SAIF GROUP
Kohat Textile Mills Limited
First QuarterlyHALF YEARLYReportREPORT(Un-audited)(REVIEWED)
September 30,DECEMBER2024 31, 2024
- Company Information
- Directors' Review
05 Independent Auditors' Review Report to the Members on condensed Interim Financial Statements
06 Condensed Interim Statement of Financial Position
07 Condensed Interim Statement of Profit or loss and other Comprehensive Income
08 Condensed Interim Statement of Cash Flows
- Condensed Interim Statement of Changes in Equity
- Notes to the Condensed Interim Financial Statements
Knowledge, Trust & Meritocracy | 1 |
COMPANY INFORMATION
BOARD OF DIRECTORS | BANKERS / DFIs | |||
Javed Saifullah Khan | (Chairman) | Askari Bank Limited | ||
Barrister Assad Saifullah Khan | (Chief Executive Officer) | Al Baraka Bank Pakistan Limited | ||
Anwar Saifullah Khan | Bank Alfalah Limited | |||
Hoor Yousafzai | Bank Islami Pakistan Limited | |||
Asif Saifullah Khan | Dubai Islamic Bank Limited | |||
Rana Muhammad Shafi | First Habib Modaraba | |||
Abdul Rehman Qureshi | Meezan Bank Limited | |||
Sardar Aminullah Khan | National Bank of Pakistan | |||
Pak Oman Investment Company Limited | ||||
AUDIT COMMITTEE | Soneri Bank Limited | |||
Abdul Rehman Qureshi | (Chairman) | Saudi Pak Industrial & Agricaltural | ||
Sardar Aminullah Khan | Investment Company Limited | |||
Rana Muhammad Shafi | The Bank of Punjab | |||
The Bank of Khyber | ||||
HR & REMUNERATION COMMITTEE | United Bank Limited | |||
Abdul Rehman Qureshi | (Chairman) | |||
Barrister Assad Saifullah Khan | HEAD OFFICE | |||
Hoor Yousafzai | 4th Floor, Kashmir Commercial Complex, | |||
Fazal-e-Haq Road, Blue Area | ||||
CHIEF FINANCIAL OFFICER | Islamabad | |||
Abid Hussain | Phone : | (051) 2604733-5 | ||
Fax | : | (051) 2604732 | ||
SR. DIRECTOR TECHNICAL | : ktm@saifgroup.com | |||
Badar Us Samee | ||||
REGISTERED OFFICE | ||||
GENERAL MANAGER MARKETING & SALES | APTMA House, Tehkal Payan, | |||
Amir Badshah | Jamrud Road, Peshawar | |||
Phone : (091) 5843870, 5702941 | ||||
COMPANY SECRETARY | Fax | : (091) 5840273 | ||
Saad Gul Karori | : Peshawar@saifgroup.com | |||
HEAD OF INTERNAL AUDIT | MILLS | |||
Muhammad Adeel Raza | Saifabad, Kohat | |||
Phone : (0922) 862309, 862065 | ||||
AUDITORS | Fax | : (0922) 862057 | ||
Shinewing Hameed Chaudhri & Co., | : ktmkht@saifgroup.com | |||
Chartered Accountants | ||||
SHARE REGISTRAR | ||||
LEGAL ADVISOR | Hameed Majeed Associates (Pvt.) Ltd., | |||
Abdul Khaliq | HM House, 7-Bank Square, Lahore | |||
Phone : (042)-37235081 | ||||
(042)-37325082 | ||||
Fax | : (042)-37358817 | |||
: info@hmaconsultants.com |
WEB SITE
www.kohattextile.com
2 Kohat Textile Mills Limited
DIRECTORS' REVIEW
Dear Members,
The Directors of Kohat Textile Mills Limited are pleased to present the financial statements of the Company for the half-year ended December 31, 2024, duly reviewed by the statutory auditors.
Financial review
The company achieved sales of Rs. 4,147 million, reflecting a 13% increase compared to Rs. 3,678 million in the same period last year. Despite the unprecedented rise in gas prices, the company successfully maintained profitability, posting a pre-tax profit of Rs. 197 million, representing 59% growth.
The plant operated at full capacity, enabling the Company to absorb cost increases while improving its bottom line. Additionally, the Company remains regular in debt servicing with all banks.
Outlook
Economic indicators show encouraging signs, including a stable currency, a reduced current account deficit, lower inflation, declining interest rates, and improved foreign exchange reserves. The sharper than expected decline in baseline inflation suggests potential for additional cuts in policy rates by the State Bank of Pakistan, which could further stimulate demand driven growth.
The textile sector holds significant potential for improvement, but continued Government support is essential to prioritize it as a key industry.
To enhance efficiency and competitiveness, the Company's Board has approved a BMR plan to replace old machinery with advanced technology, expected to boost revenues, reduce costs, and enhance profitability. Letters of credit for BMR machinery have been established after the balance sheet date.
Furthermore, the Company's new 3 MW solar project is now operational, increasing the total solar capacity to 5.1 MW-- sufficient to fully meet the factory's energy requirements.
The management remains optimistic about achieving consistent profitability in the third quarter of the current financial year.
Acknowledgement
The Directors sincerely thank the Company's members, financial institutions, and customers for their ongoing support and cooperation. They also extend their deep appreciation to the Company's employees for their dedication, loyalty and hard work. Their contributions have been essential to the Company's achievements, and the Directors look forward to their continued commitment in the future.
For and on Behalf of the Board
ASSAD SAIFULLAH KHAN | RANA MUHAMMAD SHAFI |
Chief Executive Officer | Director |
Place : Islamabad | |
Dated : February 25, 2025 |
Knowledge, Trust & Meritocracy | 3 |
2025, 25
4 Kohat Textile Mills Limited
INDEPENDENT AUDITORS' REVIEW REPORT
TO THE MEMBERS OF KOHAT TEXTILE MILLS LIMITED
REPORT ON REVIEW OF INTERIM FINANCIAL STATEMENTS
Introduction
We have reviewed the accompanying condensed interim statement of financial position of Kohat Textile Mills Limited (the Company) as at December 31, 2024 and the related condensed interim statement of profit or loss and other comprehensive income, condensed interim statement of changes in equity, condensed interim statement of cash flows and notes to the condensed interim financial statements for the six months period then ended (here- in-after referred to as the "interim financial statements"). Management is responsible for the preparation and presentation of these 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 these interim financial statements based on our review.
The figures of the condensed interim statement of profit or loss and other comprehensive income for the quarters ended December 31, 2024 and 2023 have not been reviewed, as we are required to review only the cumulative figures for the six months period ended December 31, 2024.
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 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 interim financial statements are not prepared, in all material respects, in accordance with the accounting and reporting standards as applicable in Pakistan for interim financial reporting.
The engagement partner on the review resulting in this independent auditors' review report is Nafees Ud Din.
SHINEWING HAMEED CHAUDHRI & CO.,
CHARTERED ACCOUNTANTS
Place: Lahore
Date: February 25, 2025
UDIN: RR202410195ViEzHoq4k
Knowledge, Trust & Meritocracy | 5 |
CONDENSED INTERIM STATEMENT OF FINANCIAL POSITION
AS AT DECEMBER 31, 2024
Note
Assets
Non-Current Assets
Property, plant and equipment6 Long term investments
Long term loans Long term deposits
Current assets
Stores, spare parts and loose tools
Stock-in-trade
Trade debts
Loans and advances
Deposits, prepayments and other receivables
Sales tax refundable
Taxation
Cash and bank balances
Equity and liabilities
Share capital and reserves
Authorised capital
22,000,000 ordinary shares of Rs.10 each Issued, subscribed and paid up capital Revenue reserve
-
unappropriated profit
Capital reserve - surplus on revaluation of property, plant and equipment
Unrealised loss on financial assets at fair value through other comprehensive income
Non-current liabilities | |
Long term financing | 7 |
Long term deposits | |
Deferred income - government grant | |
Deferred liability - staff retirement benefits | |
Deferred taxation - net | |
Current liabilities | |
Trade and other payables | |
Contract liabilities | |
Accrued mark-up / profit | |
Short term borrowings | 8 |
Current portion of non-current liabilities | 9 |
Unpaid dividend | |
Unclaimed dividend | |
Provision for tax levies | 10 |
Contingencies and commitments | 11 |
Un-auditedAudited
December 31, June 30,
20242024
(Rupees in thousand)
5,342,364 | 4,987,986 | ||
4,886 | 4,886 | ||
1,437 | 1,380 | ||
7,925 | 16,321 | ||
5,356,612 | 5,010,573 | ||
60,966 | 56,718 | ||
1,561,999 | 1,360,565 | ||
1,691,189 | 1,760,880 | ||
7,191 | 2,530 | ||
26,326 | 20,489 | ||
5,643 | 0 | ||
33,709 | 93,789 | ||
23,483 | 9,619 | ||
3,410,506 | 3,304,590 | ||
8,767,118 | 8,315,163 | ||
220,000 | 220,000 | ||
208,000 | 208,000 | ||
1,264,514 | 1,138,970 | ||
2,555,833 | 2,563,588 |
- (114)
4,028,2333,910,444
761,705 | 588,686 | |
8,307 | 7,281 | |
14,059 | 18,243 | |
225,649 | 209,834 | |
293,770 | 289,094 | |
1,303,490 | 1,113,138 | |
794,455 | 944,824 | |
5,015 | 2,210 | |
91,034 | 130,196 | |
2,301,704 | 1,919,215 | |
198,208 | 194,427 | |
282 | 209 |
939939
43,75899,561
3,435,3953,291,581
8,767,1188,315,163
The annexed notes 1 to 16 form an integral part of these condensed interim financial statements.
ASSAD SAIFULLAH KHAN | RANA MUHAMMAD SHAFI | ABID HUSSAIN |
Chief Executive Officer | Director | Chief Financial Officer |
6 Kohat Textile Mills Limited
CONDENSED INTERIM STATEMENT OF PROFIT OR LOSS & OTHER COMPREHENSIVE INCOME(UN-AUDITED)
FOR THE QUARTER AND SIX MONTHS PERIOD ENDED DECEMBER 31, 2024
Note
Quarter ended | Six months period ended | |||
December 31, | December 31, | December 31, | December 31, | |
2024 | 2023 | 2024 | 2023 |
(Rupees in thousand)
Sales - net12
Cost of sales
Gross profit
Distribution cost
Administrative expenses
Other expenses
Other income
Profit from operations
Finance cost
Profit before taxation and minimum tax levies
Minimum tax levies | 10 |
Profit before taxation
Taxation
Income tax
Deferred tax
Profit after taxation
Other comprehensive income
2,218,465
(1,954,308)
264,157
(30,454)
(49,217)
(9,900)
27,097
201,683
(108,708)
92,975
(27,746)
65,229
(1,862)
(3,866)
(5,728)
59,501
0
2,044,565
(1,782,539)
262,026
(26,837)
(44,172)
(5,447)
12,191
197,761
(163,986)
33,775
(23,901)
9,874
1,000
15,755
16,755
26,629
0
4,147,428
(3,566,967)
580,461
(53,440)
(92,979)
(16,550)
27,235
444,727
(247,742)
196,985
(51,858)
145,127
(1,862)
(4,676)
(6,538)
138,589
0
3,678,357
(3,107,414)
570,943
(47,728)
(84,762)
(11,437)
13,077
440,093
(316,270)
123,823
(45,989)
77,834
0
12,463
12,463
90,297
0
Total comprehensive income
Earnings per share - basic and diluted
59,501 | 26,629 | 138,589 | 90,297 | |||
- - Rupees - - - - - - - | ||||||
- | - | - - - - - - - - - - - - - - | ||||
2.86 | 1.28 | 6.66 | 4.34 | |||
The annexed notes 1 to 16 form an integral part of these condensed interim financial statements.
ASSAD SAIFULLAH KHAN | RANA MUHAMMAD SHAFI | ABID HUSSAIN |
Chief Executive Officer | Director | Chief Financial Officer |
Knowledge, Trust & Meritocracy | 7 |
CONDENSED INTERIM STATEMENT OF CASH FLOWS (UN-AUDITED)
FOR THE SIX MONTHS PERIOD ENDED DECEMBER 31, 2024
Six months period ended
December 31, December 31,
20242023
(Rupees in thousand)
Cash flows from operating activities
Profit for the period - before taxation and minimum tax levies Adjustments for non-cash charges and other items:
Depreciation on operating fixed assets and right-of- use assets Gain on sale of operating fixed assets
Staff retirement benefits - gratuity (net) Finance cost
Profit before working capital changes
Effect on cash flows due to working capital changes (Increase) / decrease in current assets:
Stores, spare parts and loose tools
Stock-in-trade
Trade debts
Loans and advances
Deposits, prepayments and other receivables
Sales tax refundable
(Decrease) / increase in current liabilities:
Trade and other payables
Contract liabilities
Cash generated from operating activities
Taxes paid
Long term loans - net
Net cash generated from operating activities
Cash flows from investing activities
Additions in property, plant and equipment
Sale proceeds of operating fixed assets
Net cash used in investing activities
Cash flows from financing activities
Long term financing - obtained
- repaid
Lease liabilities - net Long term deposits
Short term borrowings - net Dividend paid
Finance cost paid
Net cash generated from / (used in) financing activities Net increase / (decrease) in cash and cash equivalents Cash and cash equivalents - at beginning of the period Cash and cash equivalents - at end of the period
196,985
68,839
(11,440)
15,815
247,742
517,941
(4,248)
(201,434)
69,691
(4,661)
(5,837)
(5,643)
(150,369)
2,805
(299,696)
218,245
(49,443)
(57)
168,745
(449,377)
37,600
(411,777)
300,000
(127,384)
8,396
1,026
382,489
(20,727)
(286,904)
256,896
13,864
9,619
23,483
123,823
74,187
(1,813)
9,716
316,270
522,183
3,122
(26,551)
(160,721)
799
872
0
(151,118)
886
(332,711)
189,472
(47,073)
142
142,541
(27,344)
2,775
(24,569)
0
(107,698)
(3,128)
1,232
297,158
0
(305,794)
(118,230)
(258)
14,273
14,015
The annexed notes 1 to 16 form an integral part of these condensed interim financial statements.
ASSAD SAIFULLAH KHAN | RANA MUHAMMAD SHAFI | ABID HUSSAIN |
Chief Executive Officer | Director | Chief Financial Officer |
8 Kohat Textile Mills Limited
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