Transmission of Quarterly Report for the perid ended March 31, 2025

Apr 28, 2025 at 7:53 AM UTC · Issued by Quice Food industries Limited

‌3RD QUARTELY REPORT MARCH 31, 2025

‌CONTENTS

Page N0.

Company Information	01

Directors` Report	02

ٹروپر ﯽﮐ زرٹکيرئاڈ	04

Condensed Interim Statement of Financial Position	06

Condensed Interim Statement of Profit or Loss Account	07

Condensed Interim Statement of Other Comprehensive Income	08

Condensed Interim Cash flow Statement	09

Condensed Interim Statement of Changes in Equity	10

Notes to the Interim Financial Statements	11

‌COMPANY INFORMATION

Board of Directors

Mr. Fakhir Ahmed Chairman

Mr. Muhammad Atif Chief Executive

Mr. Muhammad Siraj Director

Mr. Salman Haroon Director

Mr. Qazi Muhammad lmran Director

Ms. Hina Faiyaz Independent Director

Ms. Saba Irfan Independent Director

Audit Committee

Ms. Hina Faiyaz Chairperson

Mr. Muhammad Siraj Member

Ms. Saba lrfan Member

HR & Remuneration Committee

Ms. Saba lrfan Chairperson

Ms. Hina Faiyaz Member

Mr. Fakhir Ahmed Member

Company Secretary

Mr. Iqbal Shahid

Bankers

United Bank Limited Meezan Bank Limited

Habib Bank Limited Bank Alfalah Limited

MCB Bank Limited BankIslami Pakistan Limited Habib Metropolitan Bank Limited

Auditor

Aslam Malik & Co. Chartered Accountants

Legal Advisor

Ahmed & Qazi Advocates & Legal Consultants

Share Registrar

F.D.Registrar Services (Pvt.) Ltd Office No. 1705, 17th Floor, Saima Trade Tower-A,

I.I Chundrigar Road, Karachi

Registered Office

WS7, Mezzanine Floor Madina Palace, Faran Co-operative Housing Society, Dhoraji Colony

Karachi.

DIRECTORS' REPORT

The Directors of Quice Food industries Limited (the "Company") present herewith Directors' Report together with condensed Interim Financial Statements of the Company for nine months period ended March 31, 2025

Financial Highlights

Description	Nine Months period ended March31
	2025	2024
	------Rupees in 'Million'----------
Sales	832.90	561.42
Gross profit	149.43	111.11
Profit after taxation	7.72	7.38
Earnings per share - (RS)	0.08	0.07

During the period under review, the Company has maintained a healthy trend of sales and posted sales of PKR. 832.90 million, whilst, it was PKR 561.42 million during the same corresponding period last year. An increase of 48.35%

The Company achieved this tremendous growth in sales due to timely and sagacious move by management to push and further explore foreign markets for our products. Further, domestic sales too were jack up due to arrival of Holy month of Ramadan and commencement of Summer.

The gross profit for the year under review is amounting to PKR 149.43 million as compared to PKR 111.11 million in the previous year. Gross profit is up by 34.49%, on account of topline revenue and better cost control measures to curtail costs.

The Company reported a profit after tax of PKR 7.72 million, compared to profit after tax of PKR 7.38 million in the corresponding period. A minor increase of 4.61%, this is primely due to increase in distribution cost by 38.31%, which includes local transportation cost and freight charges and shipping expenses. Additionally, marketing and advertising expense also escalated on account of increase in sales.

Similarly, the Earnings per share is Re. 0.08, which was Re.0.07 during the same period last year.

FUTURE OUTLOOK

The key macroeconomic indicators of Pakistan point towards solidity, with falling inflation, slash in policy rate, stable exchange rate and higher inflow of foreign remittances. However, uncertainty at Political fronts, high taxes, raw material cost and particularly energy prices will have a negative ripple effect on the industry. Despite, these challenges, your Company is maintaining a cautiously optimistic view for prevailing financial year.

ACKNOWLEDGEMENT

The Board of Directors would like to place on record deep appreciation for the efforts of the employees and workers and also for their invaluable co-operation and sincerity to the Company.

On Behalf of the Board of Directors

Chief Executive Chairman

Date: 28 April, 2025

Place: Karachi

ٹروᗙر ( زy& کᗬᖁئاڈ

( هام ون ᣠا9 ₂. وᕼ ﻢïs و' ء2025 چرام 31 jy& کisئاڈ 3 (" ᣎ. iar") ڈcial ¿iy& -ڈنا ڈوė سĩو' ںا(i ﮫïا- 3 ٹروᗙر ( jy& کisئاڈ ﮫïا- 3 ں9راوشوS ᣍ: اilام یروبع şماﺟ 3 ᣎ. iar ᣰ᡽ l 3 تدم

− ᣌᢕ ہ شᛴپ

ںا!ᝃلھج ᣍ: ا!لام

2024 چرام 31	2025چرام 31	ل!صفت
-------------Rupees in` ᣌ· ᢕ لم'---------------
561.42	832.90	ᣍ. دم- ا
111.11	149.43	şėاﻨم ᣘوaجم
7.38	7.72	şėاﻨم دعᗷ 3 سکiٹ
0.07	0.08	(₂ᢧ 9ر) ᣍ. دمĨ y᡽ iش g.

( i-وپ تs9sė ( ₂ᢧ 9ر ᣌ. ᢕ kم 832.90 ر9ا اھ'ر راsësب ¿ا~ﺟر دﻨم ت~e ﮏiا اr تs9sė 2. ᣎ. iar ‹¿ار9د 3 تدم ه¿ئاﺟ sij‹

aėاėا دeiė 48.35 −ᣪï ₂ᢧ 9ر ᣌ. ᢕ kم 561.42 ai ¿ار9د 3 تدم ᣒا Jا- aïش¿S a' ﺐﺟ

. . .

aنادﻨaشiاد ر9ا تë9sب 3 aiماظïنا ᣰᢕ l 3 ₂s' شtï دijم ر9ا 2ا8ڑب 3Ĩ و' ںوiڈﻨم (kم yᢕ i ᣰᢕ l 3 تاعوﻨeم ᣎپا 2 ᣎiar

(jاiĨ 3 امsS ﻢ-وم ر9ا دمĨ ( ᤎ. i(م سدäم 3 ¿اضمر ‹ںĨsب دijم −( ﻞeاﺣ g: sï ت-دsᗖj ai ᣌᢕ م تs9sė 9 aﺟ9 ( $ادëا

−اوᕼ aėاėا ᣪب ᣌᢕ م تs9sė وkisھS 9 aﺟ9

−اھï ₂ᢧ 9ر ᣌ. ᢕ kم 111.11 3 Jا- fiھچᗺ وﺟ ᤊ˛ ₂ᢧ 9ر ᣌ. ᢕ kم 149.43 şėاﻨم ᣘوaجم اr Jا- sظن sij

( تامادëا 3 ₂. اᗺ وباë sپ تŚF y: (ب ᣰᢕ l 3 ₂. s' ﻢrو' تŚF ر9ا وiنوiر jئF پاٹ ‹ᤊ˛ اiS bڑب ﮏï دeiė 34.4 şėاﻨم ᣘوaجم

−9 aﺟ9

−اi' ٹروᗙر şėاﻨم سکiٹ jا دعᗷ اr₂ᢧ 9ر ᣌ. ᢕ kم 7.72 ᣌᢕ م fiباäم 3 şėاﻨم سکiٹ jا دعᗷ 3 ₂ᢧ 9ر ᣌ. ᢕ kم 7.38 ᣌᢕ م تدم ᣒا 2. ᣎ. iar

4.61 ﻞäن ᣤاäم ᣌᢕ م سﺟ ‹ᤊ˛ 9 aﺟ9 ( g. اėا دeiė 38.31 ᣌᢕ م تŚF ( ﻢi~äï sپ روb یداiżب ai ‹aėاėا ᣠوaعم اr دeiė

ر9ا

ﻨzi'رام 9 aﺟ9 ( gėاا. ᣌᢕ م تs9sė ‹ںĨsب دijم −ᣌᢕ ہ ﻞماش تاﺟاssا 3

ﻨᙴش ر9ا ¿ﺟراچ iisė ر9ا تŚF ( ﻞaﺣ 9

−اوᕼ aėاėا ᣪب ᣌᢕ م تاﺟاssا یرا(ïشا

−ᣪï ₂ᢧ 9ر 0.07 ¿ار9د 3 تدم ᣒا ( Jا- fiھچᗺ a'وﺟ ᤊ˛ ₂ᢧ 9ر 0.08 ᣍ. دمĨ ( 9eﺣ g. ysb ᣒا

ជل ٹؤآ اᜇ لᘘقتسم

ﮫïا- 3 دمĨ هداij (رj تti-sï (kم yᢕ i ر9ا alداᘘم yᣃ$ ﻢr~ï~م ‹ᣥr ᣌᢕ م iiر ᣓᛴlاᗺ ‹رj bاsėا ᣍ᡽ وᕼ ᣍ: رS

ᣎ. iäi yᢕ i sپ ں9ذا~م ᣒاi- ‹ﻢᕼاï −ᣌᢕ ہ ₂: s' هراشا فsb ( $اr~ï-ا នراشا ﮏماﻨ'ا 9sکiم یدikr 3 ¿اï~'اᗺ

¿ا −اS នڑپ sثا p. ﻨم sپ تعﻨe اr ںوïaië ( ᣍ᡽ اناوï sپ روb صاs ر9ا تaië ( Jام $اs ر9ا سکiٹ ᣢr عا ‹Jا~ïروe −ᤊ˛ ₂᡽ وᕼ ភھ'ر راsësب aisظن دiما sپ ᣌᢕ م jادنا bاï~م ᣰᢕ l 3 Jا- ᣠام هدوﺟوم ᣎ. iar( پĨ ‹دوﺟ9اᗷ 3 ںوجﻨkiچ

ر9ا ¿9اعï Jوaنا 3 ¿ا ﮫïا- 3 ᣎ. iar ر9ا ںوششو' ( ںوﻨ'راr ر9ا

فاy: عا

ᣌ. ᢕ مjtم jy& کisئاڈ فĨ ڈروب

− 3 ᣌᢕ ہاچ انs' فisعï یs(S sپ ڈراriر ᣰᢕ l 3 صوks

ᣳ بناج ( زy& کᗬᖁئاڈ فآ ڈروب

وciکijSiا فiچ

ᣌ. ᢕ مy᡽ iچ

2025 28 ﻞisپا

خــــᗬرات

ᣐᢠ ارک

Condensed Interim Statement of Financial Position (Unaudited)

As at March 31, 2025

	Unaudited Note Mar-31, 2025		Audited June-30, 2024
ASSETS		- - - - Rupees - - - -
NON-CURRENT ASSETS
Fixed Assets
Property Plant and Equipment	5 445,279,333	328,594,122
Long term deposits	6,603,800	6,603,800
	451,883,133	335,197,922
CURRENT ASSETS
Stores and spares	48,087,582	50,317,272
Stock-in-trade	6 671,694,803	666,424,912
Trade debts	44,647,587	54,647,587
Advances, deposits, prepayments & other receivables	104,337,700	147,337,700
Taxation - net	24,399,797	18,146,998
Cash and bank balances	2,857,310	2,115,761
	896,024,779	938,990,230
TOTAL ASSETS	1,347,907,912	1,274,188,152
EQUITY AND LIABILITIES
SHARE CAPITAL AND RESERVES
Authorized share capital
105,100,000 (30 June 2024: 105,100,000) ordinary shares of Rs 10 each	1,051,000,000	1,051,000,000
Issued, subscribed and paid up share capital and reserves
98,461,828 (30 June 2024 : 98,461,828) ordinary shares of Rs.10 each	984,618,280	984,618,280
Reserves	(273,815,995)	(282,573,536)
Discount on issuance of shares	(282,788,556)	(282,788,556)
Surplus on revaluation of property, plant and equipment		26,460,756	27,457,615
Total equity	454,474,485	446,713,803
LIABILITIES
NON-CURRENT LIABILITIES
Deferred liabilities		15,001,352	12,384,567
Security deposit payables	144,500,000	144,500,000
	159,501,352	156,884,567
CURRENT LIABILITIES
Trade and other payables	733,932,075	670,589,782
Total liabilities	893,433,427	827,474,349
CONTINGENCIES AND COMMITMENTS	7	-	-
TOTAL EQUITY AND LIABILITIES	1,347,907,912	1,274,188,152

The annexed notes form an integral part of these condensed interim financial Statement.

_____________________

_________________

Chief Executive Officer Director Chief Financial Officer

Condensed Interim Statement of Profit or Loss Account (Unaudited)

NINE MONTHS PERIOD ENDED MARCH 31 2025

Quarter Ended		Nine months ended
Mar-31, 2025	Mar-31, 2024	Mar-31, 2025	Mar-31, 2024

Note

- - - - Rupees - - - - - - - - Rupees - - - -

337,608,128

(275,345,243)

327,423,428

(258,656,759)

832,895,677

(683,461,628)

561,418,567

(450,306,781)

62,262,885

68,766,669

149,434,049

111,111,786

(35,906,301)

(8,577,008)

(35,212,764)

(7,963,934)

(97,500,085)

(32,449,029)

(70,492,398)

(29,986,682)

(44,483,309)

(43,176,698)

(129,949,114)

(100,479,080)

17,779,576

631,398

25,589,971

1,139,576

19,484,935

1,834,682

10,632,706

2,947,630

18,410,974

(25,757)

26,729,547

(35,760)

21,319,617

(37,039)

13,580,336

(90,735)

18,385,217

(5,235,520)

26,693,787

(3,643,133)

21,282,578

(13,566,949)

13,489,601

(6,107,109)

13,149,697

23,050,654

7,715,629

7,382,492

13,149,697

23,050,654

7,715,629

7,382,492

0.13

0.23

0.08

0.07

SALES 8.

Cost of Sales

GROSS PROFIT

Distribution Cost Administrative Expenses

Operating Profit

Other Operating Income

Finance Cost

PROFIT BEFORE LEVIES AND TAXATION

Levies

PROFIT BEFORE TAXATION

Taxation

PROFIT AFTER TAXATION

EARNING PER SHARE

The annexed notes form an integral part of these condensed interim financial Statement.

Chief Executive Officer Director Chief Financial Officer

Condensed Interim Statement of Other Comprehensive Income (Unaudited)

NINE MONTHS PERIOD ENDED MARCH 31, 2025

Quarter Ended				Nine months ended
March-31, 2025		March-31, 2024		March-31, 2025		March-31, 2024

- - - - Rupees - - - - - - - - Rupees - - - -

13,149,697

23,050,654

7,715,629

7,382,492

13,149,697

23,050,654

7,715,629

7,382,492

PROFIT AFTER TAXATION

Other comprehensive income that cannot be classified through profit and loss

TOTAL COMPREHENSIVE PROFIT FOR THE PERIOD

The annexed notes form an integral part of these condensed interim financial statement.

Chief Executive Officer Director Chief Financial Officer

Condensed Interim Cash Flow Statement (Unaudited) NINE MONTHS PERIOD ENDED MARCH 31, 2025
Nine Months Ended
March-31, 2025		March-31, 2024
	- - - - Rupees - - - -
CASH FLOWS FROM OPERATING ACTIVITIES
Profit before levies & taxation 21,282,578		13,489,601
Adjustment for non cash items:
Depreciation 21,076,318		20,373,246
Provision for gratuity 2,661,687		3,430,749
23,738,005		23,803,995
Net cash from operations before working capital changes 45,020,583		37,293,596
Working capital changes
(Increase) / decrease in current assets
Stores and spares	2,229,690	(146,274)
Stock-in-trade	(5,269,891)	(4,369,995)
Trade debts	10,000,000	(21,257,802)
Advances, deposits, prepayments & other receivables	43,000,000	13,133,609
	49,959,799	(12,640,462)
Increase / (decrease) in current liabilities
Trade and other payables	63,342,293	(14,054,423)
Net working capital changes	113,302,092	(26,694,885)
Income tax paid	(19,819,597)	(10,551,946)
Net cash flow from operating activities	138,503,078	46,765
CASH FLOWS FROM INVESTING ACTIVITIES Additions to Fixed Assets (	137,761,529)	(802,960)
Net cash used in investing activities (	137,761,529)	(802,960)
CASH FLOWS FROM FINANCING ACTIVITIES
Net cash flow from financing activities	-	-
Net Increase/(decrease) in cash and cash equivalents	741,549	(756,195)
Cash and cash equivalents at the beginning of the period	2,115,761	3,143,018
Cash and cash equivalents at the end of the period	2,857,310	2,386,823
The annexed notes form an integral part of these condensed interim financial statement.

Chief Executive Officer Director Chief Financial Officer

Condensed Interim Statement of Changes in Equity (Unaudited)

NINE MONTHS PERIOD ENDED MARCH 31, 2025

PARTICULARS	SHARE CAPITAL	RESERVES						SHAREHOLDERS' EQUITY
		CAPITAL				REVENUE	TOTAL
		Premium on issue of share capital	Discount on issue of share capital	Surplus on revaluation of PPE	Subtotal	Accumulated loss	TOTAL
	Rupees	Rupees	Rupees	Rupees	Rupees	Rupees	Rupees	Rupees
Balance as at June 30, 2023 - Audited	984,618,280	6,875,000	(282,788,556)	28,773,960	(247,139,596)	(266,139,823)	(513,279,419)	471,338,861
Incremental depreciation transferred to retained
earnings	-	-	-	(2,352,882)	(2,352,882)	2,352,882	-	-
Net proft for the period ended	-	-	-	-	-	7,382,492	7,382,492	7,382,492

984,618,280 6,875,000 (282,788,556) 26,421,078 (249,492,478) (256,404,449) (505,896,927) 478,721,353

Balance as at March 31, 2024

Balance as at June 30, 2024 - Audited	984,618,280	6,875,000	(282,788,556)	27,457,615	(248,455,941)	(289,448,536)	(537,904,477)	446,713,803
Incremental depreciation transferred to retained earnings	-	-	-	(996,859)	(996,859)	1,041,912	45,053	45,053
Net proft for the period ended	-	-	-		-	7,715,629	7,715,629	7,715,629

984,618,280 6,875,000 (282,788,556) 26,460,756 (249,452,800) (280,690,995) (530,143,795) 454,474,485

Balance as at March 31, 2025

The annexed notes form an integral part of these condensed interim financial statement.

Chief Executive Officer Director Chief Financial Officer

Notes to the Condensed Interim Fianacial Statemrnts

NINE MONTHS PERIOD ENDED MARCH 31, 2024

THE COMPANY AND ITS OPERATIONS
1. The Company was incorporated in Pakistan on 12 March 1990 as a Private Limited Company and was converted into Public Limited Company on 13 December 1993. The Company was listed on Karachi and Islamabad Stock Exchange(s) on 02 August 1994 and on 18 July 1995 respectively. Its registered office has been transferred to Karachi with effect from 15 November 2011. Principle activities of the Company are manufacturing and sale of Jam, Jelly, Syrups, Custard powder, Pickles, Essence, Juices and Aerated drinks and its Allied Products. Currently, the Company operates its units in SWAT and HUB. The Registered office of the company is situated at WS7, Madina Palace, Mezzanine Floor, Faran Cooperative Society, Dhoraji Colony, Karachi, Pakistan.
BASIS OF PREPARATION
1. Statement of compliance
  These condensed interim financial statements have been prepared in accordance with the accounting and reporting standards as applicable in Pakistan for interim finacial reporting. The accounting and reporting standards applicable in Pakistan for interim nancial reporting comprise of:
  - International Accounting Standard (IAS) 34, 'Interim Financial Reporting', issued by the International Accounting Standards Board (IASB) as notied under the Companies Act, 2017; and
  - Provision of and directives issued under the Companies Act, 2017.
    Where the provision of and directives issues under the Companies Act, 2017 differ with the requirements of IAS 34, the provisions of and directives issued under the Companies Act, 2017 have been followed.
2. Basis of measurement
  These condensed interim financial statements have been prepared under the historical cost convention except for staff retirement benefits that is determined under actuarial valuation annually and Land, building improvements and plant and machinery which are stated at revalued amount in accordance with the criteria laid down under International Accounting Standard (IAS) 16 'Property, Plant and Equipment'.
  These condensed interim financial statements, except for cash flow information, have been prepared under the accrual basis of accounting.
3. Functional and presentation currency

These condensed interim financial statements is presented in Pakistan Rupees, which is the Company's functional currency. All financial information presented in Pakistan Rupees has been rounded to the nearest thousand of Rupees.

ACCOUNTING POLICIES
The accounting policies and method of computation adopted in preparation of this interim financial information are the same as those applied in preparation of the annual financial statements of the Company for the year ended 30 June 2024.
USE OF ESTIMATES, JUDGMENTS AND RISK MANAGEMENT

The significant judgements made by management in applying the company's accounting policies and the key sources of estimation uncertainty were the same as those described in the annual financial statements as at and for the year ended 30 June 2024.

Unaudited

March-31, 2025

Audited

June 30, 2024

------ Rupees------

PROPERTY, PLANT AND EQUIPMENT
Operating Assets - note 5.1 307,517,804 328,594,122
Capital Work-in-Progress 137,761,529 -
445,279,333 328,594,122
Unaudited
March-31, 2025
Audited
June 30, 2024
------ Rupees------
1. Opening book value 328,594,122 318,174,034
  (29,145,813)
  (21,076,318)
  Add: Cost of additions during the period / year - 39,565,901 Less: Depreciation charged during the period / year
  307,517,804 328,594,122
2. All non-current assets of the Company are located in Pakistan.
STOCK IN TRADE
Raw and packing materials 590,220,765 561,154,418
Finished goods 167,113,919 175,910,375
Provision for slow moving items (85,639,881) (70,639,881)
671,694,803 666,424,912
CONTINGENCIES AND COMMITMENTS
1. Contingencies
  There are no known material contingencies as at balance sheet date (June 2024:Nil)
2. Commitments
  There were no capital or other commitments at the balance sheet date (June 2024: Nil).
  Unaudited
  March-31, 2025
  Unaudited Mar-31,2024

SALES - net ------ Rupees------

570,201,607	294,294,071
423,397,697	362,945,250

Local Export

	993,599,304	657,239,321
Federal exise duty	(61,480,581)	(39,746,643)
Sales tax	(99,223,046)	(56,074,111)
	832,895,677	561,418,567

Export Sales comprise of sale made in UK , Europe, South Africa, South Asia, Middle East, and Mauritius regions.
Revenue has been recognized at a point in time for local sales made during the year.

TRANSACTIONS WITH RELATED PARTIES
The related parties comprise of shareholders, directors of the Company, employees benefit funds and key management employees and carried out in the normal course of business. There were no other related parties transactions during the period March 31, 2025.
SEASONALITY
The Company's business is subject to seasonal fluctuation, with demand of its product increasing in the summer season and in the Holy month of Ramadan and other events. Therefore, revenues and profits are not necessary indicative of results to be expected for the full year.
GENERAL

These condensed interim financial statements was approved by the Board of Directors and authorized for issue on April 28, 2025.

Chief Executive Officer Director Chief Financial Officer

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