Transmission of Half Yearly financial statements for the period ended 31 December 2025

Half Yearly Report December

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01 HALF YEAR REPORT DECEMBER 2025

Company Information Directors' Report

Independent Auditors' Review Report Unconsolidated

Financial Statements

Condensed Interim Unconsolidated Statement of Financial Position

Condensed Interim Unconsolidated Statement of Profit Or Loss (Unaudited)

Condensed Interim Unconsolidated Statement of Comprehensive Income (Unaudited)

Condensed Interim Unconsolidated Statement Of Changes In Equity (Unaudited)

Condensed Interim Unconsolidated Statement of Cash Flows (Unaudited)

Notes To The Condensed Interim Unconsolidated Financial Information (Unaudited)

Consolidated Financial Statements

Condensed Interim Consolidated Statement of Financial Position

Condensed Interim Consolidated Statement of Profit Or Loss (Unaudited)

Condensed Interim Consolidated Statement of Comprehensive Income (Unaudited)

Condensed Interim Consolidated Statement Of Changes In Equity (Unaudited)

Condensed Interim Consolidated Statement of Cash Flows (Unaudited)

Notes To The Condensed Interim Consolidated Financial Information (Unaudited)

Notes for Shareholders

JAVEDAN CORPORATION LIMITED 02

Company

Board of Directors

Mr. Arif Habib Chairman

Mr. Abdus Samad Habib CEO/Director

Mr. Muhammad Ejaz Director Mr. Muhammad Kashif Habib Director Mr. Abdullah Ghaffar Director

Mr. Abdul Qadir Sultan Director

Mrs. Darakshan Zohaib Director Mr. Muhammad Siddiq Khokhar Director Mr. Shahid Iqbal Choudhri Director

Audit Committee

Mr. Abdullah Ghaffar Chairman Mr. Muhammad Kashif Habib Member Mr. Muhammad Ejaz Member

Mr. Abdul Qadir Sultan Member

HR & Remuneration Committee

Mr. Muhammad Siddiq Khokhar Chairman Mr. Arif Habib Member

Mr. Muhammad Ejaz Member

Mr. Abdus Samad Habib Member

Chief Financial Officer

Mr. Muneer Gader

Company Secretary

Mr. Dabeer Ullah Sheikh

Auditors

Yousuf Adil and Compary Chartered Accountants

Reanda Haroon Zakaria Aamir Salman Rizwan and Company

Chartered Accountants

Bankers

Al Baraka Bank Pakistan Limited Allied Bank Limited

Askari Bank Limited Bank Al-Falah Limited

BankIslami Pakistan Limited Bank of Punjab

Dubai Islamic Bank Habib Bank Limited

Habib Metropolitan Bank Limited MCB Bank Limited

National Bank of Pakistan Sindh Bank Limited

Bank Makramah Limited United Bank Limited Faysal Bank Limited Meezan Bank Limited

Industrial & Commercial Bank of China

Registered Office

Arif Habib Center,

23, M.T.Khan Road, Karachi Pakistan - 74000, Tel : +92 21 32460717-19

Fax: 32466824

Website: https://www.jcl.com.pk

Site Office:

Naya Nazimabad Manghopir Road Karachi - 75890

Phones: +92 21 36770141-42

Website: https://www.nayanazimabad.com

Share Registrar

CDC Share Registrar Services Limited, CDC House, 99-B, Block 'B' S.M.C.H.S

Sharah-e-Faisal, Karachi.

03 HALF YEAR REPORT DECEMBER 2025

JAVEDAN CORPORATION LIMITED 04

DIRECTORS' REPORT

05

HALF YEARLY REPORT DECEMBER 2025

Directors' Report

Dear Shareholders,

On behalf of the Board of Directors, we are pleased to present the Condensed Interim Unconsolidated & Consolidated Financial Statements of Javedan Corporation Limited ("the Company") for the half year ended 31 December 2025.

Overview

During the period under review, the Company's overall performance remained satisfactory, supported by sustained investor confidence in the Naya Nazimabad Business Enclave. Market demand for 230 sq. yards and 460 sq. yards commercial plots remained robust, which continued to contribute meaningfully to the Company's revenue stream. Development works at the Business Enclave have completed, and a number of allottees have already commenced construction on their respective plots, reflecting healthy project absorption and long-term investor commitment. Demand for commercial plots is positive for the continued revenue generation going forward.

Financial Performance

During the period the Company has recorded Sale and Profit After Tax of PKR 4,660 million and 2,282 million respectively whereas Sale and Profit After Tax in the corresponding period were PKR 3,974 million and PKR 1,236 million, respectively. The administrative cost incurred during the period is PKR 428 million as compared to PKR 332 million in the corresponding period. Other Income earned during the period is PKR 157 million. On a consolidated basis Sales and Profit After Tax for the period is PKR 4,903 million and PKR 2,267 million respectively. The profit is translated into an EPS per share of Rs. 5.95 per share.

Future Outlook

The continued demand for commercial properties positions the Company to effectively leverage its diversified portfolio and integrated development model in order to achieve sustainable revenue growth and long-term value creation for shareholders. Furthermore, with the progressive handover of apartment units, occupancy levels within the project are expected to increase, thereby transforming the Naya Nazimabad into a hub for commercial and social activities.

Efforts are being made to get permission from GOC for development of Company's around 560 acres of land within 500 meters of Peoples Steel Mills Limited.

Acknowledgement

On behalf of the Board of Directors, we extend our sincere gratitude to our customers and shareholders for their continued support in transforming this vision into reality. We also express our appreciation to our banking and financial partners, whose support has been instrumental in delivering this project. Furthermore, we acknowledge the Securities and Exchange Commission of Pakistan and the Pakistan Stock Exchange for their continued cooperation. Lastly, we commend all employees for their dedication and invaluable contributions.

Abdus Samad Habib Arif Habib

Chief Executive Officer Chairman

Dated: 26 February 2026

INDEPENDENT AUDITORS' REVIEW REPORT

To the members of Javedan Corporation Limited

Report on review of Condensed Interim Financial Statements

Introduction

We have reviewed the accompanying condensed interim statement of financial position of Javedan Corporation Limited as at December 31, 2025, and the related condensed interim statement of profit or loss and other comprehensive income, condensed interim statement of cash flows, condensed interim statement of changes in equity and notes to the condensed interim financial statements for the six-month period half year then ended (here-in-after referred to as 'condensed interim financial statements'). Management is responsible for the preparation and presentation of the condensed 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 the condensed interim financial statements based on our review.

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 the condensed 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 condensed interim financial statements as of and for the six-month half year period ended December 31, 2025 is not prepared, in all material respects, in accordance with the accounting and reporting standards as applicable in Pakistan for the interim financial reporting.

Other matter

notes for the three months period ended December 31, 2025, have not been reviewed by us.

Pursuant to the requirement of Section 237 (1) (b) of the Companies Act, 2017, only cumulative figures for the half year, presented in the second quarter accounts are subject to a limited scope review by the statutory auditors of the company. Accordingly, the figures of the condensed interim statement of profit or loss and comprehensive income and related

The engagement partners on the review resulting in this independent auditor's review report are Mr. Nadeem Yousuf Adil (Yousuf Adil, Chartered Accountants) and Mr. Farhan Ahmed Memon (Reanda Haroon Zakaria Aamir Salman Rizwan & Company).

Yousuf Adil Reanda Haroon Zakaria Aamir

Chartered Accountants Salman Rizwan & Company Chartered Accountants

PLACE: Karachi PLACE: Karachi

DATE: 27 February 2026 DATE: 27 February 2026

UDIN:RR202510091g08VpcayQ UDIN:RR202510147ZewSDkfzA

CONDENSED INTERIM UNCONSOLIDATED FINANCIAL STATEMENTS

FOR HALF YEAR ENDED DECEMBER 31, 2025

JAVEDAN CORPORATION LIMITED

10

OF FINANCIAL POSITION

AS AT December 31, 2025

Note

(Unaudited) December 31,

2025

(Audited) June 30,

2025

ASSETS

NON-CURRENT ASSETS

Property and equipment 5

Intangible assets

Investment properties 6

Long-term deposits

Long-term investments 7

Long-term advances 8

CURRENT ASSETS

Development properties 9

Trade debts 10

Loans and advances 11

Trade deposits, prepayments and other receivables 12

Short-term investments 13

Unclaimed deposit

Cash and bank balances

EQUITY AND LIABILITIES

SHARE CAPITAL AND RESERVES

Share Capital

Authorised

390,000,000 (June 30, 2025: 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

NON-CURRENT LIABILITIES

Long-term financings 14

Deferred grant Deferred tax liability

Deferred liability - gratuity

CURRENT LIABILITIES

Trade and other payables 15

Preference shares Accrued mark-up Contract liabilities

Short-term borrowings 16

Current maturity of non-current liabilities Taxation - net

Unpaid preference dividend Unclaimed dividend

CONTINGENCIES AND COMMITMENTS 17

------ (Rupees in '000) ------

10,249,608

3,638

640,550

7,985

8,452,268

1,635,564 20,989,613

14,806,951

2,548,568

596,445

856,204

1,502,500

941

46,053

20,357,662

41,347,275

3,900,000

3,808,604

2,758,293

10,152,983

8,661,942

25,381,822

3,821,730

71,170

560,219

116,414

4,569,533

5,991,380

505

315,703

891,723

1,488,317

2,356,166

324,489

424

27,213

11,395,920

41,347,275

The annexed notes from 1 to 30 form an integral part of these condensed interim financial statements.

OF PROFIT OR LOSS (UNAUDITED)

FOR THE HALF YEAR AND QUARTER ENDED DECEMBER 31, 2025

For the Half Year ended

For the Quarter ended

Note

December 31,

2025

December 31,

2024

December 31,

2025

December 31,

2024

Earnings per share

------------------ (Rupees in '000) ------------------

The annexed notes from 1 to 30 form an integral part of these condensed interim financial statements.

OF COMPREHENSIVE INCOME (UNAUDITED)

FOR THE HALF YEAR AND QUARTER ENDED DECEMBER 31, 2025

For the Half Year ended

For the Quarter ended

Note

December 31,

2025

December 31,

2024

December 31,

2025

December 31,

2024

Profit for the period

Other comprehensive income for the period

• net of tax

  Total comprehensive income for the period

• net of tax

(Rupees in '000)

326,624

-

326,624

-

2,282,070

The annexed notes from 1 to 30 form an integral part of these condensed interim financial statements.

OF CHANGES IN EQUITY (UNAUDITED)

FOR THE HALF YEAR ENDED DECEMBER 31, 2025

Other comprehensive income for the period,

Other comprehensive income for the period,

The annexed notes from 1 to 30 form an integral part of these condensed interim financial statements.

OF CASH FLOWS (UNAUDITED)

FOR THE HALF YEAR ENDED DECEMBER 31, 2025

For the Half Year Ended

Note

December 31,

2025

December 31,

2024

------ (Rupees in '000) ------

OF CASH FLOWS (UNAUDITED)

FOR THE HALF YEAR ENDED DECEMBER 31, 2025

For the Half Year Ended

Note

December 31,

2025

December 31,

2024

Cash and cash equivalents at end of the period 791,981

47,521

The annexed notes from 1 to 30 form an integral part of these condensed interim financial statements.

1. STATUS AND NATURE OF BUSINESS

   1. Javedan Corporation Limited (the Company) was incorporated in Pakistan on June 08, 1961, as a public limited company under the repealed Companies Act, 1913 (now Companies Act, 2017) and is listed on Pakistan Stock Exchange Limited. The registered office of the Company is located at Arif Habib Centre, 23, M.T Khan Road, Karachi.

   2. The Company has ceased its cement business since July 01, 2010 and the management has developed business diversification strategy for utilizing the Company's land having area of 1,367 acres for developing a housing scheme, "Naya Nazimabad", that includes bungalows, open plots, flat sites and commercial sites. The Company's layout plan of the project was approved by Lyari Development Authority (LDA) vide letter number LDA/PP/2010/255 on March 02, 2011, revised master plan approved vide letter No CTP/LDA/112 on June 19, 2013 and revised master plan layout approved vide letter no LDA/TP/2022/98 on June 24, 2022 and has obtained No Objection Certificate from Sindh Building Control Authority (SBCA) having NOC # SBCA/D.D(D-II)/985/ADV-503/2011 on November 12, 2011, revised NOC # SBCA/DD(D-II)/985 & 991/ADV-584/2013 and revise NOC # SBCA/DD(PSA-C)/155/Revised/Adv-236/2023 on January 16, 2023. The Company is also the member of Association of Builders and Developers of Pakistan (ABAD).

   3. These Condensed interim financial Statements are the separate financial statements of the Company, in which investment in subsidiary has been accounted for at cost less accumulated impairment losses, if any. As of December 31, 2025, the Company has investments in following subsidiaries:

      % of holding

      -NN Maintenance Company (Private) Limited (NNMC) 100

      -Sapphire Bay Development Company Limited (SBDCL) 100

   4. The geographical location and addresses of business units are as under:

      Location Address

      Registered office Arif Habib Centre, 23, M.T Khan Road, Karachi

      Naya Nazimabad Project Naya Nazimabad, Deh, Manghopir road, Gadap town, Scheme

      #43, Karachi

      Naya Nazimabad Sales Center Naya Nazimabad, Deh, Manghopir road, Gadap town, Scheme

      #43, Karachi

      Naya Nazimabad Branch 1st Floor, City Tower, Block K, Gulberg 2, Main boulevard, Lahore

2. STATEMENT OF COMPLIANCE

   These condensed interim financial statements of the Company for the half year ended December 31, 2025 has 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 International Accounting Standard Board (IASB) as notified under the Companies Act, 2017; and

   • 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.

3. BASIS OF PREPARATION

   1. These condensed interim financial statements are un-audited but subject to limited scope review by the auditors and are being submitted to the shareholders as required under Section 237 of the Companies Act, 2017. These condensed interim financial statements do not include all the information and disclosures required in the annual financial statements, and should be read in conjunction with the financial statements of the Company for the year ended June 30, 2025.

   2. The figures of the condensed interim statement of profit or loss and statement of other comprehensive income for the quarter ended December 31, 2025 and December 31, 2024 and notes forming part thereof have not been reviewed by the auditors of the Company, as they have reviewed the cumulative figures for the half year ended December 31, 2025 and December 31, 2024.

   3. The preparation of these condensed interim financial statements require management to make judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets and liabilities, income and expense. Actual results may differ from these estimates. In preparing these condensed interim financial statements, the significant judgements made by the management in applying the Company's accounting policies and areas where assumptions and estimates are significant are same as those applied to the annual financial statements of the Company as at and for the year ended June 30, 2025. The Company's financial risk management objectives and policies are consistent with those disclosed in the annual financial statements of the Company as at and for the year ended June 30, 2025.

   4. These condensed interim financial statements is presented in Pakistan Rupees which is also the Company's functional currency and all financial information presented has been rounded off to the nearest thousand of rupees, otherwise stated.

4. MATERIAL ACCOUNTING POLICY INFORMATION, ESTIMATES AND JUDGEMENTS

   1. The preparation of these condensed interim financial statements require management to make estimates, assumptions and use judgments that affect the application of policies and reported amounts of assets, liabilities, income and expenses. Estimates, assumptions and judgments are continually evaluated and are based on historical experience and other factors including reasonable expectations of future events. Revision to accounting estimates are recognized prospectively commencing from the period of revision.

      In preparing these condensed interim financial statements, the significant judgments made by the management in applying the Company's accounting policies, the key source of estimation and uncertainty were the same and consistent with those that are applied to the financial statements of the Company for the year ended June 30, 2025.

      Note

      (Unaudited) December 31,

      2025

      (Audited) June 30,

      2025

5. PROPERTY AND EQUIPMENT

   ------ (Rupees in '000) ------

   Operating fixed assets		5.1	8,713,805	8,768,188
   Capital work-in-progress 5.4			1,695,142 10,408,947	1,481,420 10,249,608
   5.1	Operating fixed assets
   	Opening Net Book Value		8,768,188	6,181,769
   Add: Additions/Revaluation during the period / year		5.2	58,490	98,296
   Add: Transfer during the period / year Less: Disposal during the period / year Less: Depreciation during the period / year Closing Net Book Value		- 5.3 (427) (112,446) 8,713,805		2,661,635 - (173,511) 8,768,188
   5.2	Additions during the period / year
   	Furniture and fixtures	11,235		40,872
   	Office equipment	847		22,310
   	Computer equipment	3,705		6,518
   Buildings on other land Recreational facilities Medical equipment Vehicles Naya Nazimabad Gymkhana		- -34 - 42,669 58,490		23,609 3,787 -1,200 - 98,296
   5.3	Disposals during the period / year - at book value
   	Vehicles	148		-
   	Office equipment	142		-
   Computer equipment		137 427		- -
   5.4	Capital work-in-progress
   	Opening	1,481,420		3,602,379
   	Additions during the period / year	153,305		540,676
   Borrowing cost capitalized during the period / year Transfer from capital work-in-progress Closing		60,417 - 1,695,142		- (2,661,635) 1,481,420
   5.4.1	The details of capital work-in-progress are as under:
   	Naya Nazimabad Gymkhana	643,333		510,393
   	Hospital	1,051,081		971,027
   Masjid		728 - 1,695,142 1,481,420

6. INVESTMENT PROPERTIES

   The last independent valuation was carried out by the management through an independent professional valuer as of June 30, 2025. As of December 31 2025, the management expects no material change in the aforementioned fair value of investment properties and accordingly no adjustment has been incorporated in these condensed interim financial statements.

   Note

   (Unaudited) December 31,

   2025

   (Audited) June 30,

   2025

7. LONG-TERM INVESTMENTS

   Investment in subsidiaries at cost

   • NN Maintenance Company (Private) Limited

     subsidiary company 7.1

   • Sapphire Bay Development Company Limited

   subsidiary company 7.2

   Debt Instruments - designated at fair value through profit or loss

   - Naya Nazimabad Apartment REIT

   Carrying Amount

   Appreciation on remeasurement of investment

   ------ (Rupees in '000) ------

   10,000 100,000 110,000
   3,912,063 -
   3,912,063
   161,832 22,968
   184,800
   4,268,373 1,216,008 -
   5,484,381
   -100,000 -
   100,000
   9,791,244

   10,000

   100,000

   110,000

   Debt Instruments - designated at fair value through profit or loss

   - Signature Residency REIT

   Carrying Amount

   Appreciation on remeasurement of investment

   7.3

   7.3

   3,912,063

   151,932

   9,900

161,832

Equity Instruments - designated at fair value through profit or loss

- Sapphire Bay Islamic Development REIT

Carrying Amount

Units issued during the period

Appreciation on remeasurement of investment

7.4

Equity Instruments - designated at fair value through profit or loss

- Air Karachi (Private) Limited

Carrying Amount

Units issued during the period

Appreciation on remeasurement of investment

4,268,373

7.5 -

8,452,268

1. 1. Represents investment of 1 million ordinary shares having face value of Rs. 10 each made by the Company in year 2020, in a wholly owned subsidiary namely NN Maintenance Company (Private) Limited.The principal activities of the subsidiary is to carry out maintenance, other related business and work of development at Naya Nazimabad project of the Company. The subsidiary company commenced its operational activities effective from January 2020.

   2. Represent investment of 1 million ordinary shares having face value of Rs. 10 each aggregating to Rs. 10 million, in a wholly owned subsidiary namely Sapphire Bay Development Company Limited. The subsidiary company has yet to commence its operational activities. In-addition, the company has also given advance of Rs. 90 million on account of future issuance of ordinary shares.

   3. NNAR & SRR is a limited life (indicatively 7 years and 4 Years respectively), within which it will construct and sell the residential and commercial properties on this land. Thereafter, it will be liquidated and the leftover assets will be distributed to the unitholders. In the context of limited life entities, the ownership interests by default meet the financial liability definition of IAS 32, as there is a present obligation of the entity to deliver the cash to the owners upon liquidation and the liquidation is certain to occur and beyond the control of parties to the instrument. Considering this, the management has classified it as debt instrument. Further, since the contractual terms of the instrument do not give rise to, on specified dates, cash flows that are solely payments of principal and interest on the principal amount outstanding, the investment is classified at fair value through profit or loss.

   4. The Company has invested PKR 5,876 million in Sapphire Bay Islamic Developmental REIT. It is a closed end shariah compliant developmental (PPP) REIT Scheme. The REIT has entered into a Public Private Partnership Agreement with Ravi Urban Development Authority for development, marketing and sale of Phase 1 Zone 3 Sapphire Bay at Ravi City (admeasuring 2,000 acres of land). The Company is a lead member in the project. For PKR 5,484 million invested 548 million unit at a face value of Rs 10 each has been issued and units in respect of advance outstanding as of reporting date of PKR 392 million will be issued subsequently.

   5. Represents investment of 1 million ordinary shares having face value of Rs. 100 each aggregating to Rs. 100 million, made by the Company during the period, in Air Karachi (Private) Limited, a newly established private airline in Pakistan aimed at enhancing domestic connectivity.

      (Unaudited) December 31,

      2025

      (Audited) June 30,

      2025

2. LONG TERM ADVANCES

   701,939

   933,625

   1,635,564

   1,740,412

Advance against issuance of units Advance against investment properties

------ (Rupees in '000) ------

Note

(Unaudited) December 31,

2025

(Audited) June 30,

2025

1. DEVELOPMENT PROPERTIES

   Land

   Opening balance

   Add: Additions during the period / year 9.2

   9.1

   ------ (Rupees in '000) ------

   19,365,200 40,185 19,405,385

   15,894,647 696,533

   16,591,180

   6,267,454 -

   6,267,454 42,264,019 (597,080) (40,291) (20,119,631) (6,751,216) 14,755,801

   19,275,200

   90,000 19,365,200

   Development expenditure incurred

   Opening balance

   Add: Incurred during the period / year

   Borrowing costs related to development properties

   Opening balance

   Add: Capitalised during the period / year

   Transferred to:

   • property, plant and equipment

   • investment properties

   • cost of sales to date 19

   • development charges incurred and apportioned to date 19

   14,433,230

   1,461,417

15,894,647

6,267,454 41,527,301

(597,080)

(40,291)

(19,503,425)

(6,579,554)

14,806,951

1. 1. The land under development properties having an area of 425.55 acre has been mortgaged with various financial institutions against financing facilities obtained.

   2. This amount represents the difference between the fair value of the development property transferred (COM-300) and the fair value of the development properties received (COM-54 and COM-47) under a swap transaction with Gymkhana Apartment REIT (GAR), executed pursuant to a Master Agreement. The difference mainly arises due to the variation in property areas, as COM-300 has an area of 3,075 square yards, whereas COM-54 and COM-47 have areas of 1,180 square yards and 2,066 square yards, respectively, resulting in an excess area of 171 square yards received by the Company. Accordingly, Rs. 40.185 million has been recognized in inventory with a corresponding payable to GAR for additional land.

      Note

      (Unaudited) December 31,

      2025

      (Audited) June 30,

      1,772,478 166,024 56,968

      149,060 346,276

      495,336 - 2,490,806

      2025

2. TRADE DEBTS - secured, considered good

   - sales of plots and bungalows	10.1		1,809,836
   - sales of gymkhana membership			130,214
   - utilities infrastructure charges			66,648
   - development charges incurred:
   - billed	10.2			184,206
   - un-billed	10.3			357,664
   541,870 Allowance for expected credit losses - 2,548,568

   Receivable against:

   ------ (Rupees in '000) ------

   1. This includes:

      • Rs. 777.419 million, receivable from Garden View Apartment REIT (GVAR), a REIT Scheme managed by Arif Habib Dolmen REIT Management Limited, (a related party) on account of sale of land (2025: Rs. 148.148 million).

      • Rs. 96.489 million, receivable from Arif Habib Corporation limited (a related party) on account of sale of land (2025: Rs. 266.545 million).

   2. Represents development cost billed to customers as per the terms of their sale agreement.

   3. Represents development cost incurred but not billed to customers as of reporting date, however the same will be billed to the respective customers in accordance with the terms of the sale contract.

      Note

      (Unaudited) December 31,

      2025

      (Audited) June 30,

      2025

3. LOANS AND ADVANCES

Loans - secured

------ (Rupees in '000) ------

Note

(Unaudited) December 31,

2025

(Audited) June 30,

2025

Other receivables - Considered good

------ (Rupees in '000) ------

13.1 These TFCs were fully redeemed at face value during the period, and accordingly, no balance remains outstanding as at the reporting date. The investment originally represented 150,000 Term Finance Certificates (TFCs) having a face value of Rs. 5,000 each, issued by Bank Alfalah Limited (BAFL). These TFCs carried interest at the rate of six-month average KIBOR plus 2% per annum, payable semi-annually, and were rated AA.

Note

(Unaudited) December 31,

2025

(Audited) June 30,

2025

1. LONG-TERM FINANCINGS

   ------ (Rupees in '000) ------

   Term finance loan I 1,019,767			1,275,323
   Term finance loan II	14.2	-	900,000
   Term finance loan III		850,000	850,000
   Term finance loan IV		500,000	500,000
   Sukuk certificates		497,850	747,266
   Diminishing musharakah I		339,546	345,511
   Diminishing musharakah II		474,124	479,710
   Diminishing musharakah III		691,786	696,286
   Islamic refinance facility		456,634	355,314
   		4,829,707	6,149,410
   Current maturity of long-term financings		(1,840,652)	(2,327,680)
   	14.1	2,989,055	3,821,730

   1. There are no major changes in the terms and conditions of long-term financings as disclosed in note 22 to the annual audited financial statements of the Company for the year ended June 30, 2025.

   2. The company has fully repaid the principal during the period.

      Note

      (Unaudited) December 31,

      2025

      (Audited) June 30,

      2025

2. TRADE AND OTHER PAYABLES

   ------ (Rupees in '000) ------

   Creditors		141,881	91,650
   Accrued liabilities		48,566	142,486
   Retention money		102,020	111,127
   Withholding tax payable Other payables:		32,653	13,066
   - on cancellation of plots 8,917			8,917
   - against other projects	15.1	5,664,572	4,638,245
   - against musharaka partners		964,208	565,103
   - against broker market		10,440	10,440
   - non-violation charges		123,362	110,694
   - Signature Residency REIT		56,534	55,698
   - Gymkhana Apartment REIT		39,989 7,193,142	243,954 5,991,380

   1. This amount represents contributions received by JCL from various parties with the intent to subscribe to an option arrangement to acquire units in a REIT project in which JCL is the lead unitholder.

      Development Authority (RUDA)."

      The project, in reference, is the Sapphire Bay Islamic Development REIT (SBIDR), a Developmental REIT established under a public-private partnership (PPP) arrangement with the Ravi Urban

      Note

      (Unaudited) December 31,

      2025

      (Audited) June 30,

      2025

3. SHORT-TERM BORROWINGS - Secured

   ------ (Rupees in '000) ------

   Musharakah arrangement -			295,000
   Running finance under mark-up arrangements	16.2	601,298	515,726
   Running finance under mark-up arrangements		248,340	377,591
   From related parties - unsecured Sapphire Bay Development Company Limited (SBDCL)		-	100,000
   Arif Habib (AH) 16.1		- 849,638	200,000 1,488,317

   1. The terms and conditions of short term borrowings are same as disclosed in note 29 to the annual audited financial statements of the Company for the year ended June 30, 2025.

   2. The Company has a sanctioned running finance limit of Rs. 600 million with Sindh Bank Limited. The balance includes unpresented cheques of Rs. 3.736 million which are expected to clear subsequently.

4. CONTINGENCIES AND COMMITMENTS

   1. Contingencies

      1. Existing business - Tax related contingencies

         1. Tax related contingencies

            1. The taxation authorities issued an assessment order in respect of tax year 2021 and made certain disallowances and additions resulting in a tax demand of Rs. 38.82 million. Being aggrieved, the Company filed appeals against this order before CIR(A). The Company, based on opinion of its tax advisor, is confident that the case will be decided in favour of the Company.

            2. The taxation authorities issued an assessment order in respect of tax year 2022 and made certain disallowances resulting in a tax demand of Rs.23 million. Being aggrieved, the Company filed appeals against this order before CIR(A). The Company, based on opinion of its tax advisor, is confident that the case will be decided in favour of the Company.

            3. The taxation authorities issued an assessment order in respect of tax year 2023 and made certain disallowances under section 100 D resulting in a tax demand of Rs.2,191 million. Being aggrieved, the Company filed appeals against this order before Appelate Tribunal. The Company, based on opinion of its tax advisor, is confident that the case will be decided in favour of the Company.

            4. The taxation authorities issued an assessment order in respect of tax year 2023 and made certain additions with respect to SWWF. resulting in a tax demand of Rs.146.30 million. Being aggrieved, the Company filed an appeal against this order before commissioner appeals based on trans provincial entity. The appeal is pending adjudication before the commissioner appeals. The SWWF demand has been stayed by the Honorable SHC in C.P. No. D-2769 of 2025 till the decision of the commissioner appeals, SRB, Vide order dated 24-06-2025.

            5. The taxation authorities issued an assessment order in respect of tax year 2024 and made certain additions with respect to SWWF, resulting in a tax demand of Rs. 45.109 million. Being aggrieved, the Company filed an appeal against this order before commissioner appeals based on trans provincial entity.

            6. Alternate Corporate Tax (ACT) was applicable on the Company at rate of 17% of accounting income after certain adjustments as mentioned in Section 113(c) of the Income Tax Ordinance, 2001 through Finance Act 2014. Accordingly, the Company had made a provision for ACT for the year ended June 30, 2014 but obtained stay order from the Honourable High Court of Sindh (SHC) against applicability of ACT since tax year 2015 based on the grounds of brought forward losses. Later, the Company had reversed provision previously created of Rs. 131.273 million relating to prior years. Accordingly, the tax provision based on ACT having an aggregated impact of Rs.761.07 million has not been accounted for in these unconsolidated financial statements, instead the Company continues to record the tax provision based on minimum tax under Section 113 of the Income Tax Ordinance, 2001 upto tax year 2018. In year 2019, the Company had adjusted its brought forward losses against taxable income and accordingly, provision for the tax year 2019 and onwards are based on higher of Corporate Tax or ACT.

            7. In year 2019, the Company had received demand notice from Deputy Commissioner Inland Revenue (DCIR) of Rs. 187.098 million in respect of a non-payment of Alternate Corporate Tax (ACT) for the tax year 2018 .The Company had challenged the applicability of Alternative Corporate Tax vide C.P D-2982 of 2019 before SHC. In this regard, an interim order had been granted by SHC that no coercive action is to be taken against the Company till the pendency of the matter before SHC.

      2. Other contingencies and commitments

         There are no major changes in the status and nature of other contingencies (i.e. related to legal/other contingencies relating to existing business and former business) and commitments as disclosed in notes 30.1.1(b), 30.1.2 and 30.2, respectively to the annual audited financial statements of the Company for the year ended June 30, 2025.

         (Unaudited)

         For the Half Year ended For the Quarter ended

         Note

         December 31,

         2025

         December 31,

         2024

         December 31,

         2025

         December 31,

         2024

5. REVENUE FROM CONTRACTS WITH CUSTOMERS - NET

   Local sales, at a point in time

   Plots 18.1

   Development and utility charges reimbursable from customers

   Revenue from Naya Nazimabad Gymkhana and related services

   Club admission fees Gymkhana services

   Other Revenues Transfer fees NOC charges

   Rental income from sports facilities Ali Habib Medical Centre - net Others

   Cancellation and forfeitures Trade discount

   ------------------ (Rupees in '000) ------------------

   4,051,129 237,433
   155,742 52,304
   208,046
   121,581 15,150 19,854 2,078 5,095
   163,758
   - -
   -
   4,660,366

   3,230,391 411,284	2,660,228 136,798
   311,000 27,146	70,932 27,613
   338,146	98,545
   62,618	46,713
   20,440	7,150
   12,537	10,810
   13,450	1,363
   -	5,095
   109,045	71,131
   (113,772)	-
   (200)	-
   (113,972)	-
   3,974,894	2,966,702

   303,840

   245,607

   311,000

   27,146

338,146

69,242

(113,972)

842,863

1. 1. This includes sale of commercial plot amounting to Rs. 1,265.7 million to Garden View Apartment REIT (related party).

      (Unaudited)

      For the Half Year ended For the Quarter ended

      Note

      December 31,

      2025

      December 31,

      2024

      December 31,

      2025

      December 31,

      2024

2. COST OF SALES

   ------------------ (Rupees in '000) ------------------

   1,653,725	354,984
   16,937	18,819
   1,670,662	373,803
   317,468	71,027
   1,988,130	444,830

   Cost of development properties sold: - plots	616,206	(20,789)
   - Gymkhana services	36,474	-
   652,680		(20,789)
   and apportioned to customers 171,662		151,791
   824,342		131,002

   Development and utility charges incurred

   (Unaudited)

   For the Half Year ended For the Quarter ended

   31
   447,761 78,239
   526,000 148 526,179 (60,417) 465,762
   5,840 104,475
   110,315
   355,447 22,968 45,000 67,968
   24,314 37,858 26,400 -652
   89,224
   157,192 965,869 (138,283) 40,162 867,748

3. FINANCE COST

   Note

   December 31,

   2025

   December 31,

   2024

   December 31,

   2025

   December 31,

   2024

   Dividend on preference shares Mark-up on:

   • long-term financings

   • short-term borrowings

   Bank and other charges

   Less: Borrowing cost capitalized in the cost of qualifying asset

   Finance Cost

   Mark-up Income on loans and advances Mark-up on TDR's and TFC's

   Finance Income Finance Costs - Net

4. OTHER INCOME

   Income from financial assets Remeasurement gain on investment designated at FVTPL 7.3

   Gain on redemption of TFCs 13.1

   Income from non-financial assets Rental income from others Amortisation of deferred grant Dividend Income

   Gain / (loss) on modification Others

5. TAXATION

Current Prior Deferred

(Rupees in '000)

15

386,534

(5,558)

380,991

(269,545)

111,446

(26,003)

137,449

131,032

-

131,032

23,185

154,216

336,220

(212,451)

62,283

186,052