 | 603,370 | 603,370 |
Long-term deposits | 9,155 | 9,525 | |
Long-term investments | 7 | 7,725,892 | 6,411,452 |
Long-term advances | 8 | 941,687 | 973,503 |
Deferred Tax Assets - Net 110,000 92,950 | |||
19,472,218 | 17,877,685 | ||
CURRENT ASSETS | |||
Development properties | 9 | 16,797,948 | 17,494,615 |
Trade debts | 10 | 2,351,031 | 1,361,206 |
Loans and advances | 11 | 1,290,903 | 1,729,066 |
Trade deposits, prepayments and other receivables | 12 | 1,648,834 | 1,495,104 |
Short-term investments | 13 | 1,502,500 | 1,707,525 |
Unclaimed deposit | 941 | 941 | |
Cash and bank balances | 196,862 | 292,099 | |
23,789,019 | 24,080,556 | ||
43,261,237 | 41,958,241 | ||
EQUITY AND LIABILITIES | |||
SHARE CAPITAL AND RESERVES | |||
Share Capital | |||
Authorised | |||
390,000,000 (June 30, 2024: 390,000,000) ordinary shares of Rs. 10/- each | 3,900,000 | 3,900,000 | |
Issued, subscribed and paid-up capital | 3,808,604 | 3,808,604 | |
Capital reserves | 2,758,293 | 2,758,293 | |
Revenue reserves | 10,341,071 | 10,009,594 | |
Other component of equity - revaluation surplus on lands 8,681,815 8,749,900 | |||
25,589,783 | 25,326,391 | ||
NON-CURRENT LIABILITIES | |||
Long-term financings | 14 | 4,654,128 | 3,925,098 |
Deferred grant | 70,512 | 41,781 | |
Deferred tax liability | 364,215 | 303,192 | |
Deferred liability - gratuity | 122,362 | 101,650 | |
5,211,217 | 4,371,721 | ||
CURRENT LIABILITIES | |||
Trade and other payables | 15 | 5,212,439 | 4,355,039 |
Advance against issuance of shares | 1,892,865 | 1,774,157 | |
Preference shares | 505 | 505 | |
Accrued mark-up | 470,214 | 546,424 | |
Contract liabilities | 340,345 | 476,268 | |
Short-term borrowings | 16 | 1,787,974 | 1,712,374 |
Current maturity of non-current liabilities | 2,048,544 | 3,166,805 | |
Taxation - net | 679,740 | 218,335 | |
Unpaid preference dividend | 409 | 363 | |
Unclaimed dividend | 27,201 | 9,859 | |
12,460,237 | 12,260,129 | ||
TOTAL EQUITY AND LIABILITIES | 43,261,237 | 41,958,241 | |
CONTINGENCIES AND COMMITMENTS | 17 | ||
The annexed notes from 1 to 29 form an integral part of these condens interim financial statements.
Chief Financial Officer Chief Executive tor
CONDENSED INTERIM CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (UNAUDITED) FOR THE NINE MONTHS AND QUARTER ENDED MARCH 31, 2025
For the Nine Months Ended For the Quarter Ended March 31, March 31, March 31, March 31,
2025 2024 2025 2024
(Rupees in '000')
Profit for the period
Other comprehensive income for the period
- net of tax
1,786,834
1,124,717
570,907
369,827
Total comprehensive income for the period
- net of tax
1,786,834
1,124,717
570,907
369,827
The annexed notes from 1 to 29 form an integral part of these condensed interim financial statements.
Chief Financial Officer Chief Executive
CONDENSED INTERIM CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (UNAUDITED) FOR THE NINE MONTHS AND QUARTER ENDED MARCH 31, 2025
Issued, Capital reserves subscribed
Revenue reserves Other component
and paid-
of equity Total Equity
up capital Share premium
Tax Un- Revaluation holiday General appropriated surplus on reserve profit lands
(Rupees in '000')
Balance as at July 01, 2023 (Audited) | 3,808,604 | 2,746,327 | 11,966 | 63,500 | 10,531,068 | 8,817,355 | 25,978,820 | |||||
Final dividend @ 60 percent on ordinary shares for the year ended June 30, 2023 | (2,285,163) | (2,285,163) | ||||||||||
Profit for the period Other comprehensive income for the period, net of tax | - | 1,124,717 | - | 1,124,717 |
Total comprehensive income for the period, net of tax
Revaluation surplus on freehold land realised on account of sale of development properties
1,124,717
34,891
(34,891)
1,124,717
Balance as at March 31, 2024
(Unaudited) | 3,808,604 | 2,746,327 | 11,966 | 63,500 | 9,405,513 | 8,782,464 | 24,818,374 | |||||
Balance as at July 01, 2024 (Audited) | 3,808,604 | 2,746,327 | 11,966 | 63,500 | 9,946,094 | 8,749,900 | 25,326,391 | |||||
Final dividend @ 40 percent on ordinary shares for the year ended June 30, 2024 | (1,523,442) | (1,523,442) | ||||||||||
Profit for the period | - | - | 1,786,834 | |||||||||
Other comprehensive income for the period, net of tax | - |
Total comprehensive income for the period, net of tax
Revaluation surplus on freehold land realised on account of sale of development properties
1,786,834
68,085
(68,085)
1,786,834
Balance as at March 31, 2025
(Unaudited) 3,808,604 2,746,327 11,966 63,500 10,277,571 8,681,815 25,589,783
The annexed notes from 1 to 29 form an integral part of these condensed interim financial statements.
Chief Financial Officer Chief Executive
CONDENSED INTERIM CONSOLIDATED STATEMENT OF CASH FLOWS (UNAUDITED) FOR THE NINE MONTHS ENDED MARCH 31, 2025
For the Nine Months Ended March 31, March 31,
2025 2024
Note --------Rupees in '000--------
Operating profit before working capital changes Change in current assets | 25 | 2,692,490 | 1,062,944 |
Development properties | 696,667 | (207,524) | |
Trade debts | (989,825) | 6,900,829 | |
Loans and advances | 438,163 | (1,229,489) | |
Trade deposits and other receivables | (154,304) | (524,725) | |
Short-term investments | 10,796 | ||
(9,299) | 4,949,887 | ||
Change in current liabilities |
Trade and other payables Deferred grant
Contract liabilities
Advance against issuance of shares Unpaid preference dividend
857,400 | 1,148,042 |
28,731 | 31,502 |
(135,923) | (5,505) |
118,708 | |
46 | 45 |
86g,gsz 1,174,084
Cash flows generated from / (used in) operations Payments for: | 3,552,153 | 7,186,915 |
Income taxes | (172,171) | (78,519) |
Finance costs | (295,483) | (560,697) |
Gratuity | (5,959) | (10,243) |
Long-term deposits (paid) / refunded 370 (5) | ||
Net cash flows generated from / (used in) operational activities | 3,078,910 | 6,537,451 |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Additions to property, plant and equipment | (407,618) | (823,252) |
Additions to intangible assets | (2,925) | |
Sale proceeds from disposal of property, plant and equipment | 9,200 | |
Sale proceeds from disposal of Equity instruments | 133,150 | |
Sale proceeds from disposal of Term Deposit Receipts | 6,000 | |
Long Term investment | (1,114,839) | |
Advance against issuance of units | 31,816 | (304,364) |
Net cash flows (used In) / generated from investing activities | (1,354,416) | (1,118,416) |
CASH FLOWS FROM FINANCII'4G ACTIVITIES | ||
Dividend paid: | ||
- ordinary shares | (1,506,100) | (2,281,746) |
Long-term financing - net | (389,231) | (1,194,018) |
Short-term borrowings - net | 75,600 | (1,572,810) |
Net cash used in financing activities | (1,819,731) | (5,048,574) |
Net increase / (decrease) in cash and cash equivalents | (95,237) | 370,462 |
Cash and cash equivalents at beginning of the period | 292,099 | 124,116 |
Cash and cash equivalents at end of the period 196,862 494,578
The annexed notes from 1 to 29 form an integral part of these condensed interim financial statements.
Chief F-inancial Officer