MISIL/FY-Q-2/2025 | February 11, 2025 |
The General Manager
Pakistan Stock Exchange Limited,
Stock Exchange Building,
Stock Exchange Road,
Karachi.
By PUCAR & Courier
FINANCIAL RESULTS FOR THE SIX MONTHS PERIOD ENDED DECEMBER 31, 2024
Dear Sir,
We are pleased to inform you that the Board of Directors of Mughal Energy Limited in their meeting held on February 11, 2025 at 12:15 pm at 31-A Shadman 1, Lahore, have considered and approved the condensed interim financial statements of the Company for the six months' period ended December 31, 2024 and recommended the following:
(i) | CASH DIVIDEND | Nil |
(ii) | BONUS SHARES | Nil |
(iii) | RIGHT SHARES | Nil |
(iv) ANY OTHER ENTITLEMENT/CORPORATE ACTION / PRICE-SENSITIVE INFORMATION
The Company is currently in process of installation of a 36.50 MW captive hybrid power plant project, with civil works completed. The commissioning will commence post the month of Ramzan with CoD expected in last Quarter of FY 2025
The financial results of the Company for the six months' period ended December 31, 2024 are attached herewith as "ANNEXURE-A".
The condensed interim financial statements of the Company for the six months' period ended December 31, 2024 will be transmitted through PUCARS separately, within the specified time.
A disclosure form as required under SRO 143(1)/2012 dated December 05, 2012 read with Sections 96 and 131 of Securities Act, 2015 in relation to above inside information is attached herewith as "ANNEXURE-B".
Yours Sincerely
for MUGHAL ENERGY LIMITED
MUHAMMAD FAHAD HAFEEZ
(Company Secretary)
-
Executive Director / HOD,
Offsite-II Department, Supervision Division, Securities & Exchange Commission of Pakistan
63, NIC Building, Jinnah Avenue, Blue Area, Islamabad.
MUGHAL ENERGY LIMITED | (Annexure - A 1/4) | |
CONDENSED INTERIM STATEMENT OF FINANCIAL POSITION | ||
AS AT DECEMBER 31, 2024 | ||
December 31, | June 30, | |
2024 | 2024 | |
(Unaudited) | (Audited) | |
-----------Rupees----------- | ||
ASSETS | ||
NON - CURRENT ASSETS | ||
Property, plant and equipment | 4,922,391,756 | 4,464,549,751 |
Long-term security deposit | 87,500 | 87,500 |
4,922,479,256 | 4,464,637,251 | |
CURRENT ASSETS | ||
Advances | 16,932,019 | 13,047,000 |
Due from the government | 501,819,232 | 459,095,089 |
Cash and bank balances | 18,955,082 | 205,656,677 |
537,706,333 | 677,798,766 | |
Total assets | 5,460,185,589 | 5,142,436,017 |
EQUITY AND LIABILITIES | ||
SHARE CAPITAL AND RESERVES | ||
Authorized share capital | 2,500,000,000 | 2,500,000,000 |
Issued, subscribed and paid-up capital | 2,166,732,420 | 2,166,732,420 |
Share premium | 116,365,179 | 116,365,179 |
Revaluation surplus on property, plant and equipment | 1,064,174,125 | 1,064,174,125 |
Accumulated loss | (112,630,773) | (105,452,774) |
Equity contribution / loan from Directors | 214,666,792 | 214,666,792 |
3,449,307,743 | 3,456,485,742 | |
LIABILITIES | ||
NON-CURRENT LIABILITIES | ||
Long-term financing - secured | 402,746,598 | 388,182,140 |
CURRENT LIABILITIES | ||
Trade and other payables | 52,628,485 | 83,140,623 |
Accrued markup | 27,328,881 | 33,054,027 |
Short-term borrowings | 790,772,162 | 770,772,162 |
Short-term loans from Directors - unsecured | 666,583,497 | 376,983,463 |
Current portion of long-term financing | 70,818,223 | 33,817,860 |
1,608,131,248 | 1,297,768,135 | |
Total equity and liabilities | 5,460,185,589 | 5,142,436,017 |
CONTINGENCIES AND COMMITMENTS
financial statements
KHURRAM JAVAID | MUHAMMAD ZAFAR IQBAL | FAHAD JAVAID |
CHIEF EXECUTIVE OFFICER / DIRECTOR | CHIEF FINANCIAL OFFICER | DIRECTOR |
MUGHAL ENERGY LIMITED | (Annexure - A 2/4) | ||||
CONDENSED INTERIM STATEMENT OF PROFIT OR LOSS | |||||
FOR THE SIX MONTHS PERIOD ENDED DECEMBER 31, 2024 (UNAUDITED) | |||||
Three months ended | Six months ended | ||||
December 31, | December 31, | December 31, | December 31, | ||
Note | 2024 | 2023 | 2024 | 2023 | |
(Unaudited) | (unaudited) | (Unaudited) | (Audited) | ||
--------------------------------- | Rupees------------------------------ | ||||
Revenue | - | - | - | - | |
Cost of revenue | - | - | - | - | |
Gross profit / (loss) | - | - | - | - | |
Administrative expenses | (6,768,361) | (8,882,324) | (8,947,340) | (20,438,404) | |
Other charges | (105,000) | 43,710 | (157,500) | (75,000) | |
Other income | 963,555 | 878,952 | 1,929,019 | 1,757,484 | |
Finance cost | (1,161) | (1,773) | (2,178) | (1,804) | |
(5,910,967) | (7,961,435) | (7,177,999) | (18,757,724) | ||
Loss before taxation | (5,910,967) | (7,961,435) | (7,177,999) | (18,757,724) | |
Taxation | - | - | - | - | |
Loss for the period | (5,910,967) | (7,961,435) | (7,177,999) | (18,757,724) | |
Loss per share - basic & diluted | 7 | (0.03) | (0.05) | (0.04) | (0.11) |
The annexed notes, from 1 to 13, form an integral part of these condensed interim financial statements.
KHURRAM JAVAID | MUHAMMAD ZAFAR IQBAL | FAHAD JAVAID |
CHIEF EXECUTIVE OFFICER / DIRECTOR | CHIEF FINANCIAL OFFICER | DIRECTOR |
MUGHAL ENERGY LIMITED | (Annexure - A 3/4) | |||||
CONDENSED INTERIM STATEMENT OF CHANGES IN EQUITY | ||||||
FOR THE SIX MONTHS PERIOD ENDED DECEMBER 31, 2024 (UNAUDITED) | ||||||
Capital reserve | Revenue reserve | |||||
Issued, | Revaluation | Equity | ||||
surplus on | Accumulated | contribution / | Total Equity | |||
subscribed and | Share premium | |||||
property, plant | Loss | loan from | ||||
paid-up capital | ||||||
and equipment | Directors | |||||
---------------------------------------- | Rupees | --------------------------------------------- | ||||
Balance as at June 30, 2023-(audited) | 1,972,622,420 | - | 1,064,174,125 | (86,282,493) | 130,860,574 | 3,081,374,626 |
Loss for the period | - | - | - | (18,757,724) | - | (18,757,724) |
Other comprehensive income | - | - | - | - | - | - |
Total comprehensive loss for the period | - | - | - | (18,757,724) | - | (18,757,724) |
Contribution during the period | - | - | - | - | 400,979,975 | 400,979,975 |
Balance as at December 31, 2023-(audited) | 1,972,622,420 | - | 1,064,174,125 | (105,040,217) | 531,840,549 | 3,463,596,877 |
Balance as at June 30, 2024-(audited) | 2,166,732,420 | 116,365,179 | 1,064,174,125 | (105,452,774) | 214,666,792 | 3,456,485,742 |
Loss for the period | - | - | - | (7,177,999) | - | (7,177,999) |
Other comprehensive income | - | - | - | - | - | - |
Total comprehensive loss for the period | - | - | - | (7,177,999) | - | (7,177,999) |
Balance as at December 31, 2024-(unaudited) | 2,166,732,420 | 116,365,179 | 1,064,174,125 | (112,630,773) | 214,666,792 | 3,449,307,743 |
The annexed notes, from 1 to 13, form an integral part of these condensed interim financial statements.
KHURRAM JAVAID | MUHAMMAD ZAFAR IQBAL | FAHAD JAVAID |
CHIEF EXECUTIVE OFFICER / DIRECTOR | CHIEF FINANCIAL OFFICER | DIRECTOR |
MUGHAL ENERGY LIMITED | (Annexure - A 4/4) | |
CONDENSED INTERIM STATEMENT OF CASH FLOWS | ||
FOR THE SIX MONTHS PERIOD ENDED DECEMBER 31, 2024 (UNAUDITED) | ||
Note | 2024 | 2023 |
-----------Rupees----------- | ||
(Unaudited) | (Audited) | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Loss before taxation | (7,177,999) | (18,757,724) |
Adjustments: | ||
Profit on saving accounts | (12,379) | (15,084) |
Finance cost | 2,178 | 1,804 |
(10,201) | (13,280) | |
Loss before working capital changes | (7,188,200) | (18,771,004) |
Working capital changes: | ||
Decrease / (Increase) in current assets | ||
Advances | (3,885,019) | (37,200,291) |
Deposits, prepayments and other receivables | - | 9,492,345 |
Due from the government | (41,477,000) | (47,382,243) |
(45,362,019) | (75,090,189) | |
Increase / (Decrease) in current liabilities | ||
Trade and other payables | (30,512,138) | 100,721,306 |
Cash used in / generated from operations | (83,062,357) | 6,860,113 |
Payment of income tax | (1,247,143) | (425,327) |
Net cash used in / generated from operating activities | (84,309,500) | 6,434,787 |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Payments for acquisition of property, plant and equipment | (334,528,214) | (315,622,504) |
Profit received | 12,379 | 15,084 |
Net cash used in investing activities | (334,515,835) | (315,607,420) |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Net proceeds from long-term financing | 51,564,821 | - |
Proceeds from short-term borrowings | 20,000,000 | - |
Proceeds from short-term loans from Directors | 289,600,034 | - |
Proceeds from equity contribution / loan from Directors | - | 400,979,975 |
Payment of finance cost | (129,041,115) | (36,371,373) |
Net cash generated from financing activities | 232,123,740 | 364,608,602 |
NET DECREASE / INCREASE IN CASH AND CASH EQUIVALENTS | (186,701,595) | 55,435,968 |
CASH AND CASH EQUIVALENTS AT THE BEGINNING OF THE PERIOD | 205,656,677 | 60,941,033 |
CASH AND CASH EQUIVALENTS AT THE END OF THE PERIOD | 18,955,082 | 116,377,001 |
The annexed notes, from 1 to 13, form an integral part of these condensed interim financial statements.
KHURRAM JAVAID | MUHAMMAD ZAFAR IQBAL | FAHAD JAVAID |
CHIEF EXECUTIVE OFFICER / DIRECTOR | CHIEF FINANCIAL OFFICER | DIRECTOR |
"ANNEXURE - B"
DISCLOSURE FORM
IN TERMS OF SECTIONS 96 AND 131 OF THE SECURITIES ACT, 2015
Name of Company: | Mughal Energy Limited | |
Date of Report: | February 11, 2025 | |
Contact information: | Muhammad Fahad Hafeez | |
Company Secretary | ||
31-A Shadman 1, Lahore | ||
Contact No: 042-35960841(155) | ||
Fax No: | 042-35960846 | |
Email: | fahadhafeez@mughalsteel.com |
Please mark the appropriate box below:
- Disclosure of inside information by listed company
Public disclosure of inside information, which directly concerns the listed securities:
- The Company is currently in process of installation of a 36.50 MW captive hybrid power plant project, with civil works completed. The commissioning will commence post the month of Ramzan with CoD expected in last Quarter of FY 2025.
- The financial results of the Company for the six months' period ended December 31, 2024 are attached herewith as "ANNEXURE-A".
SIGNATURES
In case of company pursuant to the requirements of the securities Exchange Ordinance 1969 (XVII), the Company has duly caused this form / statement to be signed / on its behalf by the undersigned hereunto duly authorized.
Yours Sincerely,
For MUGHAL ENERGY LIMITED
MUHAMMAD FAHAD HAFEEZ
(Company Secretary)
Dated: February 11, 2025