Transmission of Annual Report for the Year Ended June 30, 2025

CONTENT

1. Vision and Mission Statement

2. Company Information

3. Code of Corporate Governance

4. Chairman Review Report

5. Director's Report

6. Notice of Annual General Meeting

7. Statements of Compliance in Listed Companies

8. Review Report on the Statements of Compliance in Listed Companies

9. Auditor's Report to the Members

10. Statement of Financial Position

11. Statement of Profit and Loss

12. Statement of Cash Flows

13. Statement of Comprehensive Income

14. Statement of Change in Equity

15. Notes to the Financial Statements

16. Pattern of Share Holding

17. Proxy Form

Our Mission

Our mission is to meet and exceed the needs of our customers by delivering high-quality products and services tailored to their preferences. We aim to create sustainable value for our stakeholders by adhering to strong values and principles. We are committed to responding to customer needs through value-added solutions, achieved by a unique combination of clear vision, effective supply chain management, and innovative technology.

Vision Statement

To be innovative, effective, and efficient in our field for the benefit of society. We strive to compete fairly through excellence in quality, technology, and sales and marketing expertise, while ensuring sound financial performance and sustainable growth for the benefit of our stakeholders and the preservation of our reputation.

Our Principles

We base our human resource systems on proven principles that reflect our core values and our commitment to attracting, rewarding, developing, and motivating highly capable professionals. Our practices acknowledge the global scope of our business while demonstrating responsibility, flexibility, and respect for cultural diversity, as well as statutory and regional business requirements.

Our Emphasis

We emphasize innovation and fair competition in quality, technology, and market expertise to drive sustainable financial growth. Our focus remains on strengthening stakeholder confidence while contributing positively to society and upholding the Company's reputation.

Social Responsibility

We are committed to operating in an environmentally responsible manner and actively supporting the communities in which we operate, as well as contributing responsibly to the industries we serve.

Corporate Values

• Total Customer Services

• Long-Term Business Focus

• Technology Oriented

• Quality & Reliability

• Staff Development & Teamwork

• Effective Resources & Cost Management

• Corporate Responsibility

  Company Information

  Board of Directors

  1. Mr. Farhan Abbas Sheikh Chairman

  2. Ms. Fatima Jamil Chief Executive Officer/ Executive Director

  3. Mr. Muhammad Shaffat

  4. Mr. Naeem Ali Malik

  5. Ms. Farkhanda Abbas

     Non-Executive Director Non-Executive Director Non-Executive Director

  6. Mr. Dr. Saad Liaquat Independent Director

  7. Mr. Muhammad Usman Shakuat Independent Director

     Board Audit Committee

     Mr. Dr. Saad Liaquat Chairman

     Mr. Farhan Abbas Sheikh Member

     Mr. Muhammad Shaffat Member

     Ms. Hina Kashif Secretary

     Human Resource and Remuneration Committee

     Mr. Dr. Saad Liaquat Chairman

     Mr. Farhaan Abbas Sheikh Member

     Mr. Naeem Ali Malik Member

     Mr. Inam Ullah Secretary

     Company Secretary Inam Ullah Legal Advisor Zulfiqar Ahmed, Advocate High Court Chief Financial Officer Muhammad Adnan Rana Head of Internal Auditor Ms. Hina Kashif Auditors Iqbal Yasir & Co., Chartered Accountants Registrar F.D REGISTRAR (Pvt.) Limited

     Suit 1705 - A. 17th Floor, I.I Chundrigar Rd, Saddar Karachi

     Sr no.	Bank	A/C No	Bank Address
     1	Meezan Bank	0254-0106325995	Zahoor Ellahi Road Branch Lahore
     2	Faysal Bank Limited	319230100000 2164	Ferozepur Road Branch, Lahore.
     3	Faysal Bank Limited	319230100000 2429	Ferozepur Road Branch, Lahore.
     4	J.S Bank Limited	0001984041	Islamabad Stock Exchange branch
     5	J.S Bank Limited	0001989026	Islamabad Stock Exchange branch
     6	Meezan Bank	0516-0108234968	110-111/A Commercial Market, Model Town Multan.
     7	Bank Al Habib Limited	5501008101644900	IB-Gulberg Branch (5501)

     Registered Office 5A/1, Gulberg 3, Off M.M. Alam Road, Lahore. Bankers' Details

     Code of Corporate Governance

     The Company has duly complied with the requirements of the Code of Corporate Governance as issued by the Securities and Exchange Commission of Pakistan and incorporated in the Listing Regulations of Pakistan Stock Exchange Limited. A statement of compliance with the Code of Corporate Governance is annexed to this report.

     Compliance with the Code of Corporate Governance

     In compliance with the Code of Corporate Governance, the Board of Directors of the Company states that:

     • The financial statements, prepared by the management of the Company, fairly present the state of affairs, results of operations, cash flows, and changes in equity of the Company.

     • Proper books of account have been maintained by the Company.

     • Appropriate accounting policies have been consistently applied in the preparation of the financial statements, and accounting estimates are based on reasonable and prudent judgment.

     • International Financial Reporting Standards (IFRS), as applicable in Pakistan, have been followed in the preparation of these financial statements, and any departure therefrom, if any, has been adequately disclosed.

     • The system of internal control implemented by the Company is sound and has been effectively maintained throughout the year.

     • Considering the financial position of the Company, there is no significant doubt about the

       Company's ability to continue as a going concern.

     • There has been no material departure from the best practices of corporate governance, as detailed in the Listing Regulations, during the year under review.

Audit Committee

The Board of Directors has constituted an Audit Committee comprising three (3) members in compliance with the Revised Code of Corporate Governance, 2017. All members of the Audit Committee are Non-Executive Directors, including the Chairman of the Committee.

During the year ended June 30, 2025, the Audit Committee held four (4) meetings. The meetings were held at least once every quarter prior to the approval of the interim and final financial results of the Company, as required under the Code of Corporate Governance.

The attendance of the Audit Committee members at the meetings was as follows:

Attendance and Meetings

The Head of Internal Audit, Secretary of the Committee, and Chief Financial Officer attended all meetings of the Audit Committee held during the year under review.

The Audit Committee also met with the External Auditors separately, without the presence of the Chief Financial Officer and the Head of Internal Audit, to obtain their independent feedback on the effectiveness of the Company's internal controls, risk management, and overall governance framework.

Terms of Reference of the Audit Committee

The Audit Committee reviews the periodic financial statements of the Company and examines the adequacy of financial policies and practices to ensure that an effective and robust system of internal control is maintained. The Committee also reviews internal audit reports and monitors the status of compliance with audit observations.

In addition, the Audit Committee is responsible for recommending to the Board of Directors the appointment of the external auditors for approval by the shareholders. The Committee also considers matters relating to the resignation or removal of external auditors, determination of audit fees, and the provision of any non-audit services by the external auditors in addition to the audit of the Company's financial statements.

The Terms of Reference of the Audit Committee are consistent with those prescribed under the Code of Corporate Governance and include, inter alia, the following:

1. Review of the interim and annual financial statements of the Company prior to their approval by the Board of Directors.

2. Discussions with the external auditors on significant observations arising from interim and final audits; review of the management letter issued by the external auditors and management's responses thereto.

3. Review of the scope, adequacy, and effectiveness of the internal audit function, ensuring that it is appropriately resourced and positioned within the Company.

4. Assessment of the adequacy and effectiveness of the internal control system, including financial and operational controls, accounting systems, and reporting structures.

5. Determination of compliance with applicable statutory requirements and monitoring adherence to best practices of corporate governance.

6. Initiation of special projects, value-for-money studies, or other investigations on matters as may be referred by the Board of Directors.

7. Review of the management letter issued by the external auditors and management's responses

thereto.

Report of the Audit Committee

The Audit Committee performed its functions in accordance with the terms of reference approved by the Board of Directors and reviewed the following key matters during the financial year under review.

Financial Reporting

The Audit Committee reviewed, discussed, and recommended for Board approval the draft interim and annual financial results of the Company. The Committee also held detailed discussions with the Chief Financial Officer, Head of Internal Audit, and External Auditors regarding significant accounting policies, key estimates, and judgments applied in the preparation of the Company's financial information.

The Audit Committee places significant importance on ensuring compliance with the best practices prescribed under the Code of Corporate Governance. In this regard, the Committee annually reviews the Company's level of compliance with the Code and reports its findings to the Board of Directors.

Appointment of External Auditors

In accordance with the requirements of the Code of Corporate Governance and the Terms of Reference of the Audit Committee, the Committee reviewed and recommended the appointment and remuneration of the External Auditors to the Board of Directors for approval and onward submission to the shareholders.

Review of Management Letter Issued by the External Auditors

The Audit Committee reviews the Management Letter issued by the External Auditors, wherein internal control weaknesses and improvement areas are highlighted. The Committee also monitors the compliance status of previously reported observations and discusses corrective measures with management to strengthen the overall control environment.

Internal Audit

In compliance with the Code of Corporate Governance, the Board of Directors has established an independent Internal Audit Function to monitor and review the adequacy, effectiveness, and implementation of internal controls at all levels of the Company.

Transfer Pricing

It is the Company's policy that all transactions with related parties are conducted on an arm's length basis. In exceptional circumstances, where transactions are undertaken otherwise than at arm's length, such transactions are subject to prior approval of the Board of Directors and the Audit Committee. The rationale and financial impact of such transactions are duly documented and disclosed in the financial statements, in accordance with applicable laws and regulations.

Risk Management Policy

The Board of Directors plays a central role in overseeing the Company's risk management framework, primarily through the Risk Management Committee. Comprehensive programs are in place to identify, assess, and manage operational, strategic, technological, reputational, environmental, health and safety, and other risks affecting the Company's business.

These risks are reviewed by the relevant committees on a regular basis.

All operational units incorporate risk management into their planning processes with the objectives to:

• Minimize risk exposure across the Company;

• Integrate risk management into the Company's corporate governance and management structure;

• Identify significant risks in a timely manner and implement appropriate mitigation strategies; and

• Develop and maintain effective and efficient risk management procedures.

Strategic Planning

The Company's strategic planning framework is designed to position the Company to achieve its vision of being recognized as a world-class manufacturer of high-quality products while delivering sustainable value to its consumers and stakeholders.

In this regard, the Company aims to:

1. Ensure that strategic positioning decisions are made based on a comprehensive understanding of both the external and internal business environment.

2. Identify and pursue opportunities to consolidate and strengthen the Company's competitive

   position.

3. Establish productive and mutually beneficial partnerships to achieve sustainable competitive advantage.

4. Maintain robust and well-aligned planning and budgeting processes, incorporating regular review and continuous improvement mechanisms.

Human Resources

The Company is committed to providing equal employment opportunities and maintaining a workplace free from discrimination. It recognizes its responsibility as a corporate citizen and employer to implement and promote fair, transparent, and merit-based employment practices.

Employment decisions are made on the basis of qualifications, experience, and merit. The Company ensures that recruitment and selection processes are fair, consistent, effective, and efficient to attract and retain the most suitable talent.

During the year, the Company reconstituted the Human Resource & Remuneration Committee (also referred to as the Compensation Committee).

Terms of Reference of the Human Resource & Remuneration Committee

The Human Resource & Remuneration Committee is responsible for making recommendations to the Board of Directors in respect of the following matters:

1. Establishing and maintaining a sound organizational structure for the Company.

2. Developing and overseeing effective employee development programs.

3. Formulating competitive compensation and benefits policies designed to attract, retain, and motivate competent personnel.

4. Evaluating and recommending changes in organizational structure, functions, and reporting relationships for key management positions.

5. Defining appropriate limits of authority and approval procedures for personnel-related matters at various management levels.

6. Reviewing the employee development and succession planning framework to ensure that it:

   • Anticipates senior management requirements;

   • Identifies and develops key talent at an early stage;

   • Establishes succession plans for senior management positions; and

   • Provides structured training and development programs.

7. Compensation and Benefits matters, including:

   • Recommending human resource management policies to the Board;

   • Recommending to the Board the selection, evaluation, compensation (including retirement benefits), and succession planning of the Chief Executive Officer;

   • Recommending to the Board the selection, evaluation, and compensation (including retirement benefits) of the Chief Operating Officer, Chief Financial Officer, Company Secretary, Head of Internal Audit, and other senior management reporting to the Chief Executive Officer.

During the year, the Board of Directors of your company has met five times and the attendance at each of these meetings is as follows:

The pattern of shareholding of your Company as on June 30, 2025 is annexed with this report. This statement is in accordance with the amendments made through the Code.

All trades in the shares of the Company, carried out by its directors, CEO, CFO, Company Secretary, their spouses and minor children is also disclosed in Form 34, if any, annexed with this report. For the purpose of this clause 5.19.11(xii) and clause 5.19.15 of the Code of Corporate Governance Regulations, the expression "executive" means the CEO, COO, CFO, Head of Internal Audit and Company Secretary and employees of the Company for whom the Board of Directors has determined the minimum threshold of gross salary (excluding retirement funds) of Rs. 9.84 million per annum for the financial year 2024-2025.

Chairman's Review Report

The financial year 2024-2025 proved to be a challenging period for the country and the overall business environment. Macroeconomic pressures, including depreciation of the Pakistan Rupee, persistently high KIBOR rates, and elevated inflation, continued to impact economic activity. In addition, recent taxation measures further strained trade and supply chain operations.

Despite these challenges, the Board of Directors, in line with the Company's approved business plan, undertook strategic initiatives aimed at strengthening the Company's operational capacity and enhancing long-term revenue potential.

During the year, the Board of Directors approved a 100% Right Issue amounting to Rs. 250,000,000 in its meeting held on December 27, 2024, to support a new project titled "Bio-Oil from Pyrolysis", as part of the Company's business expansion strategy. Subsequently, the Company successfully issued 25,000,000 ordinary shares of Rs. 10/- each in November 2025, raising an aggregate amount of Rs. 250,000,000.

However, the shareholders of the Company later approved a change in the purpose of utilization of the funds raised through the said Right Issue, which was originally intended for the project titled "Bio-Oil from Pyrolysis - Waste to Energy through Fast Pyrolysis." The revised utilization of proceeds was approved in accordance with applicable legal and regulatory requirements.

On behalf of the Board, I would like to express our sincere appreciation to our valued customers for their continued trust. I also extend my gratitude to our management team, employees, and staff for their dedication and commitment, as the Company's progress and success are built upon their collective efforts.

Finally, I thank our shareholders for their continued confidence and support. We remain committed to prudent corporate governance, sustainable growth, and maximizing long-term value for our shareholders.

Chairman/Non-Executive Director

Directors' Report

The Directors of your Company take pleasure in presenting the Annual Report together with the audited financial statements of the Company for the year ended June 30, 2025.

Economic Review

Pakistan's economy showed modest expansion in FY2025, marking a slow recovery from previous years of low growth. Real GDP is estimated to have grown at 2.7%. Agricultural growth remained limited due to weak crop yields. In contrast, the industrial sector rebounded significantly after a year of contraction. Following a decline of 1.37% in previous year, the sector expanded by 4.77%. The services sector played a leading role in sustaining economic momentum. It grew by 2.91% in FY2025, up from 2.19 percent in the previous year.

There is reduction in policy rate by 950 bps to 11% and recording of current account surplus for the first time in a decade, supported economic growth of 2.68% in FY25. The country also experienced an improvement in foreign exchange reserves, reaching US$ 14.5 billion by the end of June 2025. The fiscal sector progressed toward stabilization, supported by fiscal consolidation measures and targeted reforms, resulting in a manageable fiscal deficit and an overall primary surplus.

The Pakistan Stock Exchange reflected strong investor confidence, with the KSE-100 Index increasing from

Financial Performance

The Company is in the process of repositioning itself into the oil trading business. However, during the financial year 2024-25, the Company's operational activities remained largely stagnant.

The Board of Directors and Management remain fully aware of the challenges faced by the Company and continue to take appropriate measures to address them. The Company regularly reviews and realigns its business strategies to capitalize on emerging opportunities while mitigating prevailing risks and challenges.

In line with this strategic direction, the Company has prioritized diversification to reduce concentration risk and is actively exploring alternative revenue streams with the objective of enhancing long-term shareholder value.

Dividend

In view of the existing financial position of the Company, the Board of Directors has decided not to declare any dividend for the financial year under review.

Future Outlook

The Company remains committed to leveraging its expertise to unlock value for its clients and stakeholders, with a focus on achieving sustainable growth within Pakistan's capital market and broader business environment.

Internal Financial Controls

The Company has maintained an effective system of internal financial controls throughout the year. The Board confirms that:

• The financial statements, prepared by the management, fairly present the state of affairs, results of operations, cash flows, and changes in equity of the Company.

• Proper books of account have been maintained.

• Appropriate accounting policies have been consistently applied, and accounting estimates are based on reasonable and prudent judgment.

• International Financial Reporting Standards (IFRS), as applicable in Pakistan, have been followed, and any departures therefrom, if any, have been adequately disclosed.

• The system of internal control implemented by the Company is sound and has operated effectively throughout the year.

  Compliance with Secretarial Standards and Code of Corporate Governance

  The Company has complied with all applicable requirements of the Secretarial Standards and the Code of Corporate Governance during the year under review.

  Material Changes, Commitments, Corporate Social Responsibility & ESG Considerations

  There have been no material changes or commitments, other than those already disclosed, up to the date of this report. The Company continues to remain mindful of its corporate social responsibility obligations and environmental, social, and governance (ESG) risks.

  Anti-Harassment

  The Company has established a comprehensive mechanism to address workplace harassment and maintains a zero-tolerance policy toward any form of harassment. The framework ensures a safe, respectful, and inclusive working environment for all employees, regardless of gender or position. Employees are encouraged to report grievances confidentially to the Human Resources Department, which conducts fair and impartial investigations.

  Gender Pay Gap

  The Company is committed to ensuring equality and fairness in compensation practices. There is no gender-based pay gap, and employee remuneration is determined based on experience, seniority, responsibilities, and performance, without discrimination.

  Meetings of the Board of Directors

  As detailed under the Corporate Governance section of this report, the Board of Directors held five (5) meetings during the year.

  Composition of the Board of Directors

  In compliance with Regulation 34(2) of the Listed Companies (Code of Corporate Governance) Regulations, 2019, the following information is provided:

  Board Strength

• Total Directors: Seven (7)

  • Male: 5

  • Female: 2

    Board Composition

• Mr. Farhan Abbas Sheikh - Chairman
• Ms. Fatima Jamil - Chief Executive Officer / Executive Director
• Mr. Muhammad Shaffat - Non-Executive Director
• Mr. Naeem Ali Malik - Non-Executive Director
• Dr. Saad Liaquat - Independent Director
• Mr. Muhammad Usman Shaukat - Independent Director
• Ms. Farkhanda Abbas - Non-Executive Director

Human Resources

The Company is committed to equal opportunity employment and maintains a non-discriminatory work environment. Employment decisions are based strictly on merit, qualifications, and experience. The Company ensures that recruitment and selection processes are fair, consistent, effective, and transparent in order to attract and retain the most suitable talent.

External Auditors

The Audit Committee has recommended the re-appointment of M/s Iqbal Yasir & Co, Chartered Accountants, who retire at the conclusion of the forthcoming Annual General Meeting. The Board of Directors, on the recommendation of the Audit Committee, has proposed their re-appointment as auditors of the Company for another term, subject to approval by the shareholders.

Directors' Remuneration

The Chief Executive Officer is paid remuneration and benefits as approved by the Board of Directors in accordance with the Articles of Association and the Company's Human Resource policies. No other director receives remuneration from the Company, except for meeting fees for attending meetings of the Board and its Committees. Relevant disclosures have been made in the financial statements.

Annual Evaluation of Board Performance

In accordance with the Listed Companies (Code of Corporate Governance) Regulations, 2019, an annual performance evaluation of the Board, its members, and its committees was conducted. Based on the evaluation, the overall performance and effectiveness of the Board and its Committees during the year under review were found to be satisfactory.

Statutory and Advisory Committees of the Board

The Board has constituted the following Statutory and Advisory Committees for a three-year term:

1. Board Audit Committee (BAC)

   • Dr. Saad Liaquat - Chairman

   • Mr. Farhan Abbas Sheikh - Member

   • Mr. Muhammad Shaffat - Member

   • Ms. Hina Kashif - Secretary

2. Human Resource & Remuneration Committee (HRRC)

   • Dr. Saad Liaquat - Chairman

   • Mr. Farhan Abbas Sheikh - Member

   • Mr. Naeem Ali Malik - Member

   • Mr. Inam Ullah - Secretary

Pattern of Shareholding and Notice of Annual General Meeting

The pattern of shareholding of the Company as at June 30, 2025, is annexed to this report. The Notice of the Annual General Meeting is also attached.

Free Float of Shares

The free float of shares of the Company as at June 30, 2025, is annexed to this report.

Financial Reporting

The Board Audit Committee reviewed, discussed, and recommended the draft interim and annual financial results of the Company for approval by the Board. The Committee also discussed significant accounting policies, estimates, and judgments with the Chief Financial Officer, Head of Internal Audit, and External Auditors.

Acknowledgements

The Directors wish to express their sincere gratitude to the Company's valued customers for their continued confidence and trust. Appreciation is also extended to the management team, employees, and staff for their dedication and commitment, as the success of the Company is built upon their collective efforts. The Directors also thank the shareholders for their continued support and assure them of the Company's commitment to maximizing value for their investment.

Chief Executive Officer Dated: January 6, 2026

NOTICE OF ANNUAL GENERAL MEETING

NOTICE IS HEREBY GIVEN, that the 32ndAnnual General Meeting of Oilboy Energy Limited (the "Company") will be held on Friday, January 30, 2025, at 10:00 a.m. at the registered address of the Company i.e., 5-A/1, Off: MM Alam Road, Gulberg-III, Lahore, to transact the following business: -

ORDINARY BUSINESS:

1. To confirm the minutes of the Extra Ordinary General Meeting held on December 16, 2025.

2. To receive, consider and adopt the Annual Audited Financial Statements of the Company for the year

   ended June 30, 2025, together with the Directors' and Auditors' Reports thereon.

   In accordance with Section 223 of the Companies Act, 2017, and pursuant to S.R.O. 389(I)/2023 dated March 21, 2023, the financial statements of the Company have been uploaded on the website of the Company and can be downloaded from the following web link and QR enabled code:

   https://obel.com.pk/wp-content/uploads/2026/01/Financial-Statements-For-The-Year-Ended-June-30-2025.pdf

3. To appoint External Auditors of the Company for the year ending June 30th, 2026, and to fix their remuneration.

Issued under the authorization of the Board:

Company Secretary January 07, 2025

1. BOOK CLOSURE

   The Share Transfer books of the Company will remain closed, and no transfer of shares will be accepted for registration from January 23,2026 to January 30,2026 (both days inclusive). Anytransfer requestreceived

   by theofficeofthe share registrar of the Company by the close of business on January 22th, 2026, will be treated in time for the purpose of attendance in the AGM.

2. ATTENDANCE OF MEETING

   Attendance in the meeting shall be marked on the production of original CNIC or passport of the member or his/her proxy or authorizations from the corporate members. CDC Account Holders must follow the guidelines as laid down in Circular No. 1 dated January 26, 2000, issued by the SECP to attend the meeting.

   Any individual member entitled to attend, speak and vote at the AGM can also appoint a proxy to attend, speak and vote on his/her behalf. Similarly, the corporate members can also give authorizations to any natural person to attend the meeting on their behalf.

   In order for the proxies to be effective, they must be duly signed, filled, witnessed and deposited at the Registered Office of the Company, along with the attested copies of valid Computerized National Identity Card (CNIC) or Passport, not less than 48 hours before themeeting.

   The Company has also made the arrangements to ensure the participation of all shareholders in the AGM proceedings via a video link. In order to attend the meeting through video link, the members are requested to share the below information, via email to inambsp@gmail.com for their appointment/registration and proxy verification by or before January 28, 2025 as per below format:

   Full Name

   CNIC No

   Registered Email

   Cell No.

   No of Shares

   Folio/CDC No.

   Video link details and login credentials will be shared with those members whose particulars and registered emails are received on or before 4:00 PM on January 28, 2026, Furthermore, the shareholders may also provide their comments and questions for the agenda items of the AGM at the email address inambsp@gmail.com which will be duly responded to in the said meeting.

3. AVAILABILITY OF AUDITED FINANCIAL STATEMENTS ON COMPANY'S WEBSITE:

   The audited financial statements of the Company for the year ended June 30, 2025 have been made available on Company's website https://obel.com.pk/financial-reports.php in addition to annual and quarterly financial statements for the prior years.

   Any Member requiring printed copy of Annual Report may send request using a standard Request Form placed on the Company's website. The Company will provide the printed copy of Accounts to such members free of cost within one week of such demand.

4. CHANGE IN ADDRESS AND CNIC:

   The members are requested to notify any change in their address and contact details, as well as the attested photocopy of their valid CNICs, in case of the book entry securities in CDS to their respective participants and in case of physical shares to the registrar of the Company, by quoting their folio numbers and name of the Company at the below mentioned address of the Company's Share Registrar, if not earlier notified/submitted:

   M/s F.D. Share Registrar Services (Private) Limited Saima Trade Tower, Suite 1705-A, 17thFloor, I.I Chundrigar Road, Karachi

5. DEPOSIT OF PHYSICAL SHARES INTO CENTRAL DEPOSITORY:

As per section 72 of the Companies Act, 2017 every existing listed company is also required to replace its physical shares with the book-entry form in a manner as may be specified and from the date notified by the Commission, within a period not exceeding four years from the commencement of the Act i.e. May 30th, 2017.

In the light of the above, the shareholders holding physical share certificates are once again encouraged to deposit their shares in Central Depository by opening CDC sub-accounts with any of the brokers or Investor Accounts maintained directly with CDC to convert their physical shares into scrip less form. This will facilitate the shareholders to streamline their information in member's register enabling the Company to effectively communicate with the shareholders and timely disburse any entitlements. Further, shares held shall remain secure and maintaining shares in scrip less form allows for swift sale/purchase.

Name of Company: Oilboy Energy Limited Year Ending: June 30, 2025

The company has complied with the requirements of the Regulations in the following manner:-

1. The total number of directors are seven as per the following:

   1. Male: 5

   2. Female: 2

2. The composition of board as at June 30, 2025 is as follows:

   Category		Names
   Independent Director(s)*
   Non-Executive Director(s)	Female
   	Male
   Executive Director(s)*

   1. Mr. Muhammad Usman Shoukat

   2. Mr. Saad Liaquat

   1. Ms. Farkhanda Abbas

   1. Mr. Farhan Abbas Sheikh

   2. Mr. Muneeb Ahmad Khan

   1. Ms. Fatima Jamil Sheikh

   2. Mr. Abdul Ghaffar

   * Determination of number of independent directors under Regulation 6 arrives at 2.33 (rounded to 2) which is based on seven elected directors. The fraction is not rounded up since the two (2) elected

   independent directors possess requisite competencies, skills, knowledge and experience to hold the office as such and discharge and execute their responsibilities as per applicable laws and regulations.

3. The directors have confirmed that none of them is serving as a director on more than seven listed companies, including this company.

4. The company has prepared a code of conduct and has ensured that appropriate steps have been taken to disseminate it throughout the company along with its supporting policies and procedures;

5. The Board has developed a vision/ mission statement, overall corporate strategy and significant policies of the company. The Board has ensured that complete record of particulars of significant policies along with their date of approved or updating is maintained by the company;

6. All the powers of the Board have been duly exercised and decisions on relevant matters have been taken by board/shareholders as empowered by the relevant provisions of the Act and these Regulations;

7. The meetings of the Board were presided over by the Chairman and, in his absence, by a director elected by the Board for this purpose. The Board has complied with the requirements of the Act and the Regulations with respect to frequency, recording and circulating minutes of the meeting of Board;

8. The Board have a formal policy and transparent procedures for remuneration of directors in accordance with the Act and these Regulations;

9. As stated in para 19 below, no director of the company has obtained the Directors Training Program Certification or exemption based on prescribed qualification and experience pursuant to Regulation 19 of the Regulations.

10. The Board has approved appointment of chief financial officer, company secretary and head of internal audit, including their remuneration and terms and conditions of employment, and complied with relevant requirements of the Regulations;

11. Chief financial officer and chief executive officer duly endorsed the financial statements before approval of the Board;

12. The board has formed committees comprising of members given below:-

    a)	Audit Committee
    1.	Mr. Saad Liaquat (Independent Director)	Chairman/Member
    2.	Mr. Farhan Abbas Sheikh (Non-Executive Director)	Member
    3.	Mr. Abdul Ghaffar (Executive Director)	Member
    4.	Ms. Hina Kashif	Secretary
    b)	HR and Remuneration Committee
    1.	Mr. Saad Laiquat (Independent Director)	Chairman
    2.	Mr. Farhan Abbas Sheikh (Non-Executive Director)	Member
    3.	Mr. Muneeb Ahmad Khan (Non-Executive Director)	Member
    4.	Mr. Inam Ullah	Secretary

13. The terms of reference of the aforesaid committees have been formed, documented and advised to the committee for compliance;

14. The frequency of meetings (quarterly/half yearly/yearly) of the committee were as per following:-

    1. Audit Committee 04 meetings

    2. HR & Remuneration Committee 01 Meeting

15. The Board has outsourced its internal audit function to an independent firm of chartered accountants who are considered suitably qualified and experienced for the purpose and conversant with the policies and procedures of the company.

16. The statutory auditors of the company have confirmed that they have been given a satisfactory rating under the Quality Control Review program of the Institute of Chartered Accountants of Pakistan and registered with Audit Oversight Board of Pakistan, that they and all their partners are in compliance with International Federation of Accountants (IFAC) guidelines on code of ethics as adopted by the Institute of Chartered Accountants of Pakistan and that they and the partners of the firm involved in the audit are not a close relative (spouse, parents, dependent and non-dependent children) of the chief executive officer, chief financial officer, head of internal audit, company secretary or director of the company;

17. The statutory auditors or the persons associated with them have not been appointed to provide other services except in accordance with the Act, these Regulations or any other regulatory requirement and the auditors have confirmed that they have observed IFAC guidelines in this regard;

18. We confirm that all the requirements of the Regulations 3, 6, 7, 8, 27, 32, 33 and 36 of the Regulations have been complied with; and

19. Explanation for non-compliance with requirements, other than regulations 3, 6, 7, 8, 27, 32, 33 and 36 are below: -

    Sr. No.	Requirement	Reg. No.	Explanation
    1	Has the Entity ensured that at the reporting date the number of directors required to obtain certification from prescribed Institutes' directors training programs been obtained?	19(1)	The election of the Board of Directors was held on December 07, 2024. During the year, no director training program could be arranged due to the financial position of the Company. However, the Company is committed to ensuring compliance and will arrange the requisite training program in the next year.

    1. by June 30, 2020, at least half of the directors on their boards;

    2. by June 30, 2021 at least 75% of the directors on their boards; and

    3. by June 30, 2022 all the directors on their boards have acquired the prescribed certification under any director training program offered by institutions, local or foreign, that meet the criteria specified by the Commission and approved by it.

    Sr. No.	Requirement	Reg. No.	Explanation
    2	A newly appointed director on the board mayacquire, unless exempted or already in possession of the required certification, the directors training program certification within a period of one year from the date of appointment as a director on the board.	19(2)	It's not a mandatory clause, however, the election of the Board of Directors was held on December 07, 2024. The Company is committed to ensuring compliance and will arrange the requisite training program in the next year.
    3	Has the Entity arranged training for:	19(3)	During the year, training program could not be arranged due to the financial position of the Company. However, the Company is committed to ensuring compliance and will arrange the requisite training program in the next year.
    4	Entity may post the key elements of its significant policies on its website.	35	The mandatory policies will be placed on the website.
    5	All companies shall make appropriate arrangements to carry out orientation for their directors to acquaint them with these Regulations, applicable laws, their duties and responsibilities to enable them to effectively govern the affairs of the listed entity for and on behalf of shareholders.	18	The election of the Board of Directors was held on December 07, 2024. The Company is committed to ensuring compliance and will arrange the requisite orientation.
    6	The Board may constitute a separate committee, designated as the nomination committee, of such number and class of directors, as it may deem appropriate in its circumstances.	29(1)	Since there is no Nomination Committee in place (required under non-mandatory provisions of Regulations 29), their respective terms of reference, as enumerated in the Regulations, have been incorporated in the terms of reference of Human Resource and Remuneration Committee and Audit Committee respectively.

    1. At least one female executive every year under the Directors' Training program from the year starting July 1, 2020.

    2. At least one head of department every year under the Directors' Training program from the year starting July 1, 2022.

    Sr. No.	Requirement	Reg. No.	Explanation
    7	The Board may constitute the risk management committee, of such a number and class of directors, as it may deem appropriate in its circumstances, to carry out a review of effectiveness of risk management procedures and present a report to the Board.	30(1)	Since there are no Risk Management Committee in place (required under non-mandatory provisions of Regulations 30), their respective terms of reference, as enumerated in the Regulations, have been incorporated in the terms of reference of Human Resource and Remuneration Committee and Audit Committee respectively.

    LAHORE:	FARHANABBAS SHIEKH	FATIMA JAMIL SHIEKH
    January 6, 2026,	Chairman	Chief Executive

    
    
    
    
    
    
    
    
    
    
    
    

    C H A R T E R E D A C C 0 U N T A N T S

    
    
    

    INDEPENDENT AUnrron's nEronT

    To the members of Oilboy Energy Limited Report on the Audit of the Financial Statements Opinion

    We have audited the annexed financial statements of Oilboy Energy Limited ("the Company"), which comprise the statement of financial position as at June 30, 2025 and the statement ofprofit or loss, the statement of comprehensive income, the statement of changes in equity, the statement of cash flows for the year then ended and notes to the financial statements, including material accounting policies information and other explanatory information, and we state that we have obtained all the information and explanations which, to the best of our knowledge and belief, were necessary for the purposes of the audit.

    In our opinion and to the best of our information and according to the explanations given to us, the statement of financial position, the statement of profit or loss, the statement of comprehensive income, the statement of changes in equity and the statement of cash flows together with the notes forming part thereof conform with the accounting and reporting standards as applicable in Pakistan and give the information required by the Companies Act, 2017 (XIX of 2017), in the manner so required and respectively give a true and fair view of the state of the Company's affairs as at June 30, 2025 and of the loss and comprehensive loss, the changes in equity and its cash flows for the year then ended.

    Basis for Opinion

    We conducted our audit in accordance with International Standards on Auditing (ISAs) as applicable in Pakistan Our responsibilities under those standards are further described in the Auditor's Responsibilities for the Audit of the Financial Statements section of our report. ¥Ve are independent of the Company in accordance with the International Ethics Standards Board for Accountants' Code of Ethics for Professional Accountants as adopted by the Institute of Chartered Accountants ofPakistan(the Code) and wehave fulfilled our other ethical responsibilities in accordance with the Code. We believe that the audit evidence we have obtained is sufficient and appropriate to provide abasis for our opinion.

    Material Uncertainty relating to Going Concern

    We draw attention to note 1.2 to the financial statements, which discloses that the Company undertook a 100% right issue to strengthen its capital base and finance its revised business plan, including the "Waste-to-Energy through Fast Pyrolysis" project. During the year, the Company revised its operations, including the closure of one petrol pump site, and utilized a portion of the right issue proceeds for coal trading, representing a change from the originally approved utilization that had not been approved by shareholders as at the reporting date. Subsequent to the reporting date, the remaining proceeds were received and the shareholders approved the revised utilization of proceeds and business strategy.

    The Company has incurred an after-tax loss ofRs. 52.62 million (2024: Rs. 32.4 million) for the year ended June 30, 2025, and as at that date, its accumulated losses amounted to Rs. 239.69 million (2024: Rs. 187.07 million). These events indicate the existence of amaterial uncertainty that may cast signi.'icant doubt onthe Company's ability to continue as a going concern. Our opinion is not modified in respect of this matter.

    Page 1 of 5

    Head Office: 415, Block B, Faisal Town, Lahore. Ph: 042-35218637-40 Email: info@iy.com.pk Web: www.iy.com.pk

    • Lahore ■ Islamabad ■ Karachi m Faisalabad

      
      
      
      
      
      Emphasis of Matter

      We draw attention to note 20.1 to the financial statements, which highlights instancc8 of non-compliance with applicable laws and regulations in relation to the Right Issue, primarlly concerning the tlming of receipt of the underwritten amount and the change in utilization of proceeds wlthout prior shareholders' approval. Our opinion is not modified in respect of this matter.

      Key Audit MaHer

      Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the financial statements of the current period. These matters were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.

      Following are the Key audit maHers:

      Sr. No.	Key audit maHer	How the matter was addressed in our audit
      	Derecognition of Deferred Tax Asaet (Refer to notes 5.14 & 11 to the financial statements) The Company has derecognised deferred tax asset of amounting to Rs. 35.24 million in respect of deductible temporary differences.	Our audit procedures in respect of derecognition of deferred tax asset, amongst others, included the following:
      (i)	Deferred tax asset is recognised only to the extent that it is probable that sufficient future taxable profits or taxable temporary differences will be available against which such deductible temporary differences can be utilized. Accordingly, the measurement of deferred tax asset requires an assessment of future taxable profits, which involves significant judgment and estimation, including assumptions about future business performance and the timing of utilization of such losses as per the approved business plan.
      	We identified the derecognition of deferred tax asset to be a key audit matter because the amount involved is significant and the assessment of recoverability is inherently

      • Obtained an understanding of the Company's process of preparing the deferred tax working and tested internal controls over managements valuation of deferred tax assets;

      • Obtained an understanding regarding the relevant tax laws with respect to availability of tax credits and unused tax losses;

      • Obtained the approved business plan and evaluated the managements assumptions used in the preparation of business plan;

      • Recalculated the amount of deferred tax asset in accordance with the provisions of the Income Tax Ordinance, 2001;

      • Assessed the appropriateness of accounting policy inrespect of deferred tax assets and the adequacy of the disclosures made by the Company in this area with

      
      
      

      Pxge2of5

      
      
      
      
      
      
      
      
      
      
      
      

      ju‹lgnienta1 xm4 .«iil›jrvt to tincertaliity, np }( ' regnrtl to the nyyllcohlo accounting anal is basest on pro)cctJoils of future tnxn1›le rel°or fi non‹!**‹!*

      profits pmpared on the basis of the nJi{irovctl

      business }›1en.

      Information other than the Financial Statements and Auditor's Iteport thereon

      Management is responsible for the oilier intonation. Other lnformatlon comprl80s the lnformadon Included in the annual report but does not include the financial statements and our auditor's report thereon.

      Our opinion on the financial statements does not cover the other informadon and we do not express any form of assurance conclusion thereon.

      In connection with our audit of the financial statements, our responsibility is to read the other information and. in doing so, consider whether the other informadon is materially inconsistent with the financial statements, or our knowledge obtained in the audit or otherwise appears to be materially misstated. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

      Responsibilities of Management and Board of Directors for the Financial Statements

      Management is responsible for the preparation and fair presentation of the financial statements in accordance with the accounting and reporting standards as applicable in Pakistan and the requirements of Companies Act, 2017 (XIX of 2017) and for such internal control as management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

      In preparing the financial statements, management is responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.

      Board of Directors are responsible for overseeing the Company's financial reporting process. Auditors Responsibilities for the Audit of the Financial Statements

      Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to Issue an auditor's report that Includes our opinion. Reasonable assurance is a high level of assurance but Is not a guarantee that an audit conducted in accordance with ISAs as applicable in Pakistan wfll alwaya detect a material mlsstatement when It exists. Misstatements can arise from fraud or error and are considered material lf, Individually or In the aggregate, they could reasonably be expected to Influence the economlc decisions of users taken on the basis of these financial statements.

      As part of an audit in accordance with ISAS as applicable In Paklstan, we exerclse professional Judgment and maintain professional skepticism throughout the audtt. We alao:

      Page 3 of 5

      
      
      
      
      
      

      • Identify and assess the risks ofmaterial misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate toprovide abasis for our opinion. The risk ofnot detec'Eng amaterial misstatement resulhng from fraud is higher than for one resul'hug from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

      • Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effecaveness of the Company's internal control.

      • Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management.

      • Conclude on the appropriateness of managements use of going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company's ability to continue as a going concern.

        If we conclude that a material uncertainty exists, we are required to draw attention in our auditors report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's reporC However, future events or conditions may cause the Company to cease to continue as a going concern.

      • Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

    We communicate with the board of directors regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

    We also provide those charged with governance with a statement that wehave complied with relevant ethical requirements regarding independence and communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, actions taken to eliminate threats or safeguards appEed.

    From the matters communicated with those charged with governance, we determine those matters that were of most significance in the audit of the financial statements of the current period and are therefore the key audit matters. We describe these matters in our auditors' report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication.

    Page 4 of 5

    
    
    
    
    
    

    Report on Other Legal and Regulatory Requirements Based on our audit, we further report that in our opinion:

    1. Proper books of account have been kept by the Company as required by the Companies Act, 2017(XIX of 2017);

    2. The statement of financial position, the statement of profit or loss, the statement of comprehensive

       income, the statement of changes in equity and the statement of cash flows, together with the notes thereon, have been drawn up in conformity with the Companies Act, 2017(XIX of 2017), and are in agreement with the books of account and returns;

    3. Investments made, expenditure incurred and guarantees extended during the year were for the purpose of the Company's business; and

    4. No Zakat was deductible at source under the Zakat and Ushr Ordinance 1980, (XVIH of 1980).

The financial statements of the Company for the year ended June 30, 2024, were audited by another auditor, who expressed anunmodified opinion on those financial statements on November 12, 2024.

The engagement partner on the audit resulting in this independent auditor's report is Mr. Yasir Riam

Lahore.

Date: January 09, 2026

UDIJ"4: AR2025l02003CkfgWHZr

Page 5 of 5

<'*lciv lteptirt on fire Stnlcinciit of Coinpllnnee ciiiitnlned ln Listed Companies

( O ft( O!'} Or0tt• t1Vt•i'l1ni1ee$ llegttlntl0rlflt 20),

We hnve ›'‹'vi»vc‹t the encl‹›ac‹l Stnlci»unf n/ C‹›i›q›IJniicu wJth the F,Jstcd Companies (Cc›ctc n( C‹›r)›‹›inte Gnvui'nancc) Itc),ttlnlioils, 2010 ('III c Itc/;ulatlons") prepared {›y the Bonrtl t›f Dii'cvtcrs of Oilboy Energy Lliiiited ("the Company") for the year ended June .3tl, 2025 iii necortlnnce with the rcqiilrcinents of regulatlon 36 of the RegulaHons.

The refs ›onsibility for coiiipliancc with the itcguJntions is that of the Board of Directors of the I oiupnny. Our responsibility is to review whether the Statement of Compliance rcflc•cts the status of Uic Company's compliance with the provisions of the Regulations and report if it does not and to litglillglit any non-compliance with the requirements of the Regulations. A review is limited primar'fly to inquiries of the Company's personnel and review of various documents prepared by the Company to comply with the Regulations.

As a part of our audit of Use financial statements we are required to obtain an understanding of the accounting and internal control systems sufficient to plan the audit and develop an effective audit approach. We are not required to consider whether the Board of Directors' statement on internal control covers all risks and controls or to form an opinion on the effectiveness of such internal controls, the Company's corporate governance procedures and risks.

The Regulations require the Company to place before the Audit Committee, andupon recommendation of the Audit Committee, place before the Board of Directors for their review and approval, its related party transactions. We are only required and have ensured compliance of this requirement to the extent of the approval of the related party transactions by the Board of Directors upon recommendation of the Audit Committee.

Based on our review, nothing has come to our attention which causes us to believe that the Statement of Compliance does not appropriately reflect the Company's compliance, in all material respects, with the requirements contained in the Regulations as applicable to the Company for the year ended June 30, 2025.

Further, we highlight below instances of non-compliance with the requirement of the Regulations as reflected in the paragraph reference wherein it is stated in the Statement of Compliance:

Head Ollice: 415, Block B, Faisal Town, Lah0f8. Ph: 042-35218637-40 Email: info@iy.com.pk Web: WWW.i}.C0ITl.§#

m Lahore m Islamabad m Karachi m Faisalabad

Lahore.

Date: January 09, 2026

UDIN: CR202510200jMSWenp

Iqbal Yasir & Co.

(Chartered Accountants)

Non-current liabilities Lease liabilities

Deferred liability - net staff gratuity

17 45,040,944

18 2,014,200

Current liabilities

Trade and other payables Due to related parties Unclaitned dividend

Contingencies and commitments

2,014,200

19

63,457,976

20

45,040,944

13,511,256

Total liabilities

Tod -1 equity and liabilities

The annexed notes from 1 to 41 form anintegral part of these financial statements.

65,472,176 58,552,200

158,931,575 121,482,460