CONDENSED INTERIM FINANCIAL STATEMENTS
DECEMBER 31, 2024
SITARA ENERGY LIMITED
Contents
Sitara Energy Limited
Company Information | 01 |
Director Report | 02 |
Auditor's Review Report | 04 |
Condensed Interim Statement of Financial Position | 05 |
Condensed Interim Statement of Profit or Loss Account | 06 |
Condensed Interim Statement of Comprehensive Income | 07 |
Condensed Interim Statement of Changes in Equity | 08 |
Condensed Interim Statement of Cash Flow Statement | 09 |
Condensed Interim Notes to Financial Information | 11 |
Consolidated Accounts
(Sitara Energy Ltd and Its Subsidiary Company)
Condensed Interim Consolidated Statement of Financial Position | 19 |
Condensed Interim Consolidated Statement of Profit or Loss Account | 20 |
Condensed Interim Consolidated Statement of Changes in Equity | 21 |
Condensed Interim Consolidated Statement of Comprehensive Income | 22 |
Condensed Interim Consolidated Statement of Cash Flow Statement | 23 |
Consolidated Condensed Interim Notes to Financial Information | 25 |
Company Information
BOARD OF DIRECTORS | Audit Committee | |
Ms. Noureen Javed | (Chairperson) | Mr. Shahid Hameed Sheikh |
Mr. Javed Iqbal | (Chief Executive OfHcer) | Mr. Sheikh Javaid Islam |
Mr. Shahid Hameed Sheikh | Mr. Tahir Ibrahim | |
Mr. Tahir Ibraheem | Human Resource & | |
Ms. Haniah Javed | ||
Mr. Mubashir Ahmed Zareen | Remuneration Committee | |
Mr. Sheikh Javaid Islam | Mr. Mubashir Ahmed Zareen | |
CHIEF FINANCIAL OFFICER | Mr. Javed Iqbal | |
Ms. Haniah Javed | ||
Mr. Ijaz A. Babar - FCA | Auditors | |
(Chairman)
(Chairman)
COMPANY SECRETARY | RSM Avais Hyder Liaquat Nauman |
Mr. Mazhar Ali Khan | (Chartered Accountants) |
Legal Advisor | BANKERS |
Sahibzada Muhammad Arif | Standrad Chartered Bank (Pak) Limited |
Share Registrar | Albaraka Bank (Pakistan) Limited |
National Bank of Pakistan | |
THK Associates (Private) Limited | First Women Bank Limited |
Plot No. 32-C, Jami Commercial Street 2, | Bank Alfalah Limited |
D.H.A. Phase VII, Karachi | Faysal Bank Limited |
UAN : +92 (21) 111-000-322 | The Bank of Punjab |
E-mail: aa@thk.com.pk | MCB Bank Limited |
Registered Office | United Bank Limited |
Meezan Bank Limited | |
601-602 Business Centre, Mumtaz | Allied Bank Limited |
Hassan Road, Karachi 74000 | Silk Bank Limited |
Askari Bank Limited | |
Bank Makramah Limited | |
Habib Bank Limited | |
Plant | WEB SITE |
33 K.M., Sheikhupura Road, Faisalabad | http://www.sitara.pk |
Half Yearly Unaudited Accounts 2024 | 01 |
Directors' Report
The Board of Directors of Sitara Energy Limited (the Company) is pleased to present their report together with the Condensed Interim Financial Informaon and its subsidiary duly reviewed by the statutory auditors for the half year ended on December 31, 2024.
Financial Results:
The financial results for the half year of the current financial year, in comparison with half year of the last financial year, are as under: -
Financial Highlights | July - December 2024 | July - December 2023 |
Rupees in thousand | Rupees in thousand | |
Sales - net | 162,382 | 47,284 |
Cost of generaon | 186,161 | 80,061 |
Gross (loss) | (23,779) | (32,777) |
Gross (loss) rao to revenue | (14.64%) | (69.32%) |
(Loss) aer tax | (89,257) | (43,597) |
(Loss) per share - Basic & diluted (Rs.) | (4.68) | (2.28) |
The sales revenue of the Company increased to Rs. 162.382 Million during the half year of the current financial year in comparison with Rs. 47.284 Million during the half year of the last financial year due to higher generaon and sales and accordingly charged higher tariff to Bulk Power Consumers (BPCs).
However, gross loss reduced to Rs. 23.779 Million during the half year of the current financial year in comparison with Rs. 32.777 Million during the half year of the last financial year due to controlling overall generaon cost.
Although, there is substanal reducon in finance cost as a result of rescheduling of financing facili]es at cost of fund and regular repayments during the half year, yet the net loss for the half year of the current financial year increased to Rs. 89.257 Million as compared with Rs 43.597 Million during the half year of last financial year due to decrease in Other income.
The viability of the company for the remaining period of current financial year 2024-25 will be dependent upon operaon based on affordable prices of fuels (RLNG & RFO), solar power generaon and load demand by our BPCs.
We extend our hearest gratude to all our lenders and suppliers for their connuous support in difficult me and dedicated work by the management and all the employees in the larger interest of the Company.
By order of the board
Javed Iqbal | Sheikh Javaid Islam |
Chief Executive Officer | Director |
Faisalabad:
February 26, 2025
02 Half Yearly Unaudited Accounts 2024
2025 26
Half Yearly Unaudited Accounts 2024 | 03 |
Auditors' Report
INDEPENDENT AUDITOR'S REVIEW REPORT
TO THE MEMBERS OF SITARA ENERGY LIMITED
REPORT ON REVIEW OF CONDENSED INTERIM FINANCIAL STATEMENTS
Introduction
We have reviewed the accompanying condensed interim statement of financial position of Sitara Energy Limited ("the Company") as at December 31, 2024 and the related condensed interim statement of profit or loss, condensed interim statement of comprehensive income, condensed interim statement of cash flows, condensed interim statement of changes in equity and selected explanatory notes to the condensed interim financial statements for the six-month period then ended (here-in-after referred to as the "condensed interim financial statements"). Management is responsible for the preparation and presentation of these condensed interim financial statements in accordance with the accounting and reporting standards as applicable in Pakistan for interim financial reporting. Our responsibility is to express a conclusion on these condensed interim financial statements based on our review.
Scope of Review
We conducted our review in accordance with International Standard on Review Engagements 2410, "Review of Interim Financial Information Performed by the Independent Auditor of the Entity." A review of interim fina ncial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.
The figures of the condensed interim statement of profit or loss and condensed interim statement of comprehensive income for the three-month period ended December 31, 2024 and 2023 have not been reviewed, as we are required to review only the cumulative figures for the six-month period ended December 31, 2024.
Conclusion
Based on our review, nothing has come to our attention that causes us to believe that the accompanying condensed interim financial statements are not prepared, in all material respects, in accordance with the accounting and reporting standards as applicable in Pakistan for interim financial reporting.
Material Uncertainty relating to Going Concern
The company suffered financial and operational difficulties. These conditions as set forth in Note 1.3, indicate the existence of a material uncertainty which may cast significant doubt about the company's ability to continue as a going concern. Our conclusion is not modified in respect of this matter.
The engagement partner on the audit resulting in this independent auditor's report is Inam ul Haque.
RSM AVAIS HYDER LIAQUAT NAUMAN
CHARTERED ACCOUNTANTS
Place: Lahore
Date:February 26, 2025
UDIN: RR202410226SB0sEeQx3
04 Half Yearly Unaudited Accounts 2024
SITARA ENERGY LIMITED
CONDENSED INTERIM STATEMENT OF FINANCIAL POSITION (UN-AUDITED)
AS AT DECEMBER 31, 2024
(Un-audited) | (Audited) | (Un-audited) | (Audited) | ||||
December 31, | June 30, | December 31, | June 30, | ||||
2024 | 2024 | 2024 | 2024 | ||||
Note --------------Rupees in '000'------------- | Note | --------------Rupees in '000'------------- | |||||
EQUITY AND LIABILITIES | ASSETS | ||||||
SHARE CAPITAL AND RESERVES | NON-CURRENT ASSETS | ||||||
Authorised capital | Property, plant and equipment | 7 | 712,958 | 662,725 | |||
30,000,000 ordinary shares | Investment property | 8 | 1,333,559 | 1,348,281 | |||
of Rs. 10/- each. | 300,000 | 300,000 | Investment in subsidiary | 50,000 | 50,000 | ||
Long term loan | 1,000 | 1,000 | |||||
Long term deposits | 1,511 | 1,511 | |||||
Issued, subscribed | 2,099,028 | 2,063,517 | |||||
and paid up capital | 190,920 | 190,920 | |||||
Reserves | |||||||
Capital reserve - Share premium | 143,190 | 143,190 | |||||
Revenue reserves | |||||||
General reserve | 970,000 | 970,000 | |||||
Accumulated (loss) | (221,609) | (132,352) | |||||
1,082,501 | 1,171,758 | ||||||
NON-CURRENT LIABILITIES | |||||||
Long term financing | 4 | 206,647 | 258,854 | ||||
Deferred interest / markup | 4.5 | 263,023 | 234,379 | ||||
469,670 | 493,233 | ||||||
CURRENT LIABILITIES | CURRENT ASSETS | ||||||
Trade and other payables | 691,368 | 856,593 | Stores, spares and loose tools | 288,480 | 307,689 | ||
Unclaimed dividend | 3,703 | 3,703 | Stock of oil and lubricants | 9 | 19,655 | 130,724 | |
Interest / mark up payable | 376,068 | 376,068 | Trade debts | 441,806 | 497,612 | ||
Short term bank borrowings | 5 | 321,656 | 431,656 | Loans and advances | 5,445 | 7,236 | |
Current portion of | Deposits and prepayments | 33,902 | 33,590 | ||||
Long term financing | 4 | 168,393 | 160,065 | Other receivables | 10 | 80,084 | 131,345 |
Provision for taxation - income tax | 26,345 | 26,982 | Tax refunds | ||||
1,587,533 | 1,855,067 | due from Government | 56,416 | 58,528 | |||
Short term investments | 4,835 | 256 | |||||
Cash and bank balances | 11 | 110,053 | 289,561 | ||||
1,040,676 | 1,456,541 | ||||||
CONTINGENCIES AND COMMITMENTS | 6 | - | - | ||||
3,139,704 | 3,520,058 | 3,139,704 | 3,520,058 |
The annexed notes 1 to 18 form an integral part of these condensed interim financial statements.
Chief Executive Officer | Director | Chief Financial Officer |
Half Yearly Unaudited Accounts 2024 | 05 |
SITARA ENERGY LIMITED
CONDENSED INTERIM STATEMENT OF PROFIT OR LOSS (UN-AUDITED)
FOR THE HALF YEAR ENDED DECEMBER 31, 2024
Half year ended | Quarter ended | ||
December 31, | December 31, | ||
2024 | 2023 | 2024 | 2023 |
Note--------------------------- | Rupees in '000' | ------------------------- |
Sales - net | 12 | 162,382 | 47,284 | 104,966 | 39,382 |
Cost of generation | 13 | 186,161 | 80,061 | 122,081 | 54,899 |
Gross (loss) | (23,779) | (32,777) | (17,115) | ` (15,517) | |
Other income | 40,544 | 106,939 | 29,644 | 105,062 | |
16,765 | 74,162 | 12,529 | 89,545 | ||
Operating expenses | 55,260 | 32,289 | 36,209 | 22,028 | |
Finance cost | 47,430 | 84,654 | 13,986 | 42,668 | |
102,690 | 116,943 | 50,195 | 64,696 | ||
(Loss) / Profit for the period before income tax and levies | (85,925) | (42,781) | (37,666) | 24,849 | |
Levies | 14 | 2,117 | - | 72 | - |
(Loss) / Profit for the period before income tax | (88,042) | (42,781) | (37,738) | 24,849 | |
Provision for taxation | 15 | 1,215 | 816 | 585 | 410 |
(Loss) / Profit for the period | (89,257) | (43,597) | (38,323) | 24,439 | |
(Loss) / Profit per share - | |||||
Basic and diluted (Rupees) | (4.68) | (2.28) | (2.01) | 1.28 |
The annexed notes 1 to 18 form an integral part of these condensed interim financial statements.
Chief Executive Officer | Director | Chief Financial Officer |
06 Half Yearly Unaudited Accounts 2024
SITARA ENERGY LIMITED
CONDENSED INTERIM STATEMENT OF COMPREHENSIVE INCOME (UN-AUDITED)
FOR THE HALF YEAR ENDED DECEMBER 31, 2024
Half year ended | Quarter ended | ||
December 31, | December 31, | ||
2024 | 2023 | 2024 | 2023 |
-------------------------- | Rupees in '000'-------------------------- |
(Loss) / Profit for the period | (89,257) | (43,597) | (38,323) | 24,439 |
Other comprehensive income | - | - | - | - |
Total comprehensive (loss) / income for the period | (89,257) | (43,597) | (38,323) | 24,439 |
The annexed notes 1 to 18 form an integral part of these condensed interim financial statements.
Chief Executive Officer | Director | Chief Financial Officer |
Half Yearly Unaudited Accounts 2024 | 07 |
SITARA ENERGY LIMITED
CONDENSED INTERIM STATEMENT OF CHANGES IN EQUITY (UN-AUDITED)
FOR THE HALF YEAR ENDED DECEMBER 31, 2024
Capital
reserve | Revenue reserves | |||||
Issued, | ||||||
subscribed | Total | |||||
and paid up | Share | General | Accumulated | Sub total | ||
capital | premium | reserve | (loss) | |||
-------------------------------------- | Rupees in '000'------------------------------------------- | |||||
Balance as at July 01, 2023 - (Audited) | 190,920 | 143,190 | 970,000 | (174,343) | 795,657 | 1,129,767 |
Total comprehensive (loss) for the period | ||||||
(Loss) for the period | - | - | - | (43,597) | (43,597) | (43,597) |
Other comprehensive income | - | - | - | - | - | - |
- | - | - | (43,597) | (43,597) | (43,597) | |
Balance as at December 31, 2023 - (Un-audited) | 190,920 | 143,190 | 970,000 | (217,940) | 752,060 | 1,086,170 |
Total comprehensive income for the period | ||||||
Profit for the period | - | - | - | 85,588 | 85,588 | 85,588 |
Other comprehensive income | - | - | - | - | - | - |
- | - | - | 85,588 | 85,588 | 85,588 | |
Balance as at June 30, 2024 - (Audited) | 190,920 | 143,190 | 970,000 | (132,352) | 837,648 | 1,171,758 |
Total comprehensive (loss) for the period | ||||||
(Loss) for the period | - | - | - | (89,257) | (89,257) | (89,257) |
Other comprehensive income | - | - | - | - | - | - |
Balance as at December 31, 2024 - (Un-audited) | - | - | - | (89,257) | (89,257) | (89,257) |
190,920 | 143,190 | 970,000 | (221,609) | 748,391 | 1,082,501 |
The annexed notes 1 to 18 form an integral part of these condensed interim financial statements.
Chief Executive Officer | Director | Chief Financial Officer |
08 Half Yearly Unaudited Accounts 2024
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