C.Sec./PPP/2nd BOD/PSX/2024-2025 | |
25th February, 2025 | |
THE GENERAL MANAGER | PUCARS / FORM-3 |
PAKISTAN STOCK EXCHANGE | SECP Through TCS |
STOCK EXCHANGE BUILDING | |
STOCK EXCHANGE ROAD- KARACHI. |
SUB: FINANCIAL RESULTS FOR THE HALF YEAR ENDED 31/12/2024
Dear Sir/Ma'am,
We are pleased to inform you that the Board of Directors of our Company in their meeting held on Tuesday, 25th February 2025 at 11:00 am recommend the following:
a) | Interim Cash Dividend | Nil |
b) | Bonus Shares | Nil |
c) | Right Shares | Nil |
d) | Any Other Entitlement / Corporate Action | Nil |
e) | Any Other Price Sensitive Information | Nil |
In compliance of Notice # PSX/N-062 dated Jan, 10, 2025, we enclose herewith the following.
- Condensed Interim Statement of Financial Position
- Condensed Interim Statement of Profit or Loss (Unaudited)
- Condensed Interim Statement of Changes in Equity
- Condensed Interim Statement of Cashflow (Unaudited)
Moreover, Accounts shall also be available and upload on PUCAR and PPP website viz: www.pakpaper.comin due course of time.
Yours Sincerely,
____
DAWOOD AHMED MAPARA COMPANY SECRETARY
CC to:
Executive Director (Enforcement), Securities & Exchange Commission of Pakistan, NIC Building, Jinnah Avenue, Blue Area, Islamabad Fax: No. 051-9206015
ANNEXURE-A
PAKISTAN PAPER PRODUCTS LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2024
(Un-audited) | (Audited) | |||||||||||
Notes | 31 December | 30 June | ||||||||||
2024 | 2024 | |||||||||||
ASSETS | --------------- (Rupees) --------------- | |||||||||||
NON-CURRENT ASSETS | ||||||||||||
Property, plant and equipment | 5 | 1,366,176,374 | 1,313,671,838 | |||||||||
Intangible assets | 22,810 | 94,165 | ||||||||||
Long term deposits | 1,675,258 | 1,675,258 | ||||||||||
1,367,874,442 | 1,315,441,261 | |||||||||||
CURRENT ASSETS | ||||||||||||
Stores and spares | 10,549,917 | 10,037,039 | ||||||||||
Stock-in-trade | 6 | 431,281,558 | 355,983,019 | |||||||||
Trade debts - Unsecured | 226,999,918 | 346,734,816 | ||||||||||
Advances and other receivables | 7 | 159,779,439 | 105,612,399 | |||||||||
Deposits, advances and short term prepayments | 8 | 15,601,880 | 393,030 | |||||||||
Cash and bank balances | 9 | 5,631,616 | 7,125,720 | |||||||||
849,844,328 | 825,886,023 | |||||||||||
2,217,718,770 | 2,141,327,284 | |||||||||||
EQUITY AND LIABILITIES | ||||||||||||
SHARE CAPITAL AND RESERVES | ||||||||||||
Authorised share capital | ||||||||||||
15,000,000 (2023: 15,000,000) Ordinary shares of Rs. 10/- each | 150,000,000 | 150,000,000 | ||||||||||
Issued, subscribed and paid-up share capital | 80,000,000 | 80,000,000 | ||||||||||
Revenue reserves | 619,870,970 | 621,942,028 | ||||||||||
Capital reserve | ||||||||||||
Surplus on revaluation of property, plant and equipment | 959,399,936 | 959,399,936 | ||||||||||
1,659,270,906 | 1,661,341,964 | |||||||||||
NON-CURRENT LIABILITIES | ||||||||||||
Deferred tax liability - Net | 59,593,254 | 55,141,541 | ||||||||||
Deferred liability for staff gratuity | 20,779,931 | 19,928,330 | ||||||||||
Long term loans - Secured | 10 | 89,592,241 | 62,852,231 | |||||||||
Liabilities against assets subject to musharakah financing | 11 | 1,678,685 | 2,878,685 | |||||||||
Deferred grant | 2,668,656 | 3,189,610 | ||||||||||
174,312,767 | 143,990,397 | |||||||||||
CURRENT LIABILITIES | ||||||||||||
Current portion shown under current liabilities | 38,889,624 | 26,560,800 | ||||||||||
Current portion of deferred government grant | 1,079,060 | 1,148,559 | ||||||||||
Short term borrowings - Secured | 12 | 158,464,285 | 137,799,954 | |||||||||
Creditors, accrued and other liabilities | 13 | 172,629,072 | 130,639,788 | |||||||||
Unclaimed dividend | 13,073,056 | 12,285,638 | ||||||||||
Provision for taxation - Net | -- | 27,560,184 | ||||||||||
384,135,097 | 335,994,923 | |||||||||||
CONTINGENCIES AND COMMITMENTS | 14 | -- | -- | |||||||||
2,217,718,770 | 2,141,327,284 | |||||||||||
The annexed notes form an integral part of these condensed interim financial statements.
PAKISTAN PAPER PRODUCTS LIMITED
STATEMENT OF PROFIT OR LOSS
FOR THE HALF YEAR ENDED 31 DECEMBER 2024 (Un-audited)
Half Year Ended (Un-audited) | Quarter Ended (Un-audited) | ||||||||||||||
Notes | 31 December | 31 December | 31 December | 31 December | |||||||||||
2024 | 2023 | 2024 | 2023 | ||||||||||||
----------- (Rupees) ----------- | ----------- (Rupees) ----------- | ||||||||||||||
Sales - Net | 15 | 744,184,000 | 910,326,701 | 379,641,838 | 466,712,190 | ||||||||||
Cost of sales | 16 | (625,230,454) | (744,253,692) | (322,139,633) | (388,339,996) | ||||||||||
Gross profit | 118,953,546 | 166,073,009 | 57,502,205 | 78,372,194 | |||||||||||
Administrative expenses | (30,955,185) | (28,206,413) | (16,115,865) | (14,727,917) | |||||||||||
Selling and distribution expenses | (11,923,594) | (9,963,185) | (5,944,014) | (5,202,101) | |||||||||||
Other operating expenses | (3,880,990) | (8,036,771) | (1,885,877) | (4,713,323) | |||||||||||
(46,759,769) | (46,206,369) | (23,945,756) | (24,643,341) | ||||||||||||
Operating profit | 72,193,777 | 119,866,640 | 33,556,449 | 53,728,853 | |||||||||||
Other income | 993,873 | 729,586 | 985,473 | 667,238 | |||||||||||
Finance cost | (21,412,857) | (34,609,342) | (9,686,693) | (12,991,949) | |||||||||||
Profit before taxation | 51,774,793 | 85,986,884 | 24,855,229 | 41,404,142 | |||||||||||
Taxation - Net | (21,845,851) | (19,925,057) | (7,643,762) | (8,042,907) | |||||||||||
Profit for the year | 29,928,942 | 66,061,827 | 17,211,467 | 33,361,235 | |||||||||||
Earnings per share - Basic and diluted | 3.74 | 8.26 | 2.15 | 4.17 |
The annexed notes form an integral part of these condensed interim financial statements.
PAKISTAN PAPER PRODUCTS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE HALF YEAR ENDED 31 DECEMBER 2024 (Un-audited)
Issued, | Revenue reserves | Surplus on | |||
subscribed | General | Unappropriated | Total | revaluation of | Total |
and paid-up | revenue | property, | equity | ||
reserves | profit | ||||
share capital | reserves | plant and | |||
----------------------------------------------------- (Rupees) -----------------------------------------------------
Balance as on 1 July 2023
80,000,000 | 143,900,000 | 378,732,946 | 522,632,946 | 504,841,334 | 1,107,474,280 |
Profit for the year ended 31 December 2023 | -- | -- | 66,061,827 | 66,061,827 | -- | 66,061,827 |
Other comprehensive income | -- | -- | -- | -- | -- | -- |
Total comprehensive income for the year | -- | -- | 66,061,827 | 66,061,827 | -- | 66,061,827 |
Surplus on revaluation realized on disposal of fixed assets - Net of tax | -- | -- | 1,355,306 | 1,355,306 | (1,355,306) | -- |
Transfer to unappropriated profit on account | ||||||
of incremental depreciation - Net of tax | -- | -- | 1,006,089 | 1,006,089 | (1,006,089) | -- |
Transactions with owners: | ||||||
Final cash dividend @ 40% related to the year ended 30 June 2023 | -- | -- | (32,000,000) | (32,000,000) | -- | (32,000,000) |
Balance as at 31 December 2023
80,000,000 | 143,900,000 | 415,156,168 | 559,056,168 | 502,479,939 | 1,141,536,107 |
Balance as on 1 July 2024
80,000,000 | 143,900,000 | 478,042,028 | 621,942,028 | 959,399,936 | 1,661,341,964 |
Profit for the year ended 31 December 2024 | -- | -- | 29,928,942 | 29,928,942 | -- | 29,928,942 |
Other comprehensive income | -- | -- | -- | -- | -- | -- |
Total comprehensive income for the year | -- | -- | 29,928,942 | 29,928,942 | -- | 29,928,942 |
Transactions with owners: | ||||||
Final cash dividend @ 40% related to the year ended 30 June 2024 | -- | -- | (32,000,000) | (32,000,000) | -- | (32,000,000) |
Balance as at 31 December 2024
80,000,000 | 143,900,000 | 475,970,970 | 619,870,970 | 959,399,936 | 1,659,270,906 |
The annexed notes form an integral part of these condensed interim financial statements.
PAKISTAN PAPER PRODUCTS LIMITED
STATEMENT OF CASH FLOWS
FOR THE HALF YEAR ENDED 31 DECEMBER 2024 (Un-audited)
31 December | 31 December | ||||||||||||
Notes | 2024 | 2023 | |||||||||||
--------------- (Rupees) --------------- | |||||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES | |||||||||||||
Cash generated from operations | 17 | 164,712,240 | 184,308,616 | ||||||||||
Payments for: | |||||||||||||
Income taxes net of refund received | (75,188,742) | (23,486,318) | |||||||||||
Sindh Workers' Welfare Fund | (5,182,779) | (2,996,893) | |||||||||||
Sindh Workers' Profit Participation Fund | (12,436,006) | (7,137,586) | |||||||||||
Gratuity | (1,298,199) | (1,057,030) | |||||||||||
Finance cost | (23,210,121) | (29,577,556) | |||||||||||
Net cash inflows / (outflows) from operating activities | 47,396,393 | 120,053,233 | |||||||||||
CASH FLOWS FROM INVESTING ACTIVITIES | |||||||||||||
Addition to tangible assets | 5.1.1 | (76,375,036) | (11,271,240) | ||||||||||
Sale proceeds against disposal of fixed assets | 754,409 | 1,214,260 | |||||||||||
Net cash outflows from investing activities | (75,620,627) | (10,056,980) | |||||||||||
CASH FLOWS FROM FINANCING ACTIVITIES | |||||||||||||
Long term deposits | -- | (300,000) | |||||||||||
Long-term finances obtained | 51,758,100 | -- | |||||||||||
Repayment of long-term finances | (14,479,719) | (13,280,400) | |||||||||||
Dividend paid | (31,212,582) | (30,817,050) | |||||||||||
Net cash outflows from financing activities | 6,065,799 | (44,397,450) | |||||||||||
Net increase / (decrease) in cash and cash equivalents | (22,158,435) | 65,598,803 | |||||||||||
Cash and cash equivalents at the beginning of the year | (130,674,234) | (213,443,131) | |||||||||||
Cash and cash equivalents at the end of the year | 18 | (152,832,669) | (147,844,328) | ||||||||||
The annexed notes form an integral part of these condensed interim financial statements.