Sakrand Sugar Mills : Transmission of Quarterly Report for the Period Ended March 31 2026
UN-AUDITED CONDENSED INTERIM FINANCIAL STATEMENTS FOR THE HALF YEAR & QUARTER ENDED MARCH 31, 2026
COMPANY PROFILE
BOARD OF DIRECTORS | Mr. Saleem Zamindar Mr. Dinshaw H. Anklesaria Mr. Mansoor Afzal Subzwari Mrs. Sadia Moin Mr. Muhammad Saleem Mangrio Mr. Abdul Qayyum Khan Abbasi Mr. Muhammad Omar Arshid | Chairman / Director Director CEO / Director Director Director Director Director |
AUDIT COMMITTEE | Miss. Sadia Moin Mr. Saleem Zamindar Mr. Muhammad Omar Arshid | Chairperson Member Member |
HR COMMITEE | Mr. Abdul Qayyum Khan Abbasi Mr. Muhammad Omar Arshid Mr. Mansoor Afzal Subzwari | Chairman Member Member |
CHIEF EXECUTIVE OFFICER | Mr. Mansoor Afzal Subzwari | |
CHIEF FINANCIAL OFFICER | Mr. Zameer Haider Jaffri | |
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 Bank Al Makrama 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. Office No. 20, 5th Floor, Arkay Square, New Challi Road, Saddar, karachi. Karachi-74400 | |
REGISTERED OFFICE | 41-K, Block-6, P.E.C.H.S., Karachi Phone. 0092-21-35303291-2 https://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 Condensed Interim Financial statements of the Company for the six months ended March 31, 2026 together with the auditors' review report thereon.
Operational ResultThe operational performance for the period under review as compared with that of last year is tabulated hereunder.
Season | |
2025-26 | 2024-25 |
Start of Season Operational Days | Dec 01, 2025 78 | Nov 21, 2024 85 | |
Sugarcane crushed | M. Tons | 199,765 | 289,399 |
Average Per / day | M. Tons | 2,561 | 2,756 |
Production Sugar | M. Tons | 21,339 | 27,993 |
Molasses | M. Tons | 10,155 | 13,470 |
Recovery Sugar | % | 10.702 | 9.819 |
Molasses | % | 5.085 | 4.669 |
The sugarcane crushing season 2025-26 experienced delays across Pakistan, particularly in Sindh, primarily ongoing disputes between growers and sugar mills regarding cane procurement rates, and uncertainty surrounding government sugar export policies. In Sindh, several sugar mills commenced crushing operations later than the customary schedule owing to delays in regulatory notifications, high existing sugar inventories, and increased operational and procurement costs. The delayed crushing season also affected harvesting schedules and subsequent wheat cultivation in the province. Despite the delayed commencement of the crushing season, which remained one of the key reasons for lower overall crushing volumes of 21,339 Metric ton compared to previous years 27,993 Metric Ton, the management remained focused on closely monitoring market conditions and operational developments. Particular emphasis was placed on the procurement of sugarcane at competitive prices in view of the prevailing sugar market conditions and also procured quality sugarcane, which resulted in the significant improvement of recovery ratio from 9.81 to 10.71 and overall contribution margin as compare to last year.
Financial ResultThe Financial Result for the period under review is tabulated hereunder.
Rupees in Millions | ||
Oct - Mar | Oct - Mar | |
2026 | 2025 | |
Sales - net | 1,736.13 | 3,550.90 |
Gross profit | 417.33 | 244.80 |
Profit before taxation | 342.02 | 161.82 |
Profit after taxation | 283.87 | 119.10 |
Earnings per Share Rs. | 6.36 | 2.67 |
During the period under review, the Company's net sales remained lower compared to last year, primarily due to the delayed commencement of the crushing season. In addition, the Company maintained a sufficient closing stock position as at March end compared to the corresponding period last year. Despite lower sales, the Company adopted improved cost management and procurement strategies during the current year, which significantly enhanced the contribution margin and overall profitability, Consequently, profit after taxation increased to Rs.
283.87 million as compared to Rs. 119.10 million in the corresponding period last year, representing an increase of more than 100%. Earnings per share also improved from Rs. 2.67 to Rs. 6.36, reflecting the positive impact of the management's operational and financial strategies. The management remains confident that continuation of these measures will further strengthen the Company's future performance.
The outlook for Pakistan's sugar industry, particularly in Sindh, remains cautiously optimistic despite ongoing challenges relating to sugarcane availability, rising production costs, and delayed crushing seasons. The recent government decision towards deregulation of the sugar industry is expected to promote market-driven pricing and improve operational flexibility for sugar mills. In this evolving environment, the management remains focused on efficient cane procurement, prudent cost management, and operational efficiencies to strengthen profitability and support sustainable future growth.
AcknowledgementThe 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
May 25, 2026
ٹروپر ﯽﮐ زرٹکيرئاڈ
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Season | |
2025-26 | 2024-25 |
Start of Season Crushing Days | Dec 01, 2025 78 | Nov 21, 2024 85 | |
Sugarcane crushed | M. Tons | 199,765 | 289,399 |
Average Per/Day | M. Tons | 2,561 | 2,756 |
Sugar | M. Tons | 21,339 | 27,993 |
Molasses Recovery Sugar | % | 10,155 10.702 | 13,470 9.819 |
Molasses | % | 5.085 | 4.669 |
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Rupees in Millions | ||
Oct - Mar | Oct - Mar | |
2026 | 2025 | |
Sales - net | 1,736.13 | 3,550.90 |
Gross profit | 417.33 | 244.80 |
Profit before taxation | 342.02 | 161.82 |
Profit after taxation | 283.87 | 119.10 |
Earnings per Share Rs. | 6.36 | 2.67 |
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وٹکيزگيا فيچ ŕ~p'y¸3r, lڈ/yr¸vŕ~¸ , ׸
2026Ɓ,r⁄25:Ɓ'¸l3'
'ma ' r''par rtri se
Offlret ++lap at I Abu+taba
Independent Andllors' c*tew Bepoi•t to the Mem Mem of ñul‹rup‹l fin#oi- Mthe I.iinlTt'‹l
Rego rt on ReYlcw of Condensett Tnl arlm Finaurlal fitutencne
We have reviewed t]ie accompanying eoidertsetJ intctiiJj .slnlc nejjl oF flnnilclul posltIr›n el" ñnhraed Sugar Mills Limited (Ihe "Co n@ny") as Ill Morc]l 3 I, 2025 nn‹l Il›c rel Ied coildensed Int*rIm statement of profit or loss. ccndmscd iilteriiJt statement oF oilier cn»pr hcnsivc Income, ccid nseJ Interim statement oF rhangos in equily, and co»derjsod inlerjpJ slnIcjneit oF c¥4h {1‹›we nT d n‹›lcs lo lhe condensed interlm finaneial statements for ille half year their entjed there-in-ufler re £errcd io es the "condensed interim finaiicinl statements"), Mnnogen em is resgoisibIc For the pmpircf Ion ul d
zaponing standards as applicable in FoLislon fiir ij jerioJ fiooneinJ r /›orting. Our rosgoi›sTl›illty Is lu express a conclusion on these cond4jJsatJ interim jjjnilcia] slutcincnls boscrl oil our review. The figures of ifie oondense4 interim slow ne It of prowl o'r |oss oijd lhe condcijscd infei'in *taTrntenl oF r+fhcr comprehensive income For the quzttcr endcd March 3], 20*6 nnd Mnrcli 3 I . 2fi25 huve Vol beufi wxiewed. as we are required to review otJly the cumulative figures For the I nlF yenr «ndcd MT+mll 3 I
Scoge of Re*lew
be conducted our review ill accordance with lntcrljational Stonclord on Review Bn agen unts 24.10. "Review of Interim Fi ancial InFonnalion PerFonnod by IM lidependent Audllor oF the Bhllly"' A review o£ condensed interim filjoncia] sL'jIcnjetIls consists of making ijjguirics, prinjurily of perso 1s responsible For financial end accounting n ancrs, and applying analyliral end otflcr m 'ie Y Prucedur A mYicY is substantially less in scopc I) an an atidil coiiJuoted in accordance with Inlentotional Standards on Auditing and consequently does not mable us to obtain assurance l]1at we would bc^cnme aware aF all signi ficant matters that might be identified in en eudit. Accordingly, we do not vxgmss as
Basis For Adverse OpinionAs disclosed in note I . I to Ihe condensed interim financial stat*mcnfs, II e Carney lacs mode ñ profit after tjtafion of Rs. 283.866 million durii›s !8• reTiodended March 31 , 2026, has nccuinulaled losses ris cl Mnrch S I. 2036. amounts lo Rs. ].56*.41 million, iu c»rrent liabilities cxccod ils curronl assets by M. 2,243.555 million and loans nmounjing to Rs 181.8 IB million or slill overdue. Ne Company I ns also sjjspcndcd payments for t|jo Worker WclFere Fund ajjd oiler stolulory geylncnts. Further, no groyis]on has been made for the surc)Jarge applicable oil these otilslanding amounts, which results ijj non• complignH with the wspcctive requirements oF Ihe laws. The above financial condition cosl doubt on Company's abiliy lo continue as n going concern which God us to believe thn! the going onncem cumption usod in prepamt1on of these condenseJ interim financial statements is inappropriate; Consequently, Ifie assets and liabilities should fieye boen stated at their realizable 4nd scftlmenf
Thc Company entered into a restructuring agreement wiih the commercial bcnk in the year 2023, whioh resulted in the substantial modification of its liability. Tfie Company has not accounted for substantial mo6iTi mine iii the liability, in acroniancc w‹tl the requirement of pppliejib]e rinonzial mponing standards. Had tic Company eocounted for Ilsa substential Inodificcjio j in bank's liability ijJ accordgrjcc with the applicable financial reporting standards, tile linhility youId have been reduced by Rs. 530.474 million while accumulated losses as at March 3.1, 2026, would hnvc in reduced by Rs. GI'i,04 I million, and the profit for flue period ended would have been reduced by Rs. 14.655 million.
Independent member oT Parker Russell TnternafionaT
Parl‹er Russell-A. 1. S.
Our revie\' i»dicaTes iI ai, hecause oF Ihe siynilicaiicc oI tTc matter described in tile Basis For Adverse ConcIusion section of our report, the accnmpai }'iny confiensctl inlerin financia) statements Ifir ihe halI" year ended March S T. 2036 is nol prepared, in al) maicrizl rcspecls, in accordsme wilh 4he approvcd accounling and repon ng standards as ripplic hle i‹ Tal:istan for interi I financ inI repon+»g.
111c cngagement panncr on The review wsulling in illis itJdepcndent auditors' repon is Mr. Muha›nmad Shabbir Kasba i.
UDIN: RR3036 104 92L 9RVrq1tm
Condensed Interim Statement of Financial Position As at March 31, 2026
Un-Audited Audited
March 31, September 30,
2026 2025
……….Rupees in '000'……….
ASSETS Non-Current Assets | |||
Property, plant and equipment | 5 | 3,859,614 | 3,886,561 |
Intangible asset | 567 | 680 | |
Long-term loans | 1,817 | 775 | |
Long-term deposits | 2,860 | 2,860 | |
3,864,858 | 3,890,876 | ||
Current Assets | |||
Stores, spares and loose tools | 107,683 | 110,079 | |
Stock-in-trade | 6 | 1,186,302 | 41,764 |
Trade debts | 16,524 | 19,285 | |
Loans and advances | 20,382 | 27,179 | |
Deposit, prepayments and other receivables | 10,736 | 10,234 | |
Short term investment | - | 6,198 | |
Cash and bank balances | 7 | 41,343 | 18,214 |
1,382,970 | 232,953 | ||
Total Assets | 5,247,828 | 4,123,829 | |
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 | (1,562,406) | (1,863,786) | |
Capital reserves | |||
Surplus on revaluation of property, plant and | |||
equipment-net of deferred tax | 2,041,967 | 2,059,482 | |
Directors'/Sponsors' subordinated loan | 92,767 | 92,767 | |
1,018,488 | 734,622 | ||
Non-Current Liabilities | |||
Long term financing - secured | 8 | 530,474 | 573,673 |
Deferred liabilities | 72,341 | 70,692 | |
602,815 | 644,365 | ||
Current Liabilities | |||
Trade and other payables | 9 | 2,758,896 | 1,931,258 |
Unclaimed dividend | 6,206 | 6,206 | |
Accrued mark-up | 504,708 | 504,901 | |
Current maturity of long-term financing | 258,618 | 249,018 | |
Taxation - net | 98,097 | 53,459 | |
Contingencies & commitments | 10 | 3,626,525 - | 2,744,842 - |
Total Equity and Liabilities | 5,247,828 | 4,123,829 | |
The annexed notes form an integral part of these financial statements. | |||
Chief Executive Officer
Chief Financial Officer
Director
Condensed Interim Statement of Profit or Loss For the half year ended March 31, 2026 (Un-Audited)
Half year ended Quarter ended
March 31, | March 31, | March 31, | March 31, |
2026 | 2025 | 2026 | 2025 |
Notes ........................…….Rupees in '000'…........................
Sales - net | 11 | 1,736,129 | 3,550,897 | 1,413,129 | 2,158,435 | ||
Cost of sales | 12 | (1,318,800) | (3,306,095) | (1,009,673) | (2,070,933) | ||
Gross profit | 417,329 | 244,802 | 403,456 | 87,502 | |||
Operating expenses | |||||||
Administrative expenses | (88,400) | (92,430) | (52,950) | (47,933) | |||
Selling and distribution cost | (1,684) | (3,097) | (1,261) | (1,820) | |||
(90,084) | (95,527) | (54,211) | (49,753) | ||||
Operating profit | 327,246 | 149,275 | 349,245 | 37,749 | |||
Finance cost | (2,407) | (13,778) | (2,326) | (760) | |||
Other charges | (44,336) | (20,505) | (44,336) | (20,505) | |||
Other income | 13 | 61,513 | 46,831 | 32,665 | 46,639 | ||
14,770 | 12,548 | (13,997) | 25,374 | ||||
Profit before taxation and levy | 342,016 | 161,823 | 335,248 | 63,123 | |||
Levy | 14 | (58,149) | (42,721) | (54,105) | (27,001) | ||
Profit Before taxation | 283,866 | 119,102 | 281,143 | 36,122 | |||
Taxation | - | - | - | - |
283,866 | 119,102 | 281,143 | 36,122 | |||
15 | 6.36 | 2.67 | 6.30 | 0.81 |
Profit after taxation
Earning per share - Basic and diluted
The annexed notes form an integral part of these financial statements.
Chief Executive Officer Chief Financial Officer Director
Condensed Interim Statement of Other Comprehensive Income For the half year ended March 31, 2026 (Un-Audited)
Half year ended Quarter ended | ||||
March 31, | March 31, | March 31, | March 31, | |
2026 | 2025 | 2026 | 2025 | |
….........................….Rupees in '000'……….................. | ||||
Profit after taxation | 283,866 | 119,102 | 281,143 | 36,122 |
Other comprehensive income for the period - net of tax | - | - | - | - |
Total comprehensive income for the period 283,866 119,102 281,143 36,122 | ||||
The annexed notes form an integral part of these financial statements.
Chief Executive Officer Chief Financial Officer Director
Condensed Interim Statement of Changes in Equity For the half year ended March 31, 2026 (Un-Audited)
Issued, subscribed & paid-up capital | Un-appropriated profit / Accumulated loss | Surplus on revaluation of property, plant and equipment | Directors' / sponsors' subordinated loan | Total |
…………………………..….Rupees in '000'…………………………..….
Balance as at October 01, 2024 | 446,160 | (1,883,598) | 2,095,281 | 92,767 | 750,610 |
Profit after taxation | - | 119,102 | - | - | 119,102 |
Other comprehensive income for the period | - | - | - | - | - |
Total comprehensive income / (loss) for the period | - | 119,102 | - | - | 119,102 |
Transferred from revaluation surplus on property, plant and equipment on account of incremental depreciation- net of tax | - | 18,031 | (18,031) | - | - |
Balance as at March 31, 2025 | 446,160 | (1,746,465) | 2,077,250 | 92,767 | 869,712 |
Balance as at October 01, 2025 | 446,160 | (1,863,786) | 2,059,481 | 92,767 | 734,621 |
Profit after taxation | - | 283,866 | - | - | 283,866 |
Other comprehensive income for the period | - | - | - | - | - |
Total comprehensive income / (loss) for the period | - | 283,866 | - | - | 283,866 |
Transferred from revaluation surplus on property, plant and equipment on account of incremental depreciation- net of tax | - | 17,514 | (17,514) | - | - |
Balance as at March 31, 2026 | 446,160 | (1,562,406) | 2,041,968 | 92,767 | 1,018,488 |
The annexed notes form an integral part of these financial statements. |
Chief Executive Officer Chief Financial Officer Director
Condensed Interim Statement of Cash Flows
For the half year ended March 31, 2026 (Un-Audited)
March 31, March 31,
2026 2025
……….Rupees in '000'……….
A. | CASH FLOWS FROM OPERATING ACTIVITIES Profit before taxation | Notes | 342,016 | 161,823 | |
Adjustments for non cash charges and other items : | |||||
Depreciation | 5 | 42,026 | 42,409 | ||
Amortisation | 112 | 167 | |||
Reversal of Provision for doubtful debts | (62,368) | (46,500) | |||
Finance cost | (193) | 17,583 | |||
Provision for gratuity | 1,650 | 1,611 | |||
(Gain) / loss on sale of fixed assets | 899 | 8 | |||
Cash (used in) / generated from operation before working capital changes | (17,875) | 15,279 | |||
Working capital changes (Increase) / decrease in current assets | |||||
Stores, spares and loose tools | 2,396 | (19,340) | |||
Stock-in-trade | (1,144,538) | (267,931) | |||
Trade debts | 65,129 | 44,014 | |||
Loans and advances | 6,797 | 40,013 | |||
Prepayments and other receivables | (502) | 53,605 | |||
Increase / (decrease) in current liabilities | (1,070,718) | (149,639) | |||
Trade and other payables | 827,638 | 91,481 | |||
Cash generated from operations | 81,060 | 118,944 | |||
Taxes paid | (13,511) | (28,300) | |||
Finance cost paid | - | (13,589) | |||
Net cash generated from operating activities | 67,549 | 77,055 | |||
B. CASH FLOWS FROM INVESTING ACTIVITIES | |||||
Property, plant and equipment | (21,596) | (54,333) | |||
Proceed from disposal of property, plant and equipment | 5,618 | 15 | |||
Short term investment | 6,198 | - | |||
Net cash used in investing activities | (9,780) | (54,318) | |||
C. CASH FLOWS FROM FINANCING ACTIVITIES | |||||
Long term financing - secured | (33,600) | (39,000) | |||
Long term loans to employees | (1,042) | 167 | |||
Net cash used in financing activities | (34,642) | (38,833) | |||
Net increase / (decrease) in cash and cash equivalents | 23,127 | (16,096) | |||
Cash and cash equivalents at the beginning of the period | 18,214 | 55,648 | |||
Cash and cash equivalents at the end of the period | 16. | 41,341 | 39,552 | ||
The annexed notes form an integral part of these financial statements. | |||||
Chief Financial Officer
Chief Executive Officer Director
Notes to the Condensed Interim Financial Statements For the half year ended March 31, 2026 (Un-Audited)
STATUS AND NATURE OF BUSINESS
Sakrand Sugar Mills Limited was incorporated in Pakistan as a public limited company under the Companies Ordinance, 1984 [Repealed with the enactment of Companies Act, 2017], on March 02, 1989 and its shares are quoted on Pakistan Stock Exchange. The principal business of the Company is to manufacture, sell white sugar and its by products. The registered office of the Company is situated in 41-K, Block-6, P.E.C.H.S, Karachi while the Company's mill is situated at Deh Tharo Unar, Taluka Sakrand, District Shaheed Benazirabad, Sindh, Pakistan, having an area of 102.18 acres.
GOING CONCERN ASSUMPTION
The condensed interim financial statements of the Company for the period ended March 31, 2026, reflect profit after taxation amounting to Rs. 283.866 million (March 2025: Rs. 119.102 million) while its current liabilities exceeds its current assets by Rs. 2,244 million (September 30, 2025: Rs. 2,512 million) and its accumulated losses standing at Rs. 1,562 million (September 30, 2025: Rs. 1,863 million).
However, the condensed interim financial statements are prepared by the management on going assumption on the basis of the following factors:
The Company has successfully completed crushing season for 2025-26 till the date of issuance of condensed financial statements for the period ended March 31, 2026 and the major cash flow requirements for operations are already met.
The Company has successfully completed the restructuring of loan with National Bank of Pakistan, has been complying with the requirements of restructuring terms with Sindh Bank Limited and negotiating with Bank Al Makramah (Formerly Summit Bank Limited) for restructuring.
The management is working on further processing of by products and believe that the sale of by products will result in increased profits.
The management is working on improvement of production process that will results in reduction in cost of production in future.
BASIS OF PREPARATION
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 financial reporting. The accounting and reporting standards as applicable in Pakistan for interim financial reporting comprise of :
International Accounting Standards 34; 'Interim Financial Reporting', (IAS 34) issued by International Accounting and Standard Board (IASB) as notified under the Companies Act, 2017 (the Act),
Provisions of and directives issued under the Companies Act, 2017.
Where provisions of and directives issued 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.
These condensed interim financial statements are unaudited and subject to limited scope review by the auditors. These are being submitted to the members in accordance with Section 237 of the Companies Act, 2017 (the Act).
These condensed interim financial statements do not include all the information and disclosures required in the annual financial statements and should be read in conjunction with the Company's annual financial statements for the year ended September 30, 2025.
MATERIAL ACCOUNTING POLICIES
The accounting policies and method of computations followed for the preparation of these condensed interim financial statements are the same as those applied in the preparation of annual published financial statements of the Company for the year ended September 30, 2025.
Change in accounting standards, interpretations and amendments to published accounting and reporting standards
Amendments to published accounting and reporting standards which became effective during the period:
There were certain amendments to accounting and reporting standards which became mandatory for the Company during the period. However, the amendments did not have any significant impact on the financial reporting of the Company and, therefore, have not been disclosed in these condensed interim financial statements.
Amendments to published accounting and reporting standards that are not yet effective:
There are certain amendments to the accounting and reporting standards that will be mandatory for the Company's annual accounting periods beginning on or after October 1, 2025. However, these amendments will not have any significant impact on the financial reporting of the Company and, therefore, have not been disclosed in these condensed interim financial statements.
ACCOUNTING ESTIMATES AND JUDGEMENTS
The preparation of the condensed interim financial statements in conformity with the approved accounting standards as applicable in Pakistan requires the management to make estimates, assumptions and use judgements that affect the application of policies and the reported amount of assets and liabilities and income and expenses.
Judgements and estimates made by the management in the preparation of these condensed interim financial statements are the same as those applied in the Company's annual financial statements for the year ended September 30, 2025, except as disclosed otherwise.
PROPERTY, PLANT AND EQUIPMENT
(Un-Audited) (Audited) March 31, September 30,
2026 2025
----- Rupees in '000' -----
Opening book value 3,886,561 3,889,804
64,508
7,708
1,010
2,434
6,498
8,794
-2,525
1,080
9,197
Additions during the period / year Plant and machinery Factory building
Office equipment and others Furniture and fixture Vehicles
21,596 82,158
Disposal during the period / year - carrying amount
Furniture and fixtures - (23)
Vehicles (6,517) (208)
Depreciation for the period / year (42,026) (85,171)
Closing book value 3,859,614 3,886,561
(Un-Audited) March 31, 2026 - Rupees | (Audited) September 30, 2025 in '000' ----- | ||
6. STOCK-IN-TRADE | |||
Sugar | 1,066,822 | - | |
Compost fertilizer | 10,678 | 2,578 | |
Sugar in process | 2,878 | - | |
Molasses | 53,875 | - | |
Bagasse | 52,049 | 39,185 | |
1,186,302 | 41,764 | ||
7. CASH AND BANK BALANCES | |||
Cash in hand | 2,121 | 240 | |
Cash at bank - Current account | 39,222 | 17,975 | |
41,343 | 18,214 | ||
8. LONG TERM FINANCE - SECURED | |||
Opening balance | 822,691 | 885,691 | |
Repaid during the period / year | (33,600) | (63,000) | |
789,091 | 822,691 | ||
Overdue installments | (181,818) | (181,818) | |
Current portion | (76,800) | (67,200) | |
Closing balance | 530,474 | 573,673 |
Syndicated long term finance facility (SLTFF)
This represent long-term finance facility obtained by the Company from syndicate of Summit Bank Limited and Sindh Bank Limited (the Banks) for working capital purpose amounting to Rs. 1,000 million. This carries mark-up at the rate of 3 months KIBOR plus 3% (2025: KIBOR plus 3%) per annum payable quarterly. The principal amount is repayable in 22 equal quarterly installments after 18 months grace period.
This facility is secured by way of pari passu hypothecation charge over all present and future fixed assets of the Company, first pari passu charge over immovable property, lien on current assets and personal guarantees of all sponsors / directors of the Company along with subordinated loan agreements.
The Company has finalized and fulfill the restructuring term and condition the Sindh Bank Limited, for restructuring of the long term loan amounting to Rs. 727.27 million. As per the term of the agreement all the markup accrued has been waived of while the principal amount has to be paid on step up basis in 10 year starting from October 2022.
The revised term's has resulted in the significant modification of liability resulting in a gain of Rs. 802.833 million. However, being prudent, the management has not accounted for the gain arising on accounts of change in the term of loan agreements'.
The Company has been in compliance with the payment terms in accordance with the mutual agreement, with Sindh Bank Limited. However, the Company is in discussion with Summit Bank Limited for restructuring of loan which has not yet finalized.
9. TRADE AND OTHER PAYABLES
Trade payables
(Un-Audited) (Audited) March 31, September 30,
2026 2025
----- Rupees in '000' -----
Sugar cane and others 176,038 169,903
Accrued expenses 46,291 46,043
Other payables
414,391
1,162,798
15,850
25,042
97,232
1,162,695
1,201,882
23,197
31,279
117,514
Advance from customers
Sales tax and excise duty payable Workers' welfare fund
Workers' profit participation fund Others
10 CONTINGENCIES AND COMMITMENTS
2,536,567 1,715,312
2,758,896 1,931,258
The status of contingencies and commitments is same as that disclosed in annual audited financial statements for the year ended September 30, 2025.
Half year ended Quarter ended March 31, March 31, March 31, March 31,
2026 2025 2026 2025
(Un-audited) (Un-audited)
11. SALES - NET
Gross sales
Note
Rupees in '000'
-Sugar | 1,624,123 | 3,647,212 | 1,251,288 | 2,143,279 | |||||
- Molasses | 335,828 | 415,575 | 331,859 | 403,480 | |||||
- Filter mud | 2,498 | - | 2,498 | - | |||||
- Bagasse | 7,114 | 1,867 | 5,556 | - | |||||
-Compost fertilizer | 67,108 | 2,097 | 64,610 | 692 | |||||
Sales tax | (300,542) | (515,854) | (242,682) | (389,016) | |||||
1,736,129 | 3,550,897 | 1,413,129 | 2,158,435 | ||||||
12. | COST OF SALES | ||||||||
Sugarcane consumed | 2,197,840 | 3,236,216 | 1,546,930 | 1,905,713 | |||||
Cost of sales - trading | - | 63,051 | - | - | |||||
Manufacturing expenses | 12.1 | 265,498 | 274,759 | 145,545 | 134,231 | ||||
2,463,338 | 3,574,026 | 1,692,475 | 2,039,944 | ||||||
Sugar in process | |||||||||
Opening | - | - | 45,373 | 54,103 | |||||
Closing | (2,878) | (33,669) | (2,878) | (33,669) | |||||
(2,878) | (33,669) | 42,495 | 20,434 | ||||||
Finished goods - Sugar | |||||||||
Opening | - | - | 369,325 | 106,038 | |||||
Closing | (1,066,822) | (178,599) | (1,066,822) | (178,599) | |||||
(1,066,822) | (178,599) | (697,497) | (72,561) | ||||||
Molasses
Half year ended Quarter ended March 31, March 31, March 31, March 31,
2026 2025 2026 2025
(Un-audited) (Un-audited) Rupees in '000'
Opening | - | - | 65,886 | 149,233 | |||
Closing | (53,875) | (32,170) | (53,875) | (32,170) | |||
(53,875) | (32,170) | 12,011 | 117,063 | ||||
Bagasse | |||||||
Opening | 39,185 | 21,550 | 20,336 | 10,134 | |||
Closing | (52,049) | (41,804) | (52,049) | (41,804) | |||
(12,864) | (20,254) | (31,713) | (31,670) | ||||
Compost fertilizer | |||||||
Opening | 2,579 | 16,264 | 2,580 | 17,226 | |||
Closing | (10,678) | (19,503) | (10,678) | (19,503) | |||
(8,099) | (3,239) | (8,098) | (2,277) | ||||
1,318,800 | 3,306,095 | 1,009,673 | 2,070,933 | ||||
12.1 Manufacturing expenses | |||||||
Salaries, wages including bonus | |||||||
and other benefits | 80,681 | 68,645 | 47,865 | 36,617 | |||
Stores and spares consumed | 49,671 | 77,404 | 34,135 | 37,529 | |||
Fuel and power | 37,303 | 35,196 | 17,791 | 15,329 | |||
Repairs and maintenance | 53,208 | 48,909 | 22,782 | 21,211 | |||
Vehicle maintenance | 4,343 | 4,991 | 2,408 | 2,528 | |||
Insurance | 2,787 | 1,716 | 1,393 | 858 | |||
Depreciation | 34,940 | 35,263 | 17,439 | 18,535 | |||
Bagasse, mud, ash handling and others | 2,565 | 2,635 | 1,732 | 1,624 | |||
265,498 | 274,759 | 145,545 | 134,231 | ||||
13. OTHER INCOME | |||||||
Profit on short-term investment/TDR | 44 | 339 | - | 139 | |||
(Loss) / Gain on disposal of fixed asset | (899) | (8) | (33) | - | |||
Reversal of credit loss | 62,368 | 46,500 | 32,698 | 46,500 | |||
61,513 | 46,831 | 32,665 | 46,639 | ||||
14. LEVY & TAXATION | |||||||
Levy | 58,149 | 42,721 | 54,105 | 27,001 | |||
Taxation | - | - | - | - | |||
58,149 | 42,721 | 54,105 | 27,001 |
14.1 Due to the existence of significant carried forward tax losses, the management of the Company is not expect the availability of sufficient future taxable profits against which the deferred tax asset can be utilized. Accordingly, the Company has not recognized deferred tax asset amounting to Rs. 89.156 million as at the reporting date.
Half year ended Quarter ended
March 31, | March 31, | March 31, | March 31, | |
2026 | 2025 | 2026 | 2025 |
(Un-audited) (Un-audited)
EARNING / (LOSS) PER SHARE - BASIC AND DILUTED
Profit for the period
(Rupees in 000')
283,866
119,102
281,143
36,122
Weighted average number of ordinary shares (in 000')
44,616
44,616
44,616
44,616
Earning per share - Rs.
6.36
2.67
6.30
0.81
There is no dilutive effect on the basic earnings of the Company.
CASH AND CASH EQUIVALENTS
March 31, March 31,
2026 2025
--------- Rupees in '000' ---------
Cash and bank balances 41,343 33,354
Short-term investments - 6,198
41,343 39,552
RELATED PARTY TRANSACTIONS
Related parties comprise of subsidiary, associated entities, entities with common directorship, directors, key management personnel and employees retirement benefits funds. Material transactions with related parties during the period and balances at the end of the period, other than those which have been disclosed elsewhere in these condensed interim financial statements are as follows:
March 31, March 31,
2026 2025
--------- Rupees in '000' ---------
Relationship Nature of transaction
Directors and key
Management personnel Remuneration paid 14,773 17,205
GENERAL
Figures have been rounded off to the nearest thousand, unless otherwise stated.
Corresponding figures and balances have been rearranged and / or reclassified, where considered necessary, for the purpose of comparison and better presentation the effects of which are not material.
AUTHORIZATION FOR ISSUE
These condensed interim financial statement have been authorized for issue on May 25, 2026 by the Board of Directors of the Company.
Chief Executive Officer Chief Financial Officer Director