UNAUDITED
CONDENSED INTERIM FINANCIAL INFORMATION FOR THE NINE MONTHS PERIOD ENDED JUNE 30, 2025
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COMPANY PROFILE
DIRECTORS
Mr. Deoo Mal Essarani Dr. Tara Chand Essarani Mr. Mahesh Kumar
Mr. Dileep Kumar Mr. Pehlaj Rai Mr. Mohan Lal
Chairman
Chief Executive Director Director Director Director
Dr. Besham Kumar Director
Mr. Muhammad Siddiq Khokhar Independent Director Mr. Zafar Ahmed Ghori Independent Director Ms. Maheshwari Osha Independent Director
CHIEF FINANCIAL OFFICER Mr. Saqib Ghaffar
COMPANY SECRETARY
Mr. Aziz Ahmed
BANKERS
Allied Bank Limited Askari Bank Limited Bank Al-Falah Limited MCB Bank Limited Bank AL Habib Limited United Bank Limited Meezan Bank Limited HBL Bank Limited
Dubai Islamic Bank Pakistan Limited
AUDIT COMMITTEE
Mr. Zafar Ahmed Ghori Mr. Pehlaj Rai
Mr. Dileep Kumar Dr. Besham Kumar
Chairman Member Member Member
HR AND REMUNERATION Ms. Maheshwari Osha
COMMITTEE Mr. Mohan Lal Mr. Dileep Kumar
Chairman Member Member
AUDITORS
M/s. Rahman Sarfaraz Rahim Iqbal Rafiq Chartered Accountants
REGISTERED OFFICE
209, 2nd Floor, Progressive Plaza, Beaumont Road, Karachi-Pakistan.
MILLS
Deh: Deenpur,
Taluka. Bulri Shah Karim, Distt. Tando Muhammad Khan, Sindh-73024.
REGISTRAR
JWAFFS Registrar Services (Pvt) Ltd.
Office No. 20, 5th Floor, Arkays Square Extension, New Challi, Shahrah-e-Liaquat, Karachi.
EMAIL ADDRESS
sasm@unitedgroup.org.pk
1
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DIRECTORS' REPORT
Dear Shareholders,
Assalam-o-Alaikum,
On behalf of the Board of Directors of the Company. We are pleased to present before you the Un-audited Financial Statements for the 3rd quarter ended 30th June, 2025.
Financial Results
The financial results of the company for the nine-month period ended 30th June, 2025 alongwith comparison to the corresponding period of the last year is presented here under;
30-Jun-25 Rs. (000) | 30-Jun-24 Rs. (000) | |
Profit/(Loss) before taxation | 184,879 | (129,621) |
Taxation | (65,754) | (13,171) |
Profit/(Loss ) after taxation | 119,125 | (142,793) |
Earning/(Loss) per share Rs. | 11.43 | (13.70) |
During the nine-month period, sales were recorded at Rs. 4,078 m compared to Rs. 2,249 m of the last year's corresponding period which increased by 82%. This is attributed to an increase in sales volume by 57% from 20,305 MT in the corresponding period to 31,816 MT coupled with an increase in average selling price by 16% over the corresponding period. In addition, the financial cost also went down significantly to Rs. 215 m compared to Rs. 468 m in the corresponding period, resultantly, the company earned profit after taxation of Rs. 119 m during the period compared to Rs.143 m loss suffered in the comparable period last year. Accordingly, the earnings per share stood at Rs.11.43 compared to Rs. 13.70 loss in the corresponding period last year.
Future Outlook
The federal cabinet has accorded approval for the import of 500K m. Tons Sugar aims to stabilize the domestic sugar prices amid growing concern due to rising sugar prices in the open market due to potential shortfall in sugar stock. In addition, the government has fixed the Ex-Mill price at Rs. 165/- per kg in an effort to curb the swelling sugar price disregarding the mechanism of free market trade whereby the
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prices are determined by supply and demand without the intervention of the government. It may be recalled that the Sugar Mills have purchased the sugarcane at very expensive prices amid stiff competition among the Sugar Mills triggered by shortfall in output of sugarcane production than expected with low yield and in free market as the government did not fix the support price this year. In spite of, assurance has given by PSMA and also admitted by the Chairman of Standing Committee - Finance that existing sugar stock is sufficient to meet the demand until November 2025, the government is still adamant to import the sugar in the country which is unjustifiable. This will also result in huge amount of out flow of foreign exchange which will have a negative impact on the country's foreign exchange reserves. We therefore urged the government to review its unilateral decision in the best interest of the country and at the same time protect the sugar industry from the potential threat of further losses which has been reeling due to high sugarcane cost and interest rates. It is very likely that import of sugar without payment of custom duty and sales tax will mitigate some of the anticipated profit of the sugar industry.
Acknowledgement
The Board acknowledges the cooperation extended by the shareholders, growers, banks and customers and appreciates the staff and workers who worked with devotion to strengthen the company.
Tara Chand
(Chief Executive)
Mahesh Kumar
(Director)
Dated: 23rd July,2025.
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2024¿?30
( 000 »)
(129,621)
(13,171)
(142,793)
»(13.70)
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Non current liabilities | ||||
Long term finance - secured | 5 | - | - | |
Deferred liabilities | 1,139,317,378 | 1,155,610,760 | ||
1,139,317,378 | 1,155,610,760 | |||
Current liabilities | ||||
Trade and other payables | 1,802,736,971 | 866,278,797 | ||
Short term borrowing | 1,934,601,844 | 1,248,230,165 | ||
Unclaimed dividend | 10,430,587 | 10,430,587 | ||
Accrued mark-up | 34,736,008 | 78,527,479 | ||
Current maturity of long term finance | - | 62,500,001 | ||
3,782,505,410 | 2,265,967,029 | |||
Contingencies and commitments | 6 | 8,423,322,761 | 6,803,952,850 | |
ASSETS | ||||
Non current assets | ||||
Property, plant and equipment | 7 | 4,395,632,996 | 4,545,824,136 | |
Long term loans | 1,364,951 | 1,240,787 | ||
Long term deposits | 792,527 | 792,527 | ||
4,397,790,474 | 4,547,857,450 | |||
Current assets | ||||
Stores and spares | 125,195,083 | 104,012,715 | ||
Stock in trade | 3,049,049,701 | 1,752,797,631 | ||
Trade debts - unsecured | 334,605,474 | 68,219,976 | ||
Short term loans and advances | 201,512,888 | 107,190,138 | ||
Other receivables | 75,795,759 | 96,425,775 | ||
Tax refunds due from government | 162,914,143 | 80,040,308 | ||
Cash and bank balances | 76,459,239 | 47,408,857 | ||
4,025,532,287 | 2,256,095,400 | |||
8,423,322,761 | 6,803,952,850 | |||
The annexed notes form an integral part of these condensed interim financial information. | ||||
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CONDENSED INTERIM STATEMENT OF FINANCIAL POSITION (UN-AUDITED)
AS AT JUNE 30, 2025
EQUITY AND LIABILITIES
Share capital and reserves
Authorized capital
65,000,000 ordinary shares of Rs. 10/- each
Issued, subscribed and paid-up capital Capital reserve
Revaluation surplus on property, plant and machinery-net
Revenue reserve Accumulated profit
Subordinated loans
Note
Un-audited Audited June 30, September 30,
2025 2024
Rupees Rupees
650,000,000
104,250,000
650,000,000
104,250,000
2,656,585,112
2,756,624,280
260,664,861 41,500,781 3,021,499,973 2,902,375,061
480,000,000 480,000,000 3,501,499,973 3,382,375,061
Chief Executive
Director
Chief Financial Officer
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CONDENSED INTERIM STATEMENT OF PROFIT OR LOSS (UN-AUDITED) | |||||||
FOR THE NINE MONTHS PERIOD AND QUARTER ENDED JUNE 30, 2025 | |||||||
Nine months period ended | Quarter ended | ||||||
June 30, | June 30, | June 30, | June 30, | ||||
Note | 2025 | 2024 | 2025 | 2024 | |||
Rupees | Rupees | Rupees | Rupees | ||||
Net sales | 8 | 4,078,273,879 | 2,248,566,625 | 2,279,287,566 | 1,112,533 | ||
Cost of sales | (3,640,416,849) | (1,918,468,471) | (2,132,069,983) | (14,985,435) | |||
Gross profit | 437,857,030 | 330,098,154 | 147,217,583 | (13,872,902) | |||
Administrative expenses | (134,392,727) | (121,660,323) | (40,347,662) | (34,114,558) | |||
Selling and distribution cost | (10,766,863) | (7,330,644) | (884,807) | (990,347) | |||
(145,159,590) | (128,990,967) | (41,232,469) | (35,104,904) | ||||
Operating income / (loss) | 292,697,440 | 201,107,187 | 105,985,114 | (48,977,806) | |||
Finance cost | (214,386,341) | (467,719,292) | (92,941,238) | (221,773,168) | |||
Other expenses | (4,688,159) | (3,207,490) | (275,355) | 9,376,385 | |||
Other income | 111,256,035 | 140,198,286 | 32,014,428 | 5,946,413 | |||
(107,818,466) | (330,728,496) | (61,202,166) | (206,450,370) | ||||
Profit / (loss) before levies | |||||||
and taxation | 184,878,975 | (129,621,309) | 44,782,949 | (255,428,176) | |||
Levies | (70,915,779) | (34,005,187) | (32,885,677) | - | |||
Profit / (loss) before taxation | 113,963,196 | (163,626,496) | 11,897,272 | (255,428,176) | |||
Taxation-net | 5,161,716 | 20,833,903 | 29,881,435 | 20,149,952 | |||
- | |||||||
Profit / (loss) after taxation | 119,124,912 | (142,792,593) | 41,778,707 | (235,278,224) | |||
Earning / (loss) per share | |||||||
basic and diluted | 11.43 | (13.70) | 4.01 | (22.57) | |||
The annexed notes form an integral part of these condensed interim financial information. | |||||||
Chief Executive | Director | Chief Financial Officer | |||||
June 30, 2025 Rupees | June 30, 2024 Rupees | June 30, 2025 Rupees | June 30, 2024 Rupees | ||
Profit / (loss) after taxation | 119,124,912 | (142,792,593) | 41,778,707 | (235,278,224) | |
Other comprehensive income Items that will not be reclassified subsequently to profit or loss | - | ||||
Reversal of deferred tax liability on account of Revaluation Surplus due to change in tax rate | - | - | - | - |
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CONDENSED INTERIM STATEMENT OF COMPREHENSIVE INCOME (UN-AUDITED)
FOR THE NINE MONTHS PERIOD AND QUARTER ENDED JUNE 30, 2025
Nine months period ended
Quarter ended
Total comprehensive income /
(loss) for the period 119,124,912 (142,792,593) 41,778,707 (235,278,224)
The annexed notes form an integral part of these condensed interim financial information.
Chief Executive
Director
Chief Financial Officer
Balance as at October 01, 2023 | 104,250,000 | 1,671,374,503 | 285,152,719 | 480,000,000 | 2,540,777,222 |
Total comprehensive loss for the | |||||
nine month ended June 30, 2024 | |||||
Loss after taxation | - | - | (142,792,593) | (142,792,593) | |
Other comprehensive income | - | - | - | - | |
- | - | (142,792,593) | (142,792,593) | ||
Incremental depreciation transferred from | |||||
surplus on revaluation of fixed assets - net | |||||
of deferred tax | - | (57,396,442) | 57,396,442 | - | |
Cash dividend paid @ 20% for the year | |||||
ended September 30, 2023 | (20,850,000) | (20,850,000) | |||
Balance as at June 30, 2024 | |||||
(Un-audited) | 104,250,000 | 1,613,978,061 | 178,906,568 | 480,000,000 | 2,377,134,629 |
Balance as at October 01, 2024 | 104,250,000 | 2,756,624,280 | 41,500,781 | 480,000,000 | 3,382,375,061 |
Total comprehensive income for the | |||||
nine months ended June 30, 2025 | |||||
Profit after taxation | - | - | 119,124,912 | 119,124,912 | |
Other comprehensive income | - | - | - | - | |
- | - | 119,124,912 | 119,124,912 | ||
Incremental depreciation transferred from | |||||
surplus on revaluation of fixed | |||||
assets - net of deferred tax - Balance as at June 30, 2025 | (100,039,168) | 100,039,168 | - | ||
(Un-audited) 104,250,000 | 2,656,585,112 | 260,664,861 | 480,000,000 | 3,501,499,973 | |
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CONDENSED INTERIM STATEMENT OF CHANGES IN EQUITY (UN-AUDITED)
FOR THE NINE MONTHS PERIOD ENDED JUNE 30, 2025
Revenue
Issued, Subscribed and Paidup Capital
Capital reserve
Surplus on revaluation of property, plant and equipment
reserve
Accumulated (losses) / profit
Subordinated Loan
Total
------------------------- Rupees -------------------------
The annexed notes form an integral part of these condensed interim financial information.
Chief Executive
Director
Chief Financial Officer
- Depreciation | 181,839,149 | 118,109,696 | |
- Finance costs | 214,386,341 | 467,719,292 | |
-Profit on saving accounts | (12,814,301) | (19,502,471) |
- Stores and spares | (21,182,368) | (13,253,500) | |
- Stock in trade | (1,296,252,070) | (4,441,397,341) | |
- Trade debts - unsecured | (266,385,498) | (385,527,666) | |
- Short term loans and advances | (94,322,750) | 75,707,369 | |
- Other receivables | 20,630,016 | (23,207,350) | |
(1,657,512,670) | (4,787,678,488) | ||
Increase/(decrease) in current liabilities | |||
- Trade and other payables | 930,791,230 | 1,041,928,902 | |
Net cash used in operations | (158,431,277) | (3,309,044,378) | |
Taxes paid | (148,558,945) | (108,535,211) | |
Payments against compensated absence Workers' Welfare Fund paid Finance costs paid | (645,372) (10,050,018) (258,177,812) | - (191,767,557) | |
Acquisition of property, plant and equipment | (31,648,009) | (23,470,608) | |
Profit on bank deposits received | 12,814,301 | 19,502,471 | |
Long term deposit | - | (100,000) | |
Long term loans - net | (124,164) | 246,577 | |
Net cash used in investing activities | (18,957,872) | (3,821,560) | |
CASH FLOWS FROM FINANCING ACTIVITIES | |||
Repayment of long term finance | (62,500,001) | (62,500,001) | |
Pledge financing - net | 700,949,795 | 2,799,052,109 | |
Dividend paid | - | (16,909,877) | |
Net cash generated from financing activities | 638,449,794 | 2,719,642,231 | |
Net increase / (decrease) in cash and cash equivalents | 43,628,499 | (893,526,475) | |
Cash and cash equivalents at the beginning of the period | (427,771,103) | 145,742,782 | |
Cash and cash equivalents at the end of the period 10 | (384,142,605) | (747,783,693) | |
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CONDENSED INTERIM STATEMENT OF CASH FLOWS (UN-AUDITED)
FOR THE NINE MONTHS PERIOD ENDED JUNE 30, 2025
Note
CASH FLOWS FROM OPERATING ACTIVITIES
Profit / (loss) before levies & taxation
Adjustments for:
June 30,
2025
Rupees
184,878,975
June 30,
2024
Rupees
(129,621,309)
Operating profit before working capital changes
Changes in working capital
Decrease / (increase) in current assets
383,411,189 566,326,517 568,290,164 436,705,208
Net cash used in operating activities
CASH FLOWS FROM INVESTING ACTIVITIES
(417,432,147) (300,302,768) (575,863,424) (3,609,347,146)
The annexed notes form an integral part of these condensed interim financial information.
Chief Executive
Director
Chief Financial Officer
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NOTES TO THE CONDENSED INTERIM FINANCIAL INFORMATION (UN-AUDITED)
FOR THE NINE MONTHS PERIOD ENDED JUNE 30, 2025
STATUS AND NATURE OF BUSINESS
Sindh Abadgar's Sugar Mills Limited ("the Company") is a public listed company incorporated in Pakistan under the repealed Companies Ordinance, 1984 ('the Ordinance') which has now been replaced by Companies Act, 2017 ('the Act'). The shares of the Company are quoted on Pakistan Stock Exchange Limited ("the Exchange"). The principal business of the Company is the production and sale of white sugar.
The geographical location and address of Company's business units, including plant are as under:
Head office: The Company's registered office is situated at 209, Progressive Plaza, Beaumont Road, Karachi, Pakistan.
Mill: The Company's plant is located at Deh Deenpur, District Tando Muhammad Khan, Sindh, Pakistan.
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 comprise of:
International Accounting Standard (IAS) 34, Interim Financial Reporting, issued by the International Accounting Standards Board (IASB) as notified under the Companies Act, 2017; and
Provisions of and directives issued under the Companies Act, 2017
Where the 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 do not include all the information and disclosures required in the annual audited financial statements, and should be read in conjunction with Company's annual audited financial statements for the year ended September 30, 2024.
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Basis of measurement
These condensed interim financial statements have been prepared under the historical cost convention except for land, buildings and plant & machinery which are carried under the revaluation model of accounting.
Functional and presentation currency
Items included in these condensed interim financial statements are measured using the currency of the primary economic environment in which the Company operates. These condensed interim financial statements are presented in Pak Rupees which is the Company's functional and presentation currency.
SIGNIFICANT ACCOUNTING POLICIES
The accounting policies and methods of computation adopted in the preparation of these condensed interim financial statements are consistent with those applied in the preparation of the annual audited financial statements for the year ended September 30, 2024.
ACCOUNTING ESTIMATES, JUDGMENTS AND FINANCIAL RISK MANAGEMENT
The preparation of condensed interim financial information requires the management to make judgments, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets and liabilities, income and expenses. Actual results may differ from these estimates.
The significant judgments made by management in applying the Company's accounting policies and the key sources of estimating the uncertainty were the same as those that applied to the audited annual financial statements as at and for the year ended September 30, 2024.
The financial risk management objectives and policies adopted by the Company are consistent with those disclosed in the audited annual financial statements as at and for the year ended September 30, 2024.
Opening balance | 62,500,001 | 145,833,334 |
Less: Payment made during | ||
the period | (62,500,001) | (83,333,333) |
- | 62,500,001 | |
Less: current maturity shown | ||
under current liabilities | - | (62,500,001) |
- | - |
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Un-audited Audited June 30, September 30,
2025 2024
Rupees Rupees
5. LONG TERM FINANCES
Mark-up based financing from conventional banks
CONTINGENCIES AND COMMITMENTS
Contingencies
There is no change in the status of the contingencies and commitments set out in the note 12 to the Company's annual financial statements for the year ended September 30, 2024
Operating assets | 7.1 4,343,168,417 | 4,493,359,557 | ||
Capital spares | 52,464,579 | 52,464,579 | ||
4,395,632,996 | 4,545,824,136 | |||
7.1 Operating assets Cost / Revalued amount | ||||
Opening balance | 4,614,210,799 | 5,222,336,342 | ||
Additions | 31,648,009 | 98,435,647 | ||
Disposal | - | (5,221,135) | ||
Surplus on Revaluation | - | (701,340,055) | ||
Accumulated depreciation | 4,645,858,808 | 4,614,210,799 | ||
Opening Balance | 120,851,242 | 2,262,591,110 | ||
Charge for the period | 181,839,149 | 158,191,151 | ||
Disposal | (4,426,647) | |||
Revaluation | - | ( | 2,295,504,372) | |
302,690,391 | 120,851,242 | |||
Written down value as at June 30, 2025 (Un-Audited) | 4,343,168,417 | |||
Written down value as at September 30, 2024 (Audited) | 4,493,359,557 | |||
Un-audited | Un-audited | |||
June 30, | June 30 | |||
2025 Rupees | 2024 Rupees | |||
8 TURNOVER - NET | ||||
Gross sales - local | 3,963,590,371 | 2,664,039,350 | ||
Export | 759,721,723 | - | ||
4,723,312,094 | 2,664,039,350 | |||
Less : Sales tax-Sugar | (616,829,864) | (406,379,319) | ||
Less: Federal Excise duty | (3,225,000) | - | ||
Less : Advance Income tax | (24,983,351) | (9,093,406) | ||
4,078,273,879 | 2,248,566,625 | |||
14 |
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Note
7 PROPERTY, PLANT AND EQUIPMENT
Un-audited Audited
June 30, September 30,
2025 2024
Rupees Rupees
Un-audited | Un-audited | ||
June 30, | June 30 | ||
2025 Rupees | 2024 Rupees | ||
Transactions during the period | |||
Remuneration to chief executive and directors | 9,000,000 | 9,000,000 | |
Contribution to staff provident fund | 5,722,600 | 5,119,630 |
Un-audited June 30, | September 30 | ||
2025 Rupees | 2024 Rupees | ||
Balances at year end | |||
Subordinated loan -from Directors | 403,000,000 | 403,000,000 | |
-from Related parties | 77,000,000 | 77,000,000 | |
480,000,000 | 480,000,000 |
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9 RELATED PARTY TRANSACTIONS
Related parties comprise associated undertakings, staff provident fund, major shareholders, directors, key management personnel of the Company and their close family members. Transaction with related parties are on arm's length basis. Remuneration and benefits to executives of the Company are in accordance with the terms of the employment. Transaction with related parties during the year, other than those disclosed elsewhere in these financial statements are as follows:
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10 CASH AND CASH EQUIVALENTS
Cash and cash equivalents at the end of the reporting year as shown in the cash flow statement are reconciled to the related items in the statement of financial position as follows:
Cash and bank balances
Short term borrowings (Running finance)
Un-audited Un-audited
June 30, June 30,
2025 2024
Rupees Rupees
76,459,239 23,323,687
(460,601,844) (771,107,380)
(384,142,605) (747,783,693)
AUTHORIZATION FOR ISSUE
This condensed interim financial information was authorized for issue in the Board of Directors meeting held on 23.07.2025.
GENERAL
Figures have been rounded off to the nearest Rupee.
Chief Executive
Director
Chief Financial Officer
BOOK POST
PRINTEDMATTER
If underlivered, please return to
209, 2nd Floor, Progressive Plaza, Beaumount Road, Karachi-Pakistan.
Tel : 35638212-13 Fax : (92-21) 35638219 E-mail : sasm@unitedgroup.org.pk
Mill : Deh Deenpur, Taluka Bulri Shah Karim, Distt. Tando Mohammad Khan Sindh, Pakistan. Phones : 0315-2001617, E-mail : sasmtmk@unitedgroup.org.pk