Financial Results for the Year Ended 31 December 2025

ASSETS

NON-CURRENT ASSETS

Property, plant and equipment

738,009

604,130

Investment properties

1,966,329

1,919,924

Intangible assets

199,705

929

Long term investments

70,981,240

59,630,418

Long term loans to subsidiaries

1,250,000

1,000,000

Long term security deposits

3,713

3,713

Deferred tax assets

-

29,714

75,138,996

63,188,828

CURRENT ASSETS

Advances, deposits, prepayments and

other receivables

2,070,127

1,385,742

Income tax receivable

2,576,613

2,294,994

Short term investments

110,000

110,000

Cash and bank balances

232,515

159,674

4,989,255

3,950,410

TOTAL ASSETS

80,128,251

67,139,238

EQUITY AND LIABILITIES

SHARE CAPITAL AND RESERVES

Authorized share capital

- 150,000,000 (2024: 150,000,000) ordinary shares of Rs 10 each

1,500,000

1,500,000

- 22,000,000 (2024: 22,000,000) 10% non-voting preference

shares / convertible stock of Rs 190 each

4,180,000

4,180,000

5,680,000

5,680,000

Issued, subscribed and paid up share capital

- 89,379,504 (2024: 89,379,504) ordinary shares of Rs 10 each

- 8,186,842 (2024: 8,186,842) 10% non-voting preference shares / convertible stock of Rs 190 each

893,795

606,222

893,795

606,222

Other reserves

49,131,366

51,407,032

Revenue reserve: Un-appropriated profits

5,808,785

2,311,494

Total equity

56,440,168

55,218,543

NON-CURRENT LIABILITIES

Long term finances from financial institutions

16,126,400

6,938,900

Long term advances

86,137

43,501

Deferred tax liabilities

2,292,385

-

Employee benefit obligations

1,401,592

1,227,074

Accumulating compensated absences

154,362

122,073

20,060,876

8,331,548

CURRENT LIABILITIES

Current portion of non - current liabilities

1,712,500

1,312,500

Short term borrowings from financial institutions - secured

394,758

1,000,000

Trade and other payables

1,071,714

830,951

Unclaimed dividend

108,357

100,268

Accrued finance cost

339,878

345,428

3,627,207

3,589,147

CONTINGENCIES AND COMMITMENTS

TOTAL EQUITY AND LIABILITIES

80,128,251

67,139,238

Dividend income

5,097,992

4,060,483

Rental income

773,940

666,567

Operating income

5,871,932

4,727,050

Administrative expenses

(1,434,528)

(1,216,177)

Net impairment (loss)/gain on financial assets

(2,782)

107,614

Other expenses

(26,057)

(1,226)

Other income

657,126

220,398

Operating profit

5,065,691

3,837,659

Finance costs

(1,535,821)

(1,588,487)

Profit before final taxes and income tax

3,529,870

2,249,172

Final taxes - levy

(182,036)

(93,540)

Profit before income tax

3,347,834

2,155,632

Income tax

(293,906)

(243,292)

Profit for the year

3,053,928

1,912,340

Earnings per share

Rupees

Rupees

- Basic

34.17

20.68

- Diluted

32.90

20.68

Profit for the year

3,053,928

1,912,340

Other comprehensive income/(loss) for the year - net of tax:

Items that may be reclassified subsequently to statement of profit or loss

-

-

Items that will not be subsequently reclassified to statement of profit or loss:

Change in fair value of investments held at fair value through

other comprehensive income ('FVOCI')

1,844,912

(2,738,771)

Tax effect of change in fair value of investments at fair value

through other comprehensive income

(2,326,588)

-

Remeasurements of retirement benefits obligation

(9,934)

(86,875)

(491,610)

(2,825,646)

Other comprehensive loss for the year

(491,610)

(2,825,646)

Total comprehensive income/(loss) for the year

2,562,318

(913,306)

Balance as on January 1, 2024

893,795

606,222

3,766,738

25,953,732

1,615,000

22,810,333

3,007,715

58,653,535

Transaction with preference shareholders

Participating dividend on preference shares/

-

-

-

-

-

-

(63,749)

(63,749)

-

-

-

-

-

-

1,912,340

1,912,340

-

-

-

(2,738,771)

-

-

(86,875)

(2,825,646)

-

-

-

(2,738,771)

-

-

1,825,465

(913,306)

893,795

606,222

3,766,738

23,214,961

1,615,000

22,810,333

2,311,494

55,218,543

-

-

-

-

-

-

(1,340,693)

(1,340,693)

-

-

-

(1,793,990)

-

-

1,793,990

-

-

-

-

-

-

-

3,053,928

3,053,928

-

-

-

(481,676)

-

-

(9,934)

(491,610)

-

-

-

(481,676)

-

-

3,043,994

2,562,318

Cash flows from operating activities

Profit before final taxes and income tax

3,529,870

2,249,172

Adjustments for:

- Provision for retirement benefits

185,920

208,356

- Exchange gain

(8,696)

(20,730)

- Exchange (gain)/loss on cash and cash equivalent

(28)

158

- Provision for accumulating compensated absences

30,996

37,681

- Provision for rent in respect of land leased from GoPb

186,000

150,000

- Depreciation on operating fixed assets

80,863

61,302

- Depreciation on investment properties

41,648

43,273

- Reversal of impairment loss in Packages Real Estate (Private) Limited

(5,910)

-

- Bad debt written off

19,266

-

- Amortisation on intangible assets

7,096

310

- Net impairment loss/(gain) on financial assets

2,782

(107,614)

- Dividend income

(5,097,992)

(4,060,483)

- Liabilities no longer payable written back

(14,488)

(9,599)

- Loss/(profit) on disposal of property plant and equipment

324

(1,996)

- Profit on disposal of investment property

(58,500)

-

- Discounting adjustment of long term advances

(24,007)

(24,225)

- Profit on long term loans to subsidiary companies

(460,169)

(52,108)

- Advances written off

107

-

- Finance cost

1,535,821

1,588,487

(Loss)/profit before working capital changes

(49,097)

61,984

Effect on cash flow due to working capital changes:

- (Increase)/decrease in advances, deposits, prepayments

and other receivables

(379,202)

18,764

- Increase/(decrease) in trade and other payables

66,739

(92,698)

(312,463)

(73,934)

Cash used in operations

(361,560)

(11,950)

Finance cost paid

(1,513,998)

(1,688,205)

Final taxes and Income tax paid

(762,050)

(424,967)

Long term security deposits - net

-

(1,111)

Employee benefits obligations paid

(21,335)

(15,082)

Payment for accumulating compensated absences

(6,547)

(1,873)

Dividends received

5,147,618

4,794,137

Long term advances - net

39,994

41,687

Net cash inflow from operating activities

2,522,122

2,692,636

Cash flows from investing activities

Payments for property, plant and equipment

(360,745)

(354,187)

Payments for intangible assets

(205,872)

-

Payments for investment properties

(88,053)

(416,090)

Investments made in equity instruments

(8,500,000)

(602,277)

Loan given to subsidiary companies

(1,250,000)

(1,000,000)

Interest received on loan given to subsidiary companies

99,741

68,549

Proceeds from disposal of investment property

58,500

-

Proceeds from disposal of property, plant and equipment

145,679

54,222

Net cash outflow from investing activities

(10,100,750)

(2,249,783)

Cash flows from financing activities

Proceeds from long term finances

10,900,000

1,500,000

Repayments of long term finances

(1,312,500)

(687,500)

Dividend paid

(1,332,604)

(2,502,908)

Net cash inflow/(outflow) from financing activities

8,254,896

(1,690,408)

Net increase/(decrease) in cash and cash equivalents

676,268

(1,247,555)

Cash and cash equivalents at the beginning of the year

(730,326)

517,387

Effect of exchange rate changes on cash and cash equivalents

28

(158)

Cash and cash equivalents at the end of the year

(54,030)

(730,326)

ASSETS

NON-CURRENT ASSETS

Property, plant and equipment

108,303,840

107,469,125

Right-of-use assets

1,748,296

1,836,684

Investment properties

13,272,780

13,221,984

Intangible assets

8,543,124

5,750,804

Investments accounted for using the equity method

6,534,791

6,155,613

Other long term investments

29,065,452

27,220,540

Long term security deposits

513,291

347,699

Long term loans

8,464

5,656

167,990,038

162,008,105

CURRENT ASSETS

Stores and spares

7,118,802

6,147,562

Stock-in-trade

44,112,225

41,296,242

Short term investments

2,131,902

1,206,384

Trade debts

22,804,898

19,347,599

Loans, advances, deposits, prepayments and

other receivables

8,030,991

8,298,943

Income tax receivable

9,515,720

7,168,149

Cash and bank balances

5,387,540

3,195,958

99,102,078

86,660,837

TOTAL ASSETS

267,092,116

248,668,942

EQUITY AND LIABILITIES

SHARE CAPITAL AND RESERVES

Authorized share capital

- 150,000,000 (2024: 150,000,000) ordinary shares of Rs 10 each

1,500,000

1,500,000

- 22,000,000 (2024: 22,000,000) 10% non-voting preference

shares / convertible stock of Rs 190 each

4,180,000

4,180,000

5,680,000

5,680,000

Issued, subscribed and paid up share capital

- 89,379,504 (2024: 89,379,504) ordinary shares of Rs 10 each

893,795

893,795

- 8,186,842 (2024: 8,186,842) 10% non-voting preference shares /

convertible stock of Rs 190 each

606,222

606,222

Other reserves

53,113,182

55,305,019

Equity portion of loan from shareholder of the Parent Company

277,219

277,219

Revenue reserve: Un-appropriated profits

11,746,390

13,140,151

Attributable to owners of the Parent Company

66,636,808

70,222,406

Non-controlling interests

19,130,647

18,486,388

Total equity

85,767,455

88,708,794

NON-CURRENT LIABILITIES

Long term finances from financial institutions

64,246,500

60,240,619

Lease liabilities

1,485,702

1,403,824

Security deposits

596,815

479,423

Deferred income

220,332

295,441

Deferred government grant

728,714

1,040,158

Deferred tax liabilities

8,020,538

6,004,843

Long term advances

452,708

336,247

Employee benefit obligations

3,830,240

3,313,023

Accumulating compensated absences

951,448

805,649

80,532,997

73,919,227

CURRENT LIABILITIES

Current portion of non - current liabilities

14,144,080

9,318,037

Short term borrowings from financial institutions - secured

53,483,415

46,418,451

Trade and other payables

30,117,110

26,712,633

Unclaimed dividend

149,159

135,188

Unpaid dividend

67,692

3,911

Accrued finance cost

2,830,208

3,452,701

100,791,664

86,040,921

CONTINGENCIES AND COMMITMENTS

TOTAL EQUITY AND LIABILITIES

267,092,116

248,668,942

Revenue from contracts with customers - net

193,227,707

176,761,284

Cost of sales and services

(153,765,963)

(142,706,818)

Gross profit

39,461,744

34,054,466

Administrative expenses

(7,486,642)

(6,723,502)

Distribution and marketing costs

(11,802,805)

(9,598,174)

Net impairment loss on financial assets

(130,924)

(128,058)

Other expenses

(2,473,311)

(1,130,917)

Other income

1,619,963

2,290,404

Investment income

Share of net profit of associates and joint venture accounted

1,208,177

618,209

for using equity method

506,824

417,566

Operating profit

20,903,026

19,799,994

Finance cost

(14,598,262)

(18,356,138)

Profit before levy and income tax

6,304,764

1,443,856

Levy

(1,258,092)

(1,473,284)

Profit / (loss) before income tax

5,046,672

(29,428)

Income tax

(4,786,085)

(1,349,539)

Profit / (loss) for the year

260,587

(1,378,967)

Profit / (loss) is attributable to:

Owners of the Parent Company

(1,836,306)

(2,845,899)

Non-controlling interests

2,096,893

1,466,932

260,587

(1,378,967)

Loss per share for loss attributable

to equity holders of the Parent Company

- Basic

Rupees

(20.55)

(32.55)

- Diluted

Rupees

(20.55)

(32.55)

(Rupees in thousand)

Profit/ (loss) for the year

260,587

(1,378,967)

Other comprehensive loss for the year - net of tax

Items that will not be subsequently reclassified to statement of profit or loss:

Change in fair value of investments at fair value through

other comprehensive income (FVOCI)

1,844,912

(2,738,771)

Tax effect of change in fair value of investments at fair value through other comprehensive income

Remeasurements of employee retirement benefit obligations

Tax effect of remeasurements of retirement benefit obligations

(2,326,588)

1,654

(15,508)

-(199,857)

39,415

Items that may be reclassified subsequently to statement of profit or loss:

(495,530)

(2,899,213)

Net exchange differences on translation of foreign operations Share of other comprehensive income/(loss) of associates

and joint venture accounted for using the equity method - net of tax

(108,111)

170,069

158,862

(82,829)

61,958

76,033

Other comprehensive loss for the year

(433,572)

(2,823,180)

Total comprehensive loss for the year

(172,985)

(4,202,147)

Total comprehensive loss for the year attributable to:

Owners of the Parent Company

(2,244,905)

(5,715,545)

Non-controlling interests

2,071,920

1,513,398

(172,985)

(4,202,147)

Attributable to owners of the Parent Company

Non-controlling interests

Total equity

Issued, subscribed and paid up share capital

Reserves

Total Reserves

Capital reserves

Revenue reserves

Ordinary share capital

Preference shares / convertible stock

reserve

Share premium

Exchange differences on translation of foreign

operations

FVOCI

reserve

Other reserves relating to associates and joint

ventures

Transaction with non-controlling interests

Equity portion of loan from shareholder of the Parent

Company

Capital redemption reserve

General reserve

Un-appropriated profits

Balance as on January 1, 2024

893,795

606,222

3,766,738

185,677

25,953,731

3,591,121

80,653

277,219

1,615,000

22,810,333

18,679,148

78,459,637

17,928,035

96,387,672

Transactions with preference shareholders

Participating dividend on preference shares/ convertible stock

-

-

-

-

-

-

-

-

-

-

(63,749)

(63,749)

-

(63,749)

Transactions with owners in their capacity as owners, recognised directly in equity

Final dividend for the year ended December 31, 2023

of Rs 27.50 per share -

-

-

-

-

-

-

-

-

-

(2,457,937)

(2,457,937)

-

(2,457,937)

Dividends relating to 2023 paid to non-controlling

interests -

-

-

-

-

-

-

-

-

-

-

-

(955,045)

(955,045)

Cash flows from operating activities

Profit before levy and income tax from:

6,304,764

1,443,856

Adjustments for:

- Depreciation on operating fixed assets

8,568,104

7,524,514

- Depreciation on right-of-use assets

169,885

91,264

- Loss on derecognition of intangible assets

423,462

-

- Impairment loss on intangible assets

5,931

-

- Depreciation on investment properties

712,511

685,645

- Discounting adjustment on long term advances

(52,106)

(55,446)

- Unwinding of discounting adjustment on long term advances

53,499

31,933

- Capital work in progress and investment property expensed out

33,455

195,164

- Gain on modification of lease

(8,149)

(25,925)

- Deferred income on capital grant

-

(9,000)

- Amortisation on intangible assets

145,563

63,075

- Amortisation of deferred income

(154,185)

(105,507)

- Amortisation of deferred government grant

(336,568)

(233,177)

- Government grant deducted from borrowing cost

-

(39,654)

- Provision for accumulating compensated absences

235,873

180,267

- Provision for employee benefit obligations

580,903

542,469

- Impairment losses on financial assets

130,924

128,058

- Exchange loss/(gain) adjustments - net

673,213

(52,056)

- Profit on disposal of operating fixed assets

(89,739)

(139,836)

- Provisions and unclaimed balances written back

(151,911)

(179,947)

- Interest cost on lease liability

283,444

110,213

- Provision for obsolete/slow-moving stores and spares

2,353

5,460

- Transaction cost

-

148

- Unwinding of discount on liability

334,317

271,321

- Provision made for obsolete/slow-moving stock-in-trade

823,508

288,873

- Finance cost other than interest on lease liability and

unwinding of discount

14,261,319

18,213,992

equity method - net of tax

(506,824)

(417,566)

Profit before working capital changes

31,235,369

27,899,929

Effect on cash flow due to working capital changes:

(Increase)/decrease in current assets

- Stores and spares

(973,593)

219,455

- Stock-in-trade

(3,639,491)

2,843,683

- Trade debts

(3,588,223)

(5,063,620)

- Loans, advances, deposits, prepayments

and other receivables

267,952

970,034

- Rental security deposits

(31,934)

(52,560)

(7,965,289)

(1,083,008)

Increase in current Liabilities

- Trade and other payables

2,839,146

2,229,472

Cash generated from operations

26,109,226

29,046,393

Finance cost paid

(15,084,808)

(19,573,649)

Income tax and levy paid

(8,718,149)

(6,121,191)

Payments for accumulating compensated absences

(90,074)

(51,730)

Long term advances - net

115,069

95,739

Long term loans and deposits - net

(168,400)

(142,710)

Employee benefit obligations paid

(62,032)

(113,354)

Net cash inflow from operating activities

2,100,832

3,139,498

Cash flows from investing activities

Payments for property, plant and equipment and investment properties

(13,517,396)

(21,906,498)

Proceeds from disposal of property, plant and equipment

731,124

612,631

Dividends from joint venture and associates

297,715

165,197

Purchase of short term investment

(837,367)

-

Dividend received from other long term investments

1,208,177

618,209

Net cash outflow from investing activities

(12,117,747)

(20,510,461)

Cash flows from financing activities

Proceeds from long term finances

17,424,934

21,549,035

Repayment of long term finances

(8,730,887)

(6,820,278)

Repayment of short term finances - net

(11,459,254)

32,047,575

Participating dividend on preference shares

-

(63,749)

Payment of lease liabilities (principal)

(790,654)

(47,091)

Dividend paid to equity holders of the Parent Company

(1,262,941)

(2,659,993)

Dividend paid to non-controlling interests

(1,427,661)

(955,045)

Net cash (outflow)/ inflow from financing activities

(6,246,463)

43,050,454

Net (decrease)/ increase in cash and cash equivalents

(16,263,378)

25,679,491

Cash and cash equivalents at the beginning of the year

(3,739,046)

(29,418,379)

Effect of exchange rate changes on cash and cash equivalents

-

(158)

Cash and cash equivalents at the end of the year

(20,002,424)

(3,739,046)