COMPANY INFORMATION
Board of Directors | |
Sheikh Amar Hameed | - Chairman |
Mr. Zafar Mahmood | - Chief Executive Ofcer |
Mr. Khalid Mumtaz Qazi | |
Mr. Muhammad Yahya Khan | |
Mr. Osman Hameed | |
Mr. Khalid Siddiq Tirmizey | |
Mr. Pervaiz Ahmad Khan | |
Mrs. Nazia Qureshi | |
Chief Financial Officer | |
Syed Sajid Nasim |
Company Secretary
Mr. Muhammad Inam-ur-Rahim
Head of Internal Audit
Mr. Umair Tahir
Auditors
Crowe Hussain Chaudhury & Co.
Chartered Accountants
Audit Committee | |
Mr. Pervaiz Ahmad Khan | - Chairman |
Mrs. Nazia Qureshi | - Member |
Mr. Osman Hameed | - Member |
Human Resources & | |
Remuneration Committee | |
Mr. Khalid Siddiq Tirmizey | - Chairman |
Sheikh Amar Hameed | - Member |
Mr. Zafar Mahmood | - Member |
Share Registrar | |
Corplink (Pvt.) Limited | |
Wings Arcade, 1-K Commercial, | |
Model Town, Lahore. Pakistan. | |
Tel: +92 42 35916714 & 19 | |
Fax: +92 42 35869037 | |
www.corplink.com.pk |
Legal Advisors
M/s Hassan & Hassan
Advocates
Bankers
Al Baraka Bank (Pakistan) Limited
Askari Bank Limited
Bank Alfalah Limited
Bank Islami Pakistan Limited
Habib Bank Limited
Habib Metropolitan Bank Limited
JS Bank Limited
MCB Bank Limited
Meezan Bank Limited
Pak Brunei Investment Company Limited
Soneri Bank Limited
The Bank of Punjab
The Bank of Khyber
Registered Office / Plant
14.5 Km, Lahore-Sheikhupura Road, Lahore, Pakistan.
Tel : +92 42 37971512-14
Fax: +92 42 37970229
Head Office
122-B, New Muslim Town,
Lahore, Pakistan.
Tel : +92 42 35926090-93
Fax: +92 42 35926099
Karachi Office
607, Progressive Centre, Block-6,
PECHS, Shahrah-e-Faisal, Karachi.
Tel : +92 21 34327661-62
Web Site
www.nimir.com.pk
Half Yearly Report December 2024
1
DIRECTORS' REPORT
The Directors are pleased to present their review report together with un-audited nancial statements of Nimir Resins Limited (the "Company") for the quarter and six months ended December 31, 2024.
The second quarter of the current nancial year has shown a signicant improvement in both the company's top line and protability compared to the rst quarter of this year and the same quarter of the previous nancial year. In comparison to last year, the company experienced a 33.7% increase in turnover, along with a substantial reduction in nancial costs, leading to a 115.2% increase in net prot for the period.
Throughout the rst half of the year, the company maintained a gross turnover of PKR 5.67 billion, representing a 4% year-on-year increase. However, the gross prot decreased by PKR. 31.20 million, primarily due to uctuations in international prices during the rst quarter. Despite this, the aggregate prot for the rst half of the year increased by 6.4%. The basic earnings per share (EPS) for the period is reported at Re. 0.95, compared to Re. 0.89 for the same period last year.
The ination in the country has gone down dramatically from 28% in Jan-24 to 4% in Jan-25 which has caused the discount rate to be brought down by 10% from 22% to 12%. This will help in bringing down the nancial cost further and will add to the bottom line. The uncertain political scenario in the country in particular and in the world in general has limited the growth of economy . The USD- PKR parity was stable during the last one and a half year and is expected to remain so in the near future. Under the circumstances, the Management is expecting to ensure better results in the other half of the year in the best possible way.
On December 26, 2024, M/s. AKD Securities, acting on behalf of Rudilf Pakistan Private Limited made a Public Announcement of Intention to acquire 30,000,000 shares from the sponsors under the Securites Act, 2015 and the Listed Companies (Substantial Acquisition of Voting Shares and Takeovers) Regulations, 2017. On December 31, 2024, they made public offering to acquire 21.42% shares (30,276,302 ordinary shares) at a price of PKR 25.85 per share subject minimum acceptance level of 7.49% shares.
On behalf of the board, we extend our heartfelt appreciation to the shareholders, employees, suppliers, customers and bankers for their continued condence and support during this time of unpercendented challenges and look forward to a productive second half of the nancial year.
For and on the behalf of the Board | |||
Lahore | Khalid Mumtaz Qazi | Zafar Mahmood | |
February 13, 2025 | Director | Chief Executive Officer |
2
Nimir Resins Limited
Half Yearly Report December 2024
3
INDEPENDENT AUDITOR'S REVIEW REPORT
TO THE MEMBERS
Introduction
We have reviewed the accompanying condensed interim statement of nancial position of NIMIR RESINS LIMITED ("the Company'') as at December 31, 2024 and the related condensed interim statement of prot or loss, the condensed interim statement of comprehensive income, the condensed interim statement of changes in equity, and the condensed interim statement of cash ows, and notes to the condensed interim nancial statements for the six-month period then ended (here-in-after referred to as the "interim nancial statements"). Management is responsible for the preparation and presentation of these interim nancial statements in accordance with accounting and reporting standards as applicable in Pakistan for interim nancial reporting. Our responsibility is to express a conclusion on these nancial 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 nancial statements consists of making inquiries, primarily of persons responsible for the nancial 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 signicant matters that might be identied 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 believe that the accompanying interim nancial statements are not prepared, in all material respects, in accordance with the accounting and reporting standards as applicable in Pakistan for interim nancial reporting.
Other Matter
The gures of the condensed interim statement of prot or loss and the condensed interim statement of comprehensive income for the quarters ended December 31, 2024 and 2023 have not been reviewed, as we are required to review only the cumulative gures for the half year ended December 31, 2024.
The engagement partner on the audit resulting in this independent auditor's review report is Amin Ali.
Lahore | |
February 13, 2025 | CROWE HUSSAIN CHAUDHURY & CO. |
UDIN: RR202410051Dj2Pn1rYb | Chartered Accountants |
4
Nimir Resins Limited
CONDENSED INTERIM STATEMENT OF FINANCIAL POSITION
AS AT December 31, 2024 (UN-AUDITED)
Note | |
EQUITY AND LIABILITIES | |
Share Capital and Reserves | |
Authorized share capital | |
150,000,000 (June 30, 2024: 150,000,000) Ordinary shares of | |
Rs. 10 each (June 30, 2024: Rs. 10 each) | |
Issued, subscribed and paid up share capital | |
Sponsors' interest free loans | |
Reserves | |
Surplus on revaluation of property, plant and equipment | |
Non Current Liabilities | |
Long term nancing | 5 |
Lease liabilities | 6 |
Loan from related parties - unsecured |
Post employment benets obligations
Deferred tax liability
Current Liabilities
December 31
2024
(Un-audited)
(Rs. '000')
1,500,000
1,413,211
6,886
1,240,688
630,566
3,291,351
-
33,796
21,569
68,714
13,489
137,568
June 30
2024
(Audited)
(Rs. '000')
1,500,000
1,413,211
6,886
1,084,861
793,261
3,298,219
5,000
36,856
21,569
59,636
50,229
173,290
Trade and other payables | 7 |
Unclaimed dividends | |
Accrued mark up | |
Short term borrowings | 8 |
Current portion of long term liabilities | 9 |
Provision for taxation | |
Liabilities related to asset classied as held for sale | |
Contingencies and Commitments | 10 |
ASSETS
Non Current Assets
928,619
1,645
53,300
1,742,527
22,811
167,471
2,916,373
-
-
6,345,292
732,572
293
69,327
1,887,701
20,122
269,788
2,979,803
36,000
-
6,487,312
Property, plant and equipment | 11 |
Right-of-use assets
Long term deposits
Current Assets
1,204,960
41,200
54,271
1,300,431
1,229,863
43,883
46,195
1,319,941
Stores and spares Stock in trade Trade debts Loans and advances
Prepayments and other receivables Tax refunds due from Government Cash and bank balances
Asset classied as held for sale
29,793
2,102,782
2,464,940
74,617
20,201
283,935
68,593
5,044,861
-
6,345,292
31,795
2,473,143
1,929,140
58,106
4,163
363,397
78,471
4,938,215
229,156
6,487,312
The annexed notes from 1 to 18 form an integral part of these condensed interim nancial statements (un-audited).
CHIEF EXECUTIVE OFFICER | DIRECTOR | CHIEF FINANCIAL OFFICER |
Half Yearly Report December 2024
5
CONDENSED INTERIM STATEMENT OF PROFIT OR LOSS
FOR THE HALF YEAR AND QUARTER ENDED DECEMBER 31, 2024 (UN-AUDITED)
Half Year Ended
December 31,
2024 | 2023 | |
Note | ||
(Rs. '000') | (Rs. '000') |
Quarter Ended
December 31,
2024 | 2023 |
(Rs. '000') | (Rs. '000') |
Revenue from sales
Less:
- Sales tax Net sales
Cost of sales | 12 |
Gross Profit
Operating expenses:
- Distribution costs
- Administrative expenses
Operating Profit
Other operating expenses
Finance cost
Other income
Profit before Taxation
Taxation | 13 |
- Current
- Super tax
- Deferred
Net Profit for the Period
Earnings per Share - Basic and Diluted
5,667,898
(900,526)
4,767,372
(4,240,940)
526,432
(71,926)
(72,012)
(143,938)
382,494
(27,588)
(194,410)
15,440
(206,558)
175,936
(61,080)
(17,144)
36,741
(41,483)
134,453
0.95
5,444,894
(845,377)
4,599,517
(4,041,911)
557,606
(63,816)
(75,114)
(138,930)
418,676
(25,534)
(223,946)
29,648
(219,832)
198,844
(67,525)
(23,698)
18,757
(72,466)
126,378
0.89
3,078,654 | 2,303,265 | |
(493,070) | (370,906) | |
2,585,584 | 1,932,359 | |
(2,301,282) | (1,674,205) | |
284,302 | 258,154 | |
(37,267) | (31,761) | |
(38,214) | (39,056) | |
(75,481) | (70,817) | |
208,821 | 187,337 | |
(22,843) | (14,777) | |
(84,499) | (133,669) | |
12,705 | 23,156 | |
(94,637) | (125,290) | |
114,184 | 62,047 | |
(33,639) | (22,768) | |
(13,818) | (8,265) | |
30,519 | 14,182 | |
(16,938) | (16,851) | |
97,246 | 45,196 | |
0.69 | 0.32 |
The annexed notes from 1 to 18 form an integral part of these condensed interim nancial statements (un-audited).
CHIEF EXECUTIVE OFFICER | DIRECTOR | CHIEF FINANCIAL OFFICER |
6
Nimir Resins Limited
CONDENSED INTERIM STATEMENT OF COMPREHENSIVE INCOME
FOR THE HALF YEAR AND QUARTER ENDED DECEMBER 31, 2024 (UN-AUDITED)
Half Year Ended | Quarter Ended | ||||
December 31, | December 31, | ||||
2024 | 2023 | 2024 | 2023 | ||
(Rs. '000') | (Rs. '000') | (Rs. '000') | (Rs. '000') | ||
Net Profit for the Period | 134,453 | 126,378 | 97,246 | 45,196 |
Other comprehensive income
Items that may not be re-classied to prot or loss
Items that may be re-classied to prot or loss
Total Comprehensive Income for the Period
- | - | - | - | |||
- | - | - | - | |||
134,453 | 126,378 | 97,246 | 45,196 | |||
The annexed notes from 1 to 18 form an integral part of these condensed interim nancial statements (un-audited).
CHIEF EXECUTIVE OFFICER | DIRECTOR | CHIEF FINANCIAL OFFICER |
Half Yearly Report December 2024
7
8 Nimir Resins Limited
CONDENSED INTERIM STATEMENT OF CHANGES IN EQUITY
FOR THE HALF YEAR ENDED DECEMBER 31, 2024 (UN-AUDITED)
Capital | Revenue | Surplus on | |||||
Sponsors' | Reserves | Reserves | |||||
Share | Share Deposit | Revaluation of | |||||
Particulars | Interest Free | Unappropriat- | Total | ||||
Capital | Money | Share Premium | Property, Plant | ||||
Loans | ed Profit | ||||||
Reserve | and Equipment | ||||||
-------------------------------------------------------- | Rs. '000' -------------------------------------------------------- | ||||||
Balance as at June 30, 2023 | 1,413,211 | 9,391 | 107,000 | 1,281 | 807,070 | 797,575 | 3,135,528 |
Net tpro for the period | |||||||
- | - | - | - | 126,378 | - | 126,378 | |
Other comprehensive income for the period | - | - | - | - | - | - | - |
Total comprehensive income for the period | - | - | - | - | 126,378 | - | 126,378 |
Incremental depreciation for the period on | |||||||
surplus on revaluation of property, plant and | |||||||
equipment - net of deferred tax | - | - | - | - | 4,655 | (4,655) | - |
Balance as at December 31, 2023 | |||||||
1,413,211 | 9,391 | 107,000 | 1,281 | 938,103 | 792,920 | 3,261,906 |
Balance as at June 30, 2024 Net prot for the period
Other comprehensive income for the period Total comprehensive income for the period Incremental depreciation for the period on surplus on revaluation of property, plant and equipment - net of deferred tax Transfer of revaluation surplus related to disposal of asset - net of deferred tax
Transactions with owners
1,413,211 | - | 6,886 | 1,281 | 1,083,580 | 793,261 | 3,298,219 |
- | - | - | - | 134,453 | - | 134,453 |
- | - | - | - | - | - | - |
- | - | - | - | 134,453 | - | 134,453 |
- | - | - | - | 4,504 | (4,504) | - |
- | - | - | - | 158,191 | (158,191) | - |
Final dividend - 2024 | - | - | - | - | (141,321) | - | (141,321) |
Balance as at December 31, 2024 | |||||||
1,413,211 | - | 6,886 | 1,281 | 1,239,407 | 630,566 | 3,291,351 |
The annexed notes from 1 to 18 form an integral part of these condensed interim nancial statements (un-audited).
CHIEF EXECUTIVE OFFICER | DIRECTOR | CHIEF FINANCIAL OFFICER |
CONDENSED INTERIM STATEMENT OF CASH FLOWS
FOR THE HALF YEAR ENDED DECEMBER 31, 2024 (UN-AUDITED)
Half Yearly Ended December 31,
2024 | 2023 | |
(Rs. '000') | (Rs. '000') |
CASH FLOW FROM OPERATING ACTIVITIES Prot before taxation
Adjustments:
- Depreciation on property, plant and equipment
- Depreciation on right of use asset
- Bad debts written off
- Provision for gratuity
- Provision for obsolescence of stock
- Expected credit loss on trade debts
- Workers' (prot) participation fund
- Workers' welfare fund
- Exchange gain/(loss) - net
- Finance cost
- Gain on disposal of property, plant and equipment
Operating profit before working capital changes (Increase) / decrease in current assets:
- Stores and spares
- Stock in trade
- Trade debts
- Loans and advances
- Prepayments and other receivables
- Sales tax refundable - net
(Decrease) / Increase in current liabilities: - Trade and other payables
Cash Generated from / (Used in) Operations Finance cost paid
Income tax paid
Gratuity paid
Workers' welfare fund paid
Workers' (prot) participation fund paid
Net Cash Generated from / (Used in) Operating Activities
CASH FLOW FROM INVESTING ACTIVITIES Purchase of property, plant and equipment
Proceeds from disposal of property, plant and equipment Capital work in progress - property, plant and equipment Long term deposits
Net Cash Generated from / (Used in) Investing Activities
CASH FLOW FROM FINANCING ACTIVITIES
175,936
41,674
7,401
1
10,428
3,220
10,144
10,016
4,207
448
194,410
(10,844)
271,105
447,041
2,002
367,141
(545,944)
(16,511)
(16,038)
7,737
204,800
3,187
450,228
(206,675)
(108,816)
(1,350)
-
(23,424)
109,963
(1,053)
204,000
(15,718)
(8,076)
179,153
198,844
44,848
5,610
0.18
9,790
4,250
5,830
10,715
4,740
(15,188)
223,946
(593)
293,948
492,792
(9,056)
(790,009)
159,806
9,155
(13,119)
48,729
(273,881)
(868,375)
(375,583)
(158,900)
(182,585)
-
(12,849)
(30,886)
(760,803)
(763)
593
(9,492)
(728)
(10,390)
Long term nancing repaid
Lease liabilities
Dividend paid
Short term borrowings - net
Net Cash (Used in) / Generated from Financing Activities Net (Decrease) / Increase in Cash and Cash Equivalents
Cash and cash equivalents at the beginning of the period
Cash and Cash Equivalents at the End of the Period
(5,000)
(8,851)
(139,969)
(145,174)
(298,994)
(9,878)
78,471
68,593
(131,785)
(3,560)
-
951,855
816,510
45,317
134,023
179,340
The annexed notes from 1 to 18 form an integral part of these condensed interim nancial statements (un-audited).
CHIEF EXECUTIVE OFFICER | DIRECTOR | CHIEF FINANCIAL OFFICER |
Half Yearly Report December 2024
9
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