SARITOW SPINNING MILLS LIMITED
HALF YEAR REPORT
31-12-2024
(Un-Audited)
COMPANY INFORMATION
BOARD OF DIRECTORS | |
Mr. M. Naseem Saigol | Chairman |
Mr. M. Zeid Yousuf Saigol | Chief Executive Officer |
Mr. M. Murad Saigol | |
Mr. Samir Iqbal Saigol | |
Mr. Muhammad Omer Farooq | |
Mrs. Sadaf Kashif | |
Mr. Jamal Nasim | |
AUDIT COMMITTEE | |
Mr. Jamal Nasim | Chairman/Member |
Mr. Muhammad Murad Saigol | Member |
Mr. Muhammad Omer Farooq | Member |
Mrs. Sadaf Kashif | Member |
HR & REMUNERATION COMMITTEE | |
Mr. Jamal Nasim | Chairman/Member |
Mr. M. Zeid Yousuf Saigol | Member |
Mr. Muhammad Murad Saigol | Member |
Mr. Muhammad Omer Farooq | Member |
COMPANY SECRETARY | |
Mr. Shakeel Ahmed | |
CHIEF FINANCIAL OFFICER | |
Mr. Muhammad Shamil, FCA |
AUDITORS
M/s Rahman Sarfaraz Rahim Iqbal Rafiq & Co.
Chartered Accountants
BANKERS
Bank Alfalah Limited
Faysal Bank Limited
MCB Bank Limited
National Bank of Pakistan
Standard Chartered Bank (Pakistan) Limited
NIB Bank Limited
The Bank of Punjab
Summit Bank Limited
Meezan Bank Limited
Habib Metropolitan Bank Limited
Askari Bank Limited
Habib Bank Limited
JS Bank Limited
Sindh Bank Limited
SHARE REGISTRAR
M/s Corplink (Pvt.) Limited
Wings Arcade, 1-K, Commercial,
Model Town, Lahore
Tel: 042-35916714-19, 35839182 Fax: 042-35869037
E-mail:shares@corplink.com.pk
REGISTERED OFFICE
10-G, Mushtaq Ahmed Gurmani Road,
Gulberg-II, Lahore
Tel: 042-35920151-59 (Pabx) & 042-35920133 (Direct)
E-mail:shares@saigols.com
MILLS
51-KM, Multan Road,
Phool Nagar, District Kasur
DIRECTORS' REPORT
The Directors of M/s. Saritow Spinning Mills Limited are please to present Financial Results for the half year ended December 31, 2024 along with Auditors Report and Director Report thereupon.
Financial Highlights | Half Year Ending | Half Year Ending |
Dec 31, 2023 | Dec 31, 2023 | |
Net Sales | 0 | 1,987.705 |
Gross (Loss) | (41.628) | (118.024) |
Operating (Loss) | (53.638) | (161.202) |
Loss after Tax | (55.949) | (353.096) |
Earnings per share | (1.87) | (11.83) |
Operating Financial Results
During the period under Review your Company remain temporarily closed due to consistent unfavorable market conditions during the period under review.
The period under review is not favorable for the industry. Overall business environment became very tough in the country which was badly affected by the geo political scenario of the world. Consistently decreasing local raw cotton production, increase in major input costs and depressed yarn market have eroded the profits of industry.
Future Outlook
At the moment we are working on revival of the project. During past few months markup rates have gone down and are expected to go down further. Reduction in power rates will also be a very healthy sign which will help in early revival of the project.
COMPOSITION OF BOARD
Composition of the Board of Directors is as under.
Names | Category |
Mr. Jamal Nasim | Independent Director |
Mrs. Sadaf Kashif | Female Director/ Independent Director |
Mr. M. Naseem Saigol | |
Mr. Muhammad Murad Saigol | Non-Executive Directors |
Mr. Muhammad Omer Farooq | |
Mr. Muhammad Zeid Yousuf Saigol | |
Executive Directors | |
Mr. Samir Iqbal Saigol | |
COMMITTEE'S
Detail of Committee's of Board is as under.
AUDIT COMMITTEE
Mr. Jamal Nasim | Chairman/Member |
Mr. Muhammad Murad Saigol | Member |
Mr. Muhammad Omer Farooq | Member |
Mrs. Sadaf Kashif | Member |
HR & REMUNERATION COMMITTEE
Mr. Jamal Nasim | Chairman/Member |
Mr. Muhammad Zeid Yousuf Saigol | Member |
Mr. Muhammad Murad Saigol | Member |
Mr. Muhammad Omer Farooq | Member |
We wish to thank to the shareholders for their support. We are pleased to record our appreciation of the services rendered by the employees of the company and hope that the same spirit of devotion will continue in future.
For and on behalf of the Boards | ||
M. ZEID YOUSUF SAIGOL | M. MURAD SAIGOL | |
Lahore | Chief Executive | Director |
February 28, 2025 |
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