Transmission of Quarterly Financial Statements for the Period Ended 2025-12-31

PIONEERING THE FUTURE

FOR THE PERIOD ENDED DECEMBER 31, 2025

1

COMPANY INFORMATION

Mr. Mustapha A. Chinoy Chairman Mr. Shoaib Javed Hussain

Ms. Saira Awan Malik Mr. Akbar Ali Pesnani Mr. Ali H. Shirazi

Mr. Arshad Mohsin Tayebaly Mr. Mazhar Valjee

Mr. Kamal A. Chinoy

Mr. Fahd Kamal Chinoy Chief Executive Officer

Mr. Waqas Mahmood

Ms. Natasha Mohammad

A. F. Fergusons & Co.

Chartered Accountants

OM Legal Attorneys at Law

A.F. Fergusons & Co.

Muhammad Bilal & Co.

A.Qadir & Co.

Standard Chartered Bank (Pakistan) Limited Bank Al-Habib Limited

Habib Bank Limited Meezan Bank Limited MCB Islamic Bank Limited MCB Bank Limited

Industrial and Commercial Bank of China Limited Soneri Bank Limited

BankIslami Pakistan Limited Habib Metropolitan Bank Limited National Bank of Pakistan

JS Bank Limited Bank Al Falah Limited Faysal Bank Limited Askari Bank Limited Allied Bank Limited The Bank of Punjab United Bank Limited

Pak Kuwait Investment Company Limited

CDC Share Registrar Services Limited

CDC House, Main Shahrah-e-Faisal, Karachi. Tel: 021 111-111-500

Email: info@cdcsrsl.com

Arif Habib Centre. 1st Floor 23 MT Khan Road

Karachi, Sindh, Pakistan UAN: 021-111-222-537

Email: info@pakistancables.com

Website: https://www.pakistancables.com

DIRECTORS' REVIEW

Sales for the half year period ended December 31, 2025 were Rs. 16.2 billion, which is 3% higher than sales for the same period of last year. Gross profit for the half year was recorded at Rs. 1,600 million compared to Rs. 1,653 million in the same period of last year.

Selling, Marketing, Administrative expenses and impairment loss on trade debts for the half year are Rs. 839 million compared to Rs. 730 million in the same period of last year. Finance cost for the half year is Rs. 1,111 million compared to Rs. 1,259 million in the same period of last year.

The Company's performance improved in the second quarter, resulting in sales of Rs. 9.5 billion and a profit after tax of Rs. 354 million. As a result of the above, the Company ended the half year with a profit after tax of Rs. 213 million. The loss after tax for the same period of last year was Rs. 187 million. The improvement in profitability was driven by higher sales volumes in the second quarter, cost efficiencies achieved through consolidation at the new Nooriabad plant, lower finance costs resulting from reduced long-term borrowings, and share of profit from associate.

The economy of the country is expected to grow by 3.6% in 2026 supported by continued implementation of the IMF-backed reform program. Economic conditions have started to stabilize with reduction in policy rate, stable exchange rate, improving foreign exchange reserves and positive momentum witnessed in the stock market. However, escalating regional conflicts, climate shocks and tighter global financial conditions pose significant downside risks to economic recovery. Going forward, the market demand for wire and cables is expected to remain steady. With improving cement sales, there is expectation that construction demand may recover. Similarly, improving LSM numbers point to potential future activity in industrial demand, although at this time expansion or investment activity is limited to only a few industrial segments. Furthermore, demand will be impacted through continued investment in the grid and through solarization.

Despite the above, the upward push in the international price of copper and aluminium, may have an impact on how demand materializes. With copper pushing at an all time- high, volatility can trigger changes in overall performance. Rising metal prices will also result in a higher working capital requirement.

The successful consolidation of all operations at the new manufacturing facility in Nooriabad represent a significant milestone in the Company's growth strategy. This consolidation is expected to unlock operational efficiencies, reduce costs, and streamline production processes in the periods ahead.

The Directors would like to place on record their sincere appreciation for the hard work and dedication shown by the Management and employees of the Company during the first half of the year. On behalf of the Board of Directors and employees of the Company, we express our gratitude and appreciation to all our valued customers, distributors, dealers, bankers, vendors, employees and all other stakeholders for the trust and confidence reposed in the Company.

On behalf of the Board of Directors

MUSTAPHA A. CHINOY

Chairman

Karachi: February 09, 2026

ء2026 ،09 یرورف

TO THE MEMBERS OF PAKISTAN CABLES LIMITED

REPORT ON REVIEW OF CONDENSED INTERIMS FINANCIAL STATEMENTS

Introduction

We have reviewed the accompanying condensed interim statement of financial position of Pakistan Cables Limited as at December 31, 2025 and the related condensed interim statement of profit or loss, condensed interim statement of comprehensive income, condensed interim statement of changes in equity, and condensed interim statement of cash flows, and notes to and forming part of condensed interim financial statements for the six months period ended (here-in-after referred to as the "condensed interim financial statements"). Management is responsible for the preparation and presentation of these condensed interim financial statements in accordance with accounting and reporting standards as applicable in Pakistan for interim financial reporting. Our responsibility is to express a conclusion on these condensed interim financial 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 financial statements consists of making inquiries, primarily of persons responsible for financial 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 significant matters that might be identified 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 condensed interim financial statements are not prepared, in all material respects, in accordance with the accounting and reporting standards as applicable in Pakistan for interim financial reporting.

Other matter

Pursuant to the requirement of Section 237 (1) (b) of the Companies Act, 2017, only cumulative figures for the six months period, presented in the second quarter accounts are subject to a limited scope review by the statutory auditors of the Company. Accordingly, the figures of the condensed interim statement of profit or loss and condensed interim statement of comprehensive income for the three months ended December 31, 2025 and December 31, 2024 have not been reviewed by us.

The engagement partner on the audit resulting in this independent auditor's report is Syed Muhammad Hasnain.

Date: February 20, 2026

UDIN: RR202510073LUTQGxqt6

ASSETS

Non-current assets

(Unaudited) (Audited)

Note December 31, June 30,

2025 2025

(Rupees in '000)

The annexed notes from 1 to 31 form an integral part of these condensed interim financial statements.

Six months period ended Three months period ended

(Rupees) (Rupees)

Earnings / (loss) per share - basic and diluted 25 3.92 (3.43) 6.51 (1.02)

The annexed notes from 1 to 31 form an integral part of these condensed interim financial statements.

Chief Executive Officer Director Chief Financial Officer

Net gain / (loss) on equity instruments designated at fair value through other comprehensive income

Deficit on transfer of land and building from property, plant and equipment to assets held for sale

Related deferred tax for the period

The annexed notes from 1 to 31 form an integral part of these condensed interim financial statements.

Chief Executive Officer Director Chief Financial Officer

Six months period ended

Note December 31, December 31,

The annexed notes from 1 to 31 form an integral part of these condensed interim financial statements.

Chief Executive Officer Director Chief Financial Officer

PAKISTAN CABLES LIMITED

CONDENSED INTERIM STATEMENT OF CHANGES IN EQUITY (UNAUDITED) FOR THE SIX MONTHS ENDED DECEMBER 31, 2025

Balance as at December 31, 2025 544,574 1,595,139 3,338,004 2,943,000 1,280,507 9,701,224

The annexed notes from 1 to 31 form an integral part of these condensed interim financial statements.

Chief Executive Officer Director Chief Financial Officer

1. LEGAL STATUS AND OPERATIONS

   Pakistan Cables Limited ("the Company") was incorporated in Pakistan as a private limited Company on April 22, 1953 under Companies Act, 1913 (now the Companies Act, 2017) and in 1955 it was converted into a public limited Company in which year it also obtained a listing on the Pakistan Stock Exchange. The Company is engaged in the business of manufacturing copper rods, wires, cables and conductors, wiring accessories and PVC compounds.

   The Company's registered office and head office is situated at Arif Habib Center, 1st Floor, 23 M.T. Khan Road, Saddar Town, Karachi, Pakistan. In addition, it also has a land of 42 acres at K-23, Nooriabad, Sindh and 3.9 acres at C-246 and C-247 Nooriabad, Sindh. The Company also have regional and branch offices located in Lahore, Faisalabad, Rawalpindi, Multan, Peshawar and Abbottabad. The Company owns Plot No. B/21, measuring 6.816 acres, which has been classified as an asset held for sale. In addition, Plot No. B/21-A, measuring 3.328 acres and Plot No. B/21-B, measuring 1.006 acres were sold and transferred during the period.

2. BASIS OF PREPARATION
   1. Statement of compliance

      1. These condensed interim financial statements have been prepared in accordance with the accounting and reporting standards as applicable in Pakistan for interim financial reporting. The accounting and reporting standards as applicable in Pakistan for interim financial reporting comprise of:

         • International Accounting Standard (IAS) 34, Interim Financial Reporting, issued by the International Accounting Standards Board (IASB) as notified under the Companies Act, 2017; and

         • Provisions of, directives and notifications issued under the Companies Act, 2017.

           Where the provisions of, directives and notifications issued under the Companies Act, 2017 differ with the requirements of IAS 34, the provisions of, directives and notifications issued under the Companies Act, 2017 have been followed.

      2. These condensed interim financial statements are unaudited and are being submitted to the shareholders as required section 237 of the Companies Act, 2017 and the listing regulations of the Pakistan Stock Exchange Limited. These condensed interim financial statements comprise of the condensed interim statement of financial position as at December 31, 2025, condensed interim statement of profit or loss, condensed interim statement of comprehensive income, condensed interim statement of cash flows and condensed interim statement of changes in equity for the six months period ended December 31, 2025.

      3. The comparative statement of financial position presented in these condensed interim financial statements as at June 30, 2025 has been extracted from the audited financial statements of the Company for the year ended June 30, 2025, whereas the comparative statement of profit or loss, statement of comprehensive income, statement of cash flows and statement of changes in equity for the six months period ended December 31, 2024 have been extracted from the unaudited condensed interim financial statements for the period then ended.

      4. These condensed interim financial statements do not include all the information required for full annual financial statements and should be read in conjunction with the audited annual financial statements of the Company as at and for the year ended June 30, 2025.

   2. Basis of measurement

      These condensed interim financial statements have been prepared under the historical cost convention except as disclosed otherwise.

   3. Functional and presentation currency

      These condensed interim financial statements are presented in Pakistani Rupee which is the Company's functional currency. All financial information presented in Pakistani Rupee has been rounded off to the nearest thousand, unless otherwise stated.

3. MATERIAL ACCOUNTING POLICY INFORMATION

   1. The summary of material accounting policies and methods of computation adopted in the preparation of these condensed interim financial statements are same as those applied in the preparation of the annual financial statements of the Company for the year ended June 30, 2025.

   2. New standards, amendments to approved accounting standards and new interpretations
      1. Amendments to approved accounting standards which are effective during the year ending June 30, 2026

         There are certain amendments to approved accounting standards which are mandatory for accounting periods beginning on or after July 1, 2025 but are considered not to be relevant or have any significant effect on the Company's financial reporting and therefore, have not been disclosed in these condensed interim financial statements.

      2. New standards and amendments to approved accounting standards that are effective for the Company's accounting periods beginning on or after July 1, 2026

         There are certain new standards and amendments that will be applicable to the Company for its annual periods beginning on or after July 1, 2026. The new standards include IFRS 18 Presentation and Disclosure in Financial Statements and IFRS 19 Subsidiaries without Public Accountability: Disclosures both with applicability date of January 1, 2027 as per IASB.

         There are certain amendments to published accounting and reporting standards that includes those made to IFRS 7 and IFRS 9 which clarify the date of recognition and derecognition of a financial asset or financial liability which are applicable effective January 1, 2026.

         The Company's management at present is in the process of assessing the full impacts of these new standards and the amendments to IFRS 7 and IFRS 9 and is expecting to complete the assessment in due course.

   3. The accounting policies and the methods of computation adopted in the preparation of these condensed interim financial statements are same as those applied in the preparation of the financial statements for the year ended June 30, 2025.

4. ACCOUNTING ESTIMATES, JUDGEMENTS AND FINANCIAL RISK MANAGEMENT

   1. The preparation of condensed interim financial statements requires management to make judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts. Actual results may differ from these judgements, estimates and assumptions.

      However, management believes that the change in outcome of judgements, estimates and assumptions would not have a material impact on the amounts disclosed in these condensed interim financial statements.

   2. Judgements and estimates made by the management in the preparation of these condensed interim financial statements are same as those that were applied to the financial statements as at and for the year ended June 30, 2025 except as disclosed in note 4.3.

   3. Property, plant & equipment - Useful life

      During the period, an assessment of the useful lives of buildings, plant and machinery was conducted by management. Based on the review, the estimated useful lives of buildings were revised from 40 years to 50 years, and those of plant and machinery were revised from a range of 4-20 years to 8.33-33.33 years. The revisions are accounted for prospectively as a change in accounting estimate in accordance with the requirements of IAS 8 'Accounting Policies, Changes in Accounting Estimates and Errors'. As a result, the depreciation charges of the Company for the period decreased by Rs. 61.83 million, with a corresponding increase of Rs. 61.83 million in the carrying amounts of buildings and plant and machinery, compared to the amounts that would have been recognized had the change in estimate not been made. Consequently, deferred tax expense increased by Rs. 24.11 million respectively. The resulting after-tax impact was an increase in profit for the year of Rs. 37.72 million.

   4. The Company's financial risk management objectives and policies are consistent with those disclosed in the financial statements as at and for the year ended

June 30, 2025.

The additions and disposals in property, plant and equipments during the period are as under:

Plant and machinery and others

[cost Rs. 62.83 million (December 31, 2024:

Rs. 7.39 million)] 418 196

Transfers from Capital work-in-progress 36,740 5,591,605

1. INVESTMENT IN ASSOCIATED COMPANY (Unaudited) (Audited) December 31, June 30, 2025 2025 (Rupees in '000)

   Chinoy Engineering & Construction (Private) Limited (CECL) - 4,850,000 (June 30, 2025:

   4,850,000) fully paid ordinary shares of

   Rs. 10 each - note 6.1 427,780 87,945

   1. The Company has a significant influence over the board composition of Chinoy Engineering & Construction (Private) Limited (CECL) and also holds 17%

      (June 30, 2025: 17%) of the total equity. Accordingly, the Company has accounted this as investment in associate. The carrying amount of investment represents proportionate carrying value of the associate's net assets of unaudited financial statements of CECL as at September 30, 2025 and March 31, 2025 respectively.

      The registered office of the associate is at 101, Beaumont Plaza, 10 Beaumont Road, Civil Lines, Karachi, Pakistan. The country of incorporation or registration is also its principal place of business.

      The principal activity of the associate is to engage in the business of construction, encompassing a range of activities including design, construction, demolition and infrastructure development.

      	(Unaudited) December 31, 2025	(Audited) June 30, 2025
      (Rupees in '000)
      Balance at beginning of the period	87,945	-
      Investment made during the period	-	48,450
      Share of net income of associate
      	accounted for using the equity method 429,613	44,921
      	Dividend received (89,778)	(5,426)
      	Balance at end of the period 427,780	87,945
      6.2	The Company provided the following corporate guarantees in favor	of Habib Bank

      Limited on behalf of CECL, an associated undertaking:

      • A corporate guarantee securing financing facilities of up to Rs. 1,500 million, granted to CECL.

      • A performance guarantee to assure CECL's fulfillment of contractual obligations under its agreement with Reko Diq Mining Company Limited. This obligation carries joint and several liability alongside associated entities International Industries Limited and International Steels Limited.

        These guarantees have been issued in alignment with the Company's strategic support framework for its associated undertakings and represent potential contingent liabilities to the extent of the guaranteed amounts, subject to CECL's compliance and performance under the stated obligations.

        (Unaudited) (Audited)

        Note December 31, June 30,

2. STOCK-IN-TRADE 2025 2025 (Rupees in '000)

   Raw materials [including Rs. 3,445.55 million in
   transit (June 30, 2025: Rs. 3,066.50 million)]	7.1	4,935,608		4,208,007
   Work-in-process	7.2	1,195,940		1,327,428
   Finished goods	7.3	2,122,367		1,584,008
   Scrap		474,434		405,602
   		8,728,349		7,525,045

   1. Raw material includes slow moving items amounting to Rs. 11.50 million (June 30, 2025: Rs. 11.50 million) against which provision has been made.

   2. Work-in-process include slow moving items amounting to Rs. 35.63 million

      (June 30, 2025: Rs. 7.45 million) stated at their net realizable values against their cost of Rs. 38.52 million (June 30, 2025: Rs. 12.53 million).

   3. Finished goods include slow moving items amounting to Rs. 27.69 million

(June 30, 2025: Rs. 25.07 million) stated at their net realizable values against their cost of Rs. 30.61 million (June 30, 2025: Rs. 42.83 million).

1. ASSETS CLASSIFIED AS HELD FOR SALE 1,946,717 3,361,945

   This represents the carrying value of the land and building located at B/21, S.I.T.E., Karachi, measuring 6.816 acres, for which an agreement to sell between the Company and the buyer was executed on September 30, 2024. The decision to sell this portion of land and building was approved by the members at the Annual General Meeting held on September 30, 2024.

   During the period, the Company received an amount of Rs. 781.7 million (June 30, 2025: Rs. 1,878.1 million) amounting to a total of Rs. 3,207.3 million as an advance against the sale of assets classified as held for sale. This includes full payment for the

   4.33 acres of land amounting to Rs. 1,419.4 million for which the ownership was transferred to the buyer during the current period and accordingly adjusted the advance against asset held for sale. Advance payment of Rs. 1,787.9 million pertains to the sale transaction of the additional 6.816 acres land and the management is hopeful about the completion of the transaction within the next six months.

   (Unaudited) (Audited)

   Note December 31, June 30,

   2025 2025

   Long-Term Finance Facilities	13.1	4,570,383		5,193,976
   SBP Refinance - renewable energy Temporary Economic Refinance	13.2	104,014		107,292
   Facility (TERF)	13.3	1,237,531		1,323,978

2. LONG-TERM FINANCING - secured (Rupees in '000) Loans from conventional financial institutions Loans from Islamic financial institutions

   Long-Term Finance Facilities 13.1

   Temporary Economic Refinance

   5,911,928 6,625,246

   364,588

   113,763

   168,569

Facility (TERF) 13.3

Diminishing Musharakah 13.4

Less: Deferred income Government grant (449,888) (488,042) Less: Current portion of long-term financing

(14,528)

(187,460)

(201,988)

(46,388)

(16,591)

(29,797)

Islamic Temporary Economic Refinance Facility (ITERF) Diminishing Musharakah

1. 1. Long-term loans have been obtained for the purpose of capital expenditure which are secured against mortgage of land and building and hypothecation of specific plant and machinery. The Company has also availed long-term loans against various refinancing schemes of State Bank of Pakistan (SBP) which include Temporary Economic Refinance Facility (TERF) and against Renewable Energy Scheme.

      Long-term loans of Rs. 3,650 million have been obtained for capital expenditure which are secured against mortgage of land and building at K-23 Nooriabad (charge of Rs. 4,867 million). The total amount outstanding against these loans are Rs. 2,643 million as on December 31, 2025 (June 30, 2025: Rs. 2,643 million). Rate of markup on the above

      loans ranges between 11.54% per annum and 11.59% per annum (June 30, 2025: 11.59% per annum and 12.63% per annum). These are repayable in half yearly equal installments of Rs. 107.14 million, Rs. 62.5 million and quarterly installment of Rs. 41.07 million respectively.

      The Company had also obtained a syndicate term finance facility of Rs. 4,000 million from MCB Bank Limited with consortium of various financial institutions (June 30, 2025: Rs. 4,000 million). This facility is secured against a mortgage of Land and Building at

      B-21 SITE Karachi and against hypothecation of specific plant and machinery. The total amount outstanding against the above facility amounts to Rs. 924 million as on

      December 31, 2025 (June 30, 2025: Rs. 1,716 million). Rate of markup on this loan

      is at 12.07% per annum (June 30, 2025: 12.10% per annum).

      The Company had also obtained a bilateral long term loan facility of Rs. 1,200 million from MCB Bank Limited which is secured against hypothecation of specific plant & machinery (June 30, 2025: Rs. 1,200 million). The total amount outstanding against the above facility amounts to Rs. 1,200 million as on December 31, 2025 (June 30, 2025: Rs. 1,200 million). Rate of markup on this loan is at 11.39% per annum (June 30, 2025:

   2. In addition to the above, the Company has also obtained long-term loan of Rs. 116.23 million against SBP Renewable Energy Scheme. The total amount outstanding against this loan is Rs. 94.43 million as on December 31, 2025 (June 30, 2025: Rs. 101.70 million). The rate of markup on this loan is at 3.50% per annum (June 30, 2025: 3.50% per annum). This loan is secured against hypothecation of specific plant and machinery for a 10 year period.

   3. In addition to the above, the Company has also obtained long-term loan of Rs. 1,624.15 million against Temporary Economic Refinance Facility (TERF) under SBP refinance scheme. The total amount outstanding against these loans is Rs. 1,247.6 million as on December 31, 2025 (June 30, 2025: Rs. 1,349.9 million). The rate of markup on these

      loans ranged between 1.50% per annum to 2.50% per annum (June 30, 2025: 1.50% per annum to 2.50% per annum). These loans are secured against hypothecation of specific plant and machinery for a 10 year period.

   4. The Company entered into a Diminishing Musharakah arrangement amounting to

      Rs. 220 million over a five-year term. Under the arrangement, vehicles are pledged as security for the facility, and the Modaraba holds a general lien and hypothecation charge over the assets. The arrangement provides the Modaraba with a right to set off all rights, title, and interest of the Company in the pledged assets, in addition to a hypothecation charge on other business assets of the Company, if necessary. Principal amount is repayable in 60 equal installments carrying profit rate of 3 months KIBOR + 1.1% per annum (June 30, 2025: 3 months KIBOR + 1.1% per annum).

      The Company also has a Diminishing Musharakah arrangement for the purchase of a motor vehicle over a five-year term. Principal amount is repayable in 60 equal monthly installments carrying profit rate at 3 months KIBOR + 0.75% per annum (June 30, 2025: 3 months KIBOR + 0.75% per annum).

      (Unaudited) (Audited) December 31, June 30, 2025 2025
2. DEFERRED TAXATION (Rupees in '000)

Share of profit of an equity accounted associated Company

1. SHORT-TERM BORROWINGS - Secured (Rupees in '000)

   Running musharka under Shariah arrangements	16.1	64,235		877,468
   Running finances under mark-up arrangements	16.2	435,513		996,171
   Running finances from banks		499,748		1,873,639
   Short term finances under mark-up arrangements	16.3	10,444,726		8,135,226
   Foreign currency import / export finance under markup arrangements	16.4	1,524,874		344,988
   Export refinance		-		65,929

   12,469,348 10,419,782
   1. Running musharka under shariah arrangements

      Running Musharaka outstanding amount under Shariah arrangement is Rs. 64 million (June 30, 2025: Rs. 877 million) and carries markup at the rate of 11.27% per annum to 11.54% per annum (June 30, 2025: 11.53% per annum to 12.58% per annum).

   2. Running finances under mark-up arrangements

      The Company has also obtained short-term running finance facilities under markup arrangements from various banks, with total utilization amounting to Rs. 436 million (June 30, 2025: Rs. 996 million). The markup rates on these facilities range from 11.27% to 12.09% per annum, net of prompt payment rebate (June 30, 2025: 11.83% to 13.09% per annum). These facilities are set to expire between December 31, 2025 and May 31, 2026 and are renewable upon expiry.

   3. Short term finances under mark-up arrangements

      Short-term finance utilized amounted to Rs. 10,445 million (June 30, 2025: Rs. 8,135 million). The markup on short-term finance is agreed at the time of each disbursement and as of December 31, 2025 ranged between 10.65% and 11.41% per annum (June 30, 2025: 11.37% to 11.91% per annum).

   4. Foreign currency import / export finance under mark-up arrangements

      The total amount outstanding at December 31, 2025 under foreign currency import / export finance is Rs. 1,525 million (June 30, 2025: Rs. 345 million) and carries markup ranging between 4.95% per annum to 6.25% per annum (June 30, 2025: 5.00% to 7.00%). These are repayable latest by January 2026.

      The total funded facilities with all banks against the above facilities amounts to

      Rs. 20,445 million, which includes sub-limits for short-term finance, foreign currency import/export financing, Export refinance and LATR (June 30, 2025: Rs. 16,380 million). The unutilized portion of these facilities stood at Rs. 7,831 million (June 30, 2025:

      Rs. 5,530 million).

   5. Other facilities

      The facility for opening letters of credit and guarantees as at December 31, 2025 amounted to Rs. 15,305 million including Rs. 4,150 million relating to the guarantees (June 30, 2025: Rs 14,020 million including Rs. 4,150 million relating to the guarantee) of which the amount remaining unutilized as at that date was Rs. 7,830 million including Rs. 1,323 million relating to the guarantees (June 30, 2025: Rs. 8,788 million

      including Rs. 1,716 million relating to guarantees.)

   6. Securities

      These above arrangements are secured by way of joint pari passu hypothecation over current assets of the Company of Rs. 23,890 million and ranking charges of Rs. 667 million, Rs. 3,333 million, Rs. 1,000 million, Rs. 1,333 million and Rs. 4,000 million for facilities availed from The Bank of Punjab, Faysal Bank Limited, MCB Bank Limited, Soneri Bank Limited and United Bank Limited respectively, which will be upgraded to first Joint Pari Passu Charge.

2. CONTRACT LIABILITIES

   The contract liabilities primarily relate to the advance consideration received from customers for future sales as per the company's policy, for which revenue is recognised at a point in time. Revenue recognised from contract liabilities during the period amounts to Rs. 412.38 million (June 30, 2025: Rs. 606.28 million).

3. CONTINGENCIES AND COMMITMENTS
   1. Contingencies

      1. The Company has issued to the Collector of Customs post dated cheques amounting to Rs. 3.46 million (June 30, 2025: Rs. 5.43 million) against partial exemption of import levies.

      2. Bank guarantees amounting to Rs. 2,827 million (June 30, 2025: Rs. 2,434 million) have been given to various parties for contract performance, tender deposits, import levies, etc.

   2. Commitments

      1. Aggregate commitments for capital expenditure as at December 31, 2025 amounted to Rs. 191.93 million (June 30, 2025: Rs. 231.07 million).

      2. Commitments under letters of credit for the import of raw materials, etc. (non-capital expenditure) as at December 31, 2025 amounted to Rs. 4,648.60 million (June 30, 2025: Rs. 2,776.49 million). These are in respect of the letters of credit opened before the period end but no shipment by then had been made.

      3. The Company has issued a guarantee to Reko Diq Mining Company Ltd (RDMC) to ensure that CECL, an associated company, performs its obligations under the contract with RDMC, with joint and several liability with associated companies, International Industries Limited and International Steels Limited.

4. REVENUE FROM CONTRACTS WITH CUSTOMERS Six months period ended (Unaudited) (Unaudited) December 31, December 31, 2025 2024 (Rupees in '000)

   	Gross local sales	18,258,194		16,926,126
   	Export sales	694,871		1,401,940
   		18,953,065		18,328,066
   	Sales tax	(2,773,349)		(2,614,303)
   		16,179,716		15,713,763

   1. Disaggregation of revenue

In the following table, revenue is disaggregated by primary geographical markets, major product lines and sales channels:

Weighted average number of ordinary shares

outstanding during the period 54,457 54,457

Earning / (loss) per share - basic and diluted 3.92 (3.43)

1. TRANSACTIONS WITH RELATED PARTIES

   Parties which are related to the Company in pursuit of IAS 24 'Related Party Disclosures' including associates, staff retirement benefit plans and key management personnel are considered for disclosure of related party transactions.

   Transactions and balances with related parties

   Six months period ended

   Name of the related party	Relationship	Nature of transactions and period-end balances	(Unaudited) December 31, 2025	(Unaudited) December 31, 2024
   (Rupees in '000)
   Intermark (Private) Limited	Associate	Sale of goods	868,755	856,430
   		Amount due at the period-end	653,199	828,192
   International Industries	Associate	Sale of goods	2,115	2,335
   Limited		Sharing of expenses	2,315	1,133
   		Purchase of goods, services & materials	5,392	2,319
   		Dividend received	2,534	2,218
   		Amount due at the period-end	57	2,813
   Atlas Energy Limited	Common directorship	Sale of goods	10,548	-
   Cherat Packaging Limited	Common directorship	Sale of goods	9,766	-
   		Amount due at the period-end	412
   Cherat Cement Co. Limited	Common directorship	Sale of goods	1,373	15,691
   		Amount due at the period-end	209	2,491
   Chinoy Engineering &	Associate	Investment	-	48,750
   Construction (Pvt) Ltd.		Sale of goods	152,552	2,442
   		Advance against Sales	110,028	8,000
   		Dividend received	89,778	-
   		Amount due at the period-end	4,757	1,593
   IIL Construction Solutions Associate (Private) Limited		Purchase of goods, services & materials	-	35,532
   International Steels Associate		Sale of goods	3,659	3,430
   Limited		Purchase of goods, services & materials	660	-
   		Sharing of expenses	2,243	404
   		Amount due at the period-end	682	1,236
   Fauji Fertilizer Company Limited	Common directorship	Sale of goods Liquidated Damages Amount due at the period-end	26,727 428 10,894	45,032 -6,086
   Network of Organizations Working For People With Disabilities Pakistan	Common directorship	Sale of goods	127	-
   Overseas Investors Chamber Common directorship of Commerce and Industry		Purchase of goods, services & materials	70	-
   National Foods Limited Common directorship		Sale of goods	-	254
   Sui Southeren Gas Company	Common directorship	Supplier of Gas	44,427	190,353
   Atlas Insurance Limited	Common directorship	Insurance premium expense	637	1,782
   		Insurance claim received	2,590	-

   Six months period ended

   Name of the related party	Relationship	Nature of transactions and period-end balances	(Unaudited) December 31, 2025	(Unaudited) December 31, 2024
   (Rupees in '000)
   Atlas Assets Management Limited	Common directorship	Security deposit / Cash margin	-	8,084
   Jubilee General Insurance Co.	Common directorship	Insurance premium expense	52,244	57,359
   Limited		Insurance claim received	324	28,169
   State Life Insurance Corp. of Pakistan	Common directorship	Office Rent	65	52
   Pakistan society for training and development	Common directorship	Purchase of goods, services & materials	645	811
   Amir Sultan Chinoy	Common directorship	Sharing of expenses	2,936	-
   Foundation		CSR	1,000	-
   Management Association of Pakistan	Common directorship	Purchase of goods, services & materials	199	-
   Pakistan Cables Limited - Staff Provident Fund	Staff retirement benefit plans	Net charge in respect of Staff retirement benefit plan	20,228	18,842
   		Retirement benefit plans payable	6,602	6,824
   Pakistan Cables Limited	Staff retirement	Net charge in respect of Staff retirement
   - Staff Pension Fund	benefit plans	benefit plans	2,249	-
   		Retirement benefit plans receivable	44,917	84,539
   Board of Directors (executive	Key management	Remuneration	44,098	43,015
   and non-executive) and Key Management Personnel	personnel	Directors' fees and reimbursement of expenses	3,635	3,200

   1. Remuneration of key management personnel are in accordance with their terms of employment.

   2. Contributions to defined contribution plan (provident fund) are made as per the terms of employment and contribution to / charge for the defined benefit plan (pension scheme) are in accordance with the actuarial advice.

   3. Other transactions are at agreed terms.

      Note	(Unaudited)	(Audited)
      	December 31,	June 30,
      	2025	2025

      (Rupees in '000)
2. SHARIAH COMPLIANCE STATUS DISCLOSURE Condensed interim statement of financial position - Liability Side

   i) Short-term financing as per Islamic mode	16.1	64,235	877,468
   ii) Long-term financing as per Islamic mode	13	449,610	646,920
   iii) Mark-up accrued on conventional loan	210,673		197,939
   iv) Mark-up accrued on Islamic loan	56,445		74,230

   Condensed interim statement of financial position - Asset Side

   i) Shariah-compliant bank balances 11 114,139 114,335

   Note (Unaudited) (Unaudited)

   December 31, December 31, 2025 2024 (Rupees in '000) Condensed interim statement of Profit or Loss

   i)	Revenue earned from Shariah-compliant	19	16,179,716	15,713,763
   	business segment
   ii) Profit earned from Shariah compliant TDRs			3,347	4,648
   iii) Exchange (gain) / loss		22	(8,996)	5,312
   iv) Share of net income of associate accounted for using equity method		6	429,613	-
   v) Profit on bank deposit - Islamic			-	-

   Break-up of Other income excluding profits in bank deposits and TDRs Shariah compliant Income

   - Sale of general scrap	23	74,606	67,943
   - Gain on disposal of fixed assets	23	30,707	9,584
   - Dividend income	23	2,534	2,218
   - Others	23	25,580	14,235

   Note	(Unaudited) December 31,	(Unaudited) December 31,
   	2025	2024

   (Rupees in '000) Shariah non-compliant income

   - Income on savings account - conventional		-	-
   - Income on term deposit receipts - conventional		-	-
   - Income on bank deposit - conventional	23	2,982	1,945
   - Government grant	23	38,154	38,160
   - Reversal of liabilities no longer payable and others	23	8,720	1,025

   1. Relationship with Shariah-compliant financial institutions Islamic banks

The Company has facilities with Faysal Bank Limited for Letter of Credits (Sight - Under Murabaha Arrangement), Running Musharakah (RM), Running Musharakah - Short Term Finance (Sub Limit of RM - upto 180 days), Import Murabaha (Sub limit of RM), Letter of Guarantee under Kafalah Arrangement (Sub Limit of RM) amounting to Rs. 1,000 million, Rs. 3,000 million, Rs. 3,000 million, Rs. 1,000 and Rs. 100 million (June

2025: Rs. 1,000 million, Rs. 2,500 million, Rs. 2,500 million, Rs. 500 million and Rs. 100 million) respectively.

The Company has facilities with Meezan Bank Limited for Running Musharakah (RM), Musawammah (Sub limit of RM), Letter of Guarantee (Sub Limit of RM), Sight LC and Usance LC, Ijarah Non-Commercial Vehicle amounting to Rs. 1,500 million, Rs. 1,500 million, Rs. 0.85 million, Rs. 1000 million and Rs. 25 million (June 2025: Rs. 1,500 million, Rs. 1,500 million, Rs. 0.85 million, Rs. 1000 million and Rs. 25 million) respectively.

The Company has a Diminishing Musharakah facility amounting to Rs. 230.01 (June 2025: Rs. 230.01 million) with First Habib Modaraba.

The Company has facilities with MCB Islamic Bank Limited for Letter of Guarantees (LG), Musharakah Running Finance (Sub limit of LG), Murabaha (Local/Import (Sub limit of LG)), Istisna (Local (Sub limit of LG)) and Letter or Credits - Sight (Foreign (Sub limit of LG)) amounting to Rs. 1,000 million, Rs. 1,000 million, Rs. 1,000 million, Rs. 1,000 million and Rs. 1,000 million. (June 2025: Rs. 1,000 million, Rs. 1,000 million, Rs. 1,000 million, Rs. 1,000 million and Rs. 1,000 million.

The Company has facilities with BankIslami Pakistan Limited for Letter of Credit (LC), Murabaha ST (Sub limit of LC), Istisna ST (Sub limit of LC) Tijarah Finance (Sub limit of LC) Musharakah Running Finance ST (RM), Export Sahulat (Sub Limit of RM) amounting to Rs. 500 million, Rs. 500 million, Rs. 500 million, Rs. 500 million, Rs. 400

million and Rs. 200 million. (June 2025: Rs. 500 million, Rs. 500 million, Rs. 500 million, Rs. 500 million, Rs. 400 million and Rs. 200 million)