UN-AUDITED
CONDENSED INTERIM
FINANCIAL STATEMENTS FOR THE QUARTER ENDED DECEMBER 31, 2024
COMPANY PROFILE
BOARD OF DIRECTORS | Mr. Saleem Zamindar | Chairman / Director |
Mr. Dinshaw H. Anklesaria | Director | |
Mr. Shams Ghani | Director | |
Miss. Sadia Moin | Director | |
Mr. Muhammad Saleem Mangrio | Director | |
Mr. Abdul Qayyum Khan Abbasi | Director | |
Mr. Muhammad Omar Arshid | Director | |
AUDIT COMMITTEE | Miss. Sadia Moin | Chairperson |
Mr. Saleem Zamindar | Member | |
Mr. Muhammad Saleem Mangrio | Member | |
HR COMMITEE | Mr. Abdul Qayyum Khan Abbasi | Chairman |
Mr. Muhammad Omar Arshid | Member | |
Mr. Shams Ghani | Member | |
CHIEF EXECUTIVE OFFICER | Mr. Mansoor Afzal Subzwari | |
CHIEF FINANCIAL OFFICER | Mr. Shams Ghani | |
COMPANY SECRETARY | Mr. Muhammad Imran Akber | |
BANKERS | Allied Bank Limited | |
Bank Al Habib Limited | ||
Bank Alfalah Limited | ||
Habib Bank Limited | ||
Meezan Bank Limited | ||
MCB Bank Limited | ||
National Bank Of Pakistan | ||
Soneri Bank Limited | ||
Sindh Bank Limited | ||
Summit Bank Limited | ||
United Bank Limited | ||
AUDITORS | Parker Russell-A.J.S. | |
Chartered Accountants | ||
LEGAL ADVISOR | Mr. Muhammad Jameel Choudhry | |
REGISTRAR | M/s JWAFFS Registrar Services (Pvt.) Ltd. | |
407-408, Al-Ameera Centre | ||
Shahrah-e-Iraq, Saddar | ||
Karachi-74400 | ||
REGISTERED OFFICE | 41-K, Block-6, P.E.C.H.S., Karachi | |
Phone. 0092-21-35303291-2 | ||
www.sakrandsugar.com | ||
FACTORY ADDRESS | Deh Tharo Unar,Taluka Sakrand | |
District Shaheed Benazir Abad, Sindh. |
Directors' Report to Members
On behalf of the Board, we are pleased to present the un-audited Financial statements of the Company for the Quarter ended December 31, 2024
Operational Result
The operational performance for the period under review as compared with that of last year is tabulated hereunder.
Season | |||
2024-25 | 2023-24 | ||
Start of Season | Nov 21, 2024 | 6-Nov-23 | |
Operational Days | 41 | 56 | |
Sugarcane crushed | M. Tons | 132,463 | 136,654 |
Average Per / day | M. Tons | 3,230 | 2,440 |
Production | |||
Sugar | M. Tons | 12,415 | 12,936 |
Molasses | M. Tons | 6,240 | 6,885 |
Recovery | |||
Sugar | % | 9.372 | 9.645 |
Molasses | % | 4.711 | 5.039 |
The crushing season for the period under review commenced on November 21, 2024, and operated for 41 days, compared to 56 days during the same period last year. During this period, the mill crushed 132,463 metric tons of sugarcane and produced 12,415 metric tons of sugar, while last year's crushed 136,654 metric tons of sugarcane and produced 12,936 metric tons of sugar. The current season started as per the directive from the Federal Government, which instructed sugar mills to begin operations not later than November 21, 2024.
Financial Result
The Financial Result for the period under review is tabulated hereunder.
Oct - Dec | Oct - Dec | ||
2024 | 2023 | ||
Sales - net | 1,392.46 | 1,079.71 | |
Gross profit / (loss) | 157.30 | (62.80) | |
Profit / loss) before taxation | 98.70 | (125.51) | |
Profit / loss) after taxation | 82.98 | (139.00) | |
Earnings / (Loss) per Share | Rs. | 1.86 | (3.12) |
During the review period, the Company successfully managed to export its government quota, resulting in a positive surplus in revenue. However, local sugar prices remain under pressure, while the cost of cane continues to rise. The disparity between cane prices and sugar prices is concerning, as sugar prices do not appear to align with the increasing cost of raw materials. Additionally, the Finance Act for 2024-25 has introduced a federal excise duty of Rs. 15 per kg on sales to manufacturers, alongside a significant increase in the withholding tax rate for non-filers from 0.2% to 2%. These changes are expected to have a substantial negative impact on the Company's profitability.
The Sindh Government has not announced support price of cane for the crushing season 2024-2025, However, based on historical trends, Grower are selling it arround 425-450/40 kg. Despite this, the Government has not allowed free trade of sugar, local sugar price is still under presure and Goverment has forcefully keeping the sugar price below the cost of production. We strongly urge the government to prioritize the sugar sector and allow the free trade of sugar to ensure a fair and sustainable market.
Acknowledgement
The Directors would like to thank all the government functionaries, banking and financial institutions, suppliers and shareholders for their continued support and cooperation for the betterment and prosperity of the Company.
On behalf of the Board of Directors
Chairman / Director | Chief Executive Officer |
Karachi | |
January 30, 2025 |
ٹروپر یک زرٹکيرئاڈ
۔ںيہ تمدخ شيپ 2024 ربمسد 31 یہام ہس ےئارب تاباسح یتايلام هدش ٹڈآريغ ےک ینپمک ،ےس بناج یک زرٹکيرئاڈ فآ ڈروب
ٔ آ
۔ےہ ليذ ہجردنم ہنزاوم رصتخم ےس تدم یک لاس ہتشزگ اک یگدرکراک لنشيرپآ یک تدم ه زئ اج ريز
2024-25 | 2023-24 | ||
Start of Season | 21-Nov- 24 | 6-Nov-23 | |
Operational Days | 41 | 56 | |
Sugarcane crushed | M. Tons | 132,463 | 136,654 |
Average Per/Day | M. Tons | 3,230 | 2,440 |
Sugar | M. Tons | 12,415 | 12,936 |
Molasses | 6,240 | 6,885 | |
Recovery | |||
Sugar | % | 9.372 | 9.645 |
Molasses | % | 4.711 | 5.039 |
ند 56 ہي نارود ےک تدم یسا لاس ہتشزگ ہکبج ،اہر یراج کت ند 41 ہي روا اوہ وک 2024 ربمون 21 زاغآ اک نزيس گنشرک ,نارود ےک تدم هزئاج ريز نٹ کرٹيم 136,654 لاس ےلهچپ ہکبج ،یک رايت ینيچ نٹ کرٹيم 12,415 روا ايک شرک وک ےنگ نٹ کرٹيم 132,463 ےن لم نارود سا ۔اهت اہر یراج کت ايک وک 2024 ربمون 21 قباطم ےک تيادہ یک تموکح یقافو زاغآ اک نزيس هدوجوم ۔یهت یئگ یک رايت ینيچ نٹ کرٹيم 12,936 روا اهت ايگ ايک شرک وک ےنگ ۔ايگ
ٔ
۔ےہ ليذ ہجردنم ہنزاوم رصتخم ےس تدم یک لاس ہتشزگ اک جئاتن یتايلام ےک تدم ه زئ اج ريز
Rupees in Millions | |||
Oct - Dec | Oct - Dec | ||
2024 | 2023 | ||
Sales - net | 1,392.46 | 1,079.71 | |
Gross profit / (loss) | 157.30 | (62.80) | |
Profit / loss) before taxation | 98.70 | (125.51) | |
Profit / loss) after taxation | 82.98 | (139.01) | |
Earnings / (Loss) per Share | Rs. | 1.86 | (3.12) |
،مہات ۔اوہ ہفاظا تبثم ںيم یندمآ ںيم ےجيتن ےک سج ،ںيک لمکم ےس یبايماک تادمآرب قباطم ےک ےٹوک یتموکح ےن ینپمک ،نارود ےک تدم هدش هزئاج ثعاب قرف نايمرد ےک تميق یک ینيچ روا تميق یک ےنگ ۔ےہ اہر وہ ہفاضا لسلسم ںيم تميق یک ےنگ ہکبج ،ےہ رارقرب ؤابد رپ ںوتميق یماقم یک ینيچ تحت ےک Finance Act 2024-25 ،هوﻼع ےک سا ۔ںيہر آ ںيہن رظن قباطم ےک ںوتميق یئوہ یتهڑب یک لام ماخ ںيتميق یک ینيچ ہکنويک ،ےہ شيوشت %0.2 حرش یک سکيٹ گنڈلوہدو ےيل ےک زرلئاف نان ہکبج ،ےہ یئگ یک دئاع یٹويڈ زئاسکيا یقافو یک ےپور 15 مارگولک یف رپ تخورف وک زررچکيفونيم ےہ ہشيدنا اک ےنڑپ رثا یفنم رپ یشخب عفانم یک ینپمک ےس ںويليدبت نا ۔ےہ یئگ ید رک %2 رک اهڑب ےس
،ےئوہ ےتهکر رظندم وک تاناحجر ےک یضام ،مہات ۔ےہ ايک ںيہن نﻼعا اک تميق یدادما یک ےنگ ےيل ےک 2025-2024 نزيس کت یهبا ےن تموکح هدنس ،ید ںيہن تزاجا یک تراجت ہنادازآ یک ینيچ ےن تموکح ،دوجواب ےک سا ۔ںيہ ےہر رک تخورف ںيم مارگ ولک 40 یف ےپور 450-425 ًابيرقت ےسا راکتشاک ہنادازآ یک ینيچ روا ےد حيجرت وک رٹکيس رگوش هو ہک ںيہ ےترک ہبلاطم روزرپ ےس تموکح مہ ۔ ںيہ راکش اک ؤابد ںيتميق یک ینيچ یماقم ےس ہجو یک سج ۔ےکس اج ايانب ینيقي وک ٹيکرام راديئاپ روا ہنافصنم کيا ہکات ےد تزاجا یک تراجت
ر ا
ےن ںوہنج ہک ںيہ ےترک ادا ہيرکش ےس لد ہہت اک ںوراد ےتاهک روا زرنٹراپ سنزب ،ںورادا یتايلام روا کنيب ،ںورادا ےک ٹنمنروگ مامت زرٹکيرئاڈ ےک ینپمک ۔ايد هتاس اک ینپمک ےيل ےک دافم نيرتہب ےک ینپمک
نا ڈر
ڈٹيمل زلم رگوش ڈنرکس
وٹکيزگيا فيچ | ٔاڈ / ٔ |
2025 یر 30: ا
STATEMENT OF FINANCIAL POSITION
AS AT DECEMBER 31, 2024
December 31, | September 30, | |
2024 | 2024 | |
……….Rupees in '000'………. | ||
ASSETS | ||
Non-Current Assets | ||
Property, plant and equipment | 3,895,519 | 3,889,804 |
Intangible asset | 930 | 1,014 |
Long-term loans | 758 | 849 |
Long-term deposits | 2,860 | 2,860 |
3,900,066 | 3,894,527 | |
Current Assets | ||
Stores, spares and loose tools | 121,912 | 98,558 |
Stock-in-trade | 336,734 | 37,814 |
Trade debts | 40,541 | 4,762 |
Loans and advances | 50,785 | 67,961 |
Deposit, prepayments and other receivables | 46,134 | 63,239 |
Short term investment | 6,198 | 6,198 |
Cash and bank balances | 50,907 | 49,450 |
653,211 | 327,982 | |
Total Assets | 4,553,278 | 4,222,509 |
EQUITY AND LIABILITIES | ||
Share Capital and Reserves | ||
Authorized share capital | ||
60,000,000 ordinary shares of Rs. 10 each | 600,000 | 600,000 |
Share capital | ||
Issued, subscribed and paid-up capital | 446,160 | 446,160 |
Revenue reserves | ||
Accumulated loss | (1,791,835) | (1,883,598) |
Capital reserves | ||
Surplus on revaluation of property, plant and | ||
equipment-net of deferred tax | 2,086,498 | 2,095,281 |
Directors'/Sponsors' subordinated loan | 92,767 | 92,767 |
833,589 | 750,610 | |
Non-Current Liabilities | ||
Long term financing - secured | 624,073 | 640,873 |
Deferred liabilities | 70,591 | 70,282 |
694,663 | 711,155 | |
Current Liabilities | ||
Trade and other payables | 2,231,764 | 1,968,774 |
Unclaimed dividend | 6,206 | 6,206 |
Accrued mark-up | 509,520 | 499,644 |
Current maturity of long-term financing | 234,618 | 244,818 |
Taxation - net | 42,917 | 41,303 |
3,025,024 | 2,760,744 | |
Total Equity and Liabilities | 4,553,278 | 4,222,509 |
The annexed notes form an integral part of these financial statements. |
Chief Executive Officer | Chief Financial Officer | Director |
STATEMENT OF PROFIT OR LOSS ACCOUNT
FOR THE PERIOD ENDED DECEMBER 31, 2024
December 31, | December 31, | |
2024 | 2023 | |
…….Rupees in '000'… | ||
Sales - net | 1,392,461 | 1,079,713 |
Cost of sales | (1,235,162) | (1,142,512) |
Gross profit / (loss) | 157,299 | (62,800) |
Operating expenses | ||
Administrative expenses | (44,497) | (47,285) |
Selling and distribution cost | (1,277) | (1,963) |
(45,774) | (49,248) | |
Operating profit / (loss) | 111,526 | (112,048) |
Finance cost | (13,018) | (13,460) |
Other income / (loss) | 192 | - |
(12,826) | (13,460) | |
Profit / (Loss) before taxation | 98,699 | (125,508) |
Taxation-net | (15,720) | (13,496) |
Profit / (Loss) after taxation | 82,980 | (139,004) |
Earning / (Loss) per share - Basic and | 1.86 | (3.12) |
diluted | ||
The annexed notes form an integral part of these financial statements.
Chief Executive Officer | Chief Financial Officer | Director |
STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIOD ENDED DECEMBER 31, 2024
December 31, | December 31, | |
2024 | 2023 | |
….Rupees in '000'…… | ||
Profit / (Loss) after taxation | 82,980 | (139,004) |
Other comprehensive income for the period - net of tax | - | - |
Total comprehensive income / (loss) for the period | 82,980 | (139,004) |
The annexed notes form an integral part of these financial statements.
Chief Executive Officer | Chief Financial Officer | Director |
STATEMENT OF CASH FLOWS
FOR THE PERIOD ENDED DECEMBER 31, 2024
December 31, | December 31, | |
2024 | 2023 | |
……….Rupees in '000'………. | ||
A. CASH FLOWS FROM OPERATING ACTIVITIES | ||
Profit / (Loss) before taxation | 98,699 | (125,508) |
Adjustments for non cash charges and other items : | ||
Depreciation | 20,332 | 17,460 |
Amortisation | 84 | 125 |
Finance cost | 9,876 | 13,409 |
Provision for gratuity | 308 | - |
(Gain) on sale of fixed assets | 8 | - |
Cash generated from operation before working capital changes | 30,608 | 30,994 |
Working capital changes | ||
(Increase) / decrease in current assets | ||
Stores, spares and loose tools | (23,354) | (21,064) |
Stock-in-trade | (298,920) | (492,719) |
Trade debts | (35,780) | (16,309) |
Loans and advances | 17,176 | (11,402) |
Prepayments and other receivables | 17,105 | (2,134) |
(323,773) | (543,628) | |
Increase / (decrease) in current liabilities | ||
Trade and other payables | 262,995 | 880,241 |
Cash generated from operations | 68,529 | 242,098 |
Taxes paid | (14,106) | (745) |
Net cash generated from operating activities | 54,423 | 241,353 |
B. CASH FLOWS FROM INVESTING ACTIVITIES | ||
Property, plant and equipment | (26,071) | (12,045) |
Proceed from disposal of property, plant and equipment | 15 | - |
Short term investment | - | 10,000 |
Net cash used in investing activities | (26,056) | (2,045) |
C. CASH FLOWS FROM FINANCING ACTIVITIES | ||
Long term financing - secured | (27,000) | (4,400) |
Long term loans to employees | 91 | (1,080) |
Net cash used in financing activities | (26,909) | (5,480) |
Net increase / (decrease) in cash and cash equivalents | 1,458 | 233,828 |
Cash and cash equivalents at the beginning of the period | 55,647 | 5,611 |
Cash and cash equivalents at the end of the period | 57,105 | 239,438 |
The annexed notes form an integral part of these financial statements. |
Chief Executive Officer | Chief Financial Officer | Director |
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