CONTENTS
Company Information | 2 |
Directors' Review | 4 |
Auditors' Report to the Members on Review of Interim Financial Information | 11 |
Condensed Interim Statement of Financial Position | 12 |
Condensed Interim Statement of Profit or Loss and Other Comprehensive Income | 14 |
Condensed Interim Statement of Changes in Equity | 15 |
Condensed Interim Statement of Cash Flows | 16 |
Selected Notes to the Condensed Interim Financial Information | 17 |
Half Yearly Report 2023 1
COMPANY INFORMATION
BOARD OF DIRECTORS
CHIEF FINANCIAL OFFICER COMPANY SECRETARY AUDITORS
LEGAL ADVISOR
BANKERS
CHAIRPERSON | ||
Mrs. Qaiser Shamim Khan | ||
CHIEF EXECUTIVE | ||
Mr. Muhammad Shamim Khan | ||
MANAGING DIRECTOR | ||
Mr. Nauman Ahmed Khan | ||
DIRECTORS | ||
Mr. Muhammad Shamim Khan | (Director) | |
Mrs. Qaiser Shamim Khan | (Director) | |
Mr. Adnan Ahmed Khan | (Director) | |
Mr. Nauman Ahmed Khan | (Director) | |
Mr. Muhammad Khan | (Director) | |
Mr. Muhammad Ashraf Khan Durani | (Independent Director) | |
Mr. Farid U Din Ahmad | (Independent Director) |
Mr. Hafiz Muhammad Arif
Mr. Wasif Mahmood
M/s. Rahman Sarfaraz Rahim Iqbal Rafiq
Chartered Accountants, Lahore
Mr. Shehzad Ata Elahi, Advocate
Allied Bank Limited
Askari Bank Limited
Bank Al-Habib Limited
Bank Alfalah Limited
Bank Islamic (Pakistan) Limited
Faysal Bank Limited
Habib Bank Limited
Habib Metropolitan Bank Limited
MCB Bank Limited
MCB Islamic Bank Limited
Meezan Bank Limited
National Bank of Pakistan
Standard Chartered Bank (Pakistan) Limited
Soneri Bank Limited
United Bank Limited
The Bank of Punjab
NBP Aitemaad Islamic Bank Limited
Samba Bank Limited
Dubai Islamic Bank Pakistan Limited
Pakistan Kuwait Investment Company Private Limited
2
AUDIT COMMITTEE
HUMAN RESOURCE & REMUNERATION COMMITTEE
RISK MANAGEMENT COMMITTE
NOMINATION COMMITTEE
SHARE REGISTRAR
REGISTERED OFFICE
HEAD OFFICE
FACTORY ADDRESSES
WEBSITE
Mr. Muhammad Ashraf Khan Durani | (Chairman) |
Mrs. Qaiser Shamim Khan | (Member) |
Mr. Adnan Ahmed Khan | (Member) |
Mr. Farid U Din Ahmad | (Chairman) |
Mr. Adnan Ahmed Khan | (Member) |
Mr. Muhammad Khan | (Member) |
Mr. Farid U Din Ahmad | (Chairman) |
Mr. Muhammad Ashraf Khan Durani | (Member) |
Mr. Farid U Din Ahmad | (Chairman) |
Mr. Muhammad Ashraf Khan Durani | (Member) |
M/s. CORPLINK (Pvt) Ltd | |
Wings Arcade, 1-K- Commercial | |
Model Town, Lahore | |
Tel: 042-35839182, 35887262 | |
Fax: 042-35869037 |
23- Pir Khurshid Colony Gulgasht, Multan Tel: 061- 6524621, 6524675
Fax: 061-6524675
2-D-1Gulberg-III, Lahore - 54600
Tel: 042-35771066-71
Fax: 042-357771175
Unit 1: Layyah Sugar Mills, Layyah
Tel: 0606-411981-4,0606-410014
Fax: 0606-411284
Unit 2: Safina Sugar Mills, Lalian District Chinniot.
Tel: 047-6610011-6
Fax: 047-6610010
www.thalindustries.com
Half Yearly Report 2023 3
DIRECTORS' REVIEW
The Directors of your Company are pleased to present the Un-Audited Accounts of the Company for the Half Year Ended 31 March 2023 in compliance with the section 237 of the Companies Act, 2017.
INDUSTRY OVERVIEW
During the period under review, crop volume was lesser than last year partially due to flood and partially due to comparatively low yield per acre. However better sugar recoveries & increase in the area under cultivation mitigated to some extent the negative impacts of low yield per acre.
For current crushing season 2022-23, notified support price of sugarcane was Rs. 300/- per 40 kg in Punjab & KPK and Rs. 302/- per 40 kg in the province of Sindh as compared to Rs 225 & 250 corresponding period in Punjab & Sind respectively. Crushing started on 25th November 2022. The 33% increase in support price of sugarcane will ultimately result in increase in the production cost of the sugar.
OPERATING HIGHLIGHTS
The Company is able to crush 2,575,765.773 M. Tons sugarcane and produced 277,663.950 M. Tons white refined sugar at an average recovery of 10.784% during the half year ending March 31, 2023 as compared to corresponding period of last year sugarcane crushing of 3,047,551.793 M. Tons and production of 302,964.500 M. Tons white refined sugar at an average recovery of 9.991%.
Net sales were recorded at Rs. 14,583.255 million during the period under review as compared to Rs. 7,229.398 million against the corresponding period of last year.
The Company earned after tax profit of Rs. 1,643.208 million during the period under review as compared to after tax profit of Rs. 781.160 million in the corresponding period of last year. This substantial increase in profitability is mainly attributed to higher sugar recovery and partially due to limited quantity sugar export allowed in second quarter.
All out efforts are being made to increase the production and profitability of the Company through process efficiency, installing modern and latest technology, reducing production cost by close supervision, developing good quality cane by providing the latest improved seed varieties, fertilizer, pesticides etc. and facilitating the cane growers constantly, which ultimately will result in higher sugar recovery and also financial benefit to the cane growers.
CORPORATE GOVERNANCE
Best Corporate Practices
Directors are committed to good corporate governance and comply with the requirements of the Listed Companies (Code of Corporate Governance) Regulations, 2019 and the Rule Book of Pakistan Stock Exchange.
- The total number of directors are seven as per the following:
- Male: Six
- Female: One
- The composition of the Board of Directors (the Board") is as follows:
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