C.Sec./PPP/2ndBOD/PSX/2025-2026
23rdFebruary, 2026
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 31/12/2025
Dear Sir/Ma'am,
We are pleased to inform you that the Board of Directors of our Company in their meeting held on Monday, 23rd February 2026 at 11:00 am recommend the following:
Interim Cash Dividend Nil
Bonus Shares Nil
Right Shares Nil
Any Other Entitlement / Corporate Action Nil
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 (Unaudited)
Condensed Interim Statement of Profit or Loss (Unaudited)
Condensed Interim Statement of Changes in Equity (Unaudited)
Condensed Interim Statement of Cashflow (Unaudited)
Moreover, Accounts shall also be available and upload on PUCAR and PPP website viz: https://www.pakpaper.com in 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-APAKISTAN PAPER PRODUCTS LIMITED CONDENSED INTERIM STATEMENT OF FINANCIAL POSITION AS AT DECEMBER 2025
ASSETS
Notes (Un-audited) (Audited) December June 20252025 --------------- (Rupees) ---------------NON-CURRENT ASSETS | ||||
Property, plant and equipment | 4 | 1,358,590,349 | 1,371,735,655 | |
Long term deposits | 2,078,722 | 1,989,572 | ||
1,360,669,071 | 1,373,725,227 | |||
CURRENT ASSETS | ||||
Stores and spares | 12,219,841 | 9,046,509 | ||
Stock-in-trade | 5 | 372,349,342 | 387,930,940 | |
Trade debts - unsecured | 258,198,269 | 304,203,342 | ||
Advances and other receivables | 6 | 188,456,966 | 156,126,150 | |
Deposits, advances and short term prepayments | 7 | 42,445,125 | 7,858,586 | |
Cash and bank balances | 8 | 5,863,993 | 5,613,309 | |
879,533,537 | 870,778,836 | |||
2,240,202,608 | 2,244,504,063 | |||
EQUITY AND LIABILITIES | ||||
SHARE CAPITAL AND RESERVES | ||||
Authorised share capital | ||||
15,000,000 (June 2025: 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 | 732,379,226 | 717,894,048 | ||
Capital reserve | ||||
Surplus on revaluation of property, plant and equipment 952,855,207 | 952,855,207 | |||
1,765,234,433 | 1,750,749,255 | |||
NON-CURRENT LIABILITIES | ||||
Deferred tax liability - net | 53,561,853 | 57,469,486 | ||
Deferred liability for staff gratuity | 25,740,414 | 23,593,266 | ||
Long term loans - secured | 9 | 54,140,723 | 72,145,535 | |
Deferred grant | 1,717,164 | 2,163,455 | ||
135,160,154 | 155,371,742 | |||
CURRENT LIABILITIES | ||||
Current portion shown of Long term loans | 37,449,624 | 38,889,624 | ||
Current portion of deferred government grant | 951,492 | 1,026,155 | ||
Short term borrowings - secured | 10 | 78,160,460 | 85,742,481 | |
Creditors, accrued and other liabilities | 11 | 209,174,413 | 200,078,000 | |
Unclaimed dividend | 14,072,032 | 12,646,806 | ||
339,808,021 | 338,383,066 | |||
CONTINGENCIES AND COMMITMENTS | 12 | |||
2,240,202,608 | 2,244,504,063 | |||
The annexed notes form an integral part of these condensed interim financial statements.
Abbas Sayeed Muhammad Yusuf Chairman Chief Financial OfficerAbid Sayeed Chief Executive PAKISTAN PAPER PRODUCTS LIMITED CONDENSED INTERIM STATEMENT OF PROFIT OR LOSS FOR THE HALF YEAR ENDED 31 DECEMBER 2025 (Un-audited)
December | December | |||
2025 | December 2024 | 2025 | December 2024 | |
----------- (Rupees) ----------- ----------- (Rupees) ----------- | ||||
Sales - net | 13 | 772,348,165 | 744,184,000 | 333,209,575 | 379,641,838 | |||
Cost of sales | 14 | (628,817,379) | (625,230,454) | (267,750,776) | (322,139,633) | |||
Gross profit | 143,530,786 | 118,953,546 | 65,458,799 | 57,502,205 | ||||
Administrative expenses | (37,668,276) | (30,955,185) | (18,125,387) | (16,115,865) | ||||
Selling and distribution expenses | (11,013,986) | (11,923,594) | (5,311,789) | (5,944,014) | ||||
Other operating expenses | (5,386,665) | (3,880,990) | (2,470,468) | (1,885,877) | ||||
(54,068,927) | (46,759,769) | (25,907,644) | (23,945,756) | |||||
Operating profit | 89,461,859 | 72,193,777 | 39,551,155 | 33,556,449 | ||||
Other income | 495,682 | 993,873 | 408,374 | 985,473 | ||||
Finance cost | (16,870,149) | (21,412,857) | (7,932,981) | (9,686,693) | ||||
Profit before taxation | 73,087,392 | 51,774,793 | 32,026,548 | 24,855,229 | ||||
Taxation - net . | (18,602,214) | (21,845,851) | (7,710,102) | (7,643,762) | ||||
Profit for the period | 54,485,178 | 29,928,942 | 24,316,446 | 17,211,467 | ||||
Earnings per share - basic and diluted | 6.81 | 3.74 | 3.04 | 2.15 |
The annexed notes form an integral part of these condensed interim financial statements.
Abbas Sayeed | Muhammad Yusuf | Abid Sayeed | |
Chairman | Chief Financial Officer | Chief Executive |
PAKISTAN PAPER PRODUCTS LIMITED CONDENSED INTERIM STATEMENT OF CHANGES IN EQUITY FOR THE HALF YEAR ENDED 31 DECEMBER 2025 (Un-audited)
Issued, | Revenue reserves | Surplus on | |||
subscribed and paid-up share capital | General reserves | Unappropriated profit | Total revenue reserves | revaluation of property, plant and equipment | Total equity |
----------------------------------------------------- (Rupees) -----------------------------------------------------
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 period ended December 2024 | -- | -- | 29,928,942 | 29,928,942 | -- | 29,928,942 |
Other comprehensive income | -- | -- | -- | -- | -- | -- |
Total comprehensive income for the period | -- | -- | 29,928,942 | 29,928,942 | -- | 29,928,942 |
Transactions with owners: | ||||||
Final cash dividend @ 40% related to the year ended June 2024 | -- | -- | (32,000,000) | (32,000,000) | -- | (32,000,000) |
Balance as at December 2024 | 80,000,000 | 143,900,000 | 475,970,970 | 619,870,970 | 959,399,936 | 1,659,270,906 |
Balance as on 1 July 2025 | 80,000,000 | 143,900,000 | 573,994,048 | 717,894,048 | 952,855,207 | 1,750,749,255 |
Profit for the period ended December 2025 | -- | -- | 54,485,178 | 54,485,178 | -- | 54,485,178 |
Other comprehensive income | -- | -- | -- | -- | -- | -- |
Total comprehensive income for the period | -- | -- | 54,485,178 | 54,485,178 | -- | 54,485,178 |
Transactions with owners: | ||||||
Final cash dividend @ 50% related to the year ended June 2025 | -- | -- | (40,000,000) | (40,000,000) | -- | (40,000,000) |
Balance as at December 2025 | 80,000,000 | 143,900,000 | 588,479,226 | 732,379,226 | 952,855,207 | 1,765,234,433 |
The annexed notes form an integral part of these condensed interim financial statements.
Abbas Sayeed | Muhammad Yusuf | Abid Sayeed | |
Chairman | Chief Financial Officer | Chief Executive |
Cash generated from operations | 15 | 160,794,523 | 164,712,238 | |
Payments for: | ||||
Income taxes net of refund received | (55,302,782) | (75,188,742) | ||
Sindh Workers' Welfare Fund | (3,559,708) | (5,182,779) | ||
Sindh Workers' Profit Participation Fund | (8,899,270) | (12,436,006) | ||
Gratuity | -- | (1,298,199) | ||
Finance cost | (15,107,421) | (23,210,121) | ||
(82,869,181) | (117,315,847) | |||
Net cash generated from operating activities | 77,925,342 | 47,396,391 | ||
CASH FLOWS FROM INVESTING ACTIVITIES | ||||
Sale proceeds against disposal of fixed assets | -- | 754,409 | ||
Addition to property plant and equipment | (11,462,947) | (76,375,036) | ||
Net cash used in investing activities | (11,462,947) | (75,620,627) | ||
CASH FLOWS FROM FINANCING ACTIVITIES | ||||
Long-term finances obtained | -- | 51,758,100 | ||
Repayment of long-term finances | (19,965,766) | (14,479,719) | ||
Dividend paid | (38,574,774) | (31,212,582) | ||
Net cash (used in)/ generated from financing activities | (58,629,690) | 6,065,799 | ||
Net increase/ decrease in cash and cash equivalents | 7,832,705 | (22,158,437) | ||
Cash and cash equivalents at the beginning of the period | (80,129,172) | (130,674,234) | ||
Cash and cash equivalents at the end of the period | 16 | (72,296,467) | (152,832,671) |
The annexed notes form an integral part of these condensed interim financial statements.
Abbas Sayeed | Muhammad Yusuf | Abid Sayeed | ||
Chairman | Chief Financial Officer | Chief Executive |