Transmission of Quarterly Report for the Period Ended

Innovating Agriculture

Half Yearly Report March 2025

mehransugar.com

Company Information

Mr. Mohammed Kasim Hasham Chairman Mr. Mohammed Hussain Hasham

Mr. Iftikhar Soomro Independent Director

Mr. Hasan Aziz Bilgrami Independent Director Mr. Khurram Kasim

Mr. Ahmed Ebrahim Hasham Chief Executive Officer Mrs. Anushey A. Hasham

Mr. Ahmed Ebrahim Hasham Chief Executive Officer Mr. Muhammad Hanif Aziz Chief Financial Officer Mr. Ubaid-ur-Rehman Technical Director

Mr. Ali Hassan GM Finance & Company Secretary

Mr. Hasan Aziz Bilgrami Chairman

Mr. Khurram Kasim Member

Mrs. Anushey A. Hasham Member

Mr. Iftikhar Soomro Chairman Mr. Ahmed Ebrahim Hasham Member Mr. Khurram Kasim Member

Mr. Ahmed Ebrahim Hasham Chairman Mr. Muhammad Hanif Aziz

Mr. Ubaid-ur-Rehman Mr. Ali Hassan

Grant Thornton Anjum Rahman Chartered Accountants

Hafeez Pirzada Law Associates KMS Law Associates

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

Main Shahrah-e-Faisal, Karachi Tel: (92-21) 111-111-500

Bank Al Habib Limited Meezan Bank Limited MCB Bank Limited

Bank Islami Pakistan Limited Bank Alfalah Limited

Habib Metropolitan Bank Ltd Bank of Punjab Limited Faysal Bank Limited

Executive Tower, Dolmen City,

14th Floor, Block-4, Marine Drive, Clifton, Karachi-75600

Tel: (92 21) 35297814-17

Fax: (92 21) 35297818, 35297827

msm@mehransugar.com https://www.mehransugar.com

Tando Adam Road, Distt. Tando Allahyar. Tel: (022) 3414501, 3414502, 3414503

Fax: (022) 3414504

Mehran Sugar Mills Ltd. 1

Directors' Report

On behalf of the Board of Directors, I am pleased to present the financial and operational performance of the company for the half year ended March 31, 2025. The company has demonstrated resilience with improved turnover and cost efficiency. Our diversified balance sheet has allowed the company to maintain profitability despite a lower GP number for the half year.

Key Observations:

• Lower crushing volumes were driven by reduced sugarcane availability despite increased cultivation area, attributed to declining per-acre yields due to the severe heatwave which was a result of climate change.
• Sucrose recovery dropped (10.22% vs. 10.79% last year) due to the previously adverse climatic conditions, a trend observed industry-wide, and ultimately increasing production costs.
• Molasses prices declined by 18% due to weak export demand and competitive ethanol prices globally.
• Bagasse Sales Improvement - Higher realizations partially offset lower volumes.
• Other Income improvement - increased to Rs. 735 M vs. Rs. 613 M due to a prudent investment strategy.
• Unicol Limited Performance - Profit contribution improved to Rs. 15.84 M (vs. Rs. 0.47 M). We are confident that Unicol has stabilized its financial and operational structure which took time to absorb after the acquisition of a sugar asset and unprecedented hike in borrowing rates.

  Financial Performance (Rupees in Thousands, except EPS)

  Financial Performance	March 2025	March 2024	Change
  Turnover (Rs. '000)	7,983,993	3,915,478	+104%
  Gross Profit (Rs. '000)	717,309	942,241	(23.9%)
  Gross Profit Margin (%)	11%	27%	(16%)
  Finance Cost (Rs. '000)	244,882	535,498	(54%)
  Profit Before Tax (PBT) (Rs. '000)	842,393	782,083	+7.7%
  PBT Margin (%)	13%	22%	(9%)
  Net Profit After Tax (NPAT) (Rs. '000)	745,404	709,800	+5%
  NPAT Margin (%)	11%	20%	(9%)
  Earnings Per Share (EPS) - Rs.	9.95	9.47	+5%

  Key Financial Insights:

• Turnover Growth (+104%) - Driven by higher sugar sales volume, including carryover stock, though margins were compressed due to lower pricing. Lower pricing was there since sugar prices crashed in October due to the delayed export decision.
• Gross Margin Contraction (11% vs. 27%) - Impacted by lower sugar prices, increased sugarcane prices, reduced sucrose recovery and weak molasses realization.
• Reduced Finance Costs (-54%) - Due to lower seasonal borrowing but major reason being the declining KIBOR rates and improved working capital management.
• Stable Bottom Line (NPAT +9%) - Supported by improvement in sugar sales volume, cost rationalization, better bagasse pricing, and lower interest expenses.

  Directors' Report

  Industry & Market Outlook

• Sugarcane Pricing & Supply Challenges: Despite a 5-10% higher cultivation area, yields dropped by 15-20%, pushing cane prices to Rs. 450-480 per 40kg which were much higher than earlier anticipated.
• Sugar Production Costs Rising: Due to lower sucrose recovery, higher taxes, and lower fixed cost absorption challenges this unexpected scenario has come about.
• Deregulation Impact: No government-mandated support price; thus a market-driven pricing mechanism was initiated which worked really well. Farmers were paid competitive pricing and paid aggressively as mills had to compete to procure cane.

  Future Outlook & Strategic Focus

• Cost Optimization - Leveraging lower interest rates to reduce financing costs further.
• Supply Chain & Yield Improvement - Investing in high-quality cane seeds and agricultural support to enhance yields.
• By-Product Pricing Recovery - Anticipating better ethanol prices in the upcoming quarters.
• Market Equilibrium - Advocating for deregulated sugar pricing to ensure sustainable profitability.

Unicol Limited Performance

It's heartening to note that Unicol Limited is back in positive zone during the current period after a difficult last year.

Looking ahead, we expect both ethanol and sugar operation to operate smoothly in the latter half of the year. The Company has been able to secure molasses and sugarcane supplies at reasonable prices. We expect improved selling prices for both ethanol and sugar in the next few months which should support the bottom line.

The gradual reduction of KIBOR rates is a huge advantage for Unicol and should help stabilize the company since it carries long term loans on its new acquisition. We are cautiously optimistic that Unicol will be able to resume its long term history of sustainable profitability thus adding value to us and working positively with our objective of a diversified balance sheet.

Future Outlook

Plantation trends indicate a rising trajectory, and we anticipate improved output during the 2025-26 season. However, continual increase in consumption and issues relating to water availability restrict major surplus. Our investments in developing sugarcane through the provision of quality cane seeds and related inputs on agricultural loaning are expected to yield positive results.

The gradual reduction in interest rates is a positive development, as it will help lower finance costs during the year, thereby reducing the cost of sugar production.

As previously mentioned, the government's favorable response on sugarcane/sugar is a step in the right direction. However, a complete de-regulation is essential for long term improvement in the sector. We are proud to state that sugar in Pakistan sells at prices below world market and thus we as an industry have become globally competitive. Even with zero tariffs prices today are 15-20 percent below imported white sugar prices.

Conclusion

After a challenging financial year 2024 the financial year 2025 seems to be progressing as per plan. Our diversified balance sheet has allowed us to post strong results from investments. We expect improved results from the sugar operations in the latter half of the year thus showing continuity of profits and are pleased to see stabilization at Unicol which we are confident is an excellent long term investment.

For and on behalf of the Board of Directors

Ahmed Ebrahim Hasham Khurram Kasim

Chief Executive Officer Director

May 24, 2025

ےہہدئافاڑب کیاےیل ےکلوکینوی، یمکجیردتبںیم(رڈرفٓاکنیب رٹنا یچارک(KIBOR ہک ںیہ دیماپ مہ ۔ںیم رظانت ےک ںوضرق یتدم لیوط پ لم رگوش یئگ یدیرخ یئن پ روط صاخ ےک ٹیش سنلیب عونتم ےرامہ ےس سج ،اگ ےھکر لاحب وک تیاور یک عفانم رادیئاپ ینپا لوکینوی ۔یگےلمتیوقتوکدصاقم

:ہمانرظنماکلبقتسم رواہفاضاسلسمںیمتپھکنکیل،ےہعقوتیکیرتہبںیمراوادیپںیمنزیس2025-26

ےسیمہارفیکںوضرقیعرزرواماسقایرایعم۔ںیہےتکسرکدودحموکراوادیپلئاسمےکیبایتسدیکیناپ ۔ںیہیتکسےدجئاتنتبثمںیششوکیکےناھڑبراوادیپیکےنگ

پینیچ/ےنگیکتموکح۔یگںوہنواعمںیمےنرکمکدیزموکتگالیراوادیپ حرشیتوہمکیکدوس یڈلمکمےیلےکیرتہبیتدملیوطیکےبعشنکیل،ںیہمدقکیاںیمتمستسردںایسیلاپتبثم پ تمیق مک 15-20% ںیم ےلباقم ےک ںویڈنم یملاع ینیچ ںیم ناتسکاپ ۔ےہ یرورض نشیلوگیر ۔ےہیترکرہاظوکتقباسمیرامہوج،ےہیہروہتخورف

:ہیماتتخا عونتمیرامہ۔ےہیہروہتفریپقباطمےکفادہاےئلےک2025دعبےکلاسیلاملکشمےک2024 ںیم لاس فصن ےلگا ےس زنشیپٓا رگوش رتہب ۔ںیہ ےید جئاتن رتہب ےن ٹیش سنلیب ماکحتساوکےلصیفےکیراکہیامرسیتدملیوطےرامہماکحتسااکلوکینویہکبج،ےہعقوتیکیرتہبدیزم ۔اگےشخب

فرطزا زرٹکیرئاڈفٓاڈروب

مشاہمیہاربادمحا رسیفٓاویٹکیزگیافیچ

ساقمرخ رٹکیرئاڈ

2025یئم24-یچارک

ٹروپر ز/ٹ رٹکی sرئ اڈ

:رظنکیاپتالاحےکٹیکرامرواتعنصیکینیچ

دوجوابےکےفاضادصیف10ےس5ںیمےبقرےکیراکتشاک: جنلیچےکیئالپسرواںیتمیقیکےنگ  40 یفےپور480-450 ںیتمیق یکےنگےسہجویکسج،یہرمک کتدصیف20 ےس 15 راوادیپ ۔ںیھتہدایزںیہکےستاعقوتوجںیئگچنہپکتمارگولک

ںیم(زسکیٹ( تالوصحم ،یمکںیمیروکیرزورکس: ہفاضاںیمتگالیراوادیپیکرگوش 

عقوتمریغ ہی ےس ہجو یک ںویراوشد ںیم ےنرک بذج وک ٹساک ڈسکف روا ہفاضا ۔یئوہادیپلاحتروص

ںیتمیق ٹیکرام یتقباسم ےس ےنوہ متخ نیعت یراکرس اک ںوتمیق یک ےنگ: رثا اک نشیلوگیر یڈ 

انگنایمردےکںولمرواںیلمںیتمیقیتقباسموکںوناسک۔ںیہربایماکوج،ںیئوہفراعتم ۔ایگاھکیدناحجراکےلباقمےئلےکےندیرخ

:یلعتمکحیرامہرواہمانرظنماکلبقتسم

یمک دیزمںیمتاجارخایتایلاممہےعیرذےکمظنیتایلامرتہب انرک وباقوکتگال ۔ںیہےتکسال

ماسقایکرایعمٰیلعایکےنگ ےیلےکےناھڑبراوادیپ یرتہبںیمراوادیپروایچیئالپس 

ھ

جیبرتہبرواداھکپروطےکضرقوک ناسکےئلےکےفاضاںیمراوادیپروا انارکفراعتم ۔انرکمہارف

۔عقوتیکںوتمیقرتہبیکلو. نھت یاںیمںویہامہسیلاوےنٓا لاحبیکںتمیقیکتاعونصمینمض 

ںیمنیعت ےکںوتمیق یک ینیچ ےیل ےک ےنانب ینیقی وک عفانم رادیئاپ نزاوت ںیم ٹیکرام ۔انرکمتخوکتلخادمیتموکح

:یگدرکراکیکڈٹیمللوکینوی ںیمتدمہدوجومدعبےکتالکشمیکلاسہتشزگڈٹیمللوکینویہکےہتابدنئٓاشوخ

ھ ۔ےہیئگٓارہاہےسناصقن

پ ںوتمیق لوقعم ینپمک ۔ےہ عقھ وت یک ےنہر رتہب ےک زنشیپٓا ینیچ روا لونیا ںیم لاس فصن ہدنئٓا تخورفیکینیچروالونیاںیمں�دنچےلگا۔ےہیکچانبینیقیوکیئالپسیکےنگرواسالوم

۔اگےلماراہسوکعفانمےسیرتہبںیمںوتمیقیکناروا

15.84رکوہرتہبںیمےلباقمےکےپورنیلم0.47ہصحاکعفانم یگدرکراکیکڈٹیمللوکینوی  مکحتسموکتالماعملنشیپٓاروایتایلامےنپاےنلوکینویہکےہنانیمطاںیمہایگوہےپورنیلم نیرتدنلبپروطصاخاگلرورضتقوھچکدعبےکےندیرخ لمرگوشںیمسجےہایلرک ۔ںیمیگدوجومیکدوسحرش

ہزئاجاکیگدرکراکیلام

:تامولعمہدیچہدیچےسےلاوحےکجئاتنیتایلام

تخورفںیمرادقمہدایزیکینیچلاسسا ہجویک ہفاضا(+104%)ںیمرووانرٹ یک ینیچںیمںویڈنمیکلمفرصہن ۔ےھتلماشیھبرئاخذےکلاسےلھچپںیمسج یک ریخات ںیم ےلصیف ےک یگدمٓارب ہکلباوہ ہرثاتم عفانم ےس ہجو یک ےنلم ہن ںیتمیق رتہب ۔یئگٓاےچینںیتمیقیکینیچیھبںیمںویڈنمیماوقالانیب(یئگیدںیمربوتکاہکوج(ےسہجو

ںوتمیقیکےنگ،یمکںیمںوتمیقیکینیچںیمتاہوجویک (27%ہلباقمب11%(یمکںیمعفانمیعومجم 

۔ںیہلماشیمکںیمںوتمیقیکسالومروایمکںیمیروکیرزورکس،ہفاضاںیم

یمکںیمںوضرقیتدممکہجویکیرتہبسا (-54%) یمکںیمتاجارخاگنسنانف ۔ےہٹنمجنیملٹپیکگنکرورتہبروایمکںیم ر KIBOR ہوالعےک

ںیمرادقمیکینیچیئگیکتخورفہفاضاہی(npat +9%) عفانمصلاخمکحتسم ۔اوہنکممتلودبیکیمکںیمتاجارخایتایلامرواںیتمیقرتہبیکساگب،ہفاضا

ٹروپر ز/ٹ رٹکی sرئ اڈ

یلامیکینپمکےیلےکیہامششیلاوےنوہمتخوک2025چرام31ےسبناجیکزرٹکیرئاڈفٓاڈروبںیم ۔ںوہاہررکسوسحمیشوخےئوہےترکیپیگدرکراکلنشیپٓاروا لورٹنکوکتگالیراوادیپرواہفاضاںیمتخورفینپاےنینپمکدوجوابےکتالاحقفاومان ثعاب ےک یراک ہیامرس عونلا فلتخم ،دوجواب ےک یمک ںیم حرش یک عفانم صلاخ ینپمک ۔ایک ۔یئوہبایماکںیمےنھکررارقربعفانم

:تادہاشممہا

ےکیراکتشاکیکےنگہکنالاح،یہریمکںیمیبایتسدیکےنگہجویک یمکںیمجحےکگنشرک ہجو یداینب یک سج یئوہ عقاو یمک ںیم راوادیپ ڑکیا یف نکیل ۔اھت اوہ ہفاضا ںیم ےبقر اھتانوہاکیمرگدیدشثعابےکلیدبتیتایمسوم

سا ںیم ےلباقم ےک10.79% ےک لاس ہتشذگ یروکیر زورکس( یمک ںیم یروکیر زورکس ںیمیرٹسڈنایروپ ناحجرہی یھتلیدبتیتایمسومیھب ہجویکسا (یہر10.22%لاس ببساکےفاضاںیمتگالیراوادیپ،یمکہییلاوےنوہںیمیروکیرزورکسرواایگاھکید ۔ینب

پ حطس یملاع روا یمک ںیم بلط یدمٓارب ہجو یک سج،یئوہ یمک18% ںیم ںوتمیق یک سالوم  ۔یھتیمکںیمںوتمیقیکلونیھ ا

وکیمکیکجحےنےفاضاںیمںوتمیقطسوادوجوابےکیمکںیمجحیرتہبںیمںوتمیقیکساگب ۔ایکاروپکتدحھچک

یندمٓا ےپورنیلم613ےسہجویکیلمعتمکحیک یراکہیامرسہفاضاںیمندمٓارگید ۔یئوہیندمٓاےپورنیلم735ںیمےلباقمےک

We have reviewed the accompanying unconsolidated condensed interim statement of financial position of Mehran Sugar Mills Limited as at 31 March 2025 and the related unconsolidated condensed interim statement of profit or loss, unconsolidated condensed interim statement of comprehensive income, unconsolidated condensed interim statement of changes in equity, unconsolidated condensed interim statement of cash flows and notes to the unconsolidated condensed interim financial statements for the half year then ended (here-in-after referred to as the "unconsolidated condensed interim financial statements"). Management is responsible for the preparation and presentation of these unconsolidated condensed interim financial statements in accordance with accounting and reporting standards as applicable in Pakistan for interim financial reporting. Our responsibility is to express a conclusion on these unconsolidated condensed interim financial statements based on our 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 unconsolidated condensed interim financial statements consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

Based on our review, nothing has come to our attention that causes us to believe that the accompanying unconsolidated condensed 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 figures of the quarters ended 31 March 2025 and 31 March 2024 in the unconsolidated condensed interim statement of profit or loss and unconsolidated condensed interim statement of comprehensive income have not been reviewed and we do not express a conclusion on them.

The engagement partner on the review resulting in this independent auditor's review report is Khurram Jameel.

Chartered Accountants Place: Karachi

Date: 29 May 2025

UDIN: RR202510093juRMbcX7D

INDEPENDENT AUDITORS' REVIEW REPORT

The annexed notes from 1 to 16 form an integral part of these unconsolidated condensed interim financial statements.

CHIEF EXECUTIVE OFFICER CHIEF FINANCIAL OFFICER DIRECTOR

UNCONSOLIDATED CONDENSED INTERIM STATEMENT OF FINANCIAL POSITION

as at 31 March 2025

Half year ended Quarter Ended

The annexed notes from 1 to 16 form an integral part of these unconsolidated condensed interim financial statements.

CHIEF EXECUTIVE OFFICER CHIEF FINANCIAL OFFICER DIRECTOR

UNCONSOLIDATED CONDENSED INTERIM STATEMENT OF PROFIT OR LOSS - (UN-AUDITED)

for the half year ended 31 March 2025

Half year ended Quarter ended

The annexed notes from 1 to 16 form an integral part of these unconsolidated condensed interim financial statements.

CHIEF EXECUTIVE OFFICER CHIEF FINANCIAL OFFICER DIRECTOR

UNCONSOLIDATED CONDENSED INTERIM STATEMENT OF COMPREHENSIVE INCOME - (UN-AUDITED)

for the half year ended 31 March 2025

Rupees

Balance as at 01 October 2023 (Audited) 749,276,090 63,281,250 85,000,000 2,977,852,333 4,040,389 3,130,173,972 3,879,450,062

Final dividend for the year ended

30 September 2023 @ Rs.3 per share - - - (224,782,827) - (224,782,827) (224,782,827)

Interim dividend for the year ended - - - (74,927,609) - (74,927,609) (74,927,609) 30 September 2024 @ Rs.1 per share

Net profit for the period Other comprehensive income

Total comprehensive income for the period - - - 709,800,181 - 709,800,181 709,800,181

Balance as at 31 March 2024 (Un-audited) 749,276,090 63,281,250 85,000,000 3,387,942,078 4,040,389 3,540,263,717 4,289,539,807

Balance as at 01 October 2024 (Audited) 749,276,090 63,281,250 85,000,000 1,879,115,144 4,064,746 2,031,461,140 2,780,737,230

Net profit for the period Other comprehensive income

Total comprehensive income for the period - - - 745,404,423 - 745,404,423 745,404,423 Balance as at 31 March 2025 (Un-audited) 749,276,090 63,281,250 85,000,000 2,624,519,567 4,064,746 2,776,865,563 3,526,141,653

The annexed notes from 1 to 16 form an integral part of these unconsolidated condensed interim financial statements.

CHIEF EXECUTIVE OFFICER CHIEF FINANCIAL OFFICER DIRECTOR

UNCONSOLIDATED CONDENSED INTERIM STATEMENT OF CHANGES IN EQUITY - (UN-AUDITED)

for the half year ended 31 March 2025

CASH FLOWS FROM OPERATING ACTIVITIES

31 March 31 March

2025 2024

Note Rupees Rupees

Profit before taxation 842,393,278 782,082,669

Adjustment for:

Depreciation

Ammortization of deferred income - government grant Share of profit from associates

Gain on disposal of operating fixed assets and right-of-use assets Finance costs

Provision for market committee fee Realised gain on investments at FVTPL

Unrealised gain on remeasurement of investments at FVTPL

(64,559,999) 94,051,759

Cash and cash equivalents at end of the period (5,171,418,180) (9,177,355,648)

Cash and cash equivalents

Cash and bank balances 28,541,359 111,211,386

Short-term borrowings (5,199,959,539) (9,288,567,034)

(5,171,418,180) (9,177,355,648)

The annexed notes from 1 to 16 form an integral part of these unconsolidated condensed interim financial statements.

CHIEF EXECUTIVE OFFICER CHIEF FINANCIAL OFFICER DIRECTOR

UNCONSOLIDATED CONDENSED INTERIM STATEMENT OF CASH FLOWS - (UN-AUDITED)

for the half year ended 31 March 2025

1. THE COMPANY AND ITS OPERATIONS

   1. Mehran Sugar Mills Limited (the Company) was incorporated in Pakistan as a public limited company on 22 December 1965 under the repealed Companies Act, 1913. The shares of the Company are quoted on Pakistan Stock Exchange. The Company is principally engaged in the manufacturing and sale of sugar and its by-products. The registered office of the Company is situated at 14th floor, Dolmen City Executive Tower, Marine Drive, Block 4, Clifton, Karachi. The mill of the Company is located at District Tando Allahyar, Sindh.

   2. These are the separate financial statements of the Company in which investment in subsidiary is accounted for on the basis of cost less impairment losses, if any and investments in associates are accounted under equity method less impairment, if any.

2. STATEMENT OF COMPLIANCE

   1. 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 as applicable in Pakistan for interim financial reporting comprise of:

      • International Accounting Standards 34; 'Interim Financial Reporting', (IAS 34) issued by International Accounting Standard Board (IASB) as notified under the Companies Act, 2017 (the Act),

      • Islamic Financial Accounting Standards (IFAS) issued by the Institute of Chartered Accountants of Pakistan (ICAP) as are notified under the Act; and

      • Provisions of and directives issued under the Act.

      Where the provisions of and directives issued under the Act and IFAS differ with the requirements of IAS 34, the provisions of and directives issued under the Act and IFAS have been followed.

      1. These unconsolidated condensed interim financial statements do not include all the information and disclosures required in the annual financial statements and should be read in conjunction with the Company's annual financial statements for the year ended 30 September 2024.

      2. The figures of the unconsolidated condensed interim statement of profit or loss, unconsolidated condensed interim statement of comprehensive income for the three months ended March 2025 and March 2024 and notes forming part thereof have not been reviewed by the auditors of the Company, as they have reviewed the cumulative figures for the six months ended March 2025 and March 2024.

3. ACCOUNTING POLICIES, ESTIMATES, JUDGEMENTS AND FINANCIAL RISK POLICIES

The accounting policies, estimates, judgements and financial risk policies used in these unconsolidated condensed interim financial statements are the same as those applied in the preparation of annual financial statements for the year ended 30 September 2024.

NOTES TO THE UNCONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS - (UN-AUDITED)

for the half year ended 31 March 2025

Total

Unicol UniEnergy

Limited Limited

5.2 Associates ----------------------- Rupees -----------------------

31 March 30 September

2025 2024

(Un-audited) (Audited)

1. STOCK-IN-TRADE Rupees Rupees

   Work-in-process 7,287,531 6,907,846

   Finished goods 5,628,196,738 2,592,110,763

   5,635,484,269 2,599,018,609

2. SHORT-TERM INVESTMENTS

   Amortised cost

   Term deposit certificates 3,654,000 3,654,000 Allowance for ECL (3,654,000) (3,654,000)

   - -

   Fair value through profit or loss

   Equity securities 1,143,669,072 619,822,867

   Mutual funds - 7,392,483

   1,143,669,072 627,215,350

3. SHORT-TERM BORROWINGS - secured

   The aggregate facilities for short term borrowings from various banks amounted to Rs. 8,900 million (30 September 2024: Rs. 9,950 million). These carry mark-up ranging between -2.00% to 0.75% over one to six months KIBOR per annum. These are secured against pledge of stock-in-trade and hypothecation over Company's current assets.

4. CONTINGENCIES AND COMMITMENTS

   1. Contingencies

      There has been no change in the status of contingencies as disclosed in note 26 to the annual financial statements of the Company for the year ended 30 September 2024.

      31 March 30 September

      2025 2024

      (Un-audited) (Audited)

   2. Commitments Rupees Rupees Capital commitments - 19,087,895

Letter of guarantee 12,600,000 12,600,000

NOTES TO THE UNCONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS - (UN-AUDITED)

for the half year ended 31 March 2025