QUARTER 1
REPORT
30 SEPTEMBER
2025
CONTENTS
Company Information 2
Directors' Report 3
Directors' Report (Urdu) 4
Condensed Interim Statement of Financial Position 6
Condensed Interim Statement of Profit or Loss 8
Condensed Interim Statement of Comprehensive Income 9
Condensed Interim Statement of Changes in Equity 10
Condensed Interim Statement of Cash Flows 11
Notes to and Forming Part of the Condensed Interim Financial Statements 12
COMPANY INFORMATIONBOARD OF DIRECTORS
Mr. Shazad Ghaffar Chairman
Mr. Najam Aziz Sethi Chief Executive Officer Mr. Syed Mohammad Mehdi Mohsin Non - Executive Director Ms. Umme Kulsum Imam Non - Executive Director
Mr. Aamir Amin Independent Director
Mr. Syed Manzar Hassan Independent Director
Mr. Mujeeb Rashid Independent Director
AUDIT COMMITTEE
Mr. Syed Manzar Hassan Chairman
Mr. Shazad Ghafar Member
Mr. Aamir Amin Member
HUMAN RESOURCES & REMUNERATION COMMITTEE
Mr. Mujeeb Rashid Chairman
Ms. Umme Kulsum Imam Member
Mr. Najam Aziz Sethi Member
SUSTAINABILITY COMMITTEE
Mr. Mujeeb Rashid Chairman
Ms. Umme Kulsum Imam Member
Mr. Najam Aziz Sethi Member
SHARE REGISTRAR
Corplink (Private) Limited,
Wings Arcade, 1-K (Commercial), Model Town, Lahore
Phone : (042) 35839182, 35887262,
Fax: (042) 35869037
CORPORATE OFFICE
72-FCC Gulberg IV, Lahore Phones: (042) 35872392-96,
Fax: (042) 3587239
E-Mail: ho@mitchells.com.pk Website: https://www.mitchells.com.pk
FACTORY & FARMS
Renala Khurd, District Okara, Pakistan Phones: (044) 2635907-8, 2622908
Fax: (044) 2621416
E-Mail: rnk@mitchells.com.pk rsoc@mitchells.com.pk
2 https://www.mitchells.com.pk
COMPANY SECRETARYAnum Ali
AUDITORSCrowe Hussain Chaudhury & Co. Chartered Accountants
LEGAL ADVISORSAlliance Legal Services
Office No.7, L.G. Floor, Lahore Palace Building, 14-B, Temple Road, Lahore.
BANKERSHabib Bank Limited Allied Bank Limited JS Bank Limited
Bank Al Habib Limited National Bank of Pakistan
CHIEF FINANCIAL OFFICERRashid Butt, FCMA
REGIONAL SALES OFFICES ISLAMABADPlot # 102, Street 7
Main China Road, Sector I-10/3 Islamabad
Phones: (051) 2707357
E-Mail: rson@mitchells.com.pk
KARACHIMehran VIP II, Ground Floor, Plot 18/3 Dr. Dawood Pota Road- Karachi Phones: (021) 35212112, 35212712
& 35219675
Fax: (021) 35673588
E-Mail: rsos@mitchells.com.pk
DIRECTORS' REPORT
The Directors of the Company are pleased to present their report on the condensed interim financial statements for the first quarter ended September 30, 2025 (Q1-2026).
The Company's financial performance during the three-month period under review is summarized below:
30 September2025 | 30 September2024 |
702.158 | 649.674 |
178.373 | 182,142 |
193 | 24 |
184 | 15 |
8.03 | 0.067 |
PKR Millions
Sales Revenue Gross Profit Profit before tax Profit after tax EPS
During the quarter under review, Pakistan's economy began to stabilise following monetary easing and a notable decline in inflation. The State Bank of Pakistan reduced its policy rate from 22% to 12% by early 2025, supporting a gradual recovery in business sentiment and industrial output. While macroeconomic conditions remained challenging, these measures provided a more favourable operating environment for the consumer goods sector.
The Company delivered a solid performance during the period, reflecting disciplined execution of its strategic priorities and effective resource management. Total Net Sales amounted to Rs. 702.16 million, an increase of 8% over the same period last year. This growth was primarily driven by strong export performance, which rose by more than 110% quarter-on-quarter, as the Company prioritised available resources toward higher-margin international markets. This strategic focus was accompanied by improved price discipline and a 61.7% reduction in sales returns and discounts, reflecting tighter promotional control.
Despite inflationary input costs, the Company maintained a gross profit margin of 25.4%, compared with 28.4% same of the last year. The decline was mainly attributable to one-time provisions relating to damaged and expired market returns and temporary increases in raw-material prices, particularly sugar. Excluding these non-recurring adjustments, the underlying operational performance remained robust, supported by an improved product mix, stronger export profitability, and prudent cost control.
Net Profit After Tax (NPAT) for the quarter stood at Rs. 183.72 million, compared with Rs. 15.30 million in the corresponding quarter of the last year, representing a substantial improvement. The result was underpinned by stronger export margins and a one-off capital gain realised from the disposal of land, which further strengthened the Company's earnings for the period.
Future Outlook
The Company remains cautiously optimistic about its growth prospects for the remainder of the year. Management will continue to emphasize export market expansion, operational efficiency, and prudent cost management while remaining responsive to economic developments and input-price volatility. Efforts are also underway to strengthen the brand portfolio and enhance manufacturing productivity to ensure sustainable profitability and long-term value creation for shareholders.
The Directors wish to express their appreciation to the Company's employees, customers, suppliers, and shareholders for their continued support and confidence in the Company.
For and on behalf of the Board of Directors
Najam Aziz Sethi Shazad Ghaffar
Chief Executive Officer Chairman
(Q1-2026) 2025 ربمتس 30 ہدش متخ یہام ہس ےئارب
ےــک یــنپمک ےــیل ےــک 2025 ربمتــس 30 ہدــش مــتخ یــہام ہــس وــج ےــہ یــہر وــہ سوــسحم یــشوخ ےــئوہ ےــترک شــیپ ٹروــپر ہــی وــک زرــٹکیرئاڈ ےــک یــنپمک ےــہ لــیذ جرد ہـــالخ اک یـــدرکراک یــلام یــک یــنپمک نارود ےــک ہاــم نــیت ہزــئاج رِــیز ۔ےــہ قـــعتم ےــس تاـــایب یــتایلام یروــبع رـــتخم
2024 ربمتس 30 | 2025 ربمتس 30 |
649.674 | 702.158 |
182,142 | 178.373 |
24 | 193 |
15 | 184 |
0.067 | 8.03 |
(نیـم PKR)
یـدمآ ےس تخورف عفانم یعومجم عفانم لبق ےس سکیٹ عفانم دعب ےک سکیٹ
(EPS) یـدمآ صـح یف
یــمرـ ںــیم یــسیلاپ یــتایلام روا یــمک ںاــیامـ ںــیم یــئاگنہم ۔ےــئآ رــظـ راــثآ ےــک ماکحتــسا جــیردتب ںــیم تــشیعم یــک ناتــسکاپ نارود ےــک ہزــئاج رِــیز ےــس دـــیف 22 ٹــیر یــسیلاپ ےـــ ناتــسکاپ فآ کــنیب ٹیٹــسا ۔ےــئوہ ںاــیامـ راــثآ ےــک یرــتہب ںــیم راوادــیپ یــتعنـ روا داــمتعا یراــبوراک ثــعاب ےــک ۔اــیآ رــسیم لوــحام رــتہب کــیا ےــیل ےــک ںویمرـرــس یراــبوراک ےــس ســج اــید رــک دـــیف 12 ےــک رــک مــک
ہرــہاظم اک یـــدرکراک طوــبضم ےــعیرذ ےــک لامعتــسا طاــتحم ےــک لئاــسو روا دــمآرد لــمع رــثوم رــپ یـــمع تــمکح یــنپا ںــیم یــہام ہــس سا ےـــ یــنپمک ہــفاضا ہــی ۔ےــہ یــترک رــہاظ ہــفاضا دـــیف 8 ںــیم ےـــباقم ےــک ےـــرع یــسا ےــک لاــس ہتــشزـ وــج ،یــہر ےــپور نــیـم 702.16 تــخورف صــلاخ لک ۔اــیک یــماوقالا نــیب شــخب عــفانم ہداــیز ےـــ یــنپمک ہــکـویک اوــہ تــلودب یــک ےــفاضا یــہام ہــس رــپ یــہام ہــس دـــیف 110 ںــیم تادــمآرب رــپ روــط یداــینب 61.7 ںــیم ںوــتیاعر و ںویــسپاو ںــیم تــخورف روا یرــتہب ںــیم طــبض و مــظـ ےــک ںوــتمیق ھتاــس ھتاــس ےــک سا ۔یــھکر زوــکرم ہــجوت یــنپا رــپ ںوــیڈنم ۔یــنب ثــعاب اک ےـــانب رــتہب وــک یـــدرکراک یــھب یــمک دـــیف
ہــس یـــھچپِ وــج اــھکر رارــقرب دـــیف 25.4 نــجرام اک عــفانم یــعومجم ےـــ یــنپمک مــہات ،اــہر رارــقرب ؤاــبد اک رز طِارــفا ںــیم تـــال یــک لاــم ماــخ ہــچرـا داــعیملادئاز و ہدــش بارــخ ںــیم نــج ،ےــھت لــماوع یــضراع ہــجو یڑــب یــک یــمک سا ۔ےــہ مــک ھــچک ںــیم ےـــباقم ےــک دـــیف 28.4 قــباطم ےــک یــہام ےــنلاکـ وــک لــماوع یــلومعم رــیغ نا مــہات ۔ےــہ لماــش ہــفاضا ںــیم ںوــتمیق یــک یــنیچ رــپ روــط صاــخ روا نژــیوورپ یــتقو کــیا ےــیل ےــک کاٹــسا ۔اــید اراہــس ےـــ لورــٹنک رــثوم رــپ تاــجارخا روا عــفانم ہداــیز ےــس تادــمآرب ،ســکم ٹــکڈورپ رــتہب ےــسج یــہر طوــبضم یـــدرکراک لنــشیرپآ دــعب ےــک ےــپور نــیـم 15.30 ںــیم ےـــرع یــسا ےــک لاــس ہتــشزـ وــج اــہر ےــپور نــیـم 183.72 نارود ےــک یــہام ہــس (NPAT) عــفانم صــلاخ دــعب ےــک ســکیٹ یــتقو کــیا ےــلاو ےـــوہ لـــاح ےــس تــخورف یــک نــیمز روا نــجرام یدــمآرب ہداــیز ہــفاضا رادـاــش ہــی ۔ےــہ اــترک رــہاظ وــک یرــتہب ںاــیامـ ںــیم ےـــباقم ےــک ۔اــیک طوــبضم دــیزم وــک عــفانم یــہام ہــس ےــک یــنپمک ےـــ ســج اوــہ نــکمم ےــس ہــجو یــک عــفانم یــتاج ہیامرــس
لمع ہحئال اک لبقتسم،غورــف ےــک ںوــٹیکرام یدــمآرب ہــیماظتـا ۔ےــہ دــیما رــپ رــپ روــط طاــتحم ںــیم ےراــب ےــک تاـــاکما یــتایقرت ےــنپا ےــیل ےــک ےـــرع ہــیقب ےــک لاــس یــنپمک ںوــتمیق یــک لاــم ماــخ روا تالاــح یداـــتقا ہــکبج ،یـــ ےــھکر یراــج روز رــپ قــسـ و مــظـ طاــتحم ےــک تاــجارخا روا یرــتہب ںــیم یـــدرکراک یـــمع یراوادــیپ روا ےـــانب طوــبضم دــیزم وــک وــیلوف ٹروــپ ڈـــارب ےــنپا یــنپمک ھتاــس ھتاــس ےــک سا ۔یـــ ےــئاج یــھکر رــظـ یرــہـ رــپ ؤاــھڑچ راــتا ہــنکمم ںــیم اــیانب یــنیقی ہــفاضا ںــیم ردــق ےــیل ےــک زرڈــلوہ رئیــش روا عــفانم رادــیئاپ یــتدملا لــیوط ہــکات ےــہ یــہر رــک تاــمادقا یــھب ےــیل ےــک ےــفاضا ںــیم تــیحالـ ۔ےکــس اــج
روا داــمتعا روــپرھب ےــنپا رــپ یــنپمک ےـــ ںوــہنج ںــیہ ےــترک ادا ہیرکــش اک زرڈــلوہ رئیــش روا زرئالپــس ،نــیفراـ ،نــیمزالم ماــمت ےــک یــنپمک زرــٹکیرئاڈ ۔اــیک راــہظا اک تــیامح
زرٹکیرئاڈ فآ ڈروب فرط زا روا ےئارب
رافغ دازہش یھٹیس زیزع مجن
یمرئیچ رسیفآ وٹکیزگیا فیچ
FINANCIAL STATMENTS
FOR THE FIRST QUARTER ENDED SEPTEMBER 30, 2025
Condensed Interim Statement of Financial Position(Un-audited) September 30, 2025 Rupees | (Audited) June 30, 2025 Rupees |
535,111,226 | 546,180,189 |
18,449,094 | 19,420,136 |
3,958,749 | 3,958,749 |
1,224,780 | 1,224,780 |
558,743,849 | 570,783,854 |
85,203,480 | 54,089,603 |
527,714,747 | 645,168,298 |
482,329,754 | 431,217,320 |
148,095,530 | 134,039,592 |
145,938,861 | 140,071,059 |
25,290,475 | 22,958,719 |
1,414,572,847 | 1,427,544,591 |
1,973,316,696 | 1,998,328,445 |
As at September 30, 2025 (Un-audited)
Note
ASSETS
NON CURRENT ASSETS
Property, plant and equipment 8
Intangible assets Biological assets Long term deposits
CURRENT ASSETS
Stores and spares Stock in trade
Trade debts - considered good
Advances, deposits, prepayments and other receivables Income tax recoverable-net
Cash and bank balances
TOTAL ASSETS
(Un-audited) September 30, 2025 Rupees | (Audited) June 30, 2025 Rupees |
400,000,000 | 400,000,000 |
228,750,000 | 228,750,000 |
535,798,970 | 352,074,620 |
764,548,970 | 580,824,620 |
208,032,350 | 191,120,877 |
559,459,779 | 594,573,961 |
1,912,754 | 1,912,754 |
21,727,348 | 16,997,838 |
417,635,495 | 408,898,395 |
- | 204,000,000 |
1,000,735,376 | 1,226,382,948 |
- | - |
1,973,316,696 | 1,998,328,445 |
Note
EQUITY AND LIABILITIES SHARE CAPITAL AND RESERVES
Authorized share capital
40,000,000 (June 30, 2024: 40,000,000)
ordinary shares of Rs. 10 each
Issued, subscribed and paid up capital
Reserves
NON-CURRENT LIABILITIES
Deferred liabilities
CURRENT LIABILITIES
Trade and other payables Unclaimed dividend Accrued mark-up
Finances under markup arrangements
Loan from related parties - unsecured 6
CONTINGENCIES AND COMMITMENTS 7
TOTAL EQUITY AND LIABILITIES
The annexed notes from 1 to 14 form an integral part of these condensed interim financial statements (un-audited).
Rashid Butt
Chief Financial Officer
Najam Aziz Sethi
Chief Executive Officer
Shazad Ghaffar
Chairman / Director
Condensed Interim Statement of Profit or LossSeptember 30, 2025 Rupees | September 30, 2024 Rupees |
702,158,070 | 649,674,404 |
(523,784,812) | (467,532,331) |
178,373,258 | 182,142,073 |
(55,978,384) | (49,657,678) |
(92,899,557) | (89,821,046) |
(148,877,941) | (139,478,724) |
29,495,317 | 42,663,349 |
228,000,945 | 5,678,365 |
(47,887,275) | (1,629,958) |
(17,055,509) | (23,167,636) |
192,553,478 | 23,544,120 |
(8,829,126) | (8,236,765) |
183,724,352 | 15,307,355 |
8.03 | 0.67 |
For The First Quarter Ended September 30, 2025 (Un-Audited)
Note
Revenue 9
Cost of revenue Gross Profit
Administrative Expenses Selling & Distribution Expenses
Operating Profit
Other income
Other operating expenses Finance cost
Profit before levy and Taxation
Levy / final taxation
Profit after Taxation
Earnings per Share - Basic and Diluted
The annexed notes from 1 to 14 form an integral part of these condensed interim financial statements (un-audited).
Rashid Butt
Chief Financial Officer
Najam Aziz Sethi
Chief Executive Officer
Shazad Ghaffar
Chairman / Director
Condensed Interim Statement of Comprehensive Income
For The First Quarter Ended September 30, 2025 (Un-Audited)
September 30, | September 30, | ||
2025 | 2024 | ||
Rupees | Rupees | ||
Profit after tax for the period | 183,724,352 | 15,307,355 | |
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 | 183,724,352 | 15,307,355 |
The annexed notes from 1 to 14 form an integral part of these condensed interim financial statements (un-audited).
Rashid Butt
Chief Financial Officer
Najam Aziz Sethi
Chief Executive Officer
Shazad Ghaffar
Chairman / Director
Condensed Interim Statement of Changes in EquityFor The First Quarter Ended September 30, 2025 (Un-Audited)
Share Capital | Reserves | Total | ||
Capital | Revenue Reserve | |||
Share Premium | General Reserve | Accumulated Loss | ||
-----------------------------Rupees----------------------------------
Balance as at June 30, 2024- audited 228,750,000 609,335,878 300,000 (245,726,472) 592,659,406
- | - | - | 15,307,355 | 15,307,355 |
- | - | - | - | - |
Net Profit for the period Other comprehensive income
Total comprehensive Profit for the period - - - 15,307,355 15,307,355
Balance as at September 30, 2024
(Un-audited) 228,750,000 609,335,878 300,000 (230,419,117) 607,966,761
Balance as on July 01, 2025 - audited | 228,750,000 | 609,335,878 | 300,000 (257,561,260) 580,824,618 | ||
Net profit for the period | - | - | - | 183,724,352 | 183,724,352 |
Other comprehensive income | - | - | - | - | - |
Total comprehensive profit for the period | - | - | - 183,724,352 183,724,352 | ||
Balance as at September 30, 2025 (Un-audited) | 228,750,000 | 609,335,878 | 300,000 (73,836,908) 764,548,970 | ||
The annexed notes from 1 to 14 form an integral part of these condensed interim financial statements (un-audited).
Rashid Butt
Chief Financial Officer
Najam Aziz Sethi
Chief Executive Officer
Shazad Ghaffar
Chairman / Director
Condensed Interim Statement of Cash Flows
Un-audited September 30, 2025 Rupees | Un-audited September 30, 2024 Rupees |
192,553,478 | 23,544,120 |
12,038,502 | 12,948,315 |
(222,811,000) | - |
16,997,216 | 6,484,968 |
17,055,509 | 23,167,636 |
(176,719,773) | 42,600,919 |
15,833,705 | 66,145,039 |
(31,113,877) | (3,222,291) |
117,453,551 | (33,483,081) |
(51,112,434) | (47,115,599) |
(14,055,938) | (9,288,418) |
(35,114,182) | 70,796,416 |
(13,942,880) | (22,312,973) |
1,890,825 | 43,832,066 |
(12,325,999) | (28,872,498) |
(85,743) | (523,309) |
(14,696,927) | (16,128,182) |
(27,108,669) | (45,523,989) |
(25,217,844) | (1,691,923) |
- | (4,916,857) |
222,812,500 | - |
222,812,500 | (4,916,857) |
(204,000,000) | - |
8,737,100 | (27,894,569) |
(195,262,900) | (27,894,569) |
2,331,756 | (34,503,349) |
22,958,719 | 58,294,718 |
25,290,475 | 23,791,369 |
For The First Quarter Ended September 30, 2025 (Un-Audited)
Cash flow from operating activities Profit before taxation
Adjustments of non cash items:
Depreciation
Gain on Disposal of Land
Provision for gratuity and accumulated leaves Finace Cost
Operating profit before working capital changes
Effect on cash flow due to working capital changes:
Stores and spares Stock in trade
Trade debts - considered good
Advances, deposits, prepayments and other receivables Trade creditors, accrued and other liabilities
Cash generated from operating activities
Finance Cost Paid Retirement Benefits Paid Income tax paid
Net cash used in operating activities Cash flow from investing activities Fixed capital expenditures
Proceed from sale of property, plant and equipment
Net cash flow from investing activities Cash Flow From Financing Activities Repayments of Sponsers finances - net Receipts from short term borrowings - net Net cash used in financing activities
Net Increase / Decrease in cash & cash equivalent Cash & bank balances at beginning of the year Cash & bank balances at the end of the period
The annexed notes from 1 to 14 form an integral part of these condensed interim financial statements (un-audited).
Rashid Butt
Chief Financial Officer
Najam Aziz Sethi
Chief Executive Officer
Shazad Ghaffar
Chairman / Director
Notes to and Forming Part of the Condensed Interim Financial StatementsFor The First Quarter Ended September 30, 2025 (Un-Audited)
LEGAL STATUS AND NATURE OF BUSINESS
Mitchell's Fruit Farms Limited ("the Company") is a public limited Company incorporated in Pakistan and the shares of the Company are listed on Pakistan Stock Exchange.
It is principally engaged in the manufacture and sale of various grocery and confectionery products. The registered office of the Company is situated at House No. 72-FCC, Gulberg IV, Lahore. The manufacturing facility and the farms are situated in Renala Khurd, Okara, Pakistan. The Company also has one sales office in Islamabad and one in Karachi.
BASIS OF PREPARATION
Statement of Compliance
'These condensed interim financial statements of the Company 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 Standard (IAS) 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 are 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 with the requirements of IAS 34, the provisions of and directives issued under the Companies Act, 2017 have been followed.
These condensed interim financial statements do not include all of the information required in annual financial statements and should be read in conjunction with the financial statements of the Company for the year ended june 30, 2025. Comparative condensed interim statement of financial position is extracted from the annual financial statements as at June 30, 2024 whereas comparative condensed interim statement of profit or loss account, 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 for the quarter ended September 30, 2024
These condensed interim financial statements are un-audited and are being submitted to the members as required under Section 237 of the Companies Act, 2017 and listing regulation of the Pakistan Stock Exchange.
Functional and presentation currency
These condensed interim financial statements are presented in Pakistan Rupees which is the Company's functional currency.
JUDGMENTS AND ESTIMATES
The preparation of these condensed interim financial statements in conformity with approved accounting standards require the use of certain critical accounting estimates. It also requires management to exercise its Mudgement in the process of applying the Company's accounting policies. Estimates and Mudgements are continually evaluated and are based on historic experience, including expectations of future events that are believed to be reasonable under the circumstances. Estimates and Judgements made by the management in the preparation of these condensed interim financial statements are the same as those used in the preparation of annual audited financial statements of the Company for the year ended June 30, 2025.
SIGNIFICANT ACCOUNTING POLICIES
The Company's accounting and financial risk management policies and methods of computation adopted in the preparation of these condensed interim financial statements (un-audited) are the same as those applied in the preparation of preceding annual financial statements of the Company for the year ended June 30, 2025.
TAXATION
September 30,
2025
(Un-audited) Rupees
June 30,
2025
(Audited) Rupees
-
-
-
204,000,000
-
204,000,000
Provision in respect of Taxation is estimated and is subject to final adjustment in the annual audited financial statements.
Note
LOAN FROM RELATED PARTIES - UNSECURED
Loan from related parties - Interest free 6.1
6.3
Loan from related parties - Interest bearing 6.2 &
September 30,
2025
(Un-audited) Rupees
June 30,
2025
(Audited) Rupees
-
-
-
-
-
-
-
27,000,000
-
102,000,000
-
75,000,000
-
204,000,000
Note
Loan from related parties - Interest free (Repayable on demand)
Ms. Syeda Maimanat Mohsin Ms. Syeda Matanat Ghaffar
Loan from related parties - Interest bearing (Repayable on demand)
Mr. Najam Aziz Sethi
Ms. Syeda Maimanat Mohsin Ms. Syeda Matanat Ghaffar
These loans carry mark-up @ 3 months KIBOR plus 1% margin (2025: 3 months KIBOR plus 1% margin) per annum.During the quater, the Company fully settled all outstanding loan balances, and consequently, no borrowings were outstanding as of the reporting date.
CONTINGENCIES AND COMMITMENTS
There is no material change in the status of contingencies as reported in the financial statements of the Company for the year ended June 30, 2025.
Others
Letter of guarantee in favour of Sui Northern Gas Pipelines Limited on account of payment of dues against gas consumption amounting to Rs. 17.21 million (June 30, 2025: Rs. 17.21 million).
The Company has issued postdated cheques amounting to Rs 102.38 million (June 30, 2025: Rs 102.38 million) to Collector of Customs Lahore Dry Port on account of taxable duty which might become payable against Duty and Tax Remission on Export under SRO # 492 (I)/2009 dated June 13, 2009 and SRO # 450 (I)/2001 dated June 30, 2001 under Customs Rules, 2001.
Commitments
Letters of credit for purchase of raw and packing materials amount to Rs. 15 million (June 30, 2025: Rs. 0.74 million).
The Company's capital commitments amount to Rs. Nil (June 30, 2025: Rs. Nil) as at the reporting date.
September 30,
2025
(Un-audited) Rupees
June 30,
2025
(Audited) Rupees
Note
8 Property, Plant and Equipment | ||||
Operating fixed assets Capital work in progress | 8.1 | 535,111,226 - | 546,180,189 - | |
535,111,226 | 546,180,189 | |||
8.1 | Operating fixed assets | |||
Opening written down value | 546,180,189 | 572,168,335 | ||
Additions during the period / year | - | 22,459,616 | ||
Adjustment / Disposals during the period / year (Net Value) | (1,500) | (314,500) | ||
546,178,689 | 594,313,451 | |||
Depreciation /adjustments charge for the period / year | (11,067,463) | (48,133,262) | ||
535,111,226 | 546,180,189 | |||
2025 (Un-audited) Rupees | 2024 (Un-audited) Rupees |
719,646,918 | 772,842,699 |
244,380,407 | 115,999,059 |
964,027,325 | 888,841,758 |
(85,181,103) | (118,693,911) |
878,846,222 | 770,147,847 |
(176,688,152) | (120,473,443) |
702,158,070 | 649,674,404 |
Sales
Local
Export Gross Sales
Less: Sales tax & FED
Less: Sales return, trade discounts and trade promotion incentives
Quarter Period Ended September 30,
TRANSACTION WITH RELATED PARTIES
September 30, 2025
2025
(Un-audited) Rupees
2024
(Un-audited) Rupees
458,494
-
1,266,033
1,082,757
355,115
978,487
2,072,158
4,011,452
2,884,624
75,000,000
222,812,500
27,000,000
1,444,124
745,977
-
1,038,465
-
102,000,000
2,818,134
5,455,576
3,923,087
5,455,576
3,826,086
2,823,528
3,586,016
2,823,528
449,786,688
24,075,028
Related parties comprise associated companies, directors of the Company and their close relatives and key management personnel. The Company in the normal course of business carries out transactions with various related parties. These are un-secured amounts due from and due to related parties and are shown under respective notes to these financial statements. Significant transactions with related parties are given below:
Transactions during the period
Related party Basis of Relationship
Aggregate Shareholding
Nature of transaction
Mr. Mehdi Mohsin Director 20.417% Purchase of goods
Rent paid
Payment made on behalf of related party
Ms. Syeda Maimanat Mohsin
Mr. Najam Aziz Sethi
Ms. Syeda Matanat Ghaffar
Vanguard Books (Private) Limited
Spouse of Director
Chief Executive
Spouse of Director
Common directorship
20.420% Finance cost -expense
Finance cost - paid Loan repaid
Land disposal receipts
0.0063% Loan repaid
Finance cost -expense
Finance cost - paid
20.2062% Loan repaid
Finance cost -expense
Finance cost -paid
N/A Rent expense Rent paid
During the period, the Company did not enter into transactions or arrangements with any other related party.
Sales and purchase transactions have been carried out on commercial terms and conditions under comparable uncontrolled price method.
FAIR VALUE MEASUREMENT OF FINANCIAL INSTRUMENTS
Fair value is determined on the basis of objective evidence at each reporting date. The Company has not made any changes to valuation techniques used to value financial instruments as described in annual audited financial statements for the year ended June 30, 2025.
As of reporting date, there were no Level 1, 2 or 3 financial assets or liabilities.
FINANCIAL RISK MANAGEMENT
The Company's financial risk management objectives and policies are consistent with those disclosed in preceding audited annual financial statements for the year ended June 30, 2025.
AUTHORIZATION OF INTERIM FINANCIAL INFORMATION
These condensed interim financial statements (un-audited) are approved and authorized for issuance by the Board of Directors of the Company on October 14, 2025.
GENERAL
Corresponding figures have been rearranged/reclassified, where necessary, for better presentation and disclosure.
Rashid Butt
Chief Financial Officer
Najam Aziz Sethi
Chief Executive Officer
Shazad Ghaffar
Chairman / Director
Mitchell'sFruitFarms Mitchell'sChocolates&Sweets Mitchell'sfruitjams Mitchell'sfruitfarmsofficial https://www.mitchells.com.pk
Head Office:
72-FCC Gulberg IV, Lahore
P: (+92) (42) 2622908, 35872393-96
F: (+92) (42) 35872398
E: ho@mitchells.com.pk
Factory & Farms:
Mitchell's Fruit Farms Ltd.
Renala Khurd, District Okara, Pakistan P: (+92) (44) 2622908, 2635907-8
F: (+92) (44) 2621416
E: mk@mitchells.com.pk
