SEPTEMBER 30, 2025
CONTENTS
UNCONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS
Company Information 2
Directors' Review 3
Unconsolidated Condensed Interim Statement of Financial Position 4
Unconsolidated Condensed Interim Statement of Profit or Loss 6
Unconsolidated Condensed Interim Statement of
Comprehensive Income 7
Unconsolidated Condensed Interim Statement of Changes in Equity 8
Unconsolidated Condensed Interim Statement of Cash Flows 9
Selected Notes to the Unconsolidated Condensed
Interim Financial Statements 10
CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS
Directors' Review 19
Consolidated Condensed Interim Statement of Financial Position 20
Consolidated Condensed Interim Statement of Profit or Loss 22
Consolidated Condensed Interim Statement of Comprehensive Income 23
Consolidated Condensed Interim Statement of Changes in Equity 24
Consolidated Condensed Interim Statement of Cash Flows 25
Selected Notes to the Consolidated Condensed Interim Financial Statements 26
COMPANY INFORMATION
Board of Directors
Mr. Tariq Sayeed Saigol Chairman
Mr. Taufique Sayeed Saigol Chief Executive Mr. Sayeed Tariq Saigol
Mr. Waleed Tariq Saigol Mr. Danial Taufique Saigol Ms. Jahanara Saigol
Syed Muhammad Shabbar Zaidi Mr. Zulfikar Monnoo
Syed Mohsin Raza Naqvi
Audit Committee
Syed Muhammad Shabbar Zaidi Chairman Mr. Zulfikar Monnoo Member
Mr. Sayeed Tariq Saigol Member
Mr. Waleed Tariq Saigol Member
Human Resource & Remuneration Committee
Mr. Zulfikar Monnoo Chairman
Mr. Sayeed Tariq Saigol Member
Mr. Danial Taufique Saigol Member
Chief Financial Officer
Syed Mohsin Raza Naqvi
Company Secretary
Mr. Muhammad Ashraf
Head of Internal Audit
Mr. Fawad Ahmad Khan
Auditors
M/s. Riaz Ahmad & Company, Chartered Accountants
Legal Adviser
Mr. Muhammad Amin Hashmi, Advocate High Court
Bankers of the Company
Al Baraka Bank (Pakistan) Limited Allied Bank Limited
Askari Bank Limited Bank Alfalah Limited Bank Al-Habib Limited
BankIslami Pakistan Limited Bank Makramah Limited Faysal Bank Limited
Habib Bank Limited
Habib Metropolitan Bank Limited JS Bank Limited
MCB Bank Limited
MCB Islamic Bank Limited Meezan Bank Limited National Bank of Pakistan
PAIR Investment Company Limited SAMBA Bank Limited
Silk Bank Limited The Bank of Khyber The Bank of Punjab United Bank Limited
Share Registrar
Vision Consulting Limited
5-C, LDA Flats, Lawrence Road, Lahore Tel: (00-92-42) 36283096-97
Fax: (00-92-42) 36312550
E-Mail: shares@vcl.com.pk
Registered Office
42-Lawrence Road, Lahore. Tel: (00-92-42) 36302261-62
Fax: (00-92-42) 36368721
Mills:
Peshawar Road, Rawalpindi Tel: (0092-51) 5495328-32
Fax: (0092-51) 5495304
Gulyana Road, Gujar Khan, District Rawalpindi
Tel: (0092-51) 3564472-74
8 K.M., Manga Raiwind Road, District Kasur Tel: (0092-42) 32560683-85,
Fax: (0092-42) 32560686-87
Website:
https://www.kmlg.com/ktml
Note: KTML's Financial Statements are also available at the above website.
DIRECTORS' REVIEW
The Directors present un-audited financial statements of the Company for the quarter ended 30 September 2025, in compliance with the requirements of Section 237 of the Companies Act, 2017.
Review of Operations
The results of the Company for the first quarter of the 2025-26 financial year were improved from the corresponding period of the previous financial year, despite extreme competition in yarn sales driven by unfettered imports of yarn.
The results of the Company's Spinning divisions in the period under review saw improvements driven in large part by reduction in cotton prices. However, going forward we expect sluggish yarn off-take across the industry as imports continue to flood the market and demand destruction is driven by high tariffs in the US. In an effort to diversify its product base, the Company has made large investments in its Gujar Khan division in the preparatory department which should be operational in the second quarter. This will allow the Company greater adaptability to feed its value-added divisions. We expect results in the second quarter to be slightly weaker.
The results of the Weaving division continue to hold driven by expanded marketing efforts and higher value products. The Company has invested in automation of its back process to further reduce costs and increase quality; the impact of which will be seen in the third and fourth quarters of the current financial year. The Company is planning to begin upgradation and replacement of its oldest looms with orders expected to be placed in the coming quarter. We expect the results of the Weaving division to be similar in the second quarter.
The results of the Home Textiles division have suffered as a result of high tariffs in the US. In an effort to offset the impact of these impositions, the Company has taken steps to diversify its marketing efforts and move away from the US market. Our quest for value addition and a move into higher value-added products continues as a policy measure. We are finding success in non-traditional product lines and expect this move to bear fruit in the coming quarters.
Our latest Solar power expansions at our Rawalpindi and Gujar Khan sites are up and running as the Company continues its commitment to sustainability. We are currently exploring the feasibility of battery storage and expect to start a trial in this financial year. The biofuel boiler is running successfully, further reducing our carbon footprint.
Raw materials have been purchased at competitive prices as the Company continues its policy of careful and steady procurement. Our purchase prices are currently favourable in an international context. Hopefully, this will offset some of the decline in sales rates as we move forward.
Financial Review
During the period under review, Company's sales increased by 1.6% to Rs. 15,389 million (2024: Rs. 15,140 million), while cost of sales increased by 1.9% to Rs. 12,958 million (2024: Rs. 12,712 million). This resulted in gross profit of Rs. 2,431 million (2024: Rs. 2,428 million). Operating profit for the period under review stood at Rs. 1,413 million (2024: Rs.1,573 million). The Company made an after-tax profit of Rs. 665 million (2024: Rs. 518 million). Earnings per share for the quarter ended 30 September 2025 were at Rs.0.49 against Rs. 0.38 for the corresponding period last year.
Acknowledgement
The Directors are grateful to the Company's members, financial institutions and customers for their cooperation and support. They also appreciate hard work and dedication of all the employees working at the various divisions.
For and on behalf of the Board
Lahore | Taufique Sayeed Saigol | Syed Mohsin Raza Naqvi |
October 18, 2025 | Chief Executive | Director |
STATEMENT OF FINANCIAL POSITION
AS AT 30 SEPTEMBER 2025
Un-audited Audited Note 30 September 30 June
2025 2025
(Rupees in thousand)
EQUITY AND LIABILITIES
SHARE CAPITAL AND RESERVES
Authorized share capital
1,850,000,000 (30 June 2025: 1,850,000,000)
ordinary shares of Rupees 2 each
150,000,000 (30 June 2025: 150,000,000) preference
shares of Rupees 2 each
Issued, subscribed and paid up share capital
1,346,497,280 (30 June 2025: 1,346,497,280)
ordinary shares of Rupees 2 each 5
Reserves Capital reserves
Share premium
Surplus on revaluation of freehold land Reserve against capacity expansion Reserve against buy-back of shares
Revenue reserves
Unappropriated profit Total equity LIABILITIES
NON-CURRENT LIABILITIES
Long term financing 6
Deferred government grants Deferred income tax liability
CURRENT LIABILITIES
Trade and other payables Accrued mark-up
Short term borrowings
Current portion of non-current liabilities Unclaimed dividend
Provision for taxation and levy - net
Total liabilities
CONTINGENCIES AND COMMITMENTS 7
TOTAL EQUITY AND LIABILITIES
3,700,000
3,700,000
300,000
4,000,000
2,692,994
300,000
4,000,000
23,724,478
6,229,705
32,647,177
986,077
5,963,401
15,000,000
1,775,000
2,692,994
986,077
5,963,401
15,000,000
1,775,000
23,724,478
5,564,900
6,578,788
4,236,195
6,319
2,336,274
31,982,372
4,448,842
6,991
2,297,728
6,446,407
250,541
9,879,809
1,344,432
30,902
550,931
6,753,561
6,092,449
195,905
7,746,363
1,325,776
30,905
437,022
18,503,022
25,081,810
15,828,420
22,581,981
57,728,987
54,564,353
The annexed notes form an integral part of these unconsolidated condensed interim financial statements.
Un-audited Audited Note 30 September 30 June
2025 2025
TOTAL ASSETS
57,728,987
54,564,353
(Rupees in thousand)
ASSETS NON-CURRENT ASSETS | ||||
Property, plant and equipment | 8 | 25,393,279 | 24,390,939 | |
Long term investments | 11,078,733 | 11,078,733 | ||
Long term deposits | 115,780 | 115,769 | ||
36,587,792 | 35,585,441 | |||
CURRENT ASSETS | |||
Stores, spare parts and loose tools | 1,468,575 | 1,399,386 | |
Stock-in-trade | 10,659,499 | 8,544,374 | |
Trade debts | 5,698,332 | 5,879,778 | |
Advances | 743,275 | 759,440 | |
Short term deposits and prepayments | 182,800 | 58,191 | |
Other receivables | 1,411,278 | 1,336,847 | |
Short term investments | 742,128 | 737,162 | |
Cash and bank balances | 235,308 | 263,734 | |
21,141,195 | 18,978,912 | ||
STATEMENT OF PROFIT OR LOSS (Un-audited)
FOR THE QUARTER ENDED 30 SEPTEMBER 2025
30 September 30 September
2025 2024
(Rupees in thousand)
REVENUE | 15,389,233 | 15,139,920 | |
COST OF SALES | (12,958,183) | (12,711,692) | |
GROSS PROFIT | 2,431,050 | 2,428,228 | |
DISTRIBUTION COST | (669,342) | (526,803) | |
ADMINISTRATIVE EXPENSES | (382,163) | (344,069) | |
OTHER EXPENSES | (58,631) | (43,918) | |
(1,110,136) | (914,790) | ||
1,320,914 | 1,513,438 | ||
OTHER INCOME | 91,750 | 59,890 | |
PROFIT FROM OPERATIONS | 1,412,664 | 1,573,328 | |
FINANCE COST | (326,502) | (724,811) | |
PROFIT BEFORE TAXATION | 1,086,162 | 848,517 | |
TAXATION | |||
- Current | (382,812) | (314,480) | |
- Deferred | (38,545) | (16,445) | |
(421,357) | (330,925) | ||
PROFIT AFTER TAXATION | 664,805 | 517,592 | |
EARNINGS PER SHARE - BASIC AND DILUTED (RUPEES) | 0.49 | Restated 0.38 |
The annexed notes form an integral part of these unconsolidated condensed interim financial statements.
UNCONSOLIDATED CONDENSED INTERIM STATEMENT OF COMPREHENSIVE INCOME (Un-audited) FOR THE QUARTER ENDED 30 SEPTEMBER 2025
30 September 30 September
2025 2024
(Rupees in thousand)
PROFIT AFTER TAXATION | 664,805 | 517,592 | |
OTHER COMPREHENSIVE INCOME | |||
Items that will not be reclassified to profit or loss Items that may be reclassified subsequently to profit or loss | - - | - - | |
- | - | ||
TOTAL COMPREHENSIVE INCOME FOR THE PERIOD | 664,805 | 517,592 |
The annexed notes form an integral part of these unconsolidated condensed interim financial statements.
8
KOHINOOR TEXTILE MILLS LIMITED
UNCONSOLIDATED CONDENSED INTERIM STATEMENT OF CHANGES IN EQUITYFor the quarter ended 30 September 2025
Share capital | Reserves | Total Equity | |||||||
Capital reserves | Revenue reserves | Total reserves | |||||||
Share premium | Reserve against capacity expansion | Reserve against buy-back of shares | Surplus on revaluation of freehold land | Sub-Total | Unappropriated profit | Sub- Total | |||
….……………….…….........................................…..…..…...............…… ( Rupees in thousand ) …....................……………….…….........................................…..…..…..……
Balance as at 30 June 2024 - (audited) | 2,692,994 | 986,077 | 15,000,000 | 1,775,000 | 5,963,401 | 23,724,478 | 2,815,084 | 2,815,084 | 26,539,562 | 29,232,556 |
Profit for the period Other comprehensive income for the period | - - | - - | - - | - - | - - | - - | 517,592 - | 517,592 - | 517,592 - | 517,592 - |
Total comprehensive income for the period | - | - | - | - | - | - | 517,592 | 517,592 | 517,592 | 517,592 |
Balance as at 30 September 2024 - (un-audited) | 2,692,994 | 986,077 | 15,000,000 | 1,775,000 | 5,963,401 | 23,724,478 | 3,332,676 | 3,332,676 | 27,057,154 | 29,750,148 |
Profit for the period Other comprehensive income for the period | - - | - - | - - | - - | - - | - - | 2,232,224 - | 2,232,224 - | 2,232,224 - | 2,232,224 - |
Total comprehensive income for the period | - | - | - | - | - | - | 2,232,224 | 2,232,224 | 2,232,224 | 2,232,224 |
Balance as at 30 June 2025 - (audited) | 2,692,994 | 986,077 | 15,000,000 | 1,775,000 | 5,963,401 | 23,724,478 | 5,564,900 | 5,564,900 | 29,289,378 | 31,982,372 |
Profit for the period | - | - | - | - | - | - | 664,805 | 664,805 | 664,805 | 664,805 |
Other comprehensive income for the period | - | - | - | - | - | - | - | - | - | - |
Total comprehensive income for the period | - | - | - | - | - | - | 664,805 | 664,805 | 664,805 | 664,805 |
Balance as at 30 September 2025 - (un-audited) | 2,692,994 | 986,077 | 15,000,000 | 1,775,000 | 5,963,401 | 23,724,478 | 6,229,705 | 6,229,705 | 29,954,183 | 32,647,177 |
CHIEF FINANCIAL OFFICER
The annexed notes form an integral part of these consolidated condensed interim financial statements.
CHIEF EXECUTIVE OFFICER DIRECTOR
UNCONSOLIDATED CONDENSED INTERIM STATEMENT OF CASH FLOWS(Un-audited)
FOR THE QUARTER ENDED 30 SEPTEMBER 2025
30 September 30 September
Note 2025 2024
(Rupees in thousand)
(79,796) | 188,863 |
(271,866) | (877,672) |
(268,903) | (238,022) |
(11) | (4) |
(620,576) | (926,835) |
(1,388,085) | (290,325) |
8,739 | 22 |
- | 12,153 |
32,716 | 17,447 |
(1,346,630) | (260,703) |
96,685 | - |
(291,348) | (270,617) |
2,133,446 | 1,533,218 |
(3) | (369) |
1,938,780 | 1,262,232 |
(28,426) | 74,694 |
263,734 | 219,051 |
235,308 | 293,745 |
CASH FLOWS FROM OPERATING ACTIVITIES
Cash (used in) / generated from operations 9
Finance cost paid
Income tax and levies paid
Net increase in long term deposits
Net cash used in operating activities
CASH FLOWS FROM INVESTING ACTIVITIES
Capital expenditure on property, plant and equipment Proceeds from disposal of property, plant and equipment Short term investments - net
Interest received
Net cash used in investing activities
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from long term financing Repayment of long term financing Short term borrowings - net Dividend paid
Net cash from financing activities
NET (DECREASE) / INCREASE IN CASH AND CASH EQUIVALENTS
CASH AND CASH EQUIVALENTS AT THE BEGINING OF THE PERIOD
CASH AND CASH EQUIVALENTS AT THE END OF THE PERIOD
The annexed notes form an integral part of these unconsolidated condensed interim financial statements.
SELECTED NOTES TO THE UNCONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS (Un-audited)
FOR THE QUARTER ENDED 30 SEPTEMBER 2025
THE COMPANY AND ITS OPERATIONS
Kohinoor Textile Mills Limited is a public limited company incorporated in Pakistan under the Companies Act, 1913 (now the Companies Act, 2017) and listed on Pakistan Stock Exchange Limited. The registered office of the Company is situated at 42-Lawrence Road, Lahore. The principal activity of the Company is manufacturing of yarn and cloth, processing and stitching the cloth and trade of textile products.
BASIS OF PREPARATION
These unconsolidated condensed interim financial statements have been prepared in accordance with the accounting and reporting standards as applicable in Pakistan for interim financial reporting. The accounting and reporting standards applicable in Pakistan for interim financial reporting comprise of:
International Accounting Standard (IAS) 34, Interim Financial Reporting, issued by the International Accounting Standards 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 from the requirements of IAS 34, the provisions of and directives issued under the Companies Act, 2017 have been followed.
These unconsolidated condensed interim financial statements do not include all the information and disclosures required in annual financial statements and should be read in conjunction with the annual audited financial statements of the Company for the year ended 30 June 2025. These unconsolidated condensed interim financial statements are un-audited, and are being submitted to the shareholders as required by the Listed Companies (Code of Corporate Governance) Regulations, 2019 and Section 237 of the Companies Act, 2017.
ACCOUNTING POLICIES
The accounting policies and methods of computation adopted for the preparation of these unconsolidated condensed interim financial statements are the same as applied in the preparation of the preceding audited annual published financial statements of the Company for the year ended 30 June 2025.
CRITICAL ACCOUNTING ESTIMATES AND JUDGMENTS
The preparation of these unconsolidated condensed interim financial statements in conformity with the approved accounting standards requires the use of certain critical accounting estimates. It also requires the management to exercise its judgment in the process of applying the Company's accounting policies. Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
During preparation of these unconsolidated condensed interim financial statements, the significant judgments made by the management in applying the Company's accounting policies and the key sources of estimation and uncertainty were the same as those that
applied in the preceding audited annual published financial statements of the Company for the year ended 30 June 2025.
ISSUED, SUBSCRIBED AND PAID-UP SHARE CAPITAL
During the period, the shareholders of the Company, in the Extra Ordinary General Meeting held on 15 August 2025, resolved that the existing share capital of the Company, including authorized, issued and paid-up capital, is altered in a manner that each ordinary share of the Company having face value of Rupees 10/- each shall be subdivided into five ordinary shares of Rupees 2/- each by way of share split with no change in rights and privileges associated to the shares. Accordingly, the weighted average number of ordinary shares outstanding during the period and for all the periods presented have been adjusted in the ratio of 5-for-1. In accordance with IAS 33 'Earnings Per Share', Earnings per share (EPS) has been retrospectively adjusted for the share split.
Un-audited Audited 30 September 30 June
2025 2025
(Rupees in thousand)
6. LONG TERM FINANCING - SECURED
Balance at beginning of the period / year Add : Obtained during the period / year Add: unwinding of discount on liability
7,059,950
-3,472
Less: Repaid during the period / year
7,063,422
(1,291,783)
Less: Current portion shown under current liabilities
5,771,639
(1,322,797)
Balance as at end of the period / year
4,448,842
5,771,639
96,685
798
5,869,122
(291,348)
5,577,774
(1,341,579)
4,236,195
6.1 Long term financing includes loans obtained under "SBP Temporary Economic Refinance Facility for import of plant and machinery". These loans have been measured at their fair value in accordance with IFRS 9 (Financial Instruments) using market rates. The difference between fair value of loans and loan proceeds have been recognised as deferred government grant as per requirements of IAS 20 (Accounting for Government Grants and Disclosure of Government Assistance) and as per selected opinion issued in November 2020 by the Institute of Chartered Accountants of Pakistan.
CONTINGENCIES AND COMMITMENTS
Contingencies
There is no significant change in the status of contingencies, as disclosed in preceding audited annual published financial statements of the Company for the year ended 30 June 2025.
Commitments in respect of:
Contracts for capital expenditure amounting to Rupees Nil (30 June 2025: Rupees 13.748 million).
Letters of credit for capital expenditure amounting to Rupees 53.672 million (30 June 2025: Rupees 634.056 million).
Letters of credit other than for capital expenditure amounting to Rupees 1,784.721 million (30 June 2025: Rupees 2,200.145 million).
Un-audited Audited Note 30 September 30 June
2025 2025
(Rupees in thousand)
8.2 Capital work-in-progress Civil works and buildings Plant and machinery Advances for capital expenditure | 23,124,449 2,268,830 | 22,754,946 1,635,993 | |
25,393,279 | 24,390,939 | ||
22,754,946 755,248 | 22,454,400 1,812,860 | ||
23,510,194 4,165 - | 24,267,260 4,130 20,259 | ||
23,506,029 381,580 | 24,242,871 1,487,925 | ||
23,124,449 | 22,754,946 | ||
289,703 342,356 28,352 42,468 1,011 5,479 45,879 | 217,688 1,313,772 137,405 44,258 2,523 21,437 75,777 | ||
755,248 | 1,812,860 | ||
-294 3,871 | 1,045 178 2,907 | ||
4,165 | 4,130 | ||
989,892 734,023 544,915 | 1,015,079 329,525 291,389 | ||
2,268,830 | 1,635,993 |
Un-audited Un-audited Note 30 September 30 September
2025 2024
9. CASH (USED IN) / GENERATED FROM OPERATIONS
(Rupees in thousand)
Profit before levy and taxation | 1,086,162 | 848,517 |
Adjustments for non-cash charges and other items: | ||
Depreciation | 381,580 | 362,228 |
Finance cost | 326,502 | 724,811 |
(Gain) / loss on disposal of operating fixed assets | (4,574) | 5 |
Return on bank deposits | (37,682) | (17,447) |
Working capital changes 9.1 | (1,831,784) | (1,729,251) |
(79,796) | 188,863 | |
9.1 Working capital changes | ||
(Increase) / decrease in current assets: | ||
Stores, spare parts and loose tools | (69,189) | (136,155) |
Stock-in-trade | (2,115,125) | (1,067,567) |
Trade debts | 181,446 | (714,228) |
Advances | 16,165 | (394,986) |
Security deposits and short term prepayments | (124,609) | (78,730) |
Other receivables | (74,431) | 307,125 |
(2,185,743) | (2,084,541) | |
Increase in trade and other payables | 353,959 | 355,290 |
(1,831,784) | (1,729,251) | |
10. TRANSACTIONS WITH RELATED PARTIES |
The related parties comprise of subsidiary companies, associated undertakings, directors of the Company and their close relatives, key management personnel and staff retirement fund. Detail of transactions with related parties, other than those which have been specifically disclosed elsewhere in these unconsolidated condensed interim financial statements are as follows:
Un-audited Quarter ended
30 September 30 September
2025 2024
(Rupees in thousand)
i) | Transactions Subsidiary companies | ||
Maple Leaf Cement Factory Limited Purchase of goods and services | 12,114 | 1,835 | |
Expenses paid by Maple Leaf Cement Factory Limited on behalf of the Company | - | 3,196 | |
Maple Leaf Capital Limited Expenses on behalf of the Maple Leaf Capital Limited | - | 2,093 | |
Payment received against expenses | - | 2,093 | |
Executives and Key management personnel Remuneration and other benefits | 140,249 | 128,292 | |
Post employment benefit plan Company's contribution to provident fund trust | 41,844 | 37,566 | |
Un-audited | Audited | ||
30 September | 30 June | ||
2025 | 2025 |
ii) Period / year end balances
Maple Leaf Cement Factory Limited
Trade and other payables
(Rupees in thousand)
(21,325)
(15,400)
10.1 The Saim Family Trust, British Virgin Islands (BVI) through Mercury Management Inc., BVI and Hutton Properties Limited, BVI (related parties) holds 366,954,480 [27.25%] (30 June 2025: 366,954,480) and 276,284,960 [20.52%] (30 June 2025: 276,284,960) ordinary
shares respectively of the Company.
SEGMENT INFORMATION
Spinning
Un-audited
Quarter ended
September 2025
September 2024
Weaving
Un-audited
Quarter ended
September 2025
September 2024
Processing and Home Textile
Un-audited
Quarter ended
September 2025
September 2024
Elimination of inter-segment transactions
Un-audited
Quarter ended
September 2025
September 2024
Company
Un-audited
Quarter ended
September 2025
September 2024
11.1
Revenue:
External
Inter-segment
Cost of sales Gross profit Distribution cost
Administrative expenses
Profit before tax and unallocated Income and expenses
Unallocated income and expenses Other expenses
Other income Finance cost Taxation
7,067,700
174,343
6,763,723 239,237 |
7,002,960 (6,123,415) |
879,545 |
(37,864) (186,484) |
(224,348) |
655,197 |
7,242,043
(6,086,208)
1,155,835
(50,335)
(160,384)
(210,719)
945,116
4,370,338
3,689,605 460,953 |
4,150,558 (3,599,373) |
551,185 |
(84,980) (70,430) |
(155,410) |
395,775 |
(3,896,462)
473,876
(176,874)
297,002
(Rupees in thousand)
4,149,692
6,827
3,922,528
447,810
4,935,905 7,254 |
4,943,159 (3,942,839) |
1,000,320 |
(546,498) (125,249) |
(671,747) |
328,573 |
4,156,519
(3,358,002)
(106,728)
(70,146)
798,517
(369,740)
(113,539)
(483,279)
315,238
-(628,980)
-(707,444) |
(707,444) 707,444 |
- |
- - |
- |
- |
15,389,233 - | 15,139,920 - | |
15,389,233 | 15,139,920 | |
(12,958,183) | (12,711,692) | |
2,431,050 | 2,428,228 | |
(669,342) | (526,803) | |
(382,163) | (344,069) | |
(1,051,505) | (870,872) | |
1,379,545 | 1,557,356 | |
(58,631) | (43,918) | |
91,750 | 59,890 | |
(326,502) | (724,811) | |
(421,357) | (330,925) | |
(714,740) | (1,039,764) | |
664,805 | 517,592 | |
(628,980)
628,980
-
-
-
-
-
Profit after taxation
11.2 Reconciliation of reportable segment assets and liabilities
Spinning | |
Un-audited | Audited |
30 September 2025 | 30 June 2025 |
Weaving | |
Un-audited | Audited |
30 September 2025 | 30 June 2025 |
Processing and Home Textile | |
Un-audited | Audited |
30 September 2025 | 30 June 2025 |
Company | |
Un-audited | Audited |
30 September 2025 | 30 June 2025 |
Total assets for reportable segments Unallocated assets
17,775,957
15,134,040
(Rupees in thousand) 11,230,740
17,120,840
43,485,620
46,650,254 11,078,733 |
57,728,987 |
16,299,130 8,782,680 |
25,081,810 |
11,078,733
17,435,933
11,438,364
Total assets as per unconsolidated condensed interim statement of financial position
11,958,445
3,990,864
349,821
All segment assets are allocated to reportable segments other than those directly relating to corporate and tax assets.
54,564,353
QUARTERLY REPORT
Total liabilities for reportable segments Unallocated liabilities
1,203,216
3,346,622
9,644,421
14,194,259
8,387,722
Total liabilities as per unconsolidated condensed interim statement of financial position
15
All segment liabilities are allocated to reportable segments other than trade and other payables and deferred tax liabilities.
22,581,981
RECOGNIZED FAIR VALUE MEASUREMENTS - FINANCIAL INSTRUMENTS
Fair value hierarchy
Judgments and estimates are made in determining the fair values of the financial instruments that are recognised and measured at fair value in these financial statements. To provide an indication about the reliability of the inputs used in determining fair value, the Company classify its financial instruments into the following three levels. However, as at the reporting date, the Company has no such type of financial instruments which are required to be grouped into these levels. These levels are explained as under:
Level 1: The fair value of financial instruments traded in active markets (such as publicly traded derivatives, and equity securities) is based on quoted market prices at the end of the reporting period. The quoted market price used for financial assets held by the Company is the current bid price. These instruments are included in level 1.
Level 2: The fair value of financial instruments that are not traded in an active market (for example, over-the-counter derivatives) is determined using valuation techniques which maximise the use of observable market data and rely as little as possible on entity-specific estimates. If all significant inputs required to fair value an instrument are observable, the instrument is included in level 2.
Level 3: If one or more of the significant inputs is not based on observable market data, the instrument is included in level 3. This is the case for unlisted equity securities.
RECOGNIZED FAIR VALUE MEASUREMENTS - NON-FINANCIAL ASSETS
Fair value hierarchy
Judgments and estimates are made in determining the fair value of non-financial assets that are recognized and measured at fair value in these financial statements. To provide an indication about the reliability of the inputs used in determining fair value, the Company has classified its non-financial assets into the following three levels.
At 30 September 2025
Level 1
Level 2
Level 3
Total
---------- (Rupees in thousand) ----------
- 6,669,315 - 6,669,315
Freehold land
At 30 June 2025 | Level 1 | Level 2 | Level 3 |
Total
---------- (Rupees in thousand) ----------
- 6,669,315 - 6,669,315
Freehold land
The Company's policy is to recognize transfers into and transfers out of fair value hierarchy levels as at the end of the reporting period.
There were no transfers between levels 1 and 2 for recurring fair value measurements during the period. Further, there was no transfer in and out of level 3 measurements.
Valuation techniques used to determine level 2 fair values
The Company obtains independent valuations for its freehold land (classified as property, plant and equipment) at least every three years. The management updates the assessment of the fair value of each property, taking into account the most recent independent valuations. The management determines a property's value within a range of reasonable fair value estimates. The best evidence of fair value of land is current prices in an active market for similar lands.
Valuation processes
The Company engages external, independent and qualified valuers to determine the fair value of the Company's freehold land at least every three years. The fair value of the freehold was last determined by Anderson Consulting (Private) Limited (an approved valuer) as at 30 June 2024.
Changes in fair values are analyzed at each reporting date during the annual valuation discussion between the Chief Financial Officer and the valuers. As part of this discussion the team presents a report that explains the reason for the fair value movements.
FINANCIAL RISK MANAGEMENT
The Company's financial risk management objectives and policies are consistent with those disclosed in the preceding audited annual published financial statements of the Company for the year ended 30 June 2025.
DATE OF AUTHORIZATION FOR ISSUE
These unconsolidated condensed interim financial statements were authorized for issue on 18 October 2025 by the Board of Directors of the Company.
CORRESPONDING FIGURES
In order to comply with the requirements of International Accounting Standard (IAS) 34 "Interim Financial Reporting", the unconsolidated condensed interim statement of financial position and unconsolidated condensed interim statement of changes in equity have been compared with the balances of annual audited financial statements of preceding financial year, whereas the unconsolidated condensed interim statement of profit or loss, unconsolidated condensed interim statement of comprehensive income and unconsolidated condensed interim statement of cash flows have been compared with the balances of comparable period of immediately preceding financial year.
No significant rearrangements / reclassifications of corresponding figures have been made.
GENERAL
Figures have been rounded off to the nearest thousand of Rupees unless stated otherwise.
CHIEF FINANCIAL OFFICER
CHIEF EXECUTIVE OFFICER DIRECTOR
CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS FOR THE QUARTER ENDED 30 SEPTEMBER 2025 DIRECTORS' REVIEW ON UN-AUDITED CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS
The Directors are pleased to present the un-audited consolidated condensed interim financial statements
of Kohinoor Textile Mills Limited (the Holding Company) and its Subsidiary Companies Maple Leaf Cement Factory Limited (58.85%), Maple Leaf Power Limited (58.85%), Novacare Hospitals (Private) Limited (58.84%) and Maple Leaf Capital Limited (82.92%) (Together referred to as Group) for the quarter ended 30 September 2025.
GROUP RESULTS
The Group has earned gross profit of Rupees 8,217 million as compared to Rupees 7,497 million of corresponding period. The Group has earned pre-tax profit of Rupees 17,662 million as compared to Rupees 4,316 million during the previous period. The overall Group financial results are as follows:
September September
2025 2024
(Rupees in million)
Revenue | 31,860 | 30,858 |
Gross profit | 8,217 | 7,497 |
Profit from operations | 18,838 | 5,941 |
Financial charges | 1,104 | 1,599 |
Net profit after taxation | 13,852 | 3,024 |
------ (Rupees) ------
Earnings per share - Basic and diluted 8.11 1.67
SUBSIDIARY COMPANIES
Maple Leaf Cement Factory Limited (MLCFL)
It has recorded a marginal increase of Rupees 764 million in its sales over previous period and has earned gross profit of 30.22% (30 Sep 2024: 29.76%) amounting to Rupees 4,982 million (30 Sep 2024: Rupees
4,679 million).
It has earned after tax profit of Rupees 2,608 million (30 Sep 2024: Rupees 1,041 million).
Maple Leaf Power Limited (MLPL)
MLPL has earned after tax profit of Rupees 553 million (30 Sep 2024: Rupees 548 million).
Novacare Hospitals (Private) Limited
Novacare Hospitals (Private) Limited has incurred after tax loss of Rupees 62 million (30 Sep 2024: Rupees 79 million).
Maple Leaf Capital Limited (MLCL)
MLCL has earned after tax profit of Rupees 10,645 million (30 Sep 2024: Rupees 990 million).
ACKNOWLEDGMENT
The Directors are grateful to the Group's members, financial institutions, customers and employees for their cooperation and support. They also appreciate the hard work and dedication of the employees working at various divisions.
For and on behalf of the Board
Lahore | Syed Mohsin Raza Naqvi | Taufique Sayeed Saigol |
October 18, 2025 | Director | Chief Executive |
As at 30 September 2025
Un-audited Audited
Note 30 September 30 June
2025 2025
(Rupees in thousand)
EQUITY AND LIABILITIES
SHARE CAPITAL AND RESERVES
Authorized share capital
1,850,000,000 (30 June 2025: 1,850,000,000)
ordinary shares of Rupees 2 each 150,000,000 (30 June 2025: 150,000,000)
preference shares of Rupees 2 each
Issued, subscribed and paid-up share capital 5
1,346,497,280 (30 June 2025: 1,346,497,280)
ordinary shares of Rupees 2 each
Reserves Capital reserves
Share premium
Reserve against capacity expansion Reserve against buy-back of shares Reserve against long term investments Fair value reserve
Surplus on revaluation of freehold land
Revenue reserves
Unappropriated profit
3,700,000
300,000
4,000,000
2,692,994
986,077
26,769,600
2,363,480
2,942,400
2,486,047
6,196,423
41,744,027
42,049,481
3,700,000
300,000
4,000,000
986,077
26,769,600
2,363,480
2,942,400
1,628,586
6,196,423
2,692,994
40,886,566
31,135,481
Equity attributable to equity holders of the Holding Company Non-controlling interest
Total equity LIABILITIES
NON-CURRENT LIABILITIES
Long term financing 6
Deferred government grants
Long term liability against right of use assets Long term deposits
Retirement benefits Deferred income tax liability
CURRENT LIABILITIES
Trade and other payables Accrued mark-up
Short term borrowings
Current portion of non-current liabilities Unclaimed dividend
Provision for taxation and levy - net
Total liabilities
CONTINGENCIES AND COMMITMENTS 7
TOTAL EQUITY AND LIABILITIES
86,486,502
35,140,505
121,627,007
12,980,171
300,390
52,776
8,214
368,477
19,174,059
32,884,087
27,259,291
920,017
22,296,280
5,597,855
57,623
2,483,878
58,614,944
91,499,031
213,126,038
74,715,041
31,603,197
106,318,238
14,230,480
329,295
53,292
8,214
350,638
17,652,264
32,624,183
23,880,978
877,547
20,835,119
5,427,257
57,782
1,545,842
52,624,525
85,248,708
191,566,946
CHIEF FINANCIAL OFFICER
The annexed notes form an integral part of these consolidated condensed interim financial statements.
CHIEF EXECUTIVE OFFICER DIRECTOR
Note | Un-audited 30 September 2025 | Audited 30 June 2025 | ||
(Rupees in thousand) | ||||
ASSETS | ||||
NON-CURRENT ASSETS | ||||
Property, plant and equipment | 8 | 92,073,907 | 91,282,609 | |
Intangibles | 57,184 | 62,426 | ||
Long term loans to employees | 15,938 | 16,610 | ||
Long term investment | 9,897,778 | 9,870,871 | ||
Long term deposits | 204,818 | 203,981 | ||
102,249,625 | 101,436,497 | |||
CURRENT ASSETS | |||
Stores, spare parts and loose tools | 14,020,433 | 14,409,590 | |
Stock-in-trade | 14,552,602 | 12,822,621 | |
Trade debts | 11,362,742 | 10,506,550 | |
Loans and advances | 2,641,230 | 1,301,221 | |
Security deposits and short term prepayments | 1,172,951 | 785,011 | |
Other receivables | 5,023,131 | 2,610,703 | |
Short term investments | 58,673,325 | 45,472,729 | |
Cash and bank balances | 3,429,999 | 2,222,024 | |
110,876,413 | 90,130,449 | ||
213,126,038
CHIEF FINANCIAL OFFICER
TOTAL ASSETS 191,566,946
CHIEF EXECUTIVE OFFICER DIRECTOR
CONSOLIDATED CONDENSED INTERIM STATEMENT OF PROFIT OR LOSS (Un-audited)
For the quarter ended 30 September 2025
30 September 30 September
2025 2024
(Rupees in thousand)
REVENUES | 31,860,480 | 30,857,923 | |
COST OF SALES | (23,643,544) | (23,360,522) | |
GROSS PROFIT | 8,216,936 | 7,497,401 | |
DISTRIBUTION COST | (1,443,610) | (1,874,003) | |
ADMINISTRATIVE EXPENSES | (1,803,698) | (1,200,814) | |
OTHER EXPENSES | (405,723) | (354,744) | |
(3,653,031) | (3,429,561) | ||
4,563,905 | 4,067,840 | ||
OTHER INCOME SHARE OF NET LOSS OF ASSOCIATE ACCOUNTED FOR USING EQUITY METHOD | 14,276,852 (3,091) | 1,873,298 - | |
PROFIT FROM OPERATIONS | 18,837,666 | 5,941,138 | |
FINANCE COST | (1,103,864) | (1,598,985) | |
PROFIT BEFORE LEVY AND TAXATION | 17,733,802 | 4,342,153 | |
LEVY | (71,724) | (25,700) | |
PROFIT BEFORE TAXATION | 17,662,078 | 4,316,453 | |
TAXATION | (3,810,386) | (1,292,781) | |
PROFIT AFTER TAXATION | 13,851,692 | 3,023,672 | |
SHARE OF PROFIT ATTRIBUTABLE TO : | |||
EQUITY HOLDERS OF HOLDING COMPANY | 10,914,000 | 2,246,842 | |
NON-CONTROLLING INTEREST | 2,937,692 | 776,830 | |
13,851,692 | 3,023,672 | ||
EARNINGS PER SHARE - BASIC AND DILUTED (RUPEES) | 8.11 | Restated 1.67 |
The annexed notes form an integral part of these consolidated condensed interim financial statements.
CHIEF FINANCIAL OFFICER
CHIEF EXECUTIVE OFFICER DIRECTOR
CONSOLIDATED CONDENSED INTERIM STATEMENT OF COMPREHENSIVE INCOME (Un-audited)
For the quarter ended 30 September 2025
30 September 30 September
2025 2024
(Rupees in thousand)
PROFIT AFTER TAXATION OTHER COMPREHENSIVE INCOME | 13,851,692 | 3,023,672 | ||||
Items that will not be reclassified subsequently to profit or loss | ||||||
- Change in fair value of investment at fair value | ||||||
through other comprehensive income | 1,712,670 | 836,127 | ||||
- Related deferred income tax | (255,593) | (182,601) | ||||
1,457,077 | 653,526 | |||||
Items that may be reclassified subsequently to profit or loss | - | - | ||||
Other comprehensive income for the period - net of tax | 1,457,077 | 653,526 | ||||
TOTAL COMPREHENSIVE INCOME FOR THE PERIOD | 15,308,769 | 3,677,198 | ||||
SHARE OF TOTAL COMPREHENSIVE INCOME ATTRIBUTABLE TO: | ||||||
Equity holders of Holding Company | 11,771,461 | 2,631,429 | ||||
Non-controlling interest | 3,537,308 | 1,045,769 | ||||
15,308,769 | 3,677,198 |
The annexed notes form an integral part of these consolidated condensed interim financial statements.
24
KOHINOOR TEXTILE MILLS LIMITED
CONSOLIDATED CONDENSED INTERIM STATEMENT OF CHANGES IN EQUITYFor the quarter ended 30 September 2025
Share capital | ATTRIBUTABLE TO EQUITY HOLDERS OF THE HOLDING COMPANY | NON CONTROLLING INTEREST | TOTAL EQUITY | |||||||||
Capital reserves | Revenue reserves | Total reserves | Total | |||||||||
Share premium | Reserve against capacity expansion | Reserve against buy-back of shares | Fair value reserve | Reserve against Long Term Investments | Surplus on revaluation of freehold land | Sub-Total | Unappropriated profit | |||||
….……………….………………………...…………….………..……..……….…….....…..…… ( Rupees in thousand ) ….……………….……...…..………….……...…………………...…………….……...…..…………..……...…..……
Balance as at 30 June 2024 - (Audited) | 2,692,994 | 986,077 | 26,769,600 | 2,363,480 | 606,751 | 2,942,400 | 6,196,423 | 39,864,731 | 14,651,798 | 54,516,529 | 57,209,523 | 24,571,224 | 81,780,747 | |||||||||||
Profit for the period | - | - | - | - | - | - | - | - | 2,246,842 | 2,246,842 | 2,246,842 | 776,830 | 3,023,672 | |||||||||||
Other comprehensive income for the period | - | - | - | - | 384,587 | - | - | 384,587 | - | 384,587 | 384,587 | 268,939 | 653,526 | |||||||||||
Total comprehensive income for the period | - | - | - | - | 384,587 | - | - | 384,587 | 2,246,842 | 2,631,429 | 2,631,429 | 1,045,769 | 3,677,198 | |||||||||||
Balance as at 30 September 2024 - (un-audited) | 2,692,994 | 986,077 | 26,769,600 | 2,363,480 | 991,338 | 2,942,400 | 6,196,423 | 40,249,318 | 16,898,640 | 57,147,958 | 59,840,952 | 25,616,993 | 85,457,945 | |||||||||||
Profit for the period | - | - | - | - | - | - | - | - | 14,231,868 | 14,231,868 | 14,231,868 | 5,518,391 | 19,750,259 | |||||||||||
Other comprehensive income for the period | - | - | - | - | 637,248 | - | - | 637,248 | 4,973 | 642,221 | 642,221 | 467,813 | 1,110,034 | |||||||||||
Total comprehensive income for the period | - | - | - | - | 637,248 | - | - | 637,248 | 14,236,841 | 14,874,089 | 14,874,089 | 5,986,204 | 20,860,293 | |||||||||||
Balance as at 30 June 2025 - (audited) | 2,692,994 | 986,077 | 26,769,600 | 2,363,480 | 1,628,586 | 2,942,400 | 6,196,423 | 40,886,566 | 31,135,481 | 72,022,047 | 74,715,041 | 31,603,197 | 106,318,238 | |||||||||||
Profit for the period | - | - | - | - | - | - | - | - | 10,914,000 | 10,914,000 | 10,914,000 | 2,937,692 | 13,851,692 | |||||||||||
Other comprehensive income for the period | - | - | - | - | 857,461 | - | - | 857,461 | - | 857,461 | 857,461 | 599,616 | 1,457,077 | |||||||||||
Total comprehensive income for the period | - | - | - | - | 857,461 | - | - | 857,461 | 10,914,000 | 11,771,461 | 11,771,461 | 3,537,308 | 15,308,769 | |||||||||||
Balance as at 30 September 2025 - (un-audited) | 2,692,994 | 986,077 | 26,769,600 | 2,363,480 | 2,486,047 | 2,942,400 | 6,196,423 | 41,744,027 | 42,049,481 | 83,793,508 | 86,486,502 | 35,140,505 | 121,627,007 |
The annexed notes form an integral part of these consolidated condensed interim financial statements.
CHIEF EXECUTIVE OFFICER DIRECTOR CHIEF FINANCIAL OFFICER
CONSOLIDATED CONDENSED INTERIM STATEMENT OF CASH FLOWS (Un-audited)
For the quarter ended 30 September 2025
30 September 30 September
Note 2025 2024
(Rupees in thousand)
CASH FLOWS FROM OPERATING ACTIVITIES | ||||
Cash generated from operations | 9 | 16,752,706 | 2,516,731 | |
Finance cost paid | (1,057,059) | (1,856,313) | ||
Income tax and levies paid | (1,422,279) | (565,536) | ||
Retirement benefits paid | (6,740) | (16,696) | ||
Long term loan to employees - net | 672 | 2,829 | ||
Net increase in long term deposits | (837) | (4,013) | ||
Net cash generated from operating activities | 14,266,463 | 77,002 | ||
CASH FLOWS FROM INVESTING ACTIVITIES | ||||
Capital expenditure on property, plant and equipment | (2,315,294) | (1,396,301) | ||
Intangible assets acquired | - | (10,269) | ||
Long term investments made | (30,000) | - | ||
Short term investments - net | (11,487,926) | (2,072,332) | ||
Proceeds from disposal of property, plant and equipment | 43,604 | 2,622 | ||
Interest received | 66,384 | 28,607 | ||
Dividend received | 319,879 | 143,121 | ||
Net cash used in investing activities | (13,403,353) | (3,304,552) | ||
CASH FLOWS FROM FINANCING ACTIVITIES | ||||
Proceeds from long term financing | 96,685 | - | ||
Repayment of long term financing | (1,198,904) | (1,227,747) | ||
Lease rentals paid during the period | (13,918) | (3,237) | ||
Short term borrowings - net | 1,461,161 | 4,628,467 | ||
Dividend paid | (159) | (723) | ||
Net cash from financing activities | 344,865 | 3,396,760 | ||
NET INCREASE IN CASH AND | ||||
CASH EQUIVALENTS | 1,207,975 | 169,210 | ||
CASH AND CASH EQUIVALENTS AT THE | ||||
BEGINNING OF THE PERIOD | 2,222,024 | 1,649,005 | ||
CASH AND CASH EQUIVALENTS AT THE | ||||
3,429,999 | 1,818,215 | |||
END OF THE PERIOD | ||||
The annexed notes form an integral part of these consolidated condensed interim financial statements.
SELECTED NOTES TO THE CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS (Un-audited)
For the quarter ended 30 September 2025
THE GROUP AND ITS OPERATIONS
Holding Company
'Kohinoor Textile Mills Limited ("the Holding Company") is a public limited company incorporated in Pakistan under the Companies Act,1913 (now Companies Act, 2017) and listed on Pakistan Stock Exchange (PSX). The registered office of the Company is situated at 42-Lawrence Road, Lahore. The principal activity of the Holding Company is manufacturing of yarn and cloth, processing and stitching the cloth and trade of textile products.
The Holding Company holds 58.85% (30 June 2025: 58.85%) shares of Maple Leaf Cement Factory Limited, 58.85% (30 June 2025: 58.85%) shares of Maple Leaf Power Limited, 58.84% (30 June 2025:
58.84%) shares of Novacare Hospitals (Private) Limited and 82.92% (30 June 2025: 82.92%) shares
of Maple Leaf Capital Limited,.
Subsidiary Companies
Maple Leaf Cement factory Limited (MLCFL)
Maple Leaf Cement Factory Limited ("the Subsidiary Company") was incorporated in Pakistan on 13 April 1960 under the Companies Act, 1913 (now the Companies Act, 2017) as a public company limited by shares. MLCFL is listed on Pakistan Stock Exchange Limited. The registered office of MLCFL is situated at 42-Lawrence Road, Lahore. MLCFL is engaged in production and sale of cement.
Maple Leaf Capital Limited (MLCL)
Maple Leaf Capital Limited ("the Subsidiary Company") was incorporated in Pakistan on 25 April 2014 under the Companies Ordinance, 1984 (now the Companies Act, 2017) as a public company limited by shares. The registered office of MLCL is situated at 42-Lawrence Road, Lahore. The principal objects of MLCL are to buy, sell, hold or otherwise acquire or invest the capital in any sort of financial instruments and commodities.
Maple Leaf Power Limited (MLPL)
Maple Leaf Power Limited was incorporated in Pakistan on 15 October 2015 as a public company limited by shares under the Companies Ordinance, 1984 (now the Companies Act, 2017). It is subsidiary of MLCFL, which is subsidiary of the Holding company. MLPL has been established to set up and operate a 40-megawatt coal fired power generation plant at Iskanderabad, District Mianwali for generation of electricity. The registered office of MLPL is located at 42-Lawrence Road, Lahore. The principal object of MLPL is to develop, design, operate and maintain electric power generation plant and in connection therewith to engage in the business of generation, sale and supply of electricity to MLCFL.
Novacare Hospitals (Private) Limited (NHPL)
Novacare Hospitals (Private) Limited was incorporated in Pakistan on 21 March 2023 as a private company limited by shares under the Companies Act, 2017. It is subsidiary of MLCFL, which is subsidiary of the Holding Company. MLCFL entered into an agreement with NHPL that MLCFL would invest in NHPL, maintaining at least a 66.66% shareholding. The agreement granting the MLCFL ordinary shares, has a term of eight years with a one-year extension option. The principle line of business of NHPL is to establish, manage, and operate healthcare facilities, including hospitals, pharmacies, nursing homes, clinics, laboratories, dental clinics, and healthcare centers. The registered office of the Company is situated at 1st Floor, F-J Plaza, Block No. 02, Markaz F-7, Islamabad Capital Territory(I.C.T), Pakistan.
BASIS OF PREPARATION
These consolidated condensed interim financial statements have been prepared in accordance with the accounting and reporting standard 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 the International Accounting Standards 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 from the requirements of IAS 34, the provisions of and directives issued under the Companies Act, 2017 have been followed.
2.2 These consolidated condensed interim financial statements do not include all the information and disclosures required in annual financial statements and should be read in conjunction with the annual audited financial statements of the Group for the year ended 30 June 2025. These consolidated condensed interim financial statements are un-audited and are being submitted to the shareholders as required by the Listed Companies (Code of Corporate Governance) Regulations, 2019 and Section 237 of the Companies Act, 2017.
ACCOUNTING POLICIES
'The accounting policies and methods of computations adopted for the preparation of these consolidated condensed interim financial statements are the same as those applied in the preparation of preceding annual published financial statements of the Group for the year ended 30 June 2025.
CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS
The preparation of these consolidated condensed interim financial statements in conformity with the approved accounting standards requires the use of certain critical accounting estimates. It also requires the management to exercise its judgment in the process of applying the Group's accounting policies. Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
During preparation of these consolidated condensed interim financial statements, the significant judgments made by the management in applying the Group's accounting policies and the key sources of estimation and uncertainty were the same as those that applied in the preceding audited annual published financial statements of the Group for the year ended 30 June 2025.
ISSUED, SUBSCRIBED AND PAID-UP SHARE CAPITAL
During the period, the shareholders of the Holding Company, in the Extra Ordinary General Meeting held on 15 August 2025, resolved that the existing share capital of the Holding Company, including authorized, issued and paid-up capital, is altered in a manner that each ordinary share of the Holding Company having face value of Rupees 10/- each shall be subdivided into five ordinary shares of Rupees 2/- each by way of share split with no change in rights and privileges associated to the shares. Accordingly, the weighted average number of ordinary shares outstanding during the period and for all the periods presented have been adjusted in the ratio of 5-for-1. In accordance with IAS 33 'Earnings Per Share', Earnings per share (EPS) has been retrospectively adjusted for the share split.
Un-audited Audited
30 September 30 June
2025 2025
(Rupees in thousand)
6. | LONG TERM FINANCING | ||
From banking companies and other financial institution - secured | |||
Balance at beginning of the period / year | 19,486,605 | 20,253,436 | |
Add : Obtained during the period / year | 96,685 | 4,200,000 | |
Add: unwinding of discount on liability | 35,723 | 158,911 | |
19,619,013 | 24,612,347 | ||
Less: Repaid during the period / year | (1,198,904) | (5,125,742) | |
Less: Current portion shown under | 18,420,109 | 19,486,605 | |
current liabilities | (5,439,938) | (5,256,125) | |
12,980,171 | 14,230,480 |
6.1 Long term financing includes long-term loans obtained by the Group under "SBP Temporary Economic Refinance Facility" and "SBP Financing Scheme for Renewable energy" for import of plant and machinery, for setting up of Waste Heat Recovery Plant, for import and installation of new cement production line (Line - IV) and for setting up of Solar Energy Project. The facility carries markup at the rate specified by State Bank of Pakistan plus spread of 0.5% to 2% per annum. The loan has been measured at its fair value in accordance with IFRS 9 (Financial Instruments) using market rates. The difference between fair value of loan and loan proceeds has been recognised as deferred grant as per requirements of IAS 20 (Accounting for Government Grants and Disclosure of Government Assistance) and as per selected opinion issued in November 2020 by the Institute of Chartered Accountants of Pakistan.
CONTINGENCIES AND COMMITMENTS
Contingencies
There is no significant change in the status of contingencies, as disclosed in preceding audited annual published financial statements of the Group for the year ended 30 June 2025.
Commitments in respect of
Contracts for capital expenditure amounting to Rupees Nil (30 June 2025: Rupees 13.748 million).
Letters of credit for capital expenditure amounting to Rupees 4,333.045 million (30
June 2025: Rupees 3,203.813 million).
Letters of credit other than for capital expenditure amounting to Rupees 2,598.113 million (30 June 2025: Rupees 5,164.216 million).
Future contracts - shares in respect of which the settlement is outstanding amounting
to Rupees 6,990.657 (30 June 2025: Rupees 4,391.525 million).
Un-audited Audited
30 September 30 June
Note 2025 2025
(Rupees in thousand)
8. PROPERTY, PLANT AND EQUIPMENT Operating fixed assets 8.1 Capital work-in-progress 8.2 Right of use assets Major spare parts and stand-by equipments | 84,877,218 7,109,020 76,630 11,039 | 85,488,291 5,679,891 86,091 28,336 | |
Plant and machinery Factory and other buildings Computer and IT installations Furniture and fixture Vehicles | 92,073,907 | 91,282,609 | |
85,488,291 903,462 86,391,753 9,341 -86,382,412 1,505,194 | 87,531,971 3,591,638 91,123,609 56,767 20,259 91,046,583 5,558,292 | ||
84,877,218 | 85,488,291 | ||
-309,803 405,051 28,352 43,352 59,183 7,219 50,502 | 20,757 540,373 2,322,546 137,405 44,258 80,361 22,648 423,290 | ||
903,462 | 3,591,638 | ||
4,628 -294 -4,419 | 26,462 31 178 4,800 25,296 | ||
9,341 | 56,767 |
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