Quarterly Report september
fi0fi5CONTENTS
03 Company Information
05 Director's 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)
Table ofCondensed Interim Unconsolidated Statement Of Changes In Equity (Unaudited)
Condensed Interim Unconsolidated Statement of Cash Flows (Unaudited)
15 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)
33 Notes To The Condensed Interim Consolidated Financial Information (Unaudited)
01 QUARTERLY REPORT SEPTEMBER 2025
JAVEDAN CORPORATION LIMITED 02
Company
INFORMATIONBoard 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 QUARTERLY REPORT SEPTEMBER 2025
JAVEDAN CORPORATION LIMITED 04
DIRECTORS' REPORT
05
QUARTERLY REPORT SEPTEMBER 2025
Directors' Report
On behalf of the Board of Directors, we are pleased to present the Condensed Interim Unconsolidated & Consolidated Financial Information for the Three-month period ended 30 September 2025.
Overview
During the quarter Naya Nazimabad Business Enclave featuring 230 sq yds and 460 sq yds commercial plots continued a robust market response contributing significantly to the quarter revenue. The development work is in final stages and allottees have already commenced construction work on their respective plots.
Further Naya Nazimabad achieved yet other milestones by entering a strategic partnership with leading Islamic Bank "Meezan Bank" for providing Housing Finance for under construction vertical apartment projects in Naya Nazimabad.
The Government of Pakistan's Tax Credit on Housing Finance, Stability in interest rates and now availability of housing finance for under construction projects should all improve affordability for potential customers. These developments are positive for Naya Nazimabad and your company.
Financial Performance
During the period the Company has recorded Sale and Profit After Tax of PKR 1,698 million and 724 million respectively whereas Sale and Profit After Tax in the corresponding period were PKR 3,130 million and PKR 909 million, respectively. The administrative cost incurred during the period is PKR 235 million as compared to PKR 144 million in the corresponding period. Other Income earned during the period is PKR 41 million. On a consolidated basis Sales and Profit After Tax for the period is PKR 1,806 million and PKR 713 million respectively. The profit is translated into an EPS per share of Rs. 1.87 per share.
Outlook
The strong performance and growing membership of the Naya Nazimabad Gymkhana, coupled with the successful launch of the Naya Nazimabad Business Enclave, are expected to sustain momentum in lifestyle and commercial segments. These developments, alongside continued demand for commercial properties, position Javedan Corporation to leverage its diversified portfolio and integrated development model to achieve steady revenue growth and long-term value creation for shareholders.
JAVEDAN CORPORATION LIMITED
06
Acknowledgement
On behalf of the Board of Directors, we thank our customers and shareholders for their continued support in transforming the dream into reality. We would like to thank our Banks and Financial institutions who, over the years, have been critical in enabling the Company to deliver this project. We would also like to thank Securities and Exchange Commission of Pakistan and Pakistan Stock Exchange for their support to the project. We also appreciate all the employees of the Company for highly admirable efforts put in by them.
Abdus Samad Habib Arif Habib
Chief Executive Officer Chairman
Dated: 25 October 2025
QUARTERLY REPORT SEPTEMBER 2025
07
CONDENSED INTERIM UNCONSOLIDATED FINANCIAL STATEMENTS
FOR THREE MONTHS PERIOD ENDED SEPTEMBER 30, 2025
JAVEDAN CORPORATION LIMITED
08
CONDENSED INTERIM UNCONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT SEPTEMBER 30, 2025
Note
(Unaudited) September 30,
2025
(Audited) June 30,
2025
ASSETS
Property and equipment | 5 | 10,368,044 | 10,249,608 | |
Intangible assets | 3,445 | 3,638 | ||
Investment properties Long term deposits | 640,550 7,985 | 640,550 7,985 | ||
Long-term investments | 6 | 9,183,878 | 8,452,268 | |
Long term advances | 1,432,729 | 1,635,564 | ||
21,636,631 | 20,989,613 | |||
Current Assets | ||||
Development properties | 7 | 14,953,358 | 14,806,951 | |
Trade debts | 8 | 2,484,699 | 2,548,568 | |
Loans and advances Short Term Investment | 9 | 566,505 1,502,500 | 596,445 1,502,500 | |
Trade deposits, prepayments and other receivables | 10 | 984,925 | 856,204 | |
Unclaimed deposits | 941 | 941 | ||
Cash and bank balances | 143,625 | 46,053 | ||
Non-Current Assets
------ (Rupees in '000) ------
Total Assets
EQUITY AND LIABILITIES
SHARE CAPITAL AND RESERVES
Share capital Authorised
390,000,000 (2025: 390,000,000) ordinary shares of Rs.10/- each
20,357,662
20,636,552
42,273,183
3,900,000
8,651,486 24,201,996
13,617,458
42,273,183
41,347,275
3,900,000
Issued, subscribed and paid-up capital | 3,808,604 | 3,808,604 |
Capital reserves | 2,758,292 | 2,758,293 |
Revenue reserves | 8,983,614 | 10,152,983 |
Other component of equity - revaluation surplus on lands
Long-term financing | 11 | 3,684,084 | 3,821,730 | |
Deferred Grant | 91,072 | 71,170 | ||
Deferred tax liability | 554,972 | 560,219 | ||
Deferred liability - gratuity | 123,602 | 116,414 | ||
4,453,729 | 4,569,533 | |||
Current Liabilities | ||||
Trade and other payables | 12 | 6,474,118 | 5,991,380 | |
Preference shares | 505 | 505 | ||
Accrued mark-up Contract liabilities | 380,808 944,366 | 315,703 891,723 | ||
Short-term borrowings | 13 | 1,008,967 | 1,488,317 | |
Current maturity of non-current liabilities | 2,250,406 | 2,356,166 | ||
Taxation - net | 626,470 | 324,489 | ||
Unpaid dividend | 1,904,742 | 424 | ||
Unclaimed dividend | 27,077 | 27,213 | ||
Non-Current Liabilities
8,661,942
25,381,822
TOTAL EQUITY AND LIABILITIES
CONTINGENCIES AND COMMITMENTS 14
The annexed notes from 1 to 22 form an integral part of these condensed interim financial information.
11,395,920
41,347,275
CONDENSED INTERIM UNCONSOLIDATED STATEMENT OF PROFIT OR LOSS (UNAUDITED)
FOR THREE MONTHS PERIOD ENDED SEPTEMBER 30, 2025
Three month period ended
Note
September 30,
2025
September 30,
2024
Revenue 15
Cost of sales 16
Gross profit
Expenses
Marketing and selling expenses Administrative expenses Finance cost - Net
Other income 17
Profit before final taxes Final Tax (u/s 100D) Profit before income tax
Taxation 18
Profit for the year
------ (Rupees in '000) ------
1,698,221 (379,512) 1,318,709 |
30,951 235,920 12,733 |
(279,604) 41,762 1,080,868 - |
1,080,868 (356,390) |
724,478 |
3,130,807
(1,840,191)
1,290,616
20,023
144,067
44,410
(208,500)
11,318 1,093,435
-1,093,435
(183,579)
909,856
2025 2024
Earnings per share
Basic 19
Diluted 19
---------- Rupees ---------
1.90
1.90
2.39
2.39
The annexed notes from 1 to 22 form an integral part of these condensed interim financial information.
COMPREHENSIVE INCOME (UNAUDITED)
FOR THREE MONTHS PERIOD ENDED SEPTEMBER 30, 2025
Three month period ended
Note
September 30,
2025
September 30,
2024
------ (Rupees in '000) ------
909,856
-
909,856
724,478
724,478
-
Profit for the year
Other comprehensive income, net of tax
Total comprehensive income for the period, net of tax
The annexed notes from 1 to 22 form an integral part of these condensed interim financial information.
CONDENSED INTERIM UNCONSOLIDATED STATEMENT OF CHANGES IN EQUITY (UNAUDITED)
FOR THREE MONTHS PERIOD ENDED SEPTEMBER 30, 2025
Issued, | Capital reserves | Revenue reserves | Surplus | |||
on revaluation of freehold land | Total Equity | |||||
subscribed and paid-up capital | ||||||
Share premium | Tax holiday reserve | General | Unappropri-ated profits | |||
3,808,604 | 2,746,327 | 11,966 | 63,500 | 9,409,551 | 8,685,702 | 24,725,650 |
3,808,604 | 2,746,327 | 11,966 | 63,500 | 10,089,483 | 8,661,942 | 25,381,822 |
- | - | - | - | 724,479 | - | 724,479 |
- | - | - | - | - | - | |
- | - | - | - | 724,479 | - | 724,479 |
(1,904,302) | (1,904,302) | |||||
- | - | - | - | 10,455 | (10,455) | - |
3,808,604 | 2,746,327 | 11,966 | 63,500 | 8,920,114 | 8,651,487 | 24,201,996 |
------ (Rupees in '000) ------
Balance as at June 30, 2024 | 3,808,604 | 2,746,327 | 11,966 | 63,500 | 9,958,939 | 8,749,900 | 25,339,236 |
Profit for the period | - | - | - | - | 909,856 | - | 909,856 |
Other comprehensive income/(loss), net of tax | - | - | - | - | - | - | |
Total comprehensive income, net of tax | - | - | - | - | 909,856 | - | 909,856 |
Final dividend @ 40 percent on ordinary shares for the year ended June 30, 2024 | (1,523,442) | (1,523,442) | |||||
Revaluation surplus on land realised on account of sale of development properties | - | - | - | - | 64,198 | (64,198) - | |
Balance as at September 30, 2024 | |||||||
Balance as at June 30, 2025 | |||||||
Profit for the period Other comprehensive income/(loss), net of tax | |||||||
Total comprehensive income, net of tax | |||||||
Final dividend @ 50 percent on ordinary shares for the year ended June 30, 2025 | |||||||
Revaluation surplus on land realised on account of sale of development properties | |||||||
Balance as at September 30, 2025 | |||||||
CASH FLOWS (UNAUDITED)
FOR THREE MONTHS PERIOD ENDED SEPTEMBER 30, 2025
Three month period ended
Note
September 30,
2025
September 30,
2024
CASH FLOWS FROM OPERATING ACTIVITIES
Profit before taxation
Adjustments:
Depreciation Amortization Provision for gratuity Finance costs
Mark-up on saving accounts
Operating profit before working capital changes (Increase) / decrease in current assets
Trade debts Development properties Loans and advances
Deposits, prepayments and other receivables Short term investment
Increase / (decrease) in current liabilities
Trade and other payables Contract Liabilities
Cash flows generated from operations
(Payments) / receipts for:
Income tax paid
Finance cost paid / received Gratuity paid
Net cash flows generated from Operating activities CASH FLOWS FROM INVESTING ACTIVITIES
Additions to property and equipment Interest received
Advance against issuance of units Investment in financial instruments Net cash used in investing activities
------ (Rupees in '000) ------
1,080,868 |
55,910 193 8,200 12,733 (95) |
76,941 1,157,808 |
63,869 (146,407) 29,940 (128,721) 0 |
(181,319) |
482,738 52,643 |
535,381 1,511,870 (59,656) 52,371 (1,012) 1,503,574 (174,430) 95 202,798 (731,610) (703,147) |
1,093,435
22,249
288
7,663
44,410
(99,113)
(24,503) 1,068,932
(1,803,344)
1,587,772
490,120
(141,933)
6,256
138,871
208,299
24,309
232,608
1,440,411
(22,804)
(217,658)
(3,325)
1,196,624
(121,772)
99,113
(212,440)
(630)
(235,729)
CONDENSED INTERIM UNCONSOLIDATED STATEMENT OF CASH FLOWS (UNAUDITED)
FOR THREE MONTHS PERIOD ENDED SEPTEMBER 30, 2025
Three month period ended
Note
September 30,
2025
September 30,
2023
CASH FLOWS FROM FINANCING ACTIVITIES | - (Rupees | in '000) ------ |
(Repayment) / Receipt of long-term finance | (243,406) | (1,165,139) |
(Repayment) of short term borrowings-net | (479,350) | 313,405 |
Deferred grant | 19,902 | (757) |
Net cash used in financing activities | (702,855) | (852,491) |
Net increase in cash and cash equivalent | 97,571 | 108,405 |
Cash and cash equivalents at beginning of the period | 46,053 | 228,031 |
Cash and cash equivalents at end of the year | 143,624 | 336,435 |
The annexed notes from 1 to 22 form an integral part of these condensed interim financial information.
STATUS AND NATURE OF BUSINESS
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.
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 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 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).
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 lossess, if any. As of September 30, 2025, the Company has investments in following subsidiaries:
% of holding
NN Maintenance Company (Private) Limited (NNMC) 100%
Sapphire Bay Development Company (Private) Limited (SBDCL) 100%
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
STATEMENT OF COMPLIANCE
- International Accounting Standard (IAS) 34, 'Interim Financial Reporting', issued by International Accounting Standard Board (IASB) as notified under the Companies Act, 2017; and
These condensed interim financial statements of the Company for the three months period ended September 30, 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:
- 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.
BASIS OF PREPARATION
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.
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 rupees, otherwise stated.
SIGNIFICANT ACCOUNTING POLICIES
The accounting policies and the methods of computation adopted in the preparation of these condensed interim financial statements are the same as those applied in the preparation of the annual financial statements for the year ended June 30, 2025, except for the adoption of the new/amended standards, interpretations and improvements to accounting standards, which became effective for the current period.
The adoption of above standards, interpretations and improvement to standards did not have any material effect or either not relevant or did not have any material effect on the condensed interim financial information.
Note
(Unaudited) September 30,
2025
(Audited) June 30,
2025
------ (Rupees in '000) ------
PROPERTY AND EQUIPMENT
Opening Net Book Value
8,768,188 6,181,768
Add: Additions during the period/year
5.1
37,914
98,296
Less: Disposal during the period/year
(84)
2,661,635
Less: Depreciation during the period/year
(55,910)
(173,511)
Closing Net Book Value
8,750,108
8,768,188
Add: Capital work-in-progress
5.3
1,617,936
1,481,420
10,368,044
10,249,608
Note
(Unaudited) September 30,
2025
(Audited) June 30,
2025
Additions during the period / year were as follows
Buildings on other land Recreational facilities Furniture and fixtures Office equipment Computer equipment Vehicles
Other assets
The following assets were disposed off during the period / year:
Office equipment
Capital work-in-progess
Opening
Additions to capital work-in-progress Transfer from capital work-in-progress Closing
LONG TERM INVESTMENT
Investment in subsidiaries at cost
NN Maintenance Company (Private) Limited - subsidiary company
Sapphire Bay Development Company Limited - subsidiary company
Debt Instruments - designated at fair value through profit or loss ' Signature Residency REIT
Carrying Amount
Appreciation on remeasurement of investment
Debt Instruments - designated at fair value through profit or loss ' Naya Nazimabad Apartment REIT
Carrying Amount
Appreciation on remeasurement of investment
Equity Instruments - designated at fair value through profit or loss ' Sapphire Bay Islamic Development REIT
Carrying Amount
Addition during the period
Appreciation on remeasurement of investment
------ (Rupees in '000) ------
-33,404
2,441
64
1,922
-
82
37,914
84
84
1,481,420
136,516
-
1,617,936
10,000
100,000
110,000
161,832
-
161,832
3,912,063
-
3,912,063
4,268,373
731,610
-
4,999,983
9,183,878
23,609
3,787
40,872
22,310
6,518
1,200
-
98,296
-
-
3,602,379
540,676
(2,661,635)
1,481,420
10,000
100,000
110,000
151,932
9,900
161,832
3,105,986
806,077
3,912,063
4,268,373
-
-
4,268,373
8,452,268
17 QUARTERLY REPORT SEPTEMBER 2025
Note
(Unaudited) September 30,
2025
(Audited) June 30,
2025
DEVELOPMENT PROPERTIES
Land for development
Add: Acquired During the period
Development expenditure
Opening balance
Add: Incurred during the period
Borrowing costs related to development properties
Opening balance
Add: Additions during the period
Transferred to:
property, plant and equipment
investment properties
cost of sales to date 16
development charges incurred and apportioned to date 16
Trade Debts
Secured, considered good
Receivable against:
sales of plots and bungalows 8.1
sales of NN Gymkhana memberships
utilities infrastructure charges
development charges incurred:
billed 8.2
un-billed 8.3
Allowance for expected losses
8.4
------ (Rupees in '000) ------
19,275,200
90,000
19,365,200
-
19,365,200
15,894,647
322,629
16,217,276
6,267,454
26,814
6,294,268
41,876,744
(597,080)
(40,291)
(19,633,342)
(6,652,672)
14,953,358
19,365,200
14,433,230
1,461,417
15,894,647
6,172,198
95,256
6,267,454 41,527,301
(597,080)
(40,291)
(19,503,425)
(6,579,554)
14,806,951
1,749,460
151,941
60,529 1,961,929
156,977
365,793
522,770
-
2,484,699
1,809,836
130,214
66,648 2,006,698
184,206
357,664
541,870
-
2,548,568
This includes:
Rs. 148.148 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. 266 million, receivable from Arif Habib Corporation Limited (a related party) on account of sale of land (2025: Rs. 266).
Represents development cost billed to customers as per the terms of their sale agreement.
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) September 30,
2025
(Audited) June 30,
2025
Included herein related party balances as follows,.
Garden view Apartment REIT Abdul Ghani
LOANS AND ADVANCES - Considered good
Loans - secured Executives Employees
Advances - unsecured
Suppliers Contractors
Employees for expenses Purchase of properties
TRADE DEPOSITS, PREPAYMENTS AND OTHER RECEIVABLES
Deposits
Considered good
Security deposit with Sindh Building Control Authority
Others
Considered doubtful
Guarantee margin
Contractors
Provision for impairment
Prepayments
Prepaid rent, insurance and expenses
Other receivables - Considered good
Sales tax refundable Excise duty refundable
Receivable from related parties - considered good 10.1
Others
Provision for impairment
------ (Rupees in '000) ------
148,148 3,412 15,708 1,847 17,554 |
341,384 186,523 6,893 14,150 |
548,950 566,505 3,345 14,723 18,068 |
225 2,680 |
2,905 (2,905) 18,068 14,180 |
4,703 574 1,231,209 105,069 |
1,341,555 (388,877) 984,925 |
148,148
3,412
10,323
1,698
12,021
358,638
206,465
5,171
14,150
584,424
596,445
3,345
14,724
18,069
225
2,680
2,905
(2,905)
18,069
9,082
4,704
574
1,160,171
52,481
1,217,930
(388,877)
856,204
19 QUARTERLY REPORT SEPTEMBER 2025
(Unaudited) September 30,
(Audited) June 30,
Note | 2025 | 2025 |
- (Rupees | in '000) ------ | |
10.1. Included herein receivables from related parties, as follows: | ||
- NN Maintenance Company (Private) Limited - subsidiary company | 795,129 | 783,329 |
- Rahat Residency REIT | 25,555 | 24,843 |
- Naya Nazimabad apartment REIT | 14,223 | 12,132 |
- Garden view apartment REIT | 19,202 | 19,202 |
- Hill view apartment REIT | 4,884 | 4,884 |
- Globe Residency REIT | 58,451 | 41,546 |
- Sapphire Bay Development Company Limited | 26,223 | 26,206 |
- Arif Habib Engineering and development consultants (Pvt) Limited | 282,512 | 243,000 |
- Naya Nazimabad IT Park | 5,029 | 5,029 |
1,231,209 | 1,160,171 | |
11. LONG-TERM FINANCING | ||
Term finance loan I | 1,019,767 | 1,275,323 |
Term finance loan II | 900,000 | 900,000 |
Term finance loan III | 850,000 | 850,000 |
Term finance loan IV | 500,000 | 500,000 |
Sukuk certificates | 747,498 | 747,266 |
Diminishing musharakah I | 345,511 | 345,511 |
Diminishing musharakah II | 476,585 | 479,710 |
Diminishing musharakah III | 696,286 | 696,286 |
Islamic refinance facility | 398,843 | 355,314 |
5,934,490 | 6,149,410 | |
Current maturity of long-term financings | (2,250,406) | (2,327,680) |
11.1 | 3,684,084 | 3,821,730 |
11.1 The terms and conditions of Long-term financing arrangements are same as disclosed in note 22 to the annual audited financial statements of the Company for the year ended 30 June 2025
Note
(Unaudited) September 30,
2025
(Audited) June 30,
2025
TRADE AND OTHER PAYABLES
------ (Rupees in '000) ------
Creditors and Contractors
109,434
91,650
Accrued liabilities
78,341
142,486
Retention money
70,245
111,127
Withholding tax payable
28,310
13,066
Other payables:
- on cancellation of plots
8,917
8,917
- against other projects
4,787,917
4,638,245
- against musharaka partners
964,208
565,103
- against broker market
10,440
10,440
- non-violation charges
117,329
110,694
- Signature Residency REIT
55,025
55,698
- Gymkhana Apartment REIT
243,954
6,474,118
243,954
5,991,380
SHORT-TERM BORROWINGS - Secured
Musharakah arrangement
Running finance under mark-up arrangements Running finance under mark-up arrangements
From related parties - unsecured
Sapphire Bay Development Company Limited (SBDCL) Arif Habib (AH)
13.1.
295,000
-13,607
395,360
-
600,000
1,008,967
515,726
377,591
100,000
200,000
1,488,317
13.1. 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 30 June 2025.
CONTINGENCIES AND COMMITMENTS
The status and nature of contingencies and commitments are same as those disclosed in note 30 to the annual audited financial statements of the Company for the year ended June 30, 2025.
Three month period ended
September 30,
2025
September 30,
2024
REVENUE
Local sales, at a point in time Gross
Plots
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 for construction verification Rental Income from Sports facilities
Ali Habib Medical Centre
Gross Revenue
COST OF SALES
Cost of development properties sold:
plots
Gymkhana Services
Development charges:
Development and utility charges incurred and apportioned to customers
Directly Attributable Finance Cost :
plots
Development and utility charges incurred and apportioned to customers
------ (Rupees in '000) ------
1,390,901
100,635
84,810
24,691
109,501
74,868
8,000
9,044
5,272
97,184
1,698,221
129,917
17,655
147,572
73,118
131,305
27,517
158,822
379,512
2,926,551
165,677
-2,949
2,949
24,495
-5,363
5,773
35,631
3,130,807
1,674,514
-1,674,514
165,677
-
-
-
1,840,191
Three month period ended
September 30,
2025
September 30,
2024
Other income
------ (Rupees in '000) ------
Income from financial assets Re-measurement loss on investment in Shares | - | (6,256) |
Income from non-financial assets Amortisation of deferred grant | 8,585 | 8,771 |
Dividend Income | 22,440 | - |
Others | 10,737 | 8,804 |
41,762 | 11,318 | |
18. TAXATION Current | 361,637 | 184,838 |
Deferred | (5,247) | (1,259) |
356,390 | 183,579 | |
19. EARNINGS PER SHARE | ||
Basic Profit after tax (Rupees in '000) | 724,478 | 909,856 |
Weighted average numbers of ordinary shares | 380,860,447 | 380,860,447 |
Earnings per share - (Rupees) | 1.90 | 2.39 |
Diluted Profit after tax | 724,478 | 909,856 |
Weighted average numbers of ordinary shares | 380,860,447 | 380,860,447 |
Earnings per share - (Rupees) | 1.90 | 2.39 |
20. TRANSACTIONS WITH RELATED PARTIES |
The related parties comprise of associates and their close family members, key management personnel and post employment benefit plan. The details of transactions with related parties during the year, other than those which have been disclosed elsewhere in these financial statements, are as follows:
(Unaudited) (Unaudited)
Three month period ended
September 30,
2025
September 30,
2024
------ (Rupees in '000) ------
Subsidiary Companies | ||
NN Maintenance Company (Private) Ltd Expenses incurred on behalf of NNMC by the Company | 14,698 | 169,386 |
Amount paid by NNMC to the Company Expenses incurred by NNMC on behalf of the Company | 143,000 2,898 | 127,000 9,618 |
(Unaudited) (Unaudited)
Three month period ended
September 30,
2025
September 30,
2024
------ (Rupees in '000) ------
Sapphire Bay Development Company Limited [SBDCL] | ||
Markup income on advance against issuance of Shares | - | 4,898 |
Loan repaid | 100,000 | - |
Expenses incurred on behalf of SBDCL by the Company Markup expense on loan received from SBDCL | 17 - | - 10,006 |
Associates Arif Habib Corporation Limited Short-term borrowing paid during the period | - | 200,000 |
Markup capitalize on short term-borrowing Markup paid during the period | - - | 2,895 10,558 |
NN Apartment REIT Expenses incurred on behalf of NNAR by the Company | 2,091 | - |
Short term advance received | - | 485,133 |
Markup income on short-term-advance extended during the period | - | 6,208 |
Expenses incurred received on behalf of NNAR by the Company | - 25,387.28 | |
Signature Residency REIT Expenses incurred on behalf of SRR by the Company | 673 - | |
Globe Residency REIT Expenses incurred on behalf of GRR by the Company 16,905 2,795 Expenses incurred received on behalf of GRR by the Company - 21,573 Power Cement Limited Purchase of construction material - 2,411 Paid against the purchase of construction material 1,991 3,636 Aisha Steel Limited Purchase of GI sheets for NN Gymkhana 1,565 - Paid against the purchase of GI Sheets 1,565 - | ||
Rotocast Engineering Company (Private) Limited Services received during the period | 725 | 658 |
Paid against services received | 684 | 636 |
Rent prepaid during the period | 1,228 | 1,117 |
Rent expense charged during the period | 614 1,117 | |
Arif Habib Engineering and development consultants (Pvt) Limited Reimbursement of Administrative expenses | 39,000 39,000 | |
(Unaudited) (Unaudited)
Three month period ended
September 30,
2025
September 30,
2024
Safe Mix Concrete Limited
Purchase of construction material
Paid against the purchase of construction material
------ (Rupees in '000) ------
39,625
47,707
21,762
10,529
Key management personnel | ||
Arif Habib - Director Short-term loans received during the period | 800,000 | - |
Short-term loans repaid during the period | 400,000 | |
Mark-up expense on short term-borrowing | 42,717 - | |
Post employment benefit plan Gratuity fund trust - contribution paid during the period | 1,012 3,325 | |
21. | DATE OF AUTHORISATION FOR ISSUE | |
This condensed interim financial information was authorized for issue on 25th October 2025 by the Board of Directors of the Company.
22. GENERAL
Director
Chief Executive Officer
Chief Financial Officer
Figures have been rounded-off to the nearest thousands rupees.
CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS
FOR THREE MONTHS PERIOD ENDED SEPTEMBER 30, 2025
JAVEDAN CORPORATION LIMITED
26
OF FINANCIAL POSITION
AS AT SEPTEMBER 30, 2025
Note
(Unaudited) September 30,
2025
(Audited) June 30,
2025
ASSETS
Property and equipment | 5 | 10,253,650 | ||
Intangible assets | 3,638 | |||
Investment properties Long term deposits | 640,550 7,985 | |||
Long-term investments | 6 | 8,342,268 | ||
Long term advances | 1,635,564 | |||
Deferred Tax | 114,379 | |||
Current Assets | 20,998,034 | |||
Development properties | 7 | 14,806,950 | ||
Trade debts | 8 | 2,853,920 | ||
Loans and advances Short Term Investment | 9 | 1,264,172 1,502,500 | ||
Trade deposits, prepayments and other receivables | 10 | 1,548,509 | ||
Unclaimed deposits | 941 | |||
Cash and bank balances | 201,960 | |||
Total Assets SHARE CAPITAL AND RESERVES Share capital | 22,178,952 43,176,986 | |||
390,000,000 (2025: 390,000,000) ordinary shares of Rs.10/- each | 3,900,000 | |||
Issued, subscribed and paid-up capital | 3,808,604 | |||
Capital reserves | 2,758,293 | |||
Revenue reserves | 10,211,749 | |||
Other component of equity - revaluation surplus on lands | 8,661,942 | |||
25,440,588 | ||||
Non-Current Liabilities | ||||
Long-term financing | 11 | 3,821,730 | ||
Deferred Grant | 71,171 | |||
Deferred tax liability | 560,219 | |||
Deferred liability - gratuity | 128,070 | |||
Current Liabilities | 4,581,190 | |||
Trade and other payables | 12 | 6,134,695 | ||
Advance against issue of shares | 1,802,865 | |||
Preference shares | 505 | |||
Accrued mark-up Contract liabilities | 219,308 891,723 | |||
Short-term borrowings | 13 | 1,388,317 | ||
Current maturity of non-current liabilities | 2,356,166 | |||
Taxation - net | 333,992 | |||
Unpaid dividend | 424 | |||
Unclaimed dividend | 27,213 | |||
13,155,208 | ||||
TOTAL EQUITY AND LIABILITIES | 43,176,986 | |||
CONTINGENCIES AND COMMITMENTS | 14 | |||
Non-Current Assets
------ (Rupees in '000) ------
10,371,937 3,445 640,550 7,985 9,073,878 1,432,729 115,853 |
21,646,377 |
14,953,358 2,797,879 1,243,031 1,502,500 1,629,556 941 321,953 |
22,449,218 44,095,596 3,900,000 3,808,604 2,758,292 9,031,157 8,651,486 24,249,540 |
3,684,084 91,072 554,972 136,707 |
4,466,834 |
6,618,294 1,702,865 505 284,413 944,366 1,008,967 2,250,406 637,588 1,904,742 27,077 |
15,379,223 |
44,095,596 |
EQUITY AND LIABILITIES
Authorised
The annexed notes from 1 to 22 form an integral part of these condensed interim financial information.
Javedan Corporation Limited
CONDENSED INTERIM CONSOLIDATED STATEMENT OF PROFIT OR LOSS (UNAUDITED)
FOR THREE MONTHS PERIOD ENDED SEPTEMBER 30, 2025
Three month period ended
Note
September 30,
2025
September 30,
2024
1,806,289 (471,981) 1,334,308 |
30,944 267,794 12,741 |
(311,479) 47,448 1,070,277 - |
1,070,277 (357,020) |
713,257 |
------ (Rupees in '000) ------
Revenue | 15 | 3,190,815 | ||
Cost of sales | 16 | (1,910,768) | ||
Gross profit | 1,280,047 | |||
Expenses | ||||
Marketing and selling expenses | 20,023 | |||
Administrative expenses | 163,233 | |||
Finance cost - Net | 54,470 | |||
(237,726) | ||||
Other income | 17 | 30,186 | ||
Profit before final taxes | 1,072,507 | |||
Final Tax (u/s 100D) | (852) | |||
Profit before income tax | 1,071,655 | |||
Taxation | 18 | (179,595) | ||
Profit for the year | 892,060 | |||
2025 | 2024 |
Earnings per share
Basic 19
Diluted 19
---------- Rupees ---------
1.87
1.87
2.34
2.34
The annexed notes from 1 to 22 form an integral part of these condensed interim financial information.
Chief Executive Officer
Chief Financial Officer
Director
JAVEDAN CORPORATION LIMITED
28
OF COMPREHENSIVE INCOME (UNAUDITED)
FOR THREE MONTHS PERIOD ENDED SEPTEMBER 30, 2025
Three month period ended
Note
September 30,
2025
September 30,
2024
------ (Rupees in '000) ------
892,060
-
892,060
713,257
713,257
-
Profit for the year
Other comprehensive income, net of tax
Total comprehensive income for the period, net of tax
The annexed notes from 1 to 22 form an integral part of these condensed interim financial information.
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