Financial Results for the Quarter Ended December 31, 2025

ASSETS

NON-CURRENT ASSETS

Property, plant and equipment

6

15,493,495

15,707,378

Long term investments

7

1,822,189

1,962,307

Long term advances and deposits

35,535

35,535

Employees' retirement benefits

54,579

54,180

CURRENT ASSETS

17,405,798

17,759,400

Stores, spare parts and loose tools

117,094

95,713

Stock-in-trade

8

1,748,210

838,810

Trade debts

11,929

17,425

Loans and advances

367,389

364,638

Prepayments and other receivables

288,849

297,566

Cash and bank balances

114,390

1,684

2,647,862

1,615,836

TOTAL ASSETS

20,053,659

19,375,236

EQUITY AND LIABILITIES

SHARE CAPITAL AND RESERVES

Issued, subscribed and paid up share capital

1,250,000

1,250,000

Reserves Capital reserves

Surplus on revaluation of property, plant and

equipment - net of deferred income tax

10,567,158

10,697,453

Other capital reserves

2,234,198

2,245,345

Revenue reserve

12,801,356

12,942,798

Accumulated loss

(7,486,789)

(6,865,449)

Total equity

6,564,567

7,327,349

LIABILITIES

NON-CURRENT LIABILITIES

Employees' retirement benefits

433,169

411,675

Deferred income tax liability

2,932,063

3,015,606

3,365,232

3,427,281

CURRENT LIABILITIES

Trade and other payables

7,112,832

6,465,217

Contract liabilities

2,547,981

1,728,513

Short term borrowings

10

323,173

323,173

Accrued mark-up

29,357

17,738

Unclaimed dividend

1,842

1,842

Provision for taxation

108,675

84,123

10,123,860

8,620,606

TOTAL LIABILITIES

CONTINGENCIES AND COMMITMENTS

11

13,489,092

12,047,887

TOTAL EQUITY AND LIABILITIES

20,053,659

19,375,236

REVENUE FROM CONTRACT WITH CUSTOMERS - GROSS

2,492,977

2,317,385

Sales tax and other Government levies

(412,955)

(212,216)

REVENUE FROM CONTRACT WITH CUSTOMERS - NET

12

2,080,022

2,105,169

COST OF REVENUE

13

(2,641,715)

(2,395,111)

GROSS LOSS

(561,693)

(289,942)

OPERATING EXPENSES

Administrative and general expenses

(98,250)

(104,848)

Selling and distribution cost

(8,849)

(8,151)

Other operating expenses

(3,587)

(8,140)

(110,686)

(121,139)

LOSS FROM OPERATIONS

(672,379)

(411,081)

OTHER INCOME

37,016

29,959

FINANCE COST

(44,819)

(69,332)

Share of loss from equity accounted investee

(139,369)

(118,749)

LOSS BEFORE LEVY AND INCOME TAX

(819,551)

(569,203)

LEVY

14

(26,027)

(24,334)

LOSS BEFORE INCOME TAX

(845,578)

(593,537)

INCOME TAX

15

83,433

78,855

LOSS AFTER INCOME TAX FOR THE PERIOD

(762,145)

(514,682)

LOSS PER SHARE - BASIC AND DILUTIVE

16

(6.10)

(4.12)

LOSS AFTER INCOME TAX

(762,145)

(514,682)

OTHER COMPREHENSIVE INCOME

(Deficit) / surplus arising on remeasurement of investments at fair value through other

comprehensive income

(749)

3,910

Deferred income tax relating to investments at fair value through other comprehensive income

112

(586)

(637)

3,324

TOTAL COMPREHENSIVE LOSS FOR THE PERIOD

(762,782)

(511,358)

SHARE CAPITAL

RESERVES

TOTAL EQUITY

Capital

Revenue

Premium on issue of right shares

Share in capital reserves of equity accounted investee

Musharakah financing -equity portion of equity accounted investee

Fair value reserve of investments at fair value through other comprehensive income

Difference of capital under scheme of arrangement of merger

Surplus on revaluation of property, plant and equipment

- net of deferred income tax

Sub Total

Accumulated losses

Balance as at 01 October 2024 (Audited)

1,250,000

1,056,373

700,978

64,389

(4,311)

155,930

9,099,872

11,073,231

(5,036,733)

7,286,498

Transfer from surplus on revaluation of property, plant and equipment on account of incremental depreciation

- net of deferred income tax

-

-

-

-

-

-

(118,284)

(118,284)

118,284

-

Incremental depreciation of property, plant and equipment of equity accounted investee - net of deferred income tax

-

-

(5,303)

-

-

-

-

(5,303)

5,303

-

Loss after taxation for the period

-

-

-

-

-

-

-

-

(514,682)

(514,682)

Other comprehensive income for the period

-

-

-

-

3,324

-

-

3,324

-

3,324

Total comprehensive income / (loss) for the period

-

-

-

-

3,324

-

-

3,324

(514,682)

(511,358)

Balance as at 31 December 2024 - (Un-audited)

1,250,000

1,056,373

695,675

64,389

(987)

155,930

8,981,588

10,952,968

(5,427,828)

6,775,140

Balance as at 01 October 2025 (Audited)

1,250,000

1,056,373

969,573

64,389

(920)

155,930

10,697,453

12,942,798

(6,865,449)

7,327,349

Transfer from surplus on revaluation of property, plant and equipment on account of incremental depreciation

- net of deferred income tax

-

-

-

-

-

-

(130,295)

(130,295)

130,295

-

Incremental depreciation of property, plant and equipment of equity accounted investee - net of deferred income tax

-

-

(10,510)

-

-

-

-

(10,510)

10,510

-

Loss after taxation for the period

-

-

-

-

-

-

-

-

(762,145)

(762,145)

Other comprehensive loss for the period

-

-

-

-

(637)

-

-

(637)

-

(637)

Total comprehensive loss for the period

-

-

-

-

(637)

-

-

(637)

(762,145)

(762,782)

Balance as at 31 December 2025 (Un-audited)

1,250,000

1,056,373

959,063

64,389

(1,557)

155,930

10,567,158

12,801,356

(7,486,789)

6,564,567

CASH GENERATED FROM OPERATIONS

Loss before income tax

(845,578)

(593,537)

Adjustments for non-cash charges and other items: Depreciation

6.1

218,544

201,794

Fair value adjustment of biological assets

-

(716)

Share of (loss) / profit from equity accounted investee

139,369

118,749

Provision for employees retirement benefits

21,096

45,961

Levy

26,027

24,334

Finance cost

44,819

69,332

OPERATING LOSS BEFORE WORKING CAPITAL CHANGES

(395,724)

(134,083)

Changes in working capital items:

- Stores, spare parts and loose tools

(21,381)

(42,646)

- Stock-in-trade

(909,400)

(589,782)

- Trade debts

5,496

19,311

- Loans and advances

(2,751)

(104,350)

- Prepayments and other receivables

8,716

(2,140)

- Biological assets - net

-

585

- Trade and other payables

614,723

188,485

- Contract liabilities

819,468

923,621

514,870

393,084

CASH INFLOWS FROM OPERATIONS

119,147

259,002

Finance cost paid

(308)

(126,268)

Income tax and levy paid

(1,472)

(30,081)

NET CASH INFLOWS FROM OPERATING ACTIVITIES

117,367

102,653

CASH FLOW FROM INVESTING ACTIVITIES

Capital expenditure on property, plant and equipment

(4,661)

(15,574)

NET CASH OUTFLOWS FROM INVESTING ACTIVITIES

(4,661)

(15,574)

CASH FLOW FROM FINANCING ACTIVITIES

Repayment of principal portion of long term finance

-

(211,765)

Change in short term borrowings - net

10

-

62,329

NET CASH OUTLOWS FROM FINANCING ACTIVITIES

-

(149,436)

NET (DECREASE) / INCREASE IN CASH AND CASH EQUIVALENTS

112,706

(62,357)

CASH AND CASH EQUIVALENTS AT BEGINNING OF THE PERIOD

1,684

66,572

CASH AND CASH EQUIVALENTS AT END OF THE PERIOD

114,390

4,215

ASSETS

NON-CURRENT ASSETS

Property, plant and equipment

6

21,034,691

21,318,252

Right-of-use assets

7

243,350

249,065

Investments

18,232

18,981

Long term loans and advances

16,543

17,070

Long term deposits

123,779

123,955

Employees' retirement benefits

54,579

54,180

21,491,174

21,781,503

CURRENT ASSETS

Stores, spare parts and loose tools

302,394

273,790

Stock-in-trade

8

2,117,743

1,128,698

Trade debts

54,588

62,605

Loans and advances

409,365

418,520

Deposits, prepayments and other receivables

1,598,248

1,756,796

Advance income tax

349,684

363,842

Cash and bank balances

124,995

24,453

4,957,017

4,028,704

Non-current assets held for sale

9

595,374

595,374

5,552,391

4,624,078

TOTAL ASSETS

27,043,565

26,405,581

EQUITY AND LIABILITIES

SHARE CAPITAL AND RESERVES

Issued, subscribed and paid up share capital

1,250,000

1,250,000

Capital reserves

Surplus on revaluation of property, plant and

equipment - net of deferred income tax

11,526,221

11,667,026

Other capital reserves

1,275,135

1,275,771

12,801,356

12,942,797

Revenue reserves

Accumulated loss

(7,573,530)

(6,932,861)

Equity attributable to equity holders of the Holding Company

6,477,826

7,259,936

Non-controlling interest

1,574,605

1,701,258

TOTAL EQUITY

8,052,431

8,961,194

LIABILITIES

NON-CURRENT LIABILITIES

Long term diminishing musharakah

349

557

Lease liabilities

34,335

44,860

Deferred liabilities

947,467

903,036

Deferred income tax liability

2,970,173

3,034,388

3,952,324

3,982,841

CURRENT LIABILITIES

Trade and other payables

10,294,838

9,823,457

Contract liabilities

3,625,462

2,477,492

Short term borrowings

12

643,173

643,173

Accrued mark-up

79,839

70,149

Current portion of non-current liabilities

284,981

361,310

Unclaimed dividend

1,842

1,842

Provision for taxation

108,675

84,123

15,038,810

13,461,546

TOTAL LIABILITIES

18,991,134

17,444,387

CONTINGENCIES AND COMMITMENTS

13

TOTAL EQUITY AND LIABILITIES

27,043,565

26,405,581

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

REVENUE FROM CONTRACT WITH CUSTOMERS - GROSS

4,454,171

5,518,525

Sales tax and other Government levies

(412,955)

(773,118)

REVENUE FROM CONTRACT WITH CUSTOMERS - NET

14

4,041,216

4,745,407

COST OF REVENUE

15

(4,549,177)

(4,943,276)

GROSS LOSS

(507,961)

(197,869)

OPERATING EXPENSES

Administrative and general expenses

(135,979)

(133,843)

Selling and distribution cost

(290,146)

(243,523)

Other operating expenses

(3,588)

(18,631)

(429,713)

(395,997)

LOSS FROM OPERATIONS

(937,674)

(593,866)

OTHER INCOME

118,284

31,569

FINANCE COST

(98,683)

(140,196)

LOSS BEFORE LEVY AND INCOME TAX

(918,073)

(702,493)

LEVY

16

(52,613)

(61,447)

LOSS BEFORE INCOME TAX

(970,686)

(763,940)

INCOME TAX

17

62,559

124,327

LOSS AFTER INCOME TAX FOR THE PERIOD

(908,127)

(639,613)

SHARE OF LOSS ATTRIBUTABLE TO:

EQUITY HOLDERS OF HOLDING COMPANY

(781,474)

(531,699)

NON-CONTROLLING INTEREST

(126,653)

(107,914)

(908,127)

(639,613)

LOSS PER SHARE - BASIC AND DILUTED (RUPEES)

18

(6.25)

(4.25)

LOSS AFTER INCOME TAX

(908,127)

(639,613)

OTHER COMPREHENSIVE (LOSS) / INCOME

(Deficit) / surplus arising on remeasurement of investments at fair value through other comprehensive income

(749)

3,910

Deferred income tax relating to investments at fair value through other comprehensive income

112

(586)

(637)

3,324

TOTAL COMPREHENSIVE LOSS FOR THE PERIOD

(908,764)

(636,289)

SHARE OF TOTAL COMPREHENSIVE LOSS ATTRIBUTABLE TO:

EQUITY HOLDERS OF HOLDING COMPANY

(782,111)

(528,375)

NON-CONTROLLING INTEREST

(126,653)

(107,914)

(908,764)

(636,289)

SHARE CAPITAL

RESERVES

SHAREHOLD

-ERS' EQUITY

NON-CONTROLL

-ING INTEREST

TOTAL EQUITY

Capital

Revenue

Premium on issue of right shares

Musharakah financing -equity portion

Fair value reserve of investments at fair value through other comprehens

-ive income

Difference of capital under scheme of arrangement of merger

Surplus on revaluation of property, plant and equipment

- net of deferred income tax

Sub Total

Accumulated losses

Balance as at 01 October 2024 (Audited)

1,250,000

1,056,373

64,388

(4,311)

155,930

9,800,850

11,073,230

(5,050,618)

7,272,612

1,878,798

9,151,410

Transfer from surplus on revaluation of property, plant and equipment on account of incremental depreciation - net of deferred income tax

-

-

-

-

-

(123,586)

(123,586)

123,586

-

-

-

Loss after income tax for the period

-

-

-

-

-

-

-

(531,699)

(531,699)

(107,914)

(639,613)

Other comprehensive income for the period

-

-

-

3,324

-

-

3,324

-

3,324

-

3,324

Total comprehensive income / (loss) for the period

-

-

-

3,324

-

-

3,324

(531,699)

(528,375)

(107,914)

(636,289)

Balance as at 31 December 2024 (Un-audited)

1,250,000

1,056,373

64,388

(987)

155,930

9,677,264

10,952,968

(5,458,732)

6,744,236

1,770,884

8,515,120

Balance as at 01 October 2025 (Audited)

1,250,000

1,056,373

64,388

(919)

155,930

11,667,026

12,942,798

(6,932,861)

7,259,937

1,701,258

8,961,195

Transfer from surplus on revaluation of property, plant and equipment on account of incremental depreciation - net of deferred income tax

-

-

-

-

-

(140,805)

(140,805)

140,805

-

-

-

Loss after income tax for the period

-

-

-

-

-

-

-

(781,474)

(781,474)

(126,653)

(908,127)

Other comprehensive loss for the period

-

-

-

(637)

-

-

(637)

-

(637)

-

(637)

Total comprehensive loss for the period

-

-

(637)

-

-

(637)

(781,474)

(782,111)

(126,653)

(908,764)

Balance as at 31 December 2025 (Un-audited)

1,250,000

1,056,373

64,388

(1,556)

155,930

11,526,221

12,801,356

(7,573,530)

6,477,826

1,574,605

8,052,431

CASH GENERATED FROM OPERATIONS

Loss before taxation

(970,686)

(763,940)

Adjustments for non-cash charges and other items: Depreciation - owned assets

6.1

288,376

264,497

Depreciation - right-of-use assets

5,715

9,726

Gain on sale of property, plant and equipment

(419)

1,456

Unrealized loss on agriculture income

-

(716)

Levy

52,613

61,447

Provision for employees' retirement benefits

44,250

69,501

Amortization of deferred income

(216)

(224)

Finance cost

98,683

140,196

OPERATING LOSS BEFORE WORKING CAPITAL CHANGES

(481,684)

(218,057)

Changes in working capital items: (Increase) / decrease in current assets:

- Stores, spare parts and loose tools

(28,604)

(33,035)

- Stock-in-trade

(989,045)

(644,052)

- Biological assets

-

585

- Trade debts

8,017

52,656

- Loans and advances

9,155

(77,092)

- Deposits, prepayments and other receivables

158,548

252,781

- Contract liabilities

1,147,970

962,541

- Trade and other payables

438,551

(51,307)

744,592

463,077

CASH INFLOWS FROM OPERATIONS

262,908

245,020

Finance cost paid

(46,770)

(180,690)

Net decrease in long term loans, advances

527

(3,720)

Net increase in long term security deposits

176

(50)

Employees' benefits paid

Workers' profit participation fund paid

-

(9,393)

(3,319)

Income tax paid

(15,448)

(58,354)

NET CASH INFLOWS / (OUTFLOWS) FROM OPERATING ACTIVITIES

192,000

(1,113)

CASH FLOWS FROM INVESTING ACTIVITIES

Fixed capital expenditure

(4,991)

(16,191)

Proceeds from disposal of property, plant and equipment

595

992

NET CASH OUTFLOWS FROM INVESTING ACTIVITIES

(4,396)

(15,199)

CASH FLOWS FROM FINANCING ACTIVITIES

Repayment of long term financing

11

(42,500)

(254,265)

Repayment of long term diminishing musharakah

11

(208)

(662)

Short term borrowings - net

12

-

62,329

Lease liabilities - net

(44,354)

(40,380)

NET CASH OUTLOWS FROM FINANCING ACTIVITIES

(87,062)

(232,978)

NET INCREASE / (DECREASE) IN CASH AND CASH EQUIVALENTS

100,542

(249,290)

CASH AND CASH EQUIVALENTS AT THE BEGINNING OF PERIOD

24,453

263,669

CASH AND CASH EQUIVALENTS AT THE END OF PERIOD

124,995

14,379