Macpac Films LimitedPSX: MACFL

Transmission of Quarterly Report for the Period Ended 31/12/2025

Feb 27, 2026 at 6:59 AM UTC · Issued by Macpac Films Limited

‌MACPAC FILMS LIMITED

CONDENSED INTERIM FINANCIAL STATEMENTS

FOR THE PERIOD ENDED DECEMBER 31, 2025

‌COMPANY INFORMATION Board of Directors

Mr. Naeem Ali Muhammad Munshi - Chairman & Non-Executive Director Mr. Najmul Hassan - Chief Executive Officer

Mr. Ehtesham Maqbool Elahi - Executive Director

Mr. Shabbir Hamza Khandwala - Independent Director Ms. Hafsa Abbasy - Independent Director

Mr. Shariq Maqbool Elahi - Non-Executive Director Mr. Fahad Munshi - Non-Executive Director

Board Audit Committee (BAC)

Mr. Shabbir Hamza Khandwala - Chairman Mr. Naeem Ali Muhammad Munshi - Member Mr. Shariq Maqbool Elahi - Member

Human Resource & Remuneration Committee (HR&RC)

Ms. Hafsa Abbasy - Chairperson

Mr. Shariq Maqbool Elahi - Member Mr. Ehtesham Maqbool Elahi - Member

Management Team

Mr. Junaid Hashmi - Head of Operations Mr. Aquil A. Khan - Company Secretary

Mr. Mohammad Fahad - Head of Internal Audit Ms. Um-e-Farwa - Head of Digital Transformation Mr. Atiq Khan - Head of Technical

Ms. Mehreen Shah Khalid - Manager Human Resources

The Management Team is also supported by:

Mr. Habib Elahi - Group Director

Ms. Muneeza Kassim - Group Chief Financial Officer

Mr. Darrel Jacob - Group Chief Human Resources Officer

Auditors

M/s. KPMG Taseer Hadi & Co. Chartered Accountants

Legal Advisors Mr. Abdul Ghaffar Khan

Address: F-72/1, KDA Scheme 5, Kehkashan, Clifton, Karachi

Ms. Nausheen Ahmad

Address: 21C, Zamzama Commercial Lane 5, Phase V, DHA, Karachi

Shariah Advisor

M/s. Alhamd Shariah Advisory Services (Pvt). Ltd.

Share Registrar CDC Share Registrar Services Limited

Address: CDC House, 99-B, Block 'B', S.M.C.H.S, Main Shara-e-Faisal, Karachi 74400

Customer Support Service: 0800-CDCPL (23275)

Fax: +92 (21) 34326034

Email: info@cdcpak.com

Website: https://www.cdcpakistan.com

Bankers

Al Baraka Bank Pakistan Limited Bank Alfalah Limited

Bank Al Habib Limited

Dubai Islamic Bank Pakistan Limited Faysal Bank Limited

Habib Bank Limited

Habib Metropolitan Bank Limited JS Bank Limited

MCB Bank Limited Meezan Bank Limited

Standard Chartered Bank (Pakistan) Limited The Bank of Punjab

United Bank Limited

Soneri Bank Limited

Addresses Registered/Head Office

Plot No. 44-C, Block-6, P.E.C.H.S., Main Razi Road, Karachi. UAN: (+92-21) 111-MFL (635)-111 Phone: (+92-21) 34305810

Email: info@macpacfilms.com

Factory Office

Plot No. EZ/1/P-10 Eastern Industrial Zone, Port Qasim Area, Karachi UAN: (+92-21) 111-MFL (635)-111 Phone: (+92-21) 34305810

Email: info@macpacfilms.com

North Sales Office

Room #21, 2nd Floor, Lahore Center, Gulberg, Lahore-54660, Pakistan Phone: (+92-42) 35782616

Email: sales.north@macpacfilms.com

Website https://macpacfilms.net/

‌DIRECTORS'REPORT

In the name of Allah, the Most Gracious, the Most Benevolent and the Most Merciful. As'saIamu-AIaikum

Dear Members,

The Board of Directors of your Company is pleased to present the unaudited condensed interim financial statements of the Company for the half year ended December 31, 2025.

Economic Overview

Pakistan's economy continued to demonstrate relative macroeconomic stability during the first half of FY 2025-2026. The State Bank of Pakistan maintained a cautious monetary stance aimed at sustaining price stability while supporting industrial recovery. The policy rate is reduced to 10.5%. Inflation remained within a manageable range during the period between 5.8% to 6.1%, although energy and input costs continued to exert pressure on the manufacturing sector.

Foreign exchange reserves remained broadly stable, supporting exchange rate stability and strengthening business confidence. However, industrial demand remained sensitive to evolving domestic consumption patterns and regional economic developments. Energy tariffs and uti1ity pricing

«ontinucd to pose structural challenges for manufacturers.

Despite these headwinds, improving business sentiment and gradual normalization of supply chains contributed to better operating conditions in the second quarter of the financial year.

Financial Performance

During the half year ended December 31, 2025, your Company recorded net revenue of PKR 3,067 million, reflecting an increase of 4.6% compared to PKR 2,931 million in the corresponding period last year.

Gross profit for the period stood at PKR 433 million, representing a gross margin of 14.1%, compared to 11.2% in the same period last year. The improvement in gross margin reflects enhanced production volumes in the second quarter, better absorption of fixed costs and enhanced operational efficiencies.

Operating profit increased to PKR 94 million, demonstrating a strong recovery compared to the same period last year. This improvement is primarily attributable to:

Higher production levels in Q2 following completion of maintenance activities in the previous

quarter
WEB: FAX: UAN:
https://www.macpacfilms.com

+92-21-34305810
+92-21-111-635-111
REGISTERED OFFICE: 44-C, P.E.C.H.S, Block 6, Main Razi Road, Karachi-Pakistan. REGIONAL OFFICE: Room #21, 2nd Floor, Lahore Center Gulberg Lahore.
- Improved plant efficiencies and machine uptime
- Better cost control and overhead rationalization
- Continued focus on high-yield product segments
  The Company reported a net profit after tax of PKR S.3 million, compared to PKR 11.87 million in the corresponding period last year. Earnings per share (EPS) for the ha|f year stood at PKR 0.09, compared to PKR 0.20 in SPLY.
  Although bottom-line profitability remains modest due to financial charges and prevailing cost pressures, the operational turnaround witnessed clear stabilization and recovery trajectory supported by improved production planning and operational discipline.
  Operational Highlights
  The first quarter of the financial year incJuded scheduled maintenance activities, which temporarily impacted production volumes. However, these strategic maintenance interventions have yielded positive results in the second quarter through:
  Higher and more stable production output
- Reduced unplanned downtime
- Improved energy utilization efficiency
- Enhanced product quality consistency

Management's continued focus on working capital optimization, procurement efficiencies, and disciplined expense management has further supported the Company's apcrational recovery during the second quarter.

Sustainability and Operational Excellence

The Company remains committed to sustainable growth through responsible and efficient operations. During 2025, key initiatives were undertaI‹en to enhance resource efficiency, manage utility costs, and reduce the carbon footprint. In line with our ongoing operational excellence agenda, the Company is expJoring cleaner and more efficient energy solutions to improve our energy mix and minimize environmental impact.

Being a socially and ethically responsible corporation, Macpac Films Limited continues to educate on sustainable solutions. The Company aJso maintains strong Health, Safety, and Environmental (HSE) standards, with regular training sessions ensuring a safe workplace for all. These initiatives reflect our

dedication to continuous improvement, long-term operational resilience, and sustainable practices.

business

WEB: /vvvw.macpacfiIms.com FAX: -r92-21-34305810 UAN: -r92-Z1-111-635-111

REGISTERED OFFICE: 44C, P.E.C.H..S, Block 6, Main Razi Road, Karachi-Pakistan.

REGIONAL OFFICE: Room #21, 2nd Floor, Laho.re Center Gulberg Lahore.

FILMSItd

Future Outlool‹

MacpacFilmsLmitedcontinuesto exccuteitsenhancementstrategywithanemphasisonoperational efficiency, product Innovation, and cost control. Management remains focused on expanding the value-added product portfolio and improving the energy mix through renewable initiatives.

Th0 Company is well positioned to navigate ongoing challc nges such as inflationary pressures, curren cy *luctuations, and rising energy costs. Through its strategic fnitfat!ves, M a cpac Films Limited aims to maintain staoi!ity, capture emerging opportunities, 2 nd continue delivering val ue to its stakeholders.

Acknowledgement

The Board of D!r0ctors expresses its sincere gratitude to our shareholders for their contin ucd trust and confidence in the Company.

Wo extend our heartfelt appreciation to our employees whose dedication, resilience, and hard worl‹ enabled the Company to achieve operational recovery d uring the period.

WO also than k our val ued custom ers, suppliers, financial institutions, and all stakehof dcrs for their contin ucd support and cooperati0n.

On behalf of the Board

EHT£SH MAQBOOL ELAHI

UL HASSAN

CHIEF EXECUTIVE OFFICER

DIRECTOR

Ifarachi

February 25, 2026

WEB: FAX: UAN:

https://www.macpacfflms.com

+92-21-34305810

+92-21-111-635-111

REGISTERED OFFICE: 44-C, P.E.C.H.S, Block 6, Main Razi Road, Karachi-Pakistan. REGIONAL OFFICE: Room #g1, 2nd Floor, Lahore Center Gufberg Lahore.

‌Chartered Accountants‌

Sheikh Sultan Trust Building No. 2, Beaumont Road Karachi 75530 Pakistan

+92 (21) 37131900, Fax +92 (21) 35685095

INDEPENDENT AUDITOR'S REVIEW REPORT

To the members of MACPAC Films Limited Report on review of Interim Financial Statements Introduction

We have reviewed the accompanying condensed interim statement of financial position of MACPAC Films Limited ("the Company") as at 31 December 2025 and the related condensed interim statement of profit or loss, condensed interim statement of comprehensive income, condensed interim statement of changes in equity and condensed interim statement of cash flows and notes to the condensed interim financial statements for the six month period then ended (herein-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.

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 re/iew 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 belieie that the accompanying interim financial statements is not prepared, in all material respects, in accordance with the accounting and reporting standards as applicable in Pakistan for interim financial reporting.

Other matter

Pursuant to the requirement of Section 237(1) of Companies Act 2017, only cumulative figure for the six month period ended, presented in the second quarter accounts are subject to a limited scope review by statutory auditors of the Company. Accordingly, the figures of the condensed interim statement of profit and loss and condensed interim statement of comprehensive income for the quarter ended 31 Dec 2025 and 31 Dec 2024 have not been reviewed by us.

‌The engagement partner on the review resulting in this independent auditor's review report is Moneeza Usman Butt.

Date: 27 February 2026 Karachi

UDIN: AR202510102U rlGh5Fk3

KPMG Taseer Hadi & Co. Chartered Accountants

‌KPMG Taseer Hadi & Co.‌

Chartered Accountants

I/IACPAC Films Limited

Condensed Interim Financial

Statements

For the six months period ended 31 December 2025

Condensed interim Statement of Financial Position

As at December 3l, 2025

/Vote

December 31,

2025

(Un-audited)

---- (Rupees)

June 30,

2025

(Audited)

	ASSETS NON-CURRENT ASSETS
	Property, plant and equipment	6	2,435,913,596	2.358,472,441
	Intangible assets		11,418,060	13,501,671
	Long-tern deposits		31,236,040	2s,516.4g0
			2,478,567,696	2,401,490.602
	CURRENT ASSEYS
	inventories		1,055,518,845	1,235,718,099
	Stores and spares		138,284,088	120,313,4g3
	Trade receivables - net	7	1,296,371,264	1,025,180,269
	Loans and advances		54,234,899	35,718,329
	Short-tern deposits, prapayments and other receivables		61,446,489	152,820,721
	Taxation - net		161,164,545	184,120,839
	Short term Investment		48,S24,062	48,524,062
	Cash and bank balances		t21,061,840	65,091,237
			2,946,306,032	2,867,487,069
	TOTAL ASSETS		5,424 873,728	s,2ss,g77.671
	EOUITY AND LIABILITIES
	SHARE CAPITAL AND RESERVES
	AUTHORtSED SHARE CAPfTAL
	70,000,000 (June 30. 2025! 70,000,000) ordinary shares of Rs.10/- each		700.000,000	700, 000,000
	tssued, subscribed and paid-up capitaJ		593,011,500	593,011,500
	Share premium		173,566,620	173,566,620
	Revenue reserves		630,723,161	654,990,615
	Surplus on revaluation of property, plant and equipment		823,040,000	823,040,000
"	NON-CURRENT LIABILITIES		2,220,341,281	2,244,608,735
	Diminishing musharika arrangement
	Lease liabilities Deferred tax liability
	Employee benefits obligations
	CURRENT LIABILITIES
"	Trade and other payables
	Short-term borrowings - secured Unclaimed dividend	10
	Current portion of liabilities

	TOTAL LIABILITIES		3,204,532,447	3,024,368,936
	CONTINGENCIES AND COMMITMENTS	1'2
	TOTAL EQUIV AND LIABILITIES		5,424,873,728	5,268,977,671

Chief Fina lab fficer

187,204,357

32,423,508

111,109,528

199,796,617

530,534,010

1,606,150,269

760,138,917

1,640,938

306,068,313

2,673,998,437

204,769.570

36,878,962

111,109,528

183,756,913

536,514,973

1,728,699,958

472,647,025

1,569,189

284,937,791 2,487,853,963

The annexed notes from 1 to 20 form an integral part of these condensed interim financial statements.

Condensed Interim Statement of Profit or Loss (Un-audited)

for the six months and three months period ended December 31, 202J

Six months ended Three months ended

December 31,	December 31,	December 31,	December 31,
2025	2024	2025	2024

Note --- ----------------------- •- (Rupees) -------•---•--------------------------

	Revenue from contracts with customers - net	13	S,067,096,802	2,931,04s,wg	1,s94,s76,838	1,45S,975,922
	Cost of sales		(2,634,349,130)	(2,602.B27,673)	(1,438,051,714)	(1,296,662,329)
	Gross profit		432,747,672	32B,217,776	256,625,124	159,313,593
	Administrative expenses		(227,247,626)	(175,588,821)	(126, as,gos)	(97,207,613)
	Marketing and distribution expenses		(97,938,409)	(93,031,B12)	(48,571,673)	(47,147,805)
"	Other operating expenses		(13,662,393)	(1,712,572)	(9,1M,818)	5,230,846
	Operating profit		93,899,244	57,8B4,571	72,440,728	20,189,021
	Finance costs	i4	(78,781,936)	(51,374,7B6)	(38,915,394)	(24.833,183)
	Other income	f5	20,604,524	12,793,B39	12,381,244	6,44B,839
	Profit before income tax and levy		43,721,832	19,303,624	45,906,578	1,804,677
	Taxation - levy		(29,535,116)	(129,21Y)	(15,406,265)	(43.165)
	Profit before tax		14,186,715	19,174,407	30,500,313	1,Y61,512
	Income tax		(8,803,594)	(7,303,799)	(5,777,196)	2,654,730
	Profit after taxation		5,383,122	11,870,608	24,723,117	4.416,242"
	EarningS per share - basic and diluted		0.09	0.20		0.07

The annexed notes from 1 to 20 form an integral pan of these condensed interim financial statements.

Condensed Interim Statement of Comprehensive Income {Un-audited)

For the six months and three months period ended December 31, 202J

Six months ended Three months ended

December 31, 2025 ---- ------- ------		December 31, December 31, December 31, 2024 2025 2024 ------ ----- ------ (Rupees) ---------------------------------------
Profit for the period	5,383,122		11,870,608	24,723,117	4,416,242
Other comprehensive income, net of tax
Total comprehensive income for the period	5,383,122		11,870,608	24,723,117	4,416,242

The annexed notes from 1 to 20 form an integral part of these condensed interim financial statements.

Chief Finan ial fficer

MACPAC Films Limited

Conaensed Interim Statement of Changes in Equity (Un-audited)

For the six months pa›fiod e/tded December 31, 2025

Share Capital Capitnl Rasarves Revenue Reserves

Issued, Share Revaluation Un-appropriated ToQ) reserves Total

subscribed premium Surplus grofits and paid-up

-			--	- -		-	(Rupaes)		--	-- -		-
	Balance as at June 30, 2024 - {Audited)	593,011,500			173,566,620	623,040,OOD		647,353,151		1,84S,959,771	2.236,971,271
	Total comprehenaive income for the period
	Profit for the period							11,d70,608		11,670,605	11,670 60g
	Othgr comprehenslva incoma, net of tax
	Total comprehenslve income for the period							11,570,608		11,570,60B	11,870,806
	Transacfion wlth owners:
	Final Cash Dividend for the year ended 30 June, 2024 at the rate of Rs. 1.25 per thare

	Balance as at December 31, 20ZA - {Un-aud1ted)	593,011,500			173,586,620	823,040,000		5,097,322		1,581,703,942	2,174,715,442
	Belanca as at June 30, 2025 - (Audited)	593,011,500			173,586,820	623,040,000		654,990,615		1,B51,S97,205	2,244,608,735
"	P/ofit for the period
	Other comprehensive income, net of tax
	Total compre\|tenSive Inc0me for tñe poriod							5,363,122			5,383,122
	Transaction with owners:
	Final Oash D1vidend for eve year ended
30 June, 2025 at the mte of Rs. 0.TO per share

capital

p¿ ze,a3a)

p4,izea3a)

ya1ze‹3 )

5.383.122

5,383,122

(Z9,650,575)

(29,650,575)

(29,650,57S)

Balance aa at December 31, 2025 (Un-audited) 593,011,500 173 566,620 623,0é0.000_ 630,723,161 627,32@781 2,220,341,281

The annexed notes from 1 to 20 farm an integral part of these condensed inQñm financial statemena.

Condensed Interim Statement of Cashflows (Un-audited)

For the six months period ended December 31, 2025

Six months ended December 31, December 31,

20Z5 2024

--------- (Rupees) -------

	CASH FLOWS GENERATED FROM OPERATIONS
	Profit before income tax and levy	43,721,832	19,303,624
	Adjustments for non-cash and other items:
	Depreciation	83,302,199	71,354,806
	Amonisation	2,083,612	2,083,615
	Unrealised exchange gain	1,280,014	(1,699,540)
	Gain on sale of fixed asset	(3,B03,073)	(2,736,553)
	Provision for gratuity	30,785,112	17,416,044
	Finance costs	70,781,936	51,374,786
	Changes in working capital	184,429,800	137,793,158
	(Increase) / decrease in current assets:
	Inventories	180,199,254	(88,531,708)
	Stores and Spares	(17,970,595)	(19,574,044)
	Trade receivables - net	(271,190,976)	(17,394,007)
	Loans and advances	(28,516,570)	(5,703,301)
	Short term deposits, prepayments and other receivables	89,954,682	44,244,243
	increase / (decrease} in current liability:	(47,524,2g5)	(B6,958,817)
	Trade and other payables	(114,536,295)	77,097,674
	Cashflows generated from operations	66,0g1,132	147,235,639
	Taxes paid	(15,382,41 G)	(67,447,880)
	Gratuity paid	(14,745,408)	(10,418,878)
	Finance costs paid	(6,658,215)	(48,446,401)
		(36,7g6,039)	(126,313,159)
	Net cash generated from operating activities	29,305,093	20,922,4B0
	CASH FLOWS FROM INVESTING ACTIVITIES
	Fixed capital expenditures	(167,076,436)	(139,969,600)
	Proceeds from disposal of fixed assets	S 0,136,154	3,352,540
	Net cash used in investing activities	(156,940,282)	(136,617,060)
	CASH FLOWS FROM FINANCING ACTIVITIES
	Dividends paid	(24,533,254)	(73,842,306)
	Repayment of diminishing musharika - net	(28,774,747)	(22,074,293)
	Payment against of lease liabilities - net	(9,755,625)	(12,965,235)
"	Proceeds from borrowings - net	246,669,418	125,5t 1,661
	Net cash generated from financing activities	183,605,792	16,62g,e27
	Net increase / (decrease) in cash and cash equivalents	55,970,603	(99,064,753)
	Cash and cash equivalents at the beginning of the period	65,091,237	146,593,352
	Cash and cash equivalents at the end of the period	121,061,840	47,528,599

ief Executive

Chief Finan ia fficer

The annexed notes from 1 to 20 form an integral part of these condensed ihterim financial statements.

^ " Director

‌Notes to the Condensed Interim Financial Statements (Un-audited)

For the six months period ended December 31, 2025

1 STATUS AND NATURE OF BUSINESS
Macpac Films Limited (the Company) was incorporated on August 19, 1993, in Pakistan as a limited liability company under the repealed Companies Ordinance, 1984 [now Companies act, 2017 (the Act)] and is listed on the Pakistan Stock Exchange Limited on February 24, 2004. The principal activity of the Company is to manufacture, produce, buy and sell p|astic packaging films.
2 GEOGRAPHICAL LOCATION AND ADDRESS OF BUSINESS UNIT/PLANT
Location and address
44-C, P.E.C.H.S, Block 6, Main Razi Road, Karachi Plot # Ez/1/P-10 East Industria! Zone, Karachi Room # 21, Second floor, Gulberg Centre, Lahore
1. BASIS OF PREPARATION
  1. Basis of measurement
Purpose
Registered Office & Head Office Production Plant
North Sales Office
These condensed interim financial statements have been prepared under the historical cost convention except as stated otherwise.
The comparative statement of financial position presented in these condensed interim financial statements as at December 31, 2025 has been extracted from the audited financial statements of the Company for the year ended June 30, 2025,
_ whereas the comparative condensed interim statement of profit o^ loss, condensed interim statement of comprehensive income, condensed interim statement of changes in equity and condensed interim statement of cash flows have been extracted from the unaudited condensed interim financial statements of the Company for the six months ended December 31, 2024.
These condensed interim financial statements of the Company do not Include all of the information required for annual financial statements and should be read in conjunction with the annual audited financial statements of the Company as at and for the year ended June 30, 2025. However, selected explanatory notes are included to explain events and transactions that are significant to an understanding of the changes in the Company's financial position and performance since the last annual financial statements.
3.Z Statement of compliance
These condensed interim financial statements of the Company for the six months ended December 31, 2025 has been
prepared in accordance with the accounting and reporting standards as applicable in Pakistan for interim financial reporting.
The accounting and reporting standards as applicable in Pakistan for Interim financial reporting comprise of:
International Accounting Standards (SAS) 34, Interim Financial Reporting, issued by the International Accounting Standards Board (IASB) as notified under the Companies Act, 2017;
Islamic Financial Accounting Standards (IFAS) issued by the Institute of Chartered Accountants of Pakistan as notified
_ under the Companies Act, 2017; and
- Provisions of, directives and notifications issued under the Companies Act, 2017.
Where the provisions of, directives and notifications issued under the Companies Act, 2017 dif*e^ with the requirements of IAS 34 or IFAS, the provisions of, directives and notifications issued under the Companies Act, 2017 have been followed.
1. Functional and presentation currency
  These condensed interim financial statements are presented in Pakistani rupees which is also the Company's functional currency and all financial information presented has been rounded off to the nearest rupee, except otherwise stated.
2. These condensed interim financial statements are unaudited submitted to the shareholders as required vide section 237 of the Companies Act, 2017.
The material accounting policies and the methods of computation adopted in the preparation of these condensed interim financial statements are same as those applied in the preparation of the audited financial statements for the year ended June 30, 2025.
1. Change in accounting standards, interpretations and amendments to published approved accounting and
reporting standards
a) Standards, interpretations of and amendments to the accounting and reporting standards that cre effective in the 'current period:
There are certain amendments to the approved accounting standards that became effective for accounting periods beginning on or after 1 January 2025. However, these do not have any significant impact on the Company's financial statements and therefore have not been stated in these condensed interim financial statements.
The following new standards and amendments are effective for the period beginning 1 January 2025, however they are not relevant to the entity's operations:
_
- Lack of Exchange ability - Amendments to IAS 21 The Effects of Changes in Foreign Exchange Rates
Effective from accounting period beginning on or after
January 01, 2025
b) Standards, Interpretations and Amendments to published approved accounting standards that are not yet effective
The following International Financial Reporting Standards (IFRS Standards) as notified under the Companies Act, 2017 and the amendments and interpretations thereto will be effective for accounting periods beginning on or after January 01, 2025
Standards, interpretations or amendments
_ - Sale or Contribution of Assets beMeen an investor and its Associate or Joint Venture (Amendments to IFRS 10 and IAS 28)
Amendments to the Classification and Measurement of Financial Instruments Annual Improvements to IFRS Accounting Standards
IFRS 1 First-time Adoption of International Financial Reporting Standards;
Effective date (period beginning on or after)
Not yet finalised
1 January 2026
1 January 2026
IFRS 7 Financial Instruments: Disclosures and it's accompanying Guidance on imp1ementing IFRS 7; IFRS 9 Financlal Instruments;
IFRS 10 Consolidated Financial Statements; and
IAS 7 Statement of Cash flows

The amendments to IFRS 9 address:

- Conflict between IFRS 9 and IFRS 15 Revenue from Contracts with Customers over the initial measurement of trade receivables: and

How a lessee accounts for the derecognition of a lease liability under paragraph 23 of IFRS 9.

The above standards, interpretations and amendments are not likely to have a significant impact on the Company's condensed interim financial statements.

5 USE OF JUDGEMENTS AND ESTIMATES

The preparation of these condensed interim financial statements reouires management to make estimates, assumptions and use judgments that affect the application of policies and reported amounts of assets, liabilities, income and expenses, Estimates, assumptions and judgments are continually evaluated and are based on historical experience and other factors, including reasonable expectations of future events. Revisions to accounting estimates are recognised prospectively commencing from the period of revision. Judgments and estimates made by the management in the preparation of these oondensed interim financial statements are the same as those that were applied to annual audited financial statements as at and for the year ended June 30, 2025.

2025

(Un-audited)

2025

(Audited)

Note ---- ---- -- (Rupees) -

		Operating fixed assets	6.1	2,262,492,825	2,283,415,030
		Right-of-use assets	6.2	30,690,216	36,684,686
		Capital work-in-progress (CWIP)	6.3	142,730,555	38,372,725
				2,435,913,596	2,358,472,441
	6.1	Operating fixed assets
-		Opening book value		2,283,415,030	2,073,196,043
		Transfers during period / year		62,718,605	392,250,266
		Disposals / transfers during the period / year at book value		(6,333,081)	(40,746,086)
		Depreciation during the period / year		(77,307,729)	(141,285,193)
				2,262,492,825	2,283,415,030
	6.1.1	Additions / transfers from CWIP to operating fixed assets
		Buildings on leasehold land		5,405,376	7,457,571
		Leasehold Improvement			7,756,744
		Plant and machinery		28,231,883	265,909,296
		Furniture and fixtures			5,325,347
		Electrical installations			9,554,204
		Refrigeration and air conditioning		78,000	1,757,608
		Generators		25,914,263	37,448,352
		Office equipment		1,209,802	1,729,910
_		Computers		1,739,697	3,977,990
		Motor vehicles		139,584	51,333,244
				62,718,605	392,250,266
	6.2	Right-of-use assets
		As at 1 July		36,684,686	49,217,902
		Depreciation during the period / year		(5,994,470)	(12,533,216)
				30,690,216	36,684,686
	6.3	Capital work-in-progress
		Opening balance		38,372,725	112,222,554
		Additions during the period / year	6.3.1	167,076,435	318,400,437
		Transfers to operating fixed assets during the period / year		(62,718,605)	(392,250,266)
		Closing balance		142,730,555	38,372,725
-	6.3.1	Additions during the period / year
		Buildings on leasehold land		6,684,258	6,040,829
		Leasehold Improvement			953,574
		Plant and machinery		30,110,535	240,126,220
		Furniture and fixtures			759,123
		Electrical installations		80,101,005	4,964,479
		Refrigeration and air conditioning		78,000
		Generators and solar		41,031,722	8,515,069
		Office equipment		6,651,668	1,729,910
"		Computers		1,838,580	3,977,990

Motorvehices

580,667

167,076,435

51,333,243

318,400,437

7.1 This includes an amount of Rs. 386.5 million (June 30, 2025: Rs.349.58 million) due from related parttes.

December 31,

2025

(Un-audited)

June 30,

2025

(Audited)

8 SHORT TERM INVESTMENT

Note

- (Rupees) -

Investment in Term Deposit Receipt - at amortised cost 8.1 48,524,062 48,524,062
	8.1	This comprise of shariah compliant investment (TDRs) at rate ranging from 6.5% to 8.5%. These TDRs are submitted
		as bank guarantee to SSGC being a security deposit.
		CASH AND BANK BALANCES
		As at 31st December 2025 the Shariah compliant bank deposits/bank balances are Rs. 101.37 million (June 30,
		2025: Rs. 62.69 million)
_	9.1	Relationship with shariah compliant banks
		Bank Name Relat.ionship
		Dubai Islamic Bank Agent, partner and account holder
		Al Baraka Bank (Pakistan) Limited Agent, partner and account holder
		Bank AL I-labib Limited Account holder
		Meezan Bank Limited Partner and account holder
"		Bank Alfalah Limited Account holder
		Faysal Bank Limited Account holder
		Habib Metropolitan Bank Limited Account holder
		The Bank of Punjab Agent and account holder
		Standard Chartered Bank (Pakistan) Limited Agent and account holder
		First Habib Modarba Partner
	10	SHORT-TERM BORROWINGS - SECURED
		lstisna' financing comprises Rs. 500 miilion from Dubai Islamic Bank (June 3D, 2D25: Rs. 250.18 million) and RS.
		245.8 million from AI Barakah (June 30, 2025. Rs. 208.1 million). December 31, June 30, 2025 2025 (Un-audited) (Audited)
	11	PROVISION FOR GAS INFRASTRUCTURE DEVELOPMENT CESS (Rupees) -
		Gas Infrastructure Development Cess 232,668,440 232,668,440
-		Less: Current portion shown under current liabilities (232,668,440) (232,668,440)
	12	CONTINGENCIES AND COMMITMENTS
	12.1	Contingencies
		The status of contingencies as reported in the annual financial statements for the year ended June 30, 2025
- remained unchanged during the current period.
			December 31,		June 30,
			2025		2025
			(Un-audited)		(Audited)
Note			- (Rupees)
12.2	Commitments
	Outstanding bank guarantees		57,774,062	50;774,062
	Outstanding letters of credit	12.2.1	842,863,777	894,560,890

The aforesaid letter of credit is secured against lien over import documents.

Gross Sa|es
- Local
- Exports

Less: Sales tax

13.1 API sales revenue earned by the Company is Shariah compliant.

FINANCE COSTS
2025 2024
(Un-audited) (Un-audited)
---------- (Rupees) ---------
3,636,683,314 3,466,221,668
7,053,562 12,921,697
3,643,736,876 3,479,143,365
(576,640,074) (548,097,916)
3,067,096,802 2,931,045,449
This includes m ark-up on shariah compliant financing arrangements of long term diminishing musnarika and short term istisna arrangement of Rs. 18.20 million (2024: Rs. 3.828 million) and Rs. 40.822 million (2024: Rs. 31.799 million) respectively.
OTHER INCOME

This includes Profit earned from shariah compliant bank deposits/bank balances amounting to RS. 17,953 (June 30, 2025: Rs. 1,427,238.42)

- 16

TRANSACTIONS AND BALANCES WITH RELATED PARTIES

The related parties of the Company comprise of associated companies, major shareholders, directors, key management personnel and customers. All the transactions witn related parties are entered into at agreed terms duly approved by Board of Directors of one Company. The transactions with relaed parties other than those disclosed elsewhere in these condensed interim financial statements are as follows:

Name of the related

-- party

Basis of

relationship

Six months ended Transactions during the December 31, December 31,

period 2025 2024

------- (Un-audited) ------

"	TOYO Packaging	Common Directorship	Sales	36 89 46	8 907 770
	(Private) Limited		Receipt	117,165,500	134,887,305
	Hilal Faods (Private)	Common Directorship	Sales	0 559 502	21,922.641
	Limited		Receipt	17,946,922_	16,487,615
	ShaTimar Food Products	Common Directorship	Sales	2 5 957	9,814,081_
	(Private) Limited		Receipt	18,696,904	5,846,235
	Mac Business Solution	Comm on Directorship	Sales	8 57 45	24 098 688
	(Private) Lim ited		Receipt	63,186,050	115,694, 610
	TGA Sustainability	Common Directorship	Sales	1 957 655	65,599,388
	(Private) Limped		Receipt	91,380,255	36,154,072
-	Board of Oirectors	Directors and Key	Salary and other benefits	5 2 42	6 833,750
	(executive and	management personnel
	non-executive) and Key Management Personnel
	Name of the related party	Basis of relationship	Nature of outstanding balances	Decem ber 31, 2025	June 30, 2025
				(Un-audited)	(Audited)

--- - (Rupees) -----------

TOYO Packaging (Private) Limited

Common Directorship

Receivable

------- (Rupees) ----------33 15 752 * 13,327,006

Hilal Foods (Private) Limited	Common Directors hip	Receivable		4 350 54	11,738,374
Shalim ar Food Produ cts	Common Directorship	Receivable	_	5 6 4,519	16 55,466
(Private) Limited Mac Business Solution	Comm on Directorship	Receivable		8 11 4	72.8^ 7,650_
(Private) Lim ited
TGA Sustainability	Common Directorship	Receivable		55 11 783	35 541 3 3
(Private) Limited

17 FINANCIAL INSTRUMENTS - FAIR VALUES AND RISK MANAGEMENT

The Company's financial risk objectives an0 policies are consistent with those disclosed in the annual audited financial statements as at and for the year ended June 30, 2025.

The carrying values of all finansial assets and other financial liabilities reflecteo in these condensed interim finans!aI statements are estimated to approximate their fair values, as these are either short-team in nature or repriced accordingly.

Fair value is the price that would be received to sell an asset or paid to transfer a liability in an oroerly transaction in the principal (or most advantageous) market at the measurement date under current market conditions (i.e. an exit price) regard1ess of whether that price is directly observable or estimated using another valuation technique.

The Company while assessing fair values uses valuation techniques that are appropriate in the circumstances using relevant observable data as far as possible and minimizing the use of unobservable inputs. Fair val'Jes are categorized into following three levels based on the input used in tile valuation techniques;

Level 1 Quoted prices in active markets for identical assets or |iabilities that can be assessed at measurement.
Level 2 Inputs other than quoted prices included within level 1 that are observable for the asset or liability, either directly (that is, as prices) or indirectly (that is, derived from prices).
Level 3 Inputs are unobservable inputs for the asset or liaoility inputs for the asset or liability that are not based on observable ma ket data (that is, unobservable inputs).

If inputs used to measure the fair values of an asset or a liability fall into different levels then the fair value measurement is categorized in its entirety in the same level of the fair value hTera‹cfiy as the lowest level input that is significant to the entire measurement.

Transfers, if any, between levels of the fair value hierarchy is recognized at the end of the reporting period during which the transfer has occurred. The Company's policy for determining when transfers between levels in the hierarchy have occurred includes monitoring of changes in market and trading activity and changes in inputs used in valuation techniques.

As at period end the fair value of all the financial assets and liabiliñes approximates to their carrying values. The Property, Plant and Equipment are stated at cost less accumulated depreciation and accum ulated impairment losses, if any, except for Leasehold 1an0, whlch is Stated at revalued amount. The Company does nat expect that unobservable inputs may have significant effect on fair values as there are no assets and tiablitizies which are categorize d under level 3 category.

CORRES PONDING FIGURES
18.1 Corresponding fig ures have been rearranged and reclassified, wherever considered necessary, for the purpose o+ comparison, the effects of which are not m aterial.
GENERAL

19.1 Segment Reporting

These condensed interim financia! statements have been prepared on the basis of single reportable segment. Geographically, all the

- sales were carried out from Pakistan. API non-current assets of the Company as at December 31, 2025 are located in Pakistan.

20 DATE OF AUTHORISATION

These condensed interim financial statements were authorised and approved for issue on '* " by the Board of Directors of the Company.

Earlier from Macpac Films

All Macpac Films news releases