Contents
Company Information Historical Financial Highlights Operational Data
Future Outlook Questions & Answers
Company Information
Noon Sugar Mills Limited was incorporated in the year 1964 as a Public Company and its shares are quoted on the Pakistan Stock Exchange. The principal activity of the Company is manufacturing and sale of white sugar and spirit.
The Company's production plant is located at Bhalwal.
Operational Data
Sugar Production | 2025 | 2024 | 2023 | 2022 | 2021 | |
Cane crushed | (M.tons) | 638,501 | 712,164 | 807,367 | 1,120,350 | 863,552 |
Average sucrose recovery | % | 10.00 | 10.30 | 9.37 | 9.36 | 9.60 |
Sugar produced | (M.tons) | 63,810 | 73,597 | 75,717 | 104,720 | 82,710 |
Operating period | Days | 104 | 94 101 | 144 | 121 | |
Alcohol Production | ||||||
Molasses processed | (M.tons) | 64,418 | 69,562 | 91,704 | 151,780 | 123,567 |
Alcohol produced | (M.tons) | 12,885 | 13,429 | 18,334 | 27,256 | 24,582 |
Average Alcohol yield | (Ltrs/tons) | 250 | 246.01 | 250 | 224 | 249 |
Operating period | Days | 174 | 192 | 184 | 294 | 284 |
Operational Data
Sugar Production
110,000
104,720
100,000
90,000
82,710
80,000
73,597
75,717
70,000
Quantity in M.Tons
63,810
60,000
50,000
40,000
30,000
20,000
10,000
0
2025 2024 2023 2022 2021
Operational Data
Alcohol Production
30,000
28,000
27,256
26,000
24,000
24,582
22,000
ALCOHOL PRODUCTION (M.Tons)
20,000
18,000
18,334
16,000
14,000
13,690
12,885
12,000
10,000
8,000
6,000
4,000
2,000
0
2025 2024 2023 2022 2021
Operational Data
10.40
10.20
10.00
RECOVERY %
9.80
9.60
9.40
9.20
9.00
8.80
270
265
260
Average Sucrose Recovery
10.30
10.00
9.60
9.36
9.37
2025 2024 2023 2022 2021
Average Alcohol yield
246
224
255
250
(Ltrs/Ton)
245
240
235
230
225
220
215
210
205
200
250
250
249
2025 2024 2023 2022 2021
SIX YEAR REVIEW AT A GLANCE
Year ended September 30, | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
Sugar Production: | |||||||
Cane crushed | (M.Tons) | 638,501 | 712,164 | 807,367 | 1,120,350 | 863,552 | 543,477 |
Average sucrose recovery | (%) | 10.00 | 10.30 | 9.37 | 9.36 | 9.60 | 9.71 |
Sugar produced | (M.Tons) | 63,810 | 73,597 | 75,717 | 104,720 | 82,710 | 52,787 |
Operating period | (Days) | 104 | 98 | 101 | 144 | 121 | 105 |
Alcohol Production: | |||||||
Molasses processed | (M.Tons) | 64,418 | 69,562 | 91,704 | 151,780 | 123,567 | 85,969 |
Alcohol produced | (M.Tons) | 12,885 | 13,690 | 18,334 | 27,256 | 24,582 | 17,104 |
Average alcohol yield | (Ltrs/Ton) | 250 | 246 | 250 | 224 | 249 | 249 |
Operating period | (Days) | 174 | 192 | 184 | 294 | 284 | 351 |
Operating results: | |||||||
Sales | (Rs. In 000') | 11,744,437 | 11,326,574 | 9,280,031 | 11,965,974 | 9,189,680 | 6,138,166 |
Cost of sales | (Rs. In 000') | 10,273,549 | 10,197,684 | 7,383,505 | 10,406,680 | 8,183,388 | 5,178,147 |
Gross profit | (Rs. In 000') | 1,470,888 | 1,128,890 | 1,896,526 | 1,559,294 | 1,006,292 | 960,019 |
Gross Profit to Net Sales | (%) | 12.52 | 9.97 | 20.44 | 13.03 | 10.95 | 15.64 |
Pre-tax profit | (Rs. In 000') | 823,012 | (479,906) | 526,567 | 656,931 | 377,177 | 322,368 |
Total Comprehensive income | (Rs. In 000') | 654,290 | (618,600) | 418,777 | 463,098 | 252,458 | 253,721 |
Net Profit to Net Sales | (%) | 5.57 | (5.46) | 4.51 | 3.87 | 2.75 | 4.13 |
Shareholders' Equity: | |||||||
Paid up capital | (Rs. In 000') | 165,175 | 165,175 | 165,175 | 165,175 | 165,175 | 165,175 |
Reserves & surplus | (Rs. In 000') | 1,890,096 | 1,235,800 | 1,920,476 | 1,567,769 | 1,162,482 | 967,835 |
Shareholders' equity | (Rs. In 000') | 2,055,271 | 1,400,981 | 2,085,651 | 1,732,944 | 1,327,657 | 1,133,010 |
Break-up value per share | (Rupees) | 124.43 | 84.82 | 126.27 | 104.92 | 80.38 | 68.59 |
Earnings per share | (Rupees) | 40.62 | (37.50) | 25.39 | 28.09 | 15.38 | 15.50 |
Return on equity | (%) | 31.83 | (44.15) | 20.08 | 26.72 | 19.02 | 22.39 |
SIX YEAR REVIEW AT A GLANCE
Year ended September 30, | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
Financial position: | |||||||
Current assets | (Rs. In 000') | 3,913,691 4,530,775 8,470,177 5,217,951 1,099,400 6,414,906 0.75 0.91 | 5,228,568 | 4,100,932 | 2,778,584 | 2,809,726 | 2,738,872 |
Fixed capital expenditure | (Rs. In 000') | 3,824,035 | 2,050,390 | 1,799,082 | 1,611,027 | 1,529,009 | |
Total assets | (Rs. In 000') | 9,075,972 | 6,174,635 | 4,584,747 | 4,425,653 | 4,273,391 | |
Current liabilities | (Rs. In 000') | 7,337,823 | 4,006,598 | 2,778,293 | 2,961,307 | 2,931,541 | |
Long term debts | (Rs. In 000') | 250,000 | - | - | 75,000 | 150,000 | |
Total liabilities | (Rs. In 000') | 7,674,991 | 4,088,984 | 2,851,803 | 3,097,996 | 3,140,381 | |
Current ratio | (%) | 0.71 | 1.02 | 1.00 | 0.95 | 0.93 | |
Debt equity ratio | Times | 1.34 | 0.90 | 1.11 | 1.87 | 2.18 | |
Dividends: | |||||||
Cash | (%) | 40 | 0 | 40 | 40 | 35 | 35 |
Bonus Shares | (%) | 0 | 0 | 0 | 0 | 0 | |
Total pay out | (%) | 40 | 0 | 40 | 40 | 35 | 35 |
Statement of Financial Position - Assets
2025 2024 Increase / (Decrease) --------- Rupees in Thousands ---------- | ||
4,530,775 | 3,824,035 | 706,740 |
6,405 | 0 | 6,405 |
4,739 | 8,822 | (4,083) |
14,567 | 14,546 | 21 |
4,556,486 | 3,847,403 | 709,083 |
156,469 | 185,302 | (28,833) |
2,189,206 | 3,161,743 | (972,537) |
234,879 | 618,814 | (383,935) |
845,897 | 775,912 | 69,985 |
8,329 | 3,601 | 4,728 |
149,397 | 133,857 | 15,540 |
49,565 | 32,549 | 17,016 |
231,315 | 245,566 | (14,251) |
59,048 | 71,225 | (12,177) |
3,924,105 | 5,228,569 | (1,304,464) |
8,480,591 | 9,075,972 | (595,381) |
Assets Non-current Assets
Property, plant and equipment
Intangible assets Loans and advances Security deposits
Current Assets
Stores, spares and loose tools Stock-in-trade
Trade debts
Loans and advances Short term prepayments Other receivables Prepaid tax levies Advance income tax Bank balances
Statement of Financial Position - Liabilities
2025 2024 Increase / (Decrease) --------- Rupees in Thousands ---------- | ||
165,175 | 165,175 | 0 |
249,217 | 249,217 | 0 |
1,640,879 | 986,589 | 654,290 |
2,055,271 | 1,400,981 | 654,290 |
1,099,400 | 250,000 | 849,400 |
97,555 | 87,168 | 10,387 |
1,196,955 | 337,168 | 859,787 |
1,657,073 | 1,562,010 | 95,063 |
134,849 | 121,605 | 13,244 |
74,645 | 371,757 | (297,112) |
2,818,644 | 5,071,266 | (2,252,622) |
322,072 | 0 | 322,072 |
5,014 | 5,015 | (1) |
6,694 | 6,698 | (4) |
209,374 | 199,472 | 9,902 |
5,228,365 | 7,337,823 | (2,109,458) |
6,425,320 | 7,674,991 | (1,249,671) |
8,480,591 | 9,075,972 | (595,381) |
Equity and Liabilities
Issued, subscribed and paid-up capital Reserves
Unappropriated profit
Non-current Liabilities
Long term finances
Staff retirement benefits - gratuity
Current Liabilities
Trade and other payables Contract liabilities Accrued mark-up
Short term finances
Current portion of long term finances Unclaimed dividends
Unpaid dividends Provision for tax levies
--- Rupees in '000 ---
Increase /
(Decrease)
2024
2025
Statements of Profit & Loss
Sales - net | 11,744,437 | 11,326,384 | 418,053 |
Cost of sales | (10,273,549) | (10,197,494) | (76,055) |
Gross profit | 1,470,888 | 1,128,890 | 341,998 |
Distribution and marketing expenses | (162,523) | (219,572) | 57,049 |
Administrative expenses | (418,383) | (381,860) | (36,523) |
Other income | 539,116 | 92,413 | 446,703 |
Other expenses | (64,498) | (493) | (64,005) |
Profit from operations | 1,364,600 | 619,378 | 745,222 |
Finance cost | (541,588) | (1,099,288) | 557,700 |
Profit / (loss) before minimum and final tax levies | 823,012 | (479,910) | 1,302,922 |
Minimum and final tax levies | (152,103) | (139,539) | (12,564) |
Profit / (loss) after minimum and final tax levies | 670,909 | (619,449) | 1,290,358 |
Earnings / (loss) per share - basic and diluted Dividend - Cash | 40.62 40% | (37.50) - |
14,000.00
Financial Highlights
12,000.00
11,744.44
11,326.38
11,965.97
10,000.00
9,280.03
9,189.68
Rupees In thousands
8,000.00
6,138.17
6,000.00
4,000.00
2,000.00
-
2025
2024
2023
2022
2021
2020
2,000.00
Financial Highlights Gross Profit Margin
1,896.53
1,800.00
1,600.00
1,470.89
1,559.29
1,400.00
1,200.00
1,128.89
Rupees In thousands
1,000.00
1,006.29
960.02
800.00
600.00
400.00
200.00
-
2025
2024
2023
2022
2021
2020
Financial Highlights Net Profit
800.00
670.91
253.72
252.46
419.31
464.01
2024
600.00
400.00
200.00
Rupees In Thousands
-
2025
2023
2022
2021
2020
(200.00)
(400.00)
(600.00)
(619.45)
(800.00)
Financial Highlights Earning per Share
50.00
40.62
2024
28.09
25.39
15.38
15.50
40.00
30.00
20.00
10.00
Rupees
-
2025
2023
2022
2021
2020
(10.00)
(20.00)
(30.00)
(40.00) (37.50)
(50.00)
Financial Highlights Total Assets
10,000,000
9,075,972
8,480,591
6,174,635
4,584,747
4,425,653
4,273,391
9,000,000
8,000,000
7,000,000
Rupees in Thousands
6,000,000
5,000,000
4,000,000
3,000,000
2,000,000
1,000,000
0
2025 2024 2023 2022 2021 2020
2,500,000
Financial HighlightsShareholders' equity
2,055,271
2,085,651
1,732,944
1,400,981
1,327,657
1,133,010
2,000,000
Rupees in Thousands
1,500,000
1,000,000
500,000
0
2025 2024 2023 2022 2021 2020
Sugar
Future OutlookThe current crushing season began on November 14, 2025.
Initial surveys indicate an 8-10% increase in sugarcane cultivated areas.
There are news about government considering deregulating the sugar sector but its timelines and final draft is yet not confirmed.
Volatile sugar and sugarcane prices.
Reduced interest rate.
Future OutlookDistillery:
Depressed ethanol prices are prevailing.
Molasses prices are high.
Low exchange rate fluctuation.
Withdrawal of the final tax regime for exporters.