Transmission of Quarterly Report for the Period Ended 30th June 2025

Focus on

2025

TABLE OF CONTENTS

P.02 P.03

Company Information Vision and Mission Statements

P.04 P.06

Directors' Review

Condensed Interim Statement of Financial Position

P.08 P.09

Condensed Interim Statement of Profit or Loss and other Comprehensive Income

Condensed Interim Statement of

Changes in Equity

P.10 P.11

Condensed Interim Statement of

Cash Flows

Selected Notes to the Condensed

Interim Financial Statements

1

Third Quarterly Report 2025

COMPANY

INFORMATION

BOARD OF DIRECTORS

CHAIRPERSON

Mrs. Qaiser Shamim Khan

CHIEF EXECUTIVE

Mr. Muhammad Shamim Khan

Standard Chartered Bank (Pakistan) Limited Soneri Bank Limited

Samba Bank Limited The Bank of Punjab

United Bank Limited

AUDIT COMMITTEE

Mr. Muhammad Ashraf Khan Durani Chairman

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)

Mrs. Farrah Khan (Director)

Mrs. Sarah Hajra Khan (Director) Mr. Anwar Ahmed Khan (Independent Director)

Mr. Muhammad Ashraf Khan Durani

(Independent Director) Mr. Farid Ud Din Ahmed (Independent Director)

CHIEF FINANCIAL OFFICER

Mr. Hafiz Muhammad Arif

COMPANY SECRETARY

Mr. Wasif Mahmood

AUDITORS

M/s. Rahman Sarfaraz Rahim Iqbal Rafiq Chartered Accountants, Lahore

LEGAL ADVISOR

Mr. Shehzad Ata Elahi, Advocate

BANKERS

Allied Bank Limited Askari Bank Limited

Al Baraka Bank Pakistan Bank Al-Habib Limited Bank Alfalah Limited

BankIslami (Pakistan) Limited

Dubai Islamic Bank (Pakistan) Limited Faysal Bank Limited

Habib Bank Limited

Habib Metropolitan Bank Limited

MCB Bank Limited

MCB Islamic Bank Limited Meezan Bank Limited

NBP Aitemaad Islamic Bank Limited National Bank of Pakistan Corporate Pak China Investment Company Ltd

Pak Kuwait Investment Company (Pvt) Ltd

Mrs. Qaiser Shamim Khan Member

Mr. Adnan Ahmed Khan Member

HUMAN RESOURCE & REMUNERATION COMMITTEE

Mr. Farid Ud Din Ahmed Chairman

Mr. Adnan Ahmed Khan Member

Mr. Muhammad Khan Member

RISK MANAGEMENT COMMITTEE

Mr. Farid Ud Din Ahmed Chairman Mr. Muhammad Ashraf Khan Durani Member

NOMINATION COMMITTEE

Mr. Farid Ud Din Ahmed Chairman Mr. Muhammad Ashraf Khan Durani Member

SHARE REGISTRAR

M/s. Corplink (Pvt) Ltd

Wings Arcade, 1-K- Commercial Model Town, Lahore

Tel: 042-35839182, 35887262

Fax: 042-35869037

REGISTERED OFFICE

23- Pir Khurshid Colony Gulgasht, Multan Tel: 061-6524621, 6524675

Fax: 061-6524675

LAHORE OFFICE

2-D-1 Gulberg-III, Lahore - 54600 Tel: 042-35771066-71

Fax: 042-35771175

FACTORY ADDRESSES

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, 047-7629990

Fax: 047-6610010

WEBSITE: https://www.thalindustries.com

2

VISION

We shall build on our core competencies and achieve

excellence in performance to become a leading producer of best quality sugar. In doing so we aim to meet or accede the expectations of all our stakeholders.

Our goal is not only to attain technological advancements in the field of sugar but also to inculcate the most efficient, ethical and time tested business practices in our management.

Furthermore, we shall strive to innovate the ways for the improvement and increase in per acre yield of sugarcane and introduce improved varieties of sugarcane having better yield characters, high sucrose contents, disease and drought resistant and better ratooning crop in the region. We shall introduce the mechanized sugarcane cultivation mehtod to the growers and to educate regarding latest developments of agriculture technology and free consultancy of professionals.

MISSION

We aim to be a leading producer and supplier of quality sugar by adopting the most technological advancement. We intend to play a pivotal role in the economic development of Pakistan.

DIRECTORS'

REVIEW

The Directors of your Company are pleased to present the Un-Audited Accounts of the Company for the Quarter Ended 30 June 2025 in compliance with the section 237 of the Companies Act, 2017.

INDUSTRY OVERVIEW

Sugarcane remains a key component of Pakistan's agricultural economy, with the sugar industry ranking as the second-largest agro-based sector after textiles. It contributes approximately 3.5% to agricultural value addition and 0.8% to the national GDP.

The 2024-25 crushing season presented several challenges, including adverse weather conditions, and escalating input costs. While modern cultivation techniques helped mitigate some of these impacts, sugarcane yield per acre declined by an estimated 10-15%.

As a part of the initial steps toward de-regulation of sugar industry, the Provincial Governments did not notify official support prices for sugarcane during the season, allowing market forces to dictate pricing. The company procured sugarcane at an average rate of PKR 429 per maund during the period.

OPERATING HIGHLIGHTS

As of the reporting date, the company processed 2,501,855 metric tons of sugarcane, resulting in the production of 241,471 metric tons of white refined sugar, with an average recovery rate of 9.655%. In comparison, during the corresponding period of the previous year, the company processed 2,701,533metric tons of sugarcane, producing 260,696 metric tons of white refined sugar at the same average recovery rate of 9.655%. While the recovery rate remained consistent year-over-year, the volume of sugarcane crushed declined by approximately 7.4%, primarily due to reduced sugarcane availability during the current crushing season.

Net sales for the Nine months of the financial year reached PKR 37,395.768 million, as compared to PKR 20,901.469 million in the corresponding period of the previous year.

As a result of higher revenue generation, the Company's profit before tax increased to PKR 1,734.111 million, compared to PKR 1,014.961 million in the corresponding period of the previous year. This improvement is primarily driven by a rise in sales volume and an increase in the average selling price during the current period. Additionally, the significant reduction in benchmark interest rates-from 22% to 11%-has contributed positively to the Company's profitability by lowering financial charges.

To support long-term growth and profitability, the company remain focused on Strengthening strategic support to cane growers, including Provision of high-quality seed varieties, Timely access to fertilizers and pesticides, and Comprehensive agronomic guidance to enhance both sugar recovery and farm productivity.

FUTURE OUT LOOK

The sugar industry currently operates within a semi-regulated environment. While sugarcane procurement has transitioned to market-based pricing, the government is attempting to regulate ex-mill and retail sugar prices to manage domestic market costs.

The Pakistan Sugar Mills Association (PSMA) continues to advocate for complete deregulation to foster long-term sectoral sustainability and competitiveness. However, the government's present policy seeks to balance industry viability with consumer affordability.

On the macroeconomic front, the reduction in the policy rate by the State Bank of Pakistan from 22% (March 2024) to 11% (June 2025) is expected to significantly lower borrowing costs, thereby supporting financial performance across the sector. Further easing is anticipated, subject to inflation trends.

Tax policy changes, particularly the transition from Final Tax Regime (FTR) to Normal Tax Regime (NTR) for export earnings, may moderately impact net profitability. Additionally, the IMF's opposition to tax exemptions, including on imported sugar, may limit future policy relief.

Despite regulatory and fiscal challenges, the industry remains committed to enhancing operational efficiency and sustaining value creation. The next crushing season is expected to commence in early November 2025, with export decisions to be taken based on carryover stock levels and domestic availability.

ACKNOWLEDGEMENT

The Board expresses its sincere appreciation to the entire workforce for their commitment, dedication, and contributions toward achieving the company's goals. The Board also extends gratitude to the financial institutions, growers, government agencies, and all other stakeholders for their continued support and cooperation.

For and on behalf of Board

The Thal Industries Corporation Ltd.

Mrs. Qaiser Shamim Khan Muhammad Shamim Khan

Chairperson Chief Executive

Lahore: 23rd July, 2025

CONDENSED INTERIM STATEMENT OF FINANCIAL POSITION

AS AT 30 JUNE 2025 (UN-AUDITED)

EQUITY AND LIABILITIES

SHARE CAPITAL AND RESERVES

Note

(Audited) 30 September

2024

ees) . . . . . . . . . .

Share capital 4

Revenue reserve General reserve Unappropriated profit

LOANS FROM DIRECTORS 5

NON-CURRENT LIABILITIES

Long term borrowings - secured 6

Lease liabilities - secured 7

Staff retirement benefits - Gratuity Deferred taxation

CURRENT LIABILITIES

Trade and other payables Accrued markup/ profit

Short term borrowings - secured 8

Current portion of non-current liabilities Uncashed dividend warrants

Provision for taxation

CONTINGENCIES AND COMMITMENTS 9

150,232,320

-93,800,000

9,486,824,488

9,730,856,808

478,600,000

10,209,456,808

-43,268,112

300,549,318

567,383,661

911,201,091

3,399,067,278

946,175,828

11,854,941,709

43,253,518

21,549,586

435,445,129

16,700,433,048

-

27,821,090,947

The annexed notes 1 to 21 form an integral part of this condensed interim financial statements.

CHIEF EXECUTIVE

CHIEF FINANCIAL OFFICER DIRECTOR

PROPERTY AND ASSETS

NON-CURRENT ASSETS

Note

(Audited) 30 September

2024

ees) . . . . . . . . . .

Property, plant and equipment 10

Intangible assets Long term deposits

CURRENT ASSETS

Stores, spare parts and loose tools Stock-in-trade

Trade debts 11

Loans and advances Short term investments

Trade deposits, prepayments and other receivables Taxes recoverable/ adjustable

Cash and bank balances

6,145,980,383

1,000

6,464,500

6,152,445,883

1,042,446,392

14,369,866,124

2,061,855,927

1,215,769,630

570,123,670

167,882,454

1,198,542,934

1,042,157,933

21,668,645,064

27,821,090,947

CHIEF EXECUTIVE

CHIEF FINANCIAL OFFICER DIRECTOR

CONDENSED INTERIM STATEMENT OF PROFIT

OR LOSS AND OTHER COMPREHENSIVE INCOME

FOR THE PERIOD ENDED 30 JUNE 2025 (UNAUDITED)

Note

Sales - net

Cost of sales 12

Gross profit

Operating expenses

Distribution and selling expenses Administration expenses

Operating profit

Other income 13

Finance cost Other expenses

Profit before levies and income tax Levies

Profit before income tax

Taxation- Income tax

Profit for the period

OTHER COMPREHENSIVE INCOME-NET OF TAX

Items that may be reclassified to profit or loss Items that may not be reclassified to profit

or loss:

Remeasurement of staff gratuity (loss)/gain

Related impact on deferred tax

Other comprehensive income for the period Total comprehensive income for the period Earnings per share - basic and diluted 14

The annexed notes 1 to 21 form an integral part of this condensed interim financial statements.

CHIEF EXECUTIVE

CHIEF FINANCIAL OFFICER DIRECTOR

CONDENSED INTERIM STATEMENT OF CHANGES IN EQUITY

FOR THE PERIOD ENDED 30 JUNE 2025 (UNAUDITED)

:

Balance as on September 30, 2024 150,232,320 93,800,000 9,486,824,488 9,730,856,808 478,600,000 10,209,456,808

Cash dividend @ 25% i.e Rs. 2.5 per share - - (37,558,080) (37,558,080) - (37,558,080) Directors' loan repaid - - - - (478,600,000) (478,600,000) Total comprehensive income for the Nine months

Profit/(Loss) for the period

150,232,320 93,800,000 10,662,234,825 10,906,267,145 - 10,906,267,145

Balance as on June 30, 2025

The annexed notes 1 to 21 form an integral part of this condensed interim financial statements.

CHIEF EXECUTIVE

CHIEF FINANCIAL OFFICER DIRECTOR

CONDENSED INTERIM STATEMENT OF CASH FLOWS

FOR THE PERIOD ENDED 30 JUNE 2025 (UNAUDITED)

Note

CASH FLOWS FROM OPERATING ACTIVITIES

Profit before levies and income tax Adjustments for non-cash and other items:

Depreciation Provision for gratuity

Remeasurement gain on investments at fair value through profit or loss- net

Gain on disposal of property, plant and equipment Finance cost

Workers' Profit Participation Fund (WPPF) Workers' Welfare Fund (WWF)

Operating cash flows before changes in working capital

Changes in working capital 15

Net cash used in operations

Gratuity paid Finance cost paid WPPF paid

WWF paid

Income tax paid

Net cash used in operating activities

CASH FLOWS FROM INVESTING ACTIVITIES

Fixed capital expenditure Long term advances

Short term investments - net

Proceeds from disposal of property, plant and equipment Long term deposits

Net cash used in investing activities

CASH FLOWS FROM FINANCING ACTIVITIES

Long term borrowings - net

Lease rentals paid during the period Lease security deposit

Short term borrowings - net Directors' loan repaid Dividend paid

Net cash generated from financing activities

Net 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 cash equivalents comprise of the following:

Cash and bank balances Running finance

CHIEF EXECUTIVE

The annexed notes 1 to 21 form an integral part of this condensed interim financial statements.

CHIEF FINANCIAL OFFICER DIRECTOR

SELECTED NOTES TO THE

CONDENSED INTERIM FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 30 JUNE 2025 (UNAUDITED)

1. STATUS AND ACTIVITIES

   The Thal Industries Corporation Limited (the Company) was incorporated in Pakistan on 07 September 1953 under the Companies Act, 1913 (now the Companies Act, 2017) as public company limited by shares. Its shares are quoted on Pakistan Stock Exchange in Pakistan. The Company is principally engaged in production and sale of refined sugar and its by-products.

   Geographical locations and addresses of business units/ plants:

   Purpose	Location	Address
   Registered Office	Multan	23-Pir Khursid Colony Gulgasht, Multan
   Head Office	Lahore	2-D-1 Gulberg III, Lahore
   Mill Site Unit-1	Layyah	Layyah Sugar Mills, Layyah
   Mill Site Unit-2	Chinniot	Safina Sugar Mills, Lalian District Chinniot

2. BASIS OF PREPARATION

   1. 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 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, 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.

   2. The condensed interim financial statements are not audited and have been presented in condensed form and do not include all the information as is required to be provided in a full set of annual financial statements. These condensed interim financial statements should be read in conjunction with the audited financial statements of the Company for the year ended 30 September 2024.

   3. The comparative figures as at 30 September 2024 in the condensed interim statement of financial position and the related notes to the condensed interim financial statements are based on audited financial statements. The comparative figures in the condensed interim statement of profit or loss and other comprehensive income, condensed interim statement of cash flows, condensed interim statement of changes in equity and related notes to the condensed interim financial statements for the nine months' period ended 30 June 2024 are based on unaudited condensed interim financial statements. The condensed interim statement of profit or loss and other comprehensive income for the Nine months' period ended 30 June 2025 and 30 June 2024 are neither audited nor reviewed.

   4. The preparation of condensed interim financial statements requires management to make judgments, estimates and assumptions that affect the application of accounting policies and reported amounts of assets and liabilities, income and expense. 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 estimates uncertainty were the same as those that applied to the financial statements for the year ended 30 September 2024.

      These condensed interim financial statements are presented in Pak Rupees which is also the Company's functional and presentation currency. All financial information presented in Pak Rupees has been rounded to the nearest of Rupees. Figures for previous year/ period are rearranged wherever necessary to facilitate comparison. Appropriate disclosure is given in relevant note in case of material rearrangement.

3. MATERIAL ACCOUNTING POLICY INFORMATION

   1. The accounting policies and the methods of computation adopted in the preparation of these condensed interim financial statements are the same as those applied in the preparation of the annual audited financial statements for the year ended 30 September 2024.

   2. Standards and amendments to published accounting and reporting standards which were effective during the Nine months' period ended 30 June 2025

      There are other new standards which are effective from 01 October 2024 but they do not have a material effect on the Company's condensed interim financial statements.

   3. Standards and amendments to approved accounting and reporting standards that are not

      yet effective

      There are other new standards and certain amendments and interpretations to the accounting and reporting standards that will be mandatory for the Company's annual accounting periods beginning on or after 01 October 2024. However, these standards, amendments and interpretations will not have any significant impact on the financial reporting of the Company and, therefore, have not been disclosed in these condensed interim financial statements.

      (Un-Audited) 30 June 2025 . (Rup 1,000,000,000

      83,688,460 1,427,700 65,116,160

      150,232,320

4. SHARE CAPITAL

   Number of Shares 30 June 30 September 2025 2024 Authorized Capital: 100,000,000 100,000,000 Ordinary shares of Rs. 10/- each				(Audited) 30 September 2024 ees) .......... 1,000,000,000
   Issued, subscribed and paid-up share capital:
   8,368,846	8,368,846	Ordinary shares of Rs. 10/-
   		each fully paid in cash		83,688,460
   142,770	142,770	Ordinary shares of Rs. 10/- each
   		issued as fully paid for consideration
   		otherwise than cash		1,427,700
   6,511,616	6,511,616	Ordinary shares of Rs. 10/-
   		each issued as bonus shares		65,116,160
   15,023,232	15,023,232			150,232,320

   All the shares are similar with respect to their rights on voting board selection, first refusal and block voting.

   Note

   (Un-Audited) 30 June

   2025

   (Audited) 30 September

   2024

5. LOANS FROM DIRECTORS

   Loans from directors - unsecured 5.1

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

   - 478,600,000

   (Un-Audited) 30 June 2025 . (Rup - -

   - -

   -

   1. These loans were unsecured, markup free and payable at the convenience of the Company. The entire balance of these loans has been repaid during the period, and hence, no balance remains outstanding as at period end date. This had been disclosed/classified in accordance with TR-32 "Directors' Loan", clause 3.3 "Contractual Directors' loan that is interest free and repayable at the discretion of the Company", issued by the Institute of Chartered Accountants of Pakistan. These loans were subordinated to bank loans.

6. LONG TERM BORROWINGS - SECURED

   From banking companies:

   Opening balance

   Paid during the period/ year Less: current portion

   Note

   6.1

   (Audited) 30 September

   2024

   ees) . . . . . . . . . .

   187,500,000

   (187,500,000)

   -

   -

   -

   (Un-Audited) 30 June 2025 . (Rup 101,610,850 19,683,721 17,881,000 65,834,382 (58,840,579)

   146,169,374

   (11,880,250)

   134,289,124 (44,475,578)

   89,813,546

   1. The Company had obtained a term finance facility of Rs. 350 million from Allied Bank Limited which was fully repaid during the year ended 30 September 2024. The said facility was secured against first pari passu/ hypothecation charge over all present and future fixed assets of the Company and personal guarantees of directors of the Company. It carried markup at 3 month KIBOR + 1%.

7. LEASE LIABILITIES - SECURED

   Opening balance Finance cost accretion

   Obtained during the period/ year Lease modification

   Lease rentals paid during the period/ year

   Less: Security deposits adjustable on expiry of lease term

   Less: Current portion

   (Audited) 30 September

   2024

   ees) . . . . . . . . . .

   121,460,474

   20,166,034

   31,841,000

   -(71,856,658)

   101,610,850

   (15,089,220)

   86,521,630

   (43,253,518)

   43,268,112

   30 June 2025
   Rupees
   Minimum Lease Payments	Less: Future Finance Cost	Present Value of Minimum Lease Payments
   65,315,354	(20,839,776)	44,475,578
   117,820,091	(28,006,545)	89,813,546
   183,135,445	(48,846,321)	134,289,124

   1. Maturity analysis-contractual undiscounted cash flows:

      Not later than one year

      Later than one year but not later than five years

      30 September 2024
      Rupees
      Minimum Lease Payments	Less: Future Finance Cost	Present Value of Minimum Lease Payments

      Not later than one year	56,702,238	(13,448,720)	43,253,518
      Later than one year but not later than five years	51,259,906	(7,991,794)	43,268,112
      	107,962,144	(21,440,514)	86,521,630

   2. The Company has a finance lease agreements from conventional banks of Rs. 249.322 million (2024: Rs. 223.86 million) for vehicles with various banks. Rentals are payable in monthly/ quarterly instalments ending upto July 2027. The markup rate implicit in the lease is 3 months KIBOR + 0.75% to 1.25% (2024: 3 months KIBOR + 0.75% to 1%) p.a, which translates to effective

      markup ranging from 12.09% to 21.17% (2024: 22.41% to 24.16%) p.a during the period/ year. The lease is secured by way of personal guarantees of directors of the Company and vehicle registered in the name of banks with 10% of vehicle value held as security.

   3. The Company intends to exercise its option to purchase the leased assets upon the maturity of lease term. Taxes, repairs and insurance cost is to be borne by the Company. In case of termination of the agreement, the Company has to pay the entire rentals for the unexpired period of the lease agreement.

   4. The Company also has lease contracts for offices used in its operations. These leases generally have lease terms between 3 to 6 years. In general, the Company is restricted from assigning and subleasing the leased assets. These lease contracts include extension and termination options subject to the mutual consent of the Company and the lessors. The Company is bound by certain covenants which includes but are not limited to payment of certain taxes and to

      (Un-Audited) 30 June 2025 . (Rup	(Audited) 30 September 2024 ees) . . . . . . . . . .
      60,343,894	600,376,381
      1,876,901,809	6,976,094,705
      1,937,245,703	7,576,471,086
      5,670,088,651	4,278,470,623
      7,607,334,354	11,854,941,709

      exercise reasonable care.

      Note

8. SHORT TERM BORROWINGS - SECURED

   Sanctioned limits

   (Rs. in millions)

   From conventional banks:	30 June	30 September
   	2025	2024
   Running finance	1,935	1,225	8.1
   Cash finance	14,165	14,215	8.2
   Islamic mode of financing:	16,100	15,440
   Istisna/ Tijarah/ Salam/ Murabaha	12,583	10,950	8.3
   	28,683	26,390

   1. These loans have been obtained from various banks to meet the working capital requirements and are secured against first pari passu hypothecation/ registered ranking charge over current assets of the Company and personal guarantees of directors. These are subject to markup at the rate of 1 to 3 month KIBOR -2% to 0.90% p.a (2024: 1 to 3 month KIBOR + 0.5% to 0.90% p.a) and

      the effective markup ranged from 10.09% to 18.83% p.a (2024: 18.83% to 23.93% p.a) during the period/ year. These limits will expire on various dates by 30 November 2027 and are renewable.

   2. These loans have been obtained from various banks to meet the working capital requirements and are secured against pledge over sugar bags of equivalent value with 5% to 25% margin and personal guarantees of directors. These are subject to markup at the rate of 1 to 3 months KIBOR -2% to 1% p.a (2024: 1 to 9 months KIBOR plus 0.30% to 1.5% p.a) and the effective

      markup ranged from 11.9% to 23.24% p.a (2024: 17.59% to 24.74% p.a) during the period/ year. These limits will expire on various dates by 31 January 2026 and are renewable.

   3. The Company has obtained Istisna/ Tijarah/ Salam/ Murabaha facilities from various Islamic banks to meet the working capital requirements and are secured against pledge over sugar bags of equivalent value with 7% to 25% margin and personal guarantees of directors. These are subject to markup at the rate of 3 to 9 months KIBOR -2% to 1% p.a (2024: 1 to 9 months KIBOR plus 0.25% to 1% p.a) and the effective markup ranged from 10.48% to 22.45% p.a (2024: 18.56% to 23.37% p.a) during the period/ year. These limits will expire on various dates by 31 December 2025 and are renewable.

9. CONTINGENCIES AND COMMITMENTS

   There has been no change in the status of contingencies and commitments as reported in the preceeding published annual financial statements of the Company for the year ended 30 September 2024 except for the following:

   • The Company has provided guarantees to various customers from different financial institutions amounting to Rs. 3,631.070 million ( 2024: Rs. 2,119.552 million).

     (Un-Audited) 30 June 2025 . (Rup 7,189,450,045 159,709,050 187,896,676

     7,537,055,771

     5,532,575,764 2,080,744,614 (850,565) 14,736,509 (437,756,278)

     7,189,450,045

   • The Company has not made any commitments in respect of contracts for capital expenditure (2024: Rs. 25.907 million million), letter of credit for capital expenditure (2024: Rs. 35.39 million).Commitment for letter of credit for other than capital expenditure amounting to Rs.15.682(2024: Rs. 4.149 million) has been made at the period end.

   (Audited) 30 September

   2024

10. PROPERTY, PLANT AND EQUIPMENT Note

    Operating fixed assets - owned 10.1

    Operating fixed assets - leased 10.2

    Capital work in progress - at cost

    1. Operating fixed assets - owned

       Opening written down value

       Additions during the period/ year- at cost 10.1.1

       Disposals during the period/ year- at WDV 10.1.1

       Transfers (at WDV)

       Depreciation charged for the period/ year

       ees) . . . . . . . . . .

       5,532,575,764

       125,855,787

       487,548,832

       6,145,980,383

       5,676,137,583

       432,543,682

       (265,421)

       5,787,711

       (581,627,791)

       5,532,575,764

       (Un-Audited) Period ended 30 June 2025		(Audited) Period ended 30 September 2024
       Addition At Cost	Disposal At WDV	Addition At Cost	Disposal At WDV
       Rupees	Rupees	Rupees	Rupees
       1,531,511,481	-	-	-
       -	-	49,754,729	-
       517,253,912	(515,310)	302,510,919	-
       4,794,852	-	18,530,606	-
       8,483,009	(544)	8,759,452	-
       12,661,695	-	1,750,884	-
       6,039,666	(334,711)	51,237,092	(265,421)
       2,080,744,614	(850,565)	432,543,682	(265,421)

       1. Additions and Disposals

       Operating Fixed Assets - owned

       Freehold land

       Buildings on freehold land Plant and machinery

       Tools, implements and other factory equipments Computer and other office equipments

       Electric installations Vehicles

       (Un-Audited) 30 June 2025 10.2 Operating fixed assets - leased Note (Rup			(Audited) 30 September 2024 ees) . . . . . . . . . .
       Opening written down value		125,855,787	135,285,576
       Additions during the period/ year	10.2.1	12,507,380	37,509,614
       Lease modification		65,834,382	-
       Transfers (at WDV)	10.2.1	(14,736,509)	(5,787,711)
       Depreciation charged for the period/ year		(29,751,990)	(39,806,090)
       Disposal of lease asset		-		(1,345,602)
       		159,709,050		125,855,787
       10.2.1 Additions and Disposals from

       (Un-Audited) period ended 30 June 2025	(Audited) period ended 30 September 2024
       Addition Disposal	Addition Disposal
       At Cos t At WDV	At Cost At WDV
       Rupees Rupees 65,834,382 - 12,507,380 334,711	Rupees Rupees - - 37,509,614 1,345,602
       78,341,762 334,711	37,509,614 1,345,602

       Operating fixed assets - leased

       Note TRADE DEBTS	(Un-Audited) 30 June 2025 . (Rup	(Audited) 30 September 2024 ees) ..........
       Trade debts	1,666,710,400	2,070,910,218
       Impairment allowance for expected credit loss	(9,054,291)	(9,054,291)
       	1,657,656,109	2,061,855,927

       Buildings on freehold land Vehicles

12. COST OF SALES

    Note

    (Un-Audited) 30 June

    (Un-Audited) 30 June 2025 . (Rup 14,355,614,084 29,544,587,481
    43,900,201,565 (10,858,192,439)
    33,042,009,126
    14,252,040 26,859,884,077 -807,242,885 116,176,408 551,776,803 533,005,256 4,800,839 423,904,154 233,412,697 9,206,659
    29,553,661,818 (9,074,337)
    29,544,587,481
    149,770,725 - -22,705,175
    172,475,900
    82,782,458 904,507 7,157,460 43,877,948
    134,722,374
    307,198,274

    2024

    ees) ..........

    Finished goods - Opening

    Add: Cost of goods manufactured 12.1

    Finished goods - Closing

    1. Cost of goods manufactured

       Work-in-process - opening Raw material consumed

       Cost of refined sugar purchased Salaries, wages and other benefits Fuel and power

       Stores, spares and loose tools Repairs and maintenance Insurance

       Depreciation Vehicles running Miscellaneous

       Work-in-process - closing

13. OTHER INCOME

    Financial assets

    Profit on deposit accounts

    Remeasurement gain on investments at fair value through profit or loss- net

    Dividend income on mutual funds

    Gain on disposal of short term investment

    Non-financial assets

    Sale of scrap Rental income

    Gain on disposal of property, plant and equipment Miscellaneous

    4,742,438,597

    32,816,678,267

    37,559,116,864

    (20,513,172,655)

    17,045,944,209

    6,687,110

    30,095,060,209

    -690,437,156

    129,513,189

    597,582,423

    658,523,488

    3,751,502

    415,568,960

    228,162,410

    5,481,834

    32,830,768,281

    (14,090,014)

    32,816,678,267

    97,607,599

    5,841,875

    186,515,335

    -

    289,964,809

    32,892,760

    1,068,361

    4,799,966

    23,283,166

    62,044,253

    352,009,062

14. EARNINGS PER SHARE - BASIC AND DILUTED

    Earnings per share is calculated by dividing the profit after taxation for the period by the weighted average number of shares outstanding during the period as follows:

    Un-Audited
    Period ended 30 June 2025	Period ended 30 June 2024	Quarter ended 30 June 2025	Quarter ended 30 June 2024

    . . . . . . . . . . . . . . . . . . . . R U P E E S . . . . . . . . . . . . . . . . . . . .

    Profit after taxation	1,212,968,417	636,067,922	1,152,491,190	(688,353,101)
    Weighted average number of ordinary shares in issue during the period	15,023,232	15,023,232	15,023,232	15,023,232
    Earnings per share	80.74	42.34	76.71	(45.82)

    (Un-Audited)

    30 June

    2025

    (Un-Audited)

    30 June

    2024

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

    (1,329,705) 69,769,515

    3,502,599,348 (15,778,136,962)

    404,199,817 (1,540,442,622)

    67,508,036 (152,161,099)

    372,798 (205,674,674)

    (1,069,357,962) (626,294,440)

    2,429,218,281

    3,815,474,177

    (14,417,466,105)

    5,333,210,613

No figure for diluted earnings per share has been presented as the Company has not issued any instruments carrying options which would have an impact on earnings per share when exercised.

1. CHANGES IN WORKING CAPITAL

   (Increase)/ decrease in current assets:

   Stores, spare parts and loose tools Stock-in-trade

   Trade debts

   Loans and advances

   Trade deposits, prepayments and other receivables Taxes recoverable/ adjustable

   Increase in current liabilities:

   Trade and other payables

2. REMUNERATION OF CHIEF EXECUTIVE, DIRECTORS AND EXECUTIVES

   Remuneration of chief executive, directors and executives charged during the period under review is as under:

   Period ended 30 June 2025 (Un-Audited)				Period ended 30 June 2024 (Un-Audited)
   Chief Executive	Director	Executives	Total	Chief Executive	Director	Executives	Total

   . . . . . . . . . . . . . . . . . . . . R U P E E S . . . . . . . . . . . . . . . . . . . .

   Managerial remuneration	1,530,000	1,530,000	185,175,157	188,235,157	1,530,000	1,680,000	188,068,725 191,278,725
   Utilities	-	-	7,950,313	7,950,313			6,181,574 6,181,574
   Bonus	-	-	35,177,175	35,177,175	-	-	32,956,666 32,956,666
   Meeting Fee	90,000	660,000	-	750,000	-	-	- -
   Incentive	-	-	11,393,844	11,393,844	-	-	- -
   Total	1,620,000	2,190,000	239,696,489	243,506,489	1,530,000	1,680,000	227,206,965 230,416,965
   Number of persons	1	1	69	70	1	1	56 58

3. TRANSACTIONS WITH RELATED PARTIES

The related parties comprise of associated companies, entities over which the directors are able to exercise influence, staff retirement funds, directors and key management personnel. The transactions with related parties other than remuneration and benefits to key management personnel under the terms of their employment which are disclosed in the note 16 are as follows:

Period ended