Siddiqsons Tin Plate LimitedPSX: STPL

Transmission of Quarterly Report for the Period Ended March 31, 2025

Sep 4, 2025 at 7:18 AM UTC · Issued by Siddiqsons Tin Plate Limited

Siddiqsons Tin Plate Limited

A Siddiqsons Group Company

QUARTERLYREPORT

MARCH 31

2025

Company Information

Directors' Review

Condensed Interim Statement of Financial Position (Un-audited)

Condensed Interim Statement of Profit or Loss and other Comprehensive Income (Un-audited)

Condensed Interim Statement of Changes In Equity (Un-audited)

Condensed Interim Statement of Cash Flows (Un-audited)

Notes to the Condensed Interim Financial Statements (Un-audited)

Contents

Page

A Siddiqsons Group Company

QUARTERLY REPORT MARCH 31, 2025

COMPANY INFORMATION Board of Directors

Mr. Tariq Rafi Chairman Mr. Naeem-ul-Hasnain Mirza CEO

Mr. Munir Qureshi Executive Director

Mr. Ibrahim Shamsi Non Executive Director

Ms. Alia Sajjad Non Executive Director Mr. Muhammad Yousuf Adil Independent Director Mr. Abdul Wahab Independent Director

Audit Committee

Mr. Muhammad Yousuf Adil (Chairman)

(Independent Director) Mr. Ibrahim Shamsi (Member) (Non-Executive)

Ms. Alia Sajjad (Member) (Non-Executive)

Mr. Abdul Wahab (Member) (Independent Director) Ms. Ayesha Khan (Secretary)

Human Resource & Remuneration Committee Mr. Abdul Wahab (Independent Director) (Chairman) Ms. Alia Sajjad (Member) (Non-Executive)

Mr. Naeem-ul-Hasnain Mirza (Member) (CEO) Ms. Ayesha Khan (Secretary)

Technical Committee

Mr. Tariq Rafi Chairman

Mr. Munir Qureshi Member Mr. Naeem-ul-Hasnain Mirza Member

Executive Management Team

Mr. Naeem-ul-Hasnain Mirza CEO

Mr. Mahir Abbas Dir. Commercial

Ms. Rashid Khaleeque CFO

Mr. Shahzad Shabbir GM Commercial

Chief Financial Officer

Ms. Rashid Khaleeque

Company Secretary

Ms. Ayesha Khan

Head of Internal Audit

Mr. Faran ur Rehman Hashmi

Auditors

Muniff Ziauddin Chartered Accountants

Legal Advisor

Mr. Kashif Nazeer

A/2, G-23, Park Lane, Block-5, Clifton, Karachi House of Magna Cum Lande

Tax Advisor

Tola Associates

Tax & Corporate Advisors

408, Continental Trade Centre, Block 8, Clifton, Karachi 75600, Pakistan

Phone # 02I-35303294-6

Bankers

National Bank of Pakistan Habib Bank Limited MCB Bank Limited Soneri Bank Limited

Habib Metropolitan Bank Limited Faysal Bank Limited

Meezan Bank Limited JS Bank Ltd

Al Baraka Bank (Pakistan) Ltd MCB Islamic Bank Limited Allied Bank Limited

The Industrial & Commercial Bank of China (ICBC)

United Bank Limited Bank Alfalah Limited Askari Bank Limited Samba Bank Limited

Dubai Islamic Bank Pakistan Limited

Shares Registrar

THK Associates (Pvt.) Limited,

Plot No. 32-C, Jami Commercial Street-2, D.H.A., Phase-VII,

Karachi.

UAN #III 000322

Registered Office

Ocean Tower, 27th Floor, G-3, Block 9, Scheme # 5, Main Clifton Road, Karachi. Tel : +922I-35I6657I-4

Plant: Plot # 5, Special Industrial Zone, Winder, Distt. Lasbela, LIEDA, Baluchistan.

Web Presence

https://www.siddiqsonstinplate.com

Head Office: House I2, Main Ataturk Avenue, F-6/3, Islamabad.

A Siddiqsons Group Company

QUARTERLY REPORT MARCH 31, 2025

DIRECTORS' REVIEW Dear Shareholders,

The Directors of your company are pleased to present the unaudited condensed interim financial statements of the company for the nine months' ended March 3I, 2025.

Operational overview

During the period, sales revenue remained steady at PKR I527 million, marking a 50 % decrease compared to the same period last year. Concurrently, the cost of sales saw a 52% reduction. This decline can be primarily attributed to a negative volume variance stemming from the unavailability of raw materials, necessitating production lay-offs. Other contributing factors to the decreased sales include unfavorable market conditions, such as the presence of low valued tinplate due to misuse of sales tax exemptions in the FATA/PATA region.

The persistently high financial costs, which have decreased by I2% compared to the previous year, continue to significantly impact profitability despite the decrease. During this period, the Siddiqsons Group injected funds to pay off the bank's long-term liabilities.

Net Result

The loss after taxation amounted to Rs. I74.250 million, compared with a loss of Rs. I73.857 million in the corresponding period

Earnings per share

The losses per share stood at Re. (0.76), whereas loss per share were also Rs. (0.76) in the corresponding period

Market Overview

The market during the quarter remained steady and inflow of imported tinplate at dumped prices effected the sales activity of your company. Pakistan current economic indicators are still unfavorable with no change in policy rates and absence of any formal economic revival plan. The utilization of Galvalume-a zinc/aluminum coated steel sheet-in food packaging, despite its associated health risks. Efforts have been made to address this concern with relevant government agencies.

Future Outlooks

Looking forward, the management of your company has secured the availability of raw material for the entire quarter, and we expect that it will improve the operational position of the company.

We are actively exploring potential end users in US & European markets as it is inevitable for the long-term viability of the company.

A Siddiqsons Group Company

QUARTERLY REPORT MARCH 31, 2025

Acknowledgement

The Directors of the Company would like to record their gratitude to our shareholders, partners, customers, Government authorities and financial institutions for their cooperation and continued support.

The Directors are also pleased to record their appreciation for the valuable & untiring efforts and services rendered by the staff of the Company.

On behalf of the Board

Naeem ul Hasnain

Chief Executive

Tariq Rafi

Chairman

Karachi: 22 August, 2025

A Siddiqsons Group Company

QUARTERLY REPORT MARCH 31, 2025

CONDENSED INTERIM STATEMENT OF FINANCIAL POSITION (UNAUDITED)

AS AT MARCH 3I, 2025

Note

ASSETS NON-CURRENT ASSETS

Property, plant and equipment Long term deposits

March 3l, 2025 (Un-audited)

June 30,

2024

(Audited)

…........(Rupees)…........

3,344,204,880 l0,066,22l3,354,27l,l0l

3,368,557,3I9

I0,066,22I3,378,623,540

CURRENT ASSETS

Stores, spares and loose tools Stock-in-trade

Trade debts Advance income tax Loans and advances

Trade deposits and prepayments Other financial assets

Other receivables Sales tax adjustable

Cash and bank balances

TOTAL ASSETS EQUITY AND LIABILITIES SHARE CAPITAL AND RESERVES

Share capital Share premium

(Accumulated loss) / unappropriated profit

I0 II I2

7,l48,065 7,748,065 l74,763,ll0 28I,427,670 l56,763,748 38,I63,245 248,859,088 22I,I5I,I76 33,083,22l 5,95I,499 39,l93,l94 40,696,022 2l4,564,407 264,564,407 2l,547,367 I0,84I,059 89,462,760 I45,473,8I7 64,l40,602 43,880,734 l,049,525,562 I,059,897,694 4,403,796,663 4,438,52I,234 2,292,787,700

2,292,787,700

30l,5l7,286

30I,5I7,286

(l,605,978,084) (I,43I,727,445) 988,326,902 I,I62,577,54I NON-CURRENT LIABILITIES

Long-term finances

CURRENT LIABILITIES

Trade and other payables Contract liabilities

Due to director Due to associate

Interest / mark-up accrued on borrowings Short-term borrowings

Current portion of long term finances Unclaimed dividend

TOTAL EQUITY AND LIABILITIES CONTINGENCIES AND COMMITMENTS

60,867,667

I50,928,236

I6 I7

l,028,l92,269 28,l2l,97l ll4,990,000 l,ll4,l45,3ll 2l,250,256 l,002,735,6ll 43,37l,753 l,794,924 3,354,602,0944,403,796,663

I,0I9,I49,745 30,02I,205

352,000,000

53,236,586

I06,805,43I I,490,0I9,036 7I,988,530 I,794,924

3,I25,0I5,4574,438,52I,234

The annexed notes I to 25 form an integral part of these condensed interim financial statements.

CHIEF EXECUTIVE OFFICER

DIRECTOR

CHIEF FINANCIAL OFFICER

A Siddiqsons Group Company

Revenue from contract with

customers - net

l,527,572,742

3,029,786,070

608,290,670

I,I44,456,272

Cost of goods sold

(l,283,596,479)

(2,689,545,492)

(506,503,87l)

(I,043,795,087)

Gross profit

243,976,263

340,240,578

l0l,786,799

I00,66I,I85

Other income

52,57l,386 296,547,648

3I,474,904 37I,7I5,482

946,860 l02,733,659

8,956,9I7 I09,6I8,I02

Distribution cost Administrative expenses Other expenses Finance cost

(7,878,l26)

(69,l40,l29)

(l5,8l2,274)

(374,494,999)

(I5,588,020)

(88,I44,533) 5II,000 (426,664,3I7)

(2,l54,949)

(l4,447,l00)

-(99,395,793)

(5,II3,792)

(26,283,437)

(II8,642,365)

(45l,5l3,254)

(546,209,I44)

(ll5,486,84l)

(I50,039,594)

Profit before taxation

(l54,965,605)

(I74,493,662)

(l2,753,l82)

(40,42I,492)

Taxation

(l9,285,034)

635,90I

(7,676,960)

2,739,I62

Profit after taxation (l74,250,639)

(I73,857,76I)

(20,430,l42)

(37,682,330)

CONDENSED INTERIM STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME (UN-AUDITED)

FOR THE NINE MONTHS' PERIOD ENDED MARCH 3I, 2025

Note

March 3l, 2025

March 3I, 2024

March 3l, 2025

March 3I, 2024

…..................…...................(Rupees)…..................…...................

The annexed notes I to 25 form an integral part of these condensed interim financial statements.

CHIEF EXECUTIVE OFFICER

DIRECTOR

CHIEF FINANCIAL OFFICER

A Siddiqsons Group Company

Quarter ended Nine months' period ended

QUARTERLY REPORT MARCH 31, 2025

Other comprehensive income

Total comprehensive income

for the period

(l74,250,639)

(I73,857,76I)

(20,430,l42)

(37,682,330)

Earnings per share -

basic and diluted 2I

(0.76)

(0.09)

(0.I6)

Balance at July 0I, 2023 Total Comprehensive income	2,292,787,700	30I,5I7,286	626,77I,690	3,22I,076,676
Loss for the nine months ended March, 2024	-	-	(I73,857,76I)	(I73,857,76I)
Other comprehensive income	-	-	-	-
	-	-	(I73,857,76I)	(I73,857,76I)
Balance at March 3I, 2024	2,292,787,700	30I,5I7,286	452,9I3,929	3,047,2I8,9I5
Balance at July 0l, 2024	2,292,787,700	30l,5l7,286	(l,43l,727,445)	l,l62,577,54l
Total Comprehensive income
Loss for the nine months ended March, 2025	-	- (I74,250,639) (I74,250,639)
Other comprehensive income	-	- - -
	-	- (I74,250,639) (I74,250,639)

CONDENSED INTERIM STATEMENT OF CHANGES IN EQUITY (UN-AUDITED)

FOR THE NINE MONTHS' PERIOD ENDED MARCH 3I, 2025

Issued, subscribed and paid up capital Capital reserve Revenue reserve Total ….......................(Rupees)….......................

Balance at March 3l, 2025

2,292,787,700 30l,5l7,286 (l,605,978,084) 988,326,902

The annexed notes I to 25 form an integral part of these condensed interim financial statements.

CHIEF EXECUTIVE OFFICER

DIRECTOR

CHIEF FINANCIAL OFFICER

A Siddiqsons Group Company

QUARTERLY REPORT MARCH 31, 2025

CASH FLOWS FROM OPERATING ACTIVITIES (Loss) / profit before levies and taxation Adjustments for non cash and other items: Depreciation on property, plant and equipment Finance cost Gain on disposal of property, plant and equipment	(l54,965,605) 24,777,485 374,494,999 -	(I74,493,662) 27,I27,0I2 426,664,3I7 (6I3,90I)
Profit on Bank Deposits and TDR Operating cash flows before movement	(52,57l,386)	-
in working capital	l9l,735,493	278,683,766
Changes in working capital Decrease / (increase) in current assets
Stores, spares and loose tools Stock-in-trade Trade debts Loans and advances Trade deposits and prepayments Other recievable Sales tax adjustable	600,000 l06,664,560 (ll8,600,503) (27,l3l,722) l,502,828 (l0,706,308) 56,0ll,057	2,000,040 (230,337,08I) 8,360,I59 22,300,583 I,782,203 -26,337,026
(Decrease)/Increase in current liabilities
Trade and other payables Contract Liabilities	9,042,524 (l,899,234)	267,339,04I -
Cash generated from operations	207,2l8,695	376,465,737
Income tax and levies paid Interest / markup paid	(46,992,946) (460,050,l73)	(27,009,527) (380,395,7I6)
Net cash Used In operating activities	(299,824,424)	(30,939,506)

QUARTERLY REPORT MARCH 31, 2025

CONDENSED INTERIM STATEMENT OF CASH FLOWS (UN-AUDITED)

FOR THE NINE MONTHS' ENDED MARCH 3I, 2025

Nine months' period ended March 3l, March 3I, 2025 2024

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

A Siddiqsons Group Company


	(57l,440)
	l46,393
	-
	52,57l,386
52,l46,339
	(ll8,677,346)
	(237,0l0,000)
	l,060,908,725
705,22l,379
457,543,294
(l,l8l,573,895)
(724,030,602)
64,l40,602
2l4,564,407
(l,002,735,6ll)
(724,030,602)

Nine months' period ended March 3l, March 3I, 2025 2024

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

B CASH FLOWS FROM INVESTING ACTIVITIES

Purchase of property, plant and equipment Proceed from disposal of

Property plant and Equipment Addition in Capital Work in Progress Other Financial Assests

Net cash generated from/used in investing activities

(23,3I6,57I)

C CASH FLOWS FROM FINANCING ACTIVITIES

Repayment of long-term finances Loan repaid to director

Loan obtained from associate Short-term borrowings - net

Net cash generated from/used in financing activities Net increase / (decrease) in cash and cash

equivalents (A+B+C)

Cash and cash equivalents at beginning of the Period

(273,8I3,499)

(328,069,576)

(905,693,48I)

(I,233,763,057)

Cash and cash equivalents Cash and Bank Balances Term Deposits certificates Short term Borrowings

Cash and cash equivalents at end of the Period

I9,369,73I (I,253,I32,788)

-(I,233,763,057)

The annexed notes I to 25 form an integral part of these condensed interim financial statements.

CHIEF EXECUTIVE OFFICER

DIRECTOR

CHIEF FINANCIAL OFFICER

A Siddiqsons Group Company

(226,365,263) I20,000,000 (235,078,I67) 67,629,93I

(686,000)

770,782 (23,6I2,467)

2II,II4

QUARTERLY REPORT MARCH 31, 2025

NOTES TO THE CONDENSED INTERIM FINANCIAL STATEMENTS (UN-AUDITED)

FOR THE NINE MONTHS' PERIOD ENDED MARCH 3I, 2025

l. LEGAL STATUS AND OPERATIONS

Siddiqsons Tin Plate Limited (the Company) was incorporated in Pakistan on January 29, I996 as public Company limited by shares under the repealed Companies Ordinance, I984 now Companies Act, 20I7 (the Act). The registered office of the Company is located at Ocean Tower, 27th Floor, Plot # G-3, Block # 9, Near II Talwar, Clifton, Karachi, Province of Sindh, Pakistan. The shares of the Company are quoted on Pakistan Stock Exchange. The principal activity of the Company is manufacturing and sale of tin plates, cans and other steel products.

GEOGRAPHICAL LOCATION AND ADDRESSES OF BUSINESS UNITS
Following are the geographical locations and addresses of all business units of the Company:
Registered Office:
Ocean Tower, 27th Floor, Plot # G-3, Block # 9, Near II Talwar, Clifton, Karachi, Province of Sindh, Pakistan.
Manufacturing Facility:
1. Tin Plate plant is located at Plot No. 5, Special Industrial Zone, Winder, Distt, Lasbella, L.I.E.D.A, Province of Balochistan, Pakistan.
2. Canning plant is located at Plot # 22I-222, Near Jamia Millia College, Jamia Millia Road, Malir City, Karachi, Province of Sindh, Pakistan.
  Project Site:
  TMBP project site is located at Plot No. 272 & 273 Hub City, Mouza Beroot Peerkas Road, District Lasbella, Hub Balochistan, Pakistan.
STATEMENT OF COMPLIANCE 3.l. 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 Standard (IAS) 34, Interim Financial Reporting, issued by the International Accounting Standards Board (IASB) as notified under the Companies Act, 20I7; and
- Provisions of and directives issued under the Companies Act, 20I7.
10
A Siddiqsons Group Company
QUARTERLY REPORT MARCH 31, 2025

Where the provisions of and directives issued under the Companies Act, 20I7 differ with the requirements of IAS 34, the provisions of and directives issued under the Companies Act, 20I7 have been followed.

The condensed interim financial statements have been prepared under historical cost convention.
The condensed interim financial statements are presented in Pakistani Rupees which is also the Company's functional and presentation currency and figures presented in the condensed interim financial statements have been rounded off to the nearest rupee.
These condensed interim financial statements are unaudited. However, a limited scope review of these condensed interim financial statements have been performed by the external auditors of the Company in accordance with the requirements of Section 237 of Companies Act, 20I7 and they have issued their review report thereon. These condensed interim financial statements are submitted to the shareholders as required by Section 237 of the Companies Act, 20I7.
These condensed interim financial statements do not include all information required for full annual financial statements and should be read in conjunction with annual audited financial statements for the year ended June 30, 2024. The comparative statement of financial position presented has been extracted from annual financial statements for the year ended June 30, 2024, whereas comparative condensed statement of profit or loss and other comprehensive income, condensed statement of cash flows and condensed statement of changes in equity are stated from the unaudited condensed interim financial statements for the nine months and quarter ended March 3I, 2025.

SIGNIFICANT ACCOUNTING POLICIES
The accounting policies and the methods of computation adopted in the preparation of these condensed interim financial statements and the significant judgements made by the management in applying the accounting policies and the key sources of estimation uncertainty are the same as those applied in the preparation of the financial statements as at and for the year ended June 30, 2024.
FINANCIAL RISK MANAGEMENT
The Company's financial risk management objectives and policies are consistent with those disclosed in the annual audited financial statements as at and for the year ended June 30, 2024.
PROPERTY, PLANT AND EQUIPMENT

June 30,

March 3l, 2025

(Un-audited)

2024

(Audited)

…........(Rupees)…........

Operating fixed assets	6.I	687,623,626	709,I27,325
Capital work-in progress	6.2	2,639,699,630	2,639,699,630
Right-of-use assets		l6,88l,624	I9,730,364
		3,344,204,880	3,368,557,3I9

A Siddiqsons Group Company

Leasehold land	7,533,750	-	- -	7,533,750
Freehold land	I67,40I,427	-	- -	I67,40I,427
Buildings on leasehold land	76,795,905	-	- (5,638,7I3)	7I,I57,I92
Plant and machinery	420,8I4,75I	-	- (I2,483,787)	408,330,964
Power and other installations	9,I65,399	-	- (672,966)	8,492,433
Factory equipment	6,374,832	-	- (468,070)	5,906,762
Generators	I,662,09I	-	- (I22,038)	I,540,053
Office equipment	4,025,450	-	- (295,567)	3,729,883
Data processing equipment	I,0I5,523	52I,440	(63,393) (273,832)	I,I99,738
Furniture and fixtures	I,3I8,62I	50,000	- (98,053)	I,270,568
Vehicles	I3,0I9,566		(82,992) (I,875,7I8)	II,060,856

6.l Operating fixed assets March 3l, 2025 (Un-audited) Opening WDV 0l-Jul-24 Additions Disposals (W.D.V) Depreciation Closing WDV for the period as at 3l-Mar-25 …..................…...................(Rupees)…..................…................... March 3l, 2024 709,l27,3l5 57l,440 (l46,385) (2l,928,744) 687,623,626 June 30, 2023

7I6,I36,II5

25,353,436 (I,665,0II)

(30,697,2I5)

709,I27,325

Note

June 30,

2024

(Audited)

…........(Rupees)…........ 6.2 Capital work-in progress

Civil work

Machinery, electrical installations, furniture and equipment

6.2.I

2,022,I2I,856

6.2.2

6I7,577,774 2,639,699,630

A Siddiqsons Group Company

2,022,l2l,856 6l7,577,774 2,639,699,630

March 3l, 2025

(Un-audited)

QUARTERLY REPORT MARCH 31, 2025

Opening balance	2,022,l2l,856	2,328,253,739
Additions	-	-
Written off during the year	-	(306,I3I,883)
Closing balance	2,022,l2l,856	2,022,I2I,856

	Opening balance Additions Adjustment against margin released from bank	6l7,577,774 - -	64I,25I,7II -(23,673,937)
	Closing balance	6l7,577,774	6I7,577,774
7.	STOCK-IN-TRADE
	Raw material - Tinplate In hand	90,443,846	72,649,743
Finished goods - Tinplate
	Tin	79,483,4l9	203,038,3I9
	Cans Scrap	4,835,845 -	I,266,608 4,473,000
		84,3l9,264	208,777,927
	Chromite
	Raw material Finished goods	l6,389,080 l2,682,4l0	I6,389,080 I2,682,4I0
	Provision for obsolete stock of chromite	(29,07l,490) -l74,763,ll0	(29,07I,490) -28I,427,670
8.	TRADE DEBTS
	Local Export	l56,959,9l2 60,007,58l 2l6,967,493	38,359,409 60,007,58I 98,366,990
	Less: Provision for doubtful debts	(60,203,745)	(60,203,745)
		l56,763,748	38,I63,245

Note 6.2.l Civil work

June 30,

2024

(Audited)

…........(Rupees)…........ 6.2.2 Machinery, electrical installations, furniture and equipment 8.l Trade debts are non-interest bearing and are generally settled in I5 to 30 days terms.

A Siddiqsons Group Company

March 3l, 2025

(Un-audited)

QUARTERLY REPORT MARCH 31, 2025

To suppliers	(22,335,075)	2,043,287
For Vehicle	-	-
Against expenses	3,085,849	3,500,380
	(l9,249,227)	5,543,667

33,083,22l		5,95I,499
ll. TRADE DEPOSITS AND PREPAYMENTS
Deposit for bank guarantee margin II.I	38,739,7l4	38,739,7I4
Security deposits for Tenders	453,480	I,956,308
	39,l93,l94	40,696,022

QUARTERLY REPORT MARCH 31, 2025

Note 9. ADVANCE INCOME TAX

June 30,

2024

(Audited)

…........(Rupees)…........

Advance tax Provision for taxation

272,0I4,50I (50,863,325)

22I,I5I,I76

l0. LOANS AND ADVANCES Considered good

Loan to employees

250,l08

I80,090

Advance

Against letter of credits' fee and expenses Less: Provision for advance against letter of

credits' fee and expenses

52,082,340

227,742

ll.l. This includes margin against bank guarantees issued in favour of excise and taxation department for infrastructure cess, antidumping duty and against solar project. l2. TERM DEPOSIT CERTIFICATES

Investment in term deposit certificates I2.I

264,564,407

A Siddiqsons Group Company

2l4,564,407

3I,723,7I0

(3I,495,968)

83,578,308

(3l,495,968)

268,l44,l22 (l9,285,034) 248,859,088

March 3l, 2025

(Un-audited)

QUARTERLY REPORT MARCH 31, 2025

l2.l. This represents investment in term deposit certificates which carries markup at the rate of 20% to 20.3% (June 30, 2024: I5.95% to 2I%) per annum for the periods of three, six and twelve months. l3. SHARE CAPITAL

An associated undertaking, Siddiqsons Limited holds I5.49% i.e. 35,5I4,I0I (June 30, 2023: 35,5I4,I0I) ordinary shares at the period end. The Company has one class of ordinary shares which carry no right to fixed income. The shareholders are entitled to receive dividend as declared from time to time and are entitled to one vote per share at meetings of the Company. All shares rank equally with regard to the Company's residual assets.

l4. LONG-TERM FINANCE

Long-term financing

Current maturity of long-term finance

June 30,

March 3l, 2025

(Un-audited)

2024

(Audited)

…........(Rupees)…........ l04,239,420 l04,239,420 (43,37l,753)

60,867,667

222,9I6,766

222,9I6,766 (7I,988,530)

I50,928,236

l4.l. The terms and conditions of Long - term financing arrangements are same as disclosed in note I7 to the annual audited financial statements of the company for the year ended June 30, 2024, except for facility obtained from Al Baraka Bank Limited, where repayment terms has been restructured and payable by June 30, 2024. The loan obtained form AlBarka bank has been fully paid during the nine month ended March 2025. l5. TRADE AND OTHER PAYABLES Note

June 30,

March 3l, 2025

(Un-audited)

2024

(Audited)

…........(Rupees)…........

Creditors	I5.I	275,048,393	265,I8I,II2
Infrastructure cess	0.0	2l6,092,443	2I5,25I,03I
Provision against CISRI	I5.2	4l2,567,680	4I2,567,680
Accrued liabilities		l2,52l,394	I6,259,7I2
Advances Others		l,462,8l4	-
Staff provident fund		85l,2l5	I,420,924
Workers Profit Participation Fund		65,257,753	66,557,753
Workers' Welfare Fund		l5,253,83l	I5,253,83I
Retention money payable		l4,937,568	I4,937,568
Withholding tax		l4,l99,l78	II,720,I34
		l,028,l92,269	I,0I9,I49,745

A Siddiqsons Group Company

QUARTERLY REPORT MARCH 31, 2025

l5.l. Trade payables are non-interest bearing and are normally settled on 30 days terms. l5.2. This represents provision for Sindh Development and Infrastructure Fee and Duty which was levied by the Excise and Tax Department on goods entering the province through air or sea at prescribed rate under Sindh Finance Ordinance, 200I. The levy was initially challenged by the Company along with other companies in the Sindh High Court (SHC) after which several proceedings were held. Through the interim order passed on May 3I, 20II the Sindh High Court has ordered that for every consignment cleared after December 28, 2006, 50% of the value of infrastructure fee should be paid in cash and a bank guarantee for the remaining amount should be submitted until the final order is passed. The management is confident for a favourable outcome however, as a matter of prudence Company has paid 50% of the value of infrastructure fee in cash and recorded liability for the remaining amount which is supported by a bank guarantee.

On June 04, 202I, the SHC vide order C.P.No D-3309 / 20II, summoned to encash all the bank guarantees furnished by the petitioners. However the Supreme Court of Pakistan, vide its order dated September 0I, 202I, suspended the order issued by SHC, stating that it suffers from constitutional and legal defects and granted the interim relief to the Company and other petitioners. The order issued by the Supreme Court of Pakistan states that the petitioners shall keep the bank guarantees already submitted pursuant to the earlier order of SHC and shall furnish the fresh bank guarantees equivalent to the amount of levy calimed by the Sindh Government against release of all future consignments of imported goods.

l6. INTEREST / MARK-UP ACCRUED ON BORROWINGS Note

June 30,

March 3l, 2025

(Un-audited)

2024

(Audited)

…........(Rupees)…........

Long-term finances Short-term borrowings

l7. SHORT-TERM BORROWINGS SECURED

From banking companies

Bank overdraft

Finance against imports - FATR I7.2 Running finances under markup

arrangements I7.3

l49,l40 2l,l0l,ll6 2l,250,256 5,228,59l 646,353,493 35l,l53,527 l,002,735,6ll

I3,0I9,208 93,786,223 I06,805,43I

5,239,996

890,8I2,632

593,966,408

I,490,0I9,036

A Siddiqsons Group Company

Local sales		l,806,732,986	3,543,590,304	(409,l53,760)	I,327,703,558
Export sales	I9.I	-	32,594,3I3	(9,479,468)	23,II4,845
		l,806,732,986	3,576,I84,6I7	(4l8,633,228)	I,350,8I8,403
Less: Sales tax		(279,l60,244)	(546,398,547)	60,876,l72	(206,362,I3I)
		l,527,572,742	3,029,786,070	(357,757,056)	I,I44,456,272

l7.l. The aggregate unavailed-short term borrowing facilities amounts to Rs. II97.265 million (June 30, 2024: Rs. 708.22 million) as of the reporting date. l7.2. These were secured against hypothecation on fixed assets, stock-in-trade, trade debts and charge on present and future current assets of the Company and lien on import documents. Loans were subject to mark-up based on, kibor rate ranged between II.24% to I5.38% (June 30, 2024: 20.5% to 22%) per annum. l7.3. These are secured against charge on fixed assets, stock-in-trade, trade debts and present and future current assets of the Company and are subject to the mark-up ranging between I4.68% to I9.7I% (June 30, 2024: 23.98% to 26.I5%) per annum. l8. CONTINGENCIES AND COMMITMENTS Commitments

Letters of credit for import of raw material

Bank guarantee in favor of Excise and Taxation department relating to antidumping and infrastructure cess

June 30,

2024

(Audited)

…........(Rupees)…........

48I,64I,250

264,564,407

l9. REVENUE FROM CONTRACT WITH CUSTOMERS - NET

Note

Nine months ended

March 3I, 2024

Quarter ended

March 3I, 2024

…..................…...................(Rupees)…..................…...................

A Siddiqsons Group Company

March 3l,

2025

March 3l,

2025

2l4,564,407

March 3l, 2025

(Un-audited)

QUARTERLY REPORT MARCH 31, 2025

Note

Nine months ended

March 3I, 2024

Quarter ended

March 3I, 2024

…..................…...................(Rupees)…..................…...................

20. COST OF GOODS SOLD

Cost of goods manufactured

20.I

l,l35,509,569 2,676,622,380

452,554,447 I,II7,570,I92

Finished stocks Opening stock Closing stock

232,406,l72 564,876,307 (84,3l9,262) (55I,953,I95) l48,086,9l0 I2,923,II2

l35,9l3,847 478,I78,090 (84,3l9,262) (55I,953,I95) 5l,594,585 (73,775,I05)

l,283,596,479 2,689,545,492

504,l49,032 I,043,795,087

20.l. Cost of goods manufactured

Raw material consumed Salaries, wages and benefits Stores and spares consumed Packing material

Fuel and power Sorting, slitting and cutting charges Insurance

Repairs and maintenance Rent, rates and taxes Vehicle running and maintenance

Printing and stationery Fees and subscription Communication Traveling and conveyance Entertainment Depreciation Transportation

Other manufacturing overheads

975,528,053

65,706,784

2,6l5,08l l,552,320 45,843,662

2,424,563,000

I22,258,7II 30,300,473

2,8I3,908

4I,864,880

405,822,963 I,036,875,785

l7,252,l99 42,225,424

l,000,000 2,297,347

l,l32,023 I,894,639

l8,473,350 I4,588,594

l,876,252 4,954,363

2,655,695 l77,l55

2,827,057

6,507,I85

6,952,225

I,797,705

l,207,892 838,5l5 l,528,958

I,378,897 I,902,6I7 I,829,396 734,775

l,7l5,230

l0l,5l5 l60,300 743,833

425,733

234,953 l9,976,220 3,0l0,398

5,877,l83

2,698,386

204,787

9I4,406

602,563

I,670,66I 340,208

20,24I,053

4,336,I46

5,729,026

574,050

23,6l0

20,000

235,ll5 (6l2,297)

(890)

6,658,740

4l,490 (l,64l,27l)

I,055,274 II5,340 (40,000) I5I,27I 502,5I8 III,4I0 6,747,0I8

2,864,777

2,335,II0

l,l35,509,569 2,676,622,380

452,554,447 I,II7,570,I92

A Siddiqsons Group Company

March 3l, 2025

QUARTERLY REPORT MARCH 31, 2025

2l. EARNINGS PER SHARE - BASIC AND DILUTED

There is no dilutive effect of basic earning per share of the Company, which is computed as under:

Nine months ended

Quarter ended

March 3l, March 3I, March 3l, March 3I,

2025 2024 2025 2024

…..................…...................(Rupees)…..................…...................

(Loss) / profit for the period (Rupees)

Basic earning per share

(I73,857,76I)

(37,682,330)

Weighted average number of ordinary shares outstanding during the period

229,278,770

Basic earning per share (Rupee)

(0.76)

(0.I6)

22. TRANSACTIONS WITH RELATED PARTIES

The related parties comprise associated undertakings, other related group companies, directors of the Company, key management personnel and post employment benefit plans. The significant transactions with related parties are as follows:

22.l. Details of transactions with related parties are as follows:

Nine months ended

Quarter ended

March 3l, March 3I, March 3l, March 3I,

2025 2024 2025 2024

Relationship with the Company Nature of transactions

…..................…...................(Rupees)…..................…...................

Associated company - Siddiqsons Limited

Loan from associated company / undertaking

Loan from associated company / undertaking repaid

235,078,I67

A Siddiqsons Group Company

(20,430,l42)

229,278,770

(0.09)

(l74,250,639)

229,278,770

(0.76)

-74,72l,377

l,ll4,l45,3ll

-74,72l,378

QUARTERLY REPORT MARCH 31, 2025

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