TL/2025/5433 | February 27, 2025 |
The General Manager,
Pakistan Stock Exchange Limited,
Stock Exchange Building,
Stock Exchange Road,
Karachi - 74000
FINANCIAL RESULTS FOR THE HALF-YEAR ENDED DECEMBER 31, 2024 (UNCONSOLIDATED AND CONSOLIDATED)
Dear Sir,
We are pleased to inform you that the Board of Directors of our Company in their meeting held on February 26, 2025 at 15:30 PM have approved the unaudited financial statements for the half-year ended December 31, 2024 for submission to the shareholders and the Stock Exchange as required under section 237 of the Companies Act, 2017.
The unaudited unconsolidated and consolidated results of the company for the half-year ended December 31, 2024 are attached as Annexure "A" & "B", respectively.
The Board of Directors are pleased to propose an interim cash dividend for the half-year ended December 31, 2024 @ Rs. 4.00/- per share i.e. 80%.
The interim dividend will be paid to the shareholders whose names in the Register of the Members as at March 10, 2025.
The Share Transfer book of the Company will remain closed from March 11, 2025 to March 13, 2025, (both days inclusive). In order to determine the entitlement to the aforesaid Interim Dividend, shares may be lodged for transfer with our Registrar FAMCO Share Registration Services (Pvt.) Limited, 8-F, Next to Hotel Faran, Nursery, Block 6, PECHS, Shahrah-e-Faisal, Karachi, at the close of business on March 10, 2025 will be treated in time for the purpose of above entitlement to the transferees.
The quarterly report of the Company for the period ended December 31, 2024 will be transmitted through PUCARS separately, within the specified time.
Yours faithfully,
For Thal Limited
Sameer Amlani
Company Secretary
CC to:
Chief Executive Officer | Executive Director / HOD |
Central Depository Company of Pakistan | Offsite-II Department, Supervision Division |
CDC House # 99-B, Block-B | Securities and Exchange Commission of Pakistan |
S.M.C.H.S. Shahrah-e-Faisal | 63, NIC Building, Jinnah Avenue |
Karachi | Blue Area, Islamabad |
Fax: 021-34326034 / Tel: 111-111-500 |
THAL LIMITED
UNCONSOLIDATED CONDENSED INTERIM STATEMENT OF FINANCIAL POSITION AS AT DECEMBER 31, 2024
ASSETS
Annexure A | |
Unaudited | Audited |
December 31, | June 30, |
2024 | 2024 |
-----------(Rupees in '000)-----------
NON-CURRENT ASSETS
Property, plant and equipment
Intangible assets
Investment property
Long-term investments
Long-term deposits and advances
Deferred tax asset
CURRENT ASSETS
Stores, spares and loose tools
Stock-in-trade
Trade debts
Loans and advances
Trade deposits and short-term prepayments
Interest accrued
Other receivables
Short-term investments
Sales tax refundable
Cash and bank balances
TOTAL ASSETS
EQUITY AND LIABILITIES
SHARE CAPITAL AND RESERVES
Authorised capital
(200,000,000 (June 30, 2023: 200,000,000) ordinary shares of Rs. 5/- each)
Issued, subscribed and paid-up capital
81,029,909 (June 30, 2023: 81,029,909) ordinary shares of Rs. 5/- each Reserves
NON-CURRENT LIABILITIES
Long-term deposits and payables
Long-term borrowings
Lease liabilities
Deferred income
CURRENT LIABILITIES
Trade and other payables
Warranty obligations
Accrued mark-up
Unclaimed dividend
Unpaid dividend
Current portion of long-term borrowings
Current portion of lease liabilities
Current portion of deferred income
Short-term borrowing
Income tax - net
Sales tax payable
TOTAL EQUITY AND LIABILITIES
6,069,164
234,395
970
13,136,990
31,825
322,764
19,796,108
226,385
9,293,299
4,263,963
269,706
131,945
16,032
922,972
7,850,296
333,057
988,491
24,296,146
44,092,254
1,000,000
405,150
31,756,423
32,161,573
10,513
3,366,879
7,970
172,959
3,558,321
5,239,333
909,467
83,024
112,722
23,562
447,961
32,653
59,868
786,312
677,458
-
8,372,360
44,092,254
6,119,445
252,199
972
13,081,737
31,321
302,917
19,788,591
221,519
7,772,559
4,969,103
162,431
144,692
21,024
939,418
7,288,577
-
1,447,121
22,966,444
42,755,035
1,000,000
405,150
30,842,114
31,247,264
10,513
3,568,823
24,809
202,323
3,806,468
4,814,297
921,900
95,290
107,990
23,137
417,041
29,996
63,487
780,000
446,812
1,353
7,701,303
42,755,035
THAL LIMITED
UNCONSOLIDATED CONDENSED INTERIM STATEMENT OF PROFIT OR LOSS (UNAUDITED) FOR THE HALF YEAR AND QUARTER ENDED DECEMBER 31, 2024
Half year ended | Quarter ended | |||
December 31, | December 31, | December 31, | December 31, | |
2024 | 2023 | 2024 | 2023 | |
Restated | Restated | |||
----------(Rupees in '000)---------- | ----------(Rupees in '000)---------- |
Revenue from contracts with customers
Cost of sales
13,237,199 11,213,504
(11,944,725) (10,088,077)
7,486,106
(6,674,719)
5,370,811
(4,819,989)
Gross profit
Distribution and selling expenses Administrative expenses
Other charges
Other income
Operating profit
Finance cost
Profit before taxation and levy
Levy
Profit before taxation
Taxation
Profit after taxation
Basic and diluted earnings per share
1,292,474
(418,827)
(714,362)
(10,569)
(1,143,758)
1,973,025
2,121,741
(353,344)
1,768,397
(154,847)
1,613,550
(268,315)
1,345,235
Rupees
16.60
1,125,427
(336,550)
(593,022)
(32,691)
(962,263)
1,310,654
1,473,818
(400,053)
1,073,765
(189,419)
884,346
(177,990)
706,356
Rupees
8.72
811,387
(226,214)
(356,519)
29,678
(553,055)
1,177,321
1,435,653
(163,214)
1,272,439
(50,279)
1,222,160
(205,843)
1,016,317
Rupees
12.54
550,822
(162,073)
(296,893)
17,686
(441,280)
821,467
931,009
(207,024)
723,985
(116,816)
607,169
(142,537)
464,632
Rupees
5.73
THAL LIMITED
UNCONSOLIDATED CONDENSED INTERIM STATEMENT OF CHANGES IN EQUITY
FOR THE HALF YEAR ENDED DECEMBER 31, 2024
RESERVES | |||||||
Revenue | |||||||
Issued, | |||||||
Gain on | |||||||
subscribed | |||||||
revaluation of | Total Equity | ||||||
& paid-up | Capital | General | Unappropriat | ||||
capital | Reserve | ed profit | investments | ||||
classified at | |||||||
FVOCI | |||||||
------------------------------------------------------ | (Rupees in '000) ----------------------------------------------------- | ||||||
Balance as at June 30, 2023 (audited) | 405,150 | 1,006,915 | 25,388,500 | 2,652,214 | 152,651 | 29,605,430 | |
Transfer to general reserve | - | - | 2,000,000 | (2,000,000) | - | - | |
Final dividend @ Rs. 6.50 per share | |||||||
for the year ended June 30, 2023 | - | - | - | (526,695) | - | (526,695) | |
Profit after taxation | |||||||
- | - | - | 706,356 | - | 706,356 | ||
Other comprehensive loss | - | - | - | - | 114,094 | 114,094 | |
Total comprehensive income | - | - | - | 706,356 | 114,094 | 820,450 | |
Balance as at December 31, 2023 (Unaudited) | |||||||
405,150 | 1,006,915 | 27,388,500 | 831,875 | 266,745 | 29,899,185 | ||
Balance as at June 30, 2024 (audited) | 405,150 | 1,006,915 | 27,388,500 | 2,153,887 | 292,812 | 31,247,264 | |
Transfer to general reserve | - | - | 1,600,000 | (1,600,000) | - | - | |
Final dividend @ Rs. 6.00/- per share | |||||||
for the year ended June 30, 2024 | - | - | - | (486,179) | - | (486,179) | |
Profit after taxation | |||||||
- | - | - | 1,345,235 | - | 1,345,235 | ||
Other comprehensive income | - | - | - | - | 55,253 | 55,253 | |
Total comprehensive income | - | - | - | 1,345,235 | 55,253 | 1,400,488 | |
Balance as at December 31, 2024 (Unaudited) | |||||||
405,150 | 1,006,915 | 28,988,500 | 1,412,943 | 348,065 | 32,161,573 | ||
THAL LIMITED
UNCONSOLIDATED CONDENSED INTERIM STATEMENT OF CASH FLOWS (UNAUDITED)
FOR THE HALF YEAR ENDED DECEMBER 31, 2024
De c e mbe r 3 1, | De c e mbe r 3 1, |
2 0 2 4 | 2 0 2 3 |
- - - - - - - (Rupe e s in '0 0 0 )- - - - - - -
Re sta te d
CASH FLOWS FROM OPERATING ACTIVITIES
Profit before taxation
Adjustme nts for non- c a sh a nd othe r ite ms:
Levy
Depreciation on:
- Right- of- use assets
- Others
Gain on disposal of operating fixed assets
Amortization
Finance cost of:
- Lease liabilities against right- of- use assets
- Others
Dividend income
Interest income
Gain on revaluation / redemption of investments classified at fair value through profit or loss Provision / (reversal) of allowance for expected credit losses
(Reversal) / provision for obsolescence of inventories Reversal of provision
Provision / (reversal) for impairment on loan to subsidiary Provision for retirement benefits
Inc re a se in c urre nt a sse ts
Stores, spares and loose tools
Stock- in- trade
Trade debts
Loans and advances
Trade deposits and short- term prepayments
Other receivables
Sales tax refundable
De c re a se in c urre nt lia bilitie s
Trade and other payables
Ca sh use d in ope ra tions
Finance costs paid
Retirement benefits paid
Income tax and levies paid
Long- term deposits - net
Ne t c a sh use d in ope ra ting a c tivitie s
CASH FLOWS FROM INVESTING ACTIVITIES
Additions to property, plant and equipment
Additions to intangible assets
Proceeds from disposal of operating fixed assets
Loan to subsidiary company
Long- term advance
Dividend income received
Interest income received
Long- term investment in subsidiary company
Short- term investments - net
Ne t c a sh ge ne ra te d from inve sting a c tivitie s
CASH FLOWS FROM FINANCING ACTIVITIES
Principal portion of lease rentals paid
SBP's Temporary Economic Refinance Facility repaid
SBP's Financing Scheme for Renewable Energy repaid
Long- term financing repaid
Dividends paid
Ne t c a sh use d in fina nc ing a c tivitie s
Ne t (de c re a se ) / inc re a se in c a sh a nd c a sh e quiva le nts
Cash and cash equivalents at the beginning of the period
Ca sh a nd c a sh e quiva le nts a t the e nd of the pe riod
Cash and bank balances
Short term investment
Bank overdraft facility
Total cash and cash equivalents
1,613,550
154,847
11,845
536,812
(9,835)
56,471
2,663
350,681
(1,126,814)
(67,613)
(660,743)
(18,503)
(35,390)
(622)
-
8,746
(797,455)
(11,385)
(1,478,831)
723,643
(107,276)
12,747
8,913
(334,410)
(1,186,599)
625,586
255,082
(365,608)
(16,433)
(409,505)
(504)
(536,968)
(521,285)
(38,666)
32,744
-
-
1,126,814
(121,324)
-
493,884
972,167
(14,182)
(92,697)
11,544
(122,854)
(481,022)
(699,211)
(264,012)
1,924,270
1,660,258
988,491
678,079
(6,312)
1,660,258
884,346
189,419
10,853
445,969
(12,727)
28,407
3,479
396,574
(873,455)
(71,926)
(119,926)
4,367
(13,700)
(77,929)
10,000
7,244
(73,351)
(33,772)
(1,740,878)
98,097
176,450
1,392,664
(40,454)
(309,683)
(457,576)
(1,486,207)
(1,132,788)
(382,357)
(11,984)
(400,376)
879
(1,926,626)
(594,344)
(71,280)
20,817
(10,000)
244,837
873,455
32,100
(60,000)
1,971,106
2,406,691
(11,894)
(53,688)
(9,545)
338,264
(522,736)
(259,599)
220,466
1,151,888
1,372,354
1,380,433
-
(8,079)
1,372,354
THAL LIMITED
CONSOLIDATED CONDENSED INTERIM STATEMENT OF FINANCIAL POSITION AS AT DECEMBER 31, 2024
ASSETS
NON-CURRENT ASSETS
Annexure B | |
(Un-audited) | (Audited) |
December 31, | June 30, |
2024 | 2024 |
-----------------(Rupees in '000)----------------
Property, plant and equipment
Intangible assets
Investment property
Long-term investments
Long-term deposits and advances
CURRENT ASSETS
Stores, spares and loose tools
Stock-in-trade
Trade debts
Loans and advances
Trade deposits and short-term prepayments
Interest accrued
Other receivables
Short-term investments
Sales tax refundable
Cash and bank balances
TOTAL ASSETS
EQUITY AND LIABILITIES
SHARE CAPITAL AND RESERVES
Authorised capital
200,000,000 (June 30, 2024: 200,000,000) ordinary shares of Rs.5 each
Issued, subscribed and paid-up capital
81,029,909 (June 30, 2024: 81,029,909) ordinary shares of Rs. 5/- each Share deposit money
Reserves
Equity attributable to equity holders' of the parent Non-controlling interest
NON-CURRENT LIABILITIES
Long-term deposits and liability
Long-term borrowings
Lease liabilities against right-of-use assets
Deferred income
Deferred tax liability
CURRENT LIABILITIES
Trade and other payables Warranty Provision Accrued mark-up Unclaimed dividend Unpaid dividend
Current portion of long-term borrowings
Current portion of lease liablities against right-of-use assets Current portion of deferred income
Short-term borrowings Income Tax - net
CONTINGENCIES AND COMMITMENTS
7,468,123
234,601
5,404,803
30,595,125
36,800
43,739,452
264,409
9,893,270
4,290,453
287,622
164,380
21,530
1,042,878
15,211,122
348,916
1,510,903
33,035,483
76,774,935
1,000,000
405,150
12
48,693,251
49,098,413
7,304,775
56,403,188
345,643
3,386,022
930,241
172,959
4,855,689
9,690,554
6,044,025
987,700
106,398
112,722
486,829
450,878
32,653
59,868
1,044,429
1,355,691
10,681,193
7,539,917
252,469
5,570,223
27,283,036
36,296
40,681,941
256,820
8,524,650
5,324,021
182,066
159,003
43,082
1,045,041
13,454,691
80,590
2,229,835
31,299,799
71,981,740
1,000,000
405,150
12
45,285,627
45,690,789
7,271,332
52,962,121
343,417
3,922,134
861,696
202,323
4,061,328
9,390,898
5,911,420
986,538
144,209
107,990
23,137
521,937
131,263
63,487
1,074,831
663,909
9,628,721
TOTAL EQUITIES AND LIABILITIES
76,774,935 71,981,740
THAL LIMITED
CONSOLIDATED CONDENSED INTERIM STATEMENT OF PROFIT OR LOSS (UNAUDITED)
FOR THE HALF YEAR ENDED DECEMBER 31, 2024
Half year ended | Quarter ended | |||
December 31, | December 31, | December 31, | December 31, | |
2024 | 2023 | 2024 | 2023 | |
-----------------(Rupees in '000)----------------- | --------------(Rupees in '000)-------------- |
Revenue - net
Cost of sales
Gross Profit
Distribution and selling expenses
Administrative expenses
Other charges
Other income
Operating Profit
Finance costs
Share of net profit of associates - after tax
Profit before levy and taxation
Levy
Profit before taxation
Taxation
Profit after taxation
Attributable to:
- Equity holders of the Holding Company
- Non-controllinginterest
Basic and diluted earnings per share attributable to the equity holders of the Holding Company
14,877,484
(13,546,374)
1,331,110
(429,678)
(1,008,323)
(13,210)
(1,451,211)
3,262,345
3,142,244
(486,896)
2,655,348
3,652,207
6,307,555
(259,578)
6,047,977
(1,720,665)
4,327,312
3,830,600
496,712
4,327,312
Rupees
47.27
Restated
11,853,748
(10,866,357)
987,391
(340,390)
(866,065)
(11,631)
(1,218,086)
2,663,802
2,433,107
(532,601)
1,900,506
5,181,711
7,082,217
(307,456)
6,774,761
(1,378,016)
5,396,745
5,001,679
395,066
5,396,745
Rupees
61.73
8,377,391
(7,522,785)
854,606
(232,174)
(505,527)
29,280
(708,421)
1,426,873
1,573,058
(222,440)
1,350,618
1,555,068
2,905,686
(11,677)
2,894,009
(902,653)
1,991,356
1,787,589
203,767
1,991,356
Rupees
22.06
Restated
5,753,918
(5,258,899)
495,019
(165,965)
(452,552)
27,680
(590,837)
1,318,714
1,222,896
(276,717)
946,179
3,124,640
4,070,819
(91,562)
3,979,257
(908,946)
3,070,311
2,884,645
185,666
3,070,311
Rupees
35.60
THAL LIMITED
CONSOLIDATED CONDENSED INTERIM STATEMENT OF CHANGES IN EQUITY (UNAUDITED)
FOR THE HALF YEAR ENDED DECEMBER 31, 2024
RESERVES | ||||||||
Revenue | ||||||||
Issued, | Share | Gain / (loss) | ||||||
Capital | on revaluation | Non- | ||||||
subscribed & | General | Unappropriat | Total equity | |||||
paid-up | deposit | Reserve | ed profit | of investments | controlling | |||
money | classified at | interest | ||||||
capital | ||||||||
FVOCI | ||||||||
------------------------------------------------------ Rupees in thousands ------------------------------------------------------ | ||||||||
Balance as at July 1, 2023 | 405,150 | 12 | 67,929 | 25,430,375 | 12,913,071 | 147,682 | 7,031,653 | 45,995,872 |
Transfer to general reserve | - | - | - | 2,000,000 | (2,000,000) | - | - | - |
Final dividend @ Rs. 6.00/- per share | ||||||||
for the year ended June 30, 2022 | - | - | - | - | (526,695) | - | - | (526,695) |
Subsidiary Company | ||||||||
Final dividend @ Rs. 0.723/- per share | ||||||||
for the year ended June 30, 2022 | - | - | - | - | - | - | (96,930) | (96,930) |
1st Interim dividend @ Rs. 1.044/- per share | ||||||||
for the year ended June 30, 2023 | - | - | - | - | - | - | (177,479) | (177,479) |
Profit for the period | - | - | - | - | 5,001,679 | - | 395,066 | 5,396,745 |
Other comprehensive income | - | - | - | - | 9,914 | 114,094 | - | 124,008 |
Total comprehensive income | - | - | - | - | 5,011,593 | 114,094 | 395,066 | 5,520,753 |
Balance as at December 31, 2023 (Un-audited) | ||||||||
405,150 | 12 | 67,929 | 27,430,375 | 15,397,969 | 261,776 | 7,152,310 | 50,715,521 | |
Balance as at July 1, 2024 | 405,150 | 12 | 67,929 | 27,430,375 | 17,499,480 | 287,843 | 7,271,332 | 52,962,121 |
Transfer to general reserve | - | - | - | 1,600,000 | (1,600,000) | - | - | - |
Subsidiary Company | ||||||||
Final dividend @ Rs. 1.453/- per share | ||||||||
for the year ended June 30, 2024 | - | - | - | - | - | - | (197,642) | (197,642) |
1st Interim dividend @ Rs. 1.953/- per share | ||||||||
for the year ending June 30, 2024 | - | - | - | - | - | - | (265,627) | (265,627) |
Profit for the period | ||||||||
- | - | - | - | 3,830,599 | - | 496,712 | 4,327,311 | |
Other comprehensive loss | - | - | - | - | 7,950 | 55,253 | - | 63,203 |
Total comprehensive income | - | - | - | - | 3,838,549 | 55,253 | 496,712 | 4,390,514 |
Balance as at December 31, 2024 (Unaudited) | ||||||||
405,150 | 12 | 67,929 | 29,030,375 | 19,251,851 | 343,096 | 7,304,775 | 56,403,188 |
THAL LIMITED
CONSOLIDATED CONDENSED INTERIM CASH FLOW STATEMENT (UNAUDITED) FOR THE HALF YEAR ENDED DECEMBER 31, 2024
CASH FLOWS FROM OPERATING ACTIVITIES
Profit before taxation and levy
Half year ended
December 31, | December 31, |
2024 | 2023 |
-----------------(Rupees in '000)---------------- | |
Restated | |
6,047,977 | 6,774,761 |
Adjustments for non-cash charges and other items:
Levy
Depreciation on:
- Right-of-useassets
- Others
Gain on disposal of property, plant and equipment
Gain on disposal of investment property
Amortisation
Share in profit of associates - after taxation
Finance cost of:
- Lease liabilities
-
Others Dividend income Interest income
Liability no longer payable
Gain on revaluation / redemption of investments classified at fair value through profit or loss Provision/(reversal) of allowance for expected credit loss
Provision for obsolescence of inventories Provision for retirement benefits
(Increase) / decrease in current assets Stores, spares and loose tools Stock-in-trade
Trade debts
Loans and advances
Trade deposits and short-term prepayments Other receivables
Sales tax refundable
Increase / (decrease) in current liabilities
Deferred income
Trade and other payables
Cash generated from operations
Finance costs paid
Retirement benefits paid
Income tax and levies paid
Long-term deposits - net
Net cash generated from operating activities
CASH FLOWS FROM INVESTING ACTIVITIES
Additions to property, plant and equipment
Additions to investment property
Additions to intangible assets
Proceeds from disposal of property, plant and equipment
Long term advance
Dividends received
Interest income received
Long-term investments made
Short-term investments - net
Net cash generated from investing activities
CASH FLOWS FROM FINANCING ACTIVITIES
Principal portion of lease rentals paid
SBP's Temporary Economic Refinance Facility repaid
SBP's Financing Scheme for Renewable Energy repaid
Long term financing repaid
Dividends paid
Net cash used in financing activities
NET (DECREASE) / INCREASE IN CASH AND CASH EQUIVALENTS CASH AND CASH EQUIVALENTS AT THE BEGINNING OF THE PERIOD CASH AND CASH EQUIVALENTS AT THE END OF THE PERIOD
Cash and bank balances
Short-term investments - TDRs
Short-term running finance
259,578
14,492
809,821
(14,940)
-
56,607
(3,652,207)
68,974
417,922
(219,397)
(712,847)
(622)
(660,743)
(18,503)
(19,175)
8,746
-
(3,662,294)
2,385,683
(20,248)
(1,336,696)
1,052,071
(105,557)
(5,377)
(3,049)
(268,326)
24,018
537,090
(126,074)
2,259,609
(524,715)
(16,024)
(905,891)
1,722
814,701
(613,910)
696
(38,735)
41,055
-
900,678
160,464
-
(320,822)
129,426
(30,065)
(92,697)
11,544
(561,526)
(758,983)
(1,431,727)
(487,600)
2,412,153
1,924,552
1,510,903
678,079
(264,429)
1,924,553
307,456
32,410
688,174
(16,934)
(1,968)
28,451
(5,181,711)
61,424
471,177
(645,398)
(361,362)
(77,929)
(119,926)
4,367
(25,210)
7,244
-
(4,829,735)
1,945,026
(41,031)
(1,950,918)
(32,176)
178,816
1,351,167
(55,516)
(304,354)
8,716
(1,259,001)
(2,104,297)
(159,271)
(525,422)
(11,805)
(881,272)
1,703
(1,576,067)
(673,536)
(23,729)
(70,736)
36,454
244,837
907,013
312,494
(59,590)
1,451,972
2,125,179
(67,601)
(53,688)
(9,545)
838,264
(797,145)
(89,715)
459,398
1,426,593
1,885,991
2,113,229
-
(227,238)
1,885,991