Towellers Limited
TOWELLERS HOUSE, | +92-21-36322500 |
W.S.A 30-31, BLOCK 1, | 36325500, 36323434 |
FEDERAL 'B' AREA, | 36323100, 36326600 |
KARACHI-75950, PAKISTAN |
April 28a 2025
+92-21-36314884 +92-324-8282371
+92-301-8240064
towellers@towellers.com https://www.towellers.com
FORM-7
The General Manager
Pakistan Stock Exchange Limited Stock Exchange Building
Stock Exchange Road Karachi.
Subject: E'inaxxc1a1 Results for tbe Quarter Gztded Mazcb 3 1, 2O25.
Dear Sir
We have to inform you that the Board of Directors of our Company in their meeting held at 11:30 a.m on Monday April 28a 2025 at W.S.A. 3O-31, Block No. 1, F.B. Area, Karachi has approved the un-audited financial results for the Third Quarter and Nine months ended March 31, 2025 and recommended the following.
(i) | CASH DIVIDEND | :NIL | |
(ii) | BONUS SHARES | :NIL | |
RIGHT SHARES | :NIL | ||
ANY OTHER ENTITLEMENT/ | :NIL | ||
(v) | CORPORATE ACTION ANY OTHER PRICE-SENSITIVE INFORMATION | :NIL |
The Company's unaudited financial results for the Third Quarter and Nine months ended March 31*' 2025 is enclosed herewith as Annexure "A"
The Quarterly Report of the Company for the period ended March 31, 2025 will be transmitted through PUCARS separately within the specified time.
Yours Sincerely,
on behalf of Towellers Limited
M. Farhan
Company Secretary
Director/HOD SECP
Offsite II Department Supervision Division SecuriDes and Exchange Commission of Pakistan NIC Building 63, Jinnah Avenue, Blue Area Islamabad.
TOWEtrsns rIuITED
CONDENSED INTEJIIM STATEMENT OF FINANCIAL POSITION AS AT MARCH 31, 2025
! ' UNAUDITED i AUDITED :
,
30 Jun-24 '
ASSETS
NON CURRENT ASSETS
Property, plant and equipment Right of use asset
Long Term Loans And Advances Long term deposits
CURhENTASSETSStores, spare parts and loose tools Stock in trade
Trode debts
bans and advances
Trade deposits and short term prepayments Other receivables
Income tax and sales tax refundable Short term investment
Cash and bank balances
TOTAL ASSETS
EQUITY AND LIABILITIES
SHARE CAPITAL AND RESERVES
Authorized capital
S , 5,953,471,029 ' 5,603,824,200
' 5,182,574 ' 5,435,798 i
, 26,364,424, 22,164,31,8
, 29 _7 25 _ 29;779 25_
6,014,797,652 S,66l,204,241
""°""° 3483,030° |"""" 7/9°6 5°66
6 , 1,753,643,989, 1,479,224,852 ,
7 2,419,860,337 2,205,193,42,3
, 255,329,650 , 285,061,152 ),
55,872,816 | 36,318,400
, 207,626,820 218,820,248,
, 634,772,920, 503,149,54.3
159,363,658 ' 786,037,6Z1
6,039,157,303 6,273,527,570
12,053,954,955 11,934,731,811
25,000,000 (}une 30, 2024: 25,000,000) ordinary shares of Rs.
10 each
Issued, subscribed and paid up capital
17,000,000 Qune 30, 2024: 17,000,000) ordinary shares of Rs.
10 each
250,000,000
.""""""""""""""""""""'".""""""'
170,000,000.
250,000,000
Reserves
Surplus on revaluation of property, plant & equipment TOTAL SHAREHOLDERS EQUITY
t 5,909,218,721 5,689,919,726 :
........ ¿,Zg ‹? ?,gjg , j ?g‹J J,‹f ,
8,874,804,640 8,739,778,206
NON CURRENT LIABILITIES
Staff Retirement Benefits Deferred Tax
Lease Liability Long Term Loan
CURRENT LIABILITIES
Trade and other payables Unclaimed dividend Accrued markup
Current Portion of Lease Liability
Current Portion of Long Term Loan
196,894,130 | 190,275,002 |
238,680,459 | 368,279,868 |
3,767,403 | 4,040,627 |
29,423,717 | 32,508,409 |
468,785,709
595,103,906
Short Term Borrowings
CONTINGENCIES AND COMMITMENTS TOTAL EQUITY AND LIABILITIES
The stitiezeJ notes form an integral part of these condensed interim financial statements.
i...... j %ooo‹26/i o‹ooo o oi
2,710,364,606 2,599,849,699
9
12,050,954,955 22,934,732,811
Adrian osaji
Chief Financial Officer
ana Bilal
Mehreen Obaid Agha
Chief Executive Director
Date: 28 April 2025
7OWELLEItS LIMITED
Condensed Interim Statement of Profit or Loss (Un-audited)
For the nine months ended March 31, 2025
31-lVIaz-25 , 31-Mar-24
31-Mar-25 ,
31-Mar-24
Rupees
,
Net Sales | 9,776,708,413 | 9,212,267,254 | 2,899,264,601 | 2,500,376,740 | |
Cost of sales | (8,610,797,075) | (6,052,138,196) | (2,626,639,104) | (2,307,637,360) | |
Gross profit | 965,911,338 | 1,160,129,056 | 272,445,496 | 242,741,380 | |
Distribution cost Administrative expenses Other operating expenses Other operating income | |||||
Profit from operations | 326,775,016 | 890,952,802 | 52,062,748 | 131,747,558 | |
e S | |||||
P fi (cos s Before Levies And Income T‹ | "' " 30. 2 8 4 2' | 87 06 .41. | |||
Levies | (51,036,626) | (51,372,735) | | (21,595,680) | (13,027,181) | |
Profit/ (loss) Before Income Tax | 254,169,956 | 826,687,677 | 25,797,764 | 113,756,999 | |
Income Tax Expenses | 16,856,478 | (162,733,162) | 43,701,260 | (55,376,857) | |
Profit for the period | 271,026,434 | 663,954,515 | 69,499,024 | 58,380,142 |
Earning per share-basic and diluted 15.94 35.58 4.09 3.43
Tfie annexed tiotes fDf7ft Sri integral part of these con tensed interim/insiicicl statements.
Mehreen Obaid Agha Chief Executive
Date: 28 April 2025
Sana Bilal Director
Chief Financial Officer
TOWELLERS LIMITED
Condensed Statement of Comprehensive Income (Un-auditedl
For the nine months ended March 31, 2025
Nine Months Ended Q ua rte r ended
31-Mar-25
31-IVtitr-24 '
Profit / (loss) for the period
Other comprehensive income for the period
Total comprehensive Profit for the period
271,026,434 G63,954,515
271,026,434 663,954,575
69,4fi9,{12'-I 58,380,142
69,499,024 58,380,142
The annexed notes fonn ali i1itegral pert of these coHdmseñ interim fiiiancial stnte /›eHts.
Mehreen Obaid Agha Chief Executive
Date: 28 April 2025
Sana 8ilal Director
Adrian Mo .
Chief Financial Ol iices
TO1VELLERStM1T2D
Condensed Statement of Changes in Equity (Un-auditedl
Particulars
Issued, subscribed
and paid up capit.al
Capital Ttes•rve
ftcserves
Ite vcnur
Share premium
Capital ' Unappropriated Expenditure _j:'co!'l
i Ca '!8! 8*88^'"
ltevalu iron" q Jp
ror the nine months ended Mart SJ
I'r‹›fit for the period
l«scrve lor ccp1tal cxp2nclirurc
Other cnmprehensiv« inmme Inr the period
i 70,000,000 63,000,000
663.954,515
4,000,000,000 (4,000,000,000)
Annual dividend ol PKR JO.00 per share fcr the year ended June 30, 2023 •
T;un&!u tedfrorn&urpluS‹›flnrv0luzli‹•n^! wupv,y,planT&cquipmOnC
. (w0,000,000)
- (170,000,000)
(43,4 17,023) -
Balancea$,lVwch31,2024
170,000,000 6Z,000,000 4,000,000,000 1J13,463.6A3
2,09;,g71¿U4 8,054,699,987
D,l,n,ezsz{]uly1,2024
I'r‹›fi1 for the p«riud
Other comprehensive incem» for the period
Mnuat dividend of PKR 8.00 per share lor the year endca june 30, *0*4
Tr.ansferred from surplus un revaluation of
1.70,000,000 63,000.000
- 5,6?6,91O,7?6
- (136,000,000)
- g4,?7?,561
*,879,6 '8,45"0 8,739,776,206
?71,02o,03*
- (Z?6,000,000)
i70,000,000 63,000,000
2,7?sés"?i? 8,87,60,6;0
Adnon Moosaji
Chief Financial Off icer
S‹u›a Bilal O1recor
*
Eli p p"t ypd "p tp$/orin pu iii ty tt1 ya rt of th ysc• ca ti ffen$c'd iii t‹mi m finaii civil sta tifinc•ii ts.
Mehreen Obaid Agha Chief Executive
TOTVSLLERS LIMITED
CondensedCash Flow Statement (Un-audited) For the nine months ended March 31, 2025
Nine Monh*s Ended
31-Mar-25 , 31-Mar•24 ,
Rupees
CASH mows mom o EnAriNG ACTIVITIES | |||
Profit before taxation | 305,206,582 | 578,060,4 15 | |
Adjustments fon | |||
Depreciation on ppe and roua | |||
Finance cost | |||
(Gain) / loss on disposal of property, plant and equipment | |||
Workers' profit participation fund ét workers welfare fund | |||
Provision for gratuity | |||
Profit before working capital changes | 624,395,810 | 1,108,353,457 | |
(Increase) / decrease in current assets | |||
Stock,stores,spare parts and loose tools Trade debts | |||
Loans and advances Trade deposits and short term prepayments | |||
Other receivables | |||
(463,229,OOOJ | 624,225,166 | ||
lDecreasel / increase in current liabilities | |||
Trade and other payables | (220,922,213) | 23,559,206 | |
Cash generated from operations | (59,755,403) | 1,756,137,878 | |
Finance cost paid | |||
Taxes refund / (paid) ' | (295,402,933) ‹ | 7,303,005 • | |
Long term loan paid . | (4,199,806, ) | (3,149,fi89,) | |
Workers' profit participation fund paid Staff retirement benefits - gratuity net
Net cash generated from operating activities
(468,591,053J 1,570,953,674
CASH FLOWS FROM 1MESTI NG ACTIVITIES | |||
Proceeds from sale of property, plant and equipment | |||
Short term investment Fixed capital expenditure | |||
Net cash used in investing activities | 64,681,384 | t910,225,043) | |
CASH £LOWS FROM FINANCING ACTIVITY ES | |||
Bank borrowings - net | 336,915,675 ' | 27,402,457 | |
Dividend paid | (135,554,639) | (167,940, J05), | |
Net cash used in financing activities | 201,361,036 | (140,537,6181 | |
Met increase / (decreased in cash and cash equivalents | (202,548,632) | 520,191,012 | |
Cash and cash equivalents at the beginning of the year | 701,752,715 | 430,403,190 | |
Cash and cash equivalents at the end of the period | 499,204,083 | 950,S94,202 | |
Adrian Moosaj i
Chief Financial Officer
The aitiiezed tiotes /ortn en integrril part of these condensed interim Jnaxciitf stotetnmts.
Mehreen Obaid Agha Chief Executive
Date: 26 April 20M
TOWELLERS LIMITED
NOTES TO THE CONDENSED INTERIM FINANCIAL STATEMENTS (UN-AUDITED)
For the nice months ended March 31, 2025
The company was incorporated in Pakistan as a Private Limited Company on May 31, 1973 and subsequently converted into Public Limited Company on June 22, 1994 under the Companies Act, 1913 (Now Companies Ordinance, 1984) and is quoted on stock exchanges at Karachi and Lahore. The principal business of the company is to manufacture and export of textile made ups, garments and towels. The registered office of the company is situated at WSA - 30 & 31, Block - 1, Federal "B" A rea, Fiarachi in the province of Sindh, Pakistan.
Statement of compliance
This condensed interim financial information is un-audited and has been prepared in accordance witla the requirements of the International Finance Reporting Standard (IFRS) IAS 34 Interim Financial Reporting as applicable in Pakistan. This condensed interim financial information does not include all of the information and disclosures required for arinual financial sta temeiats, and should be read in conjunction with the financial statements of the Company as at and for tlae year ended June 30, 2024.
This condensed interim financial information is being submitted to the shareholders as required by the Lisl ing regulations or Karachi, Lahore and Islamabad Stock Exchanges and section 237(2) of the Companies Act, 2017.
These condensed financial statements comprise of condensed interim balance sheet, condensed interim profit and loss account, condensed interim statement of comprehensive income, condensed interim cash flow statement and condensed interim statement of changes in equity together with the notes for the nine months ended Marcia 31, 2025.
3 MATERIAL ACCOUNTING POLICIES INFORMATIONThe accounting policies and methods of computation which have been used in the preparation o/ tlfis condensed interim financial information are the same as those applied in preparation of the financial statements for the preceding year ended June 30, 2024.
Amendments to certain existing standards and new interpretations on approved accounting standards ellecLi ve during the period either were not relevant to the company's operations or did not have any impact on the accounting policies of the company.
The preparation of this condensed interim financial information in conformity with approved accounting standards requires management to make estimates, assumptions and use judgments that affect the application of policies and re[ ortecJ amounts of assets and liabilities and income and expenses. Estimates, assumptions and judgments are contiaaua11y evaluated and are based on historical experience and other factors, including reasonable expectations of fuhire events. llevisions to accounting estimates are recognized prospectively commencing ixom the period of revision.
Judgments and estimates made by management in the preparation of this condensed interim financial irtformatitin are the same as those that were applied to the financial statements as at and for the year ended June 30, 2024.
The Company's financial risk management objectives and policies are consistent with tlaose disclosed iia the financial statements as at and for the year ended June 30, 2024.
5 PROPERTY, PLANT AND EQUIPMENT
Note
(U n-a nd ited)
34-Mar-25
------ Rupees
(Audited) 30-Jun-24
Operating assets at net book value (note 5.1) | 5.J | 5,562,420,357 | 5,389,245,472 |
Capital work in progress-at cost (note 5.2) | 5.2 | 391,050,642 | 214,575,727 |
5,953,471,029 | 5,603,824,199 |
TOIYELLERS LIMITED
NOTES TO THE CONDENSED INTERIM FINANCIAL STATEMENTS tUN-AUDITED)
For the nine months ended March 31, 20255.J Following is the cost of operating fixed assets that have been added / disposed off dli ring Ihe period ended March 31, 2025:
[ Addjtjons / Tran_sfers_ (at cost) i
30-Jun-24
(A udited J
------------ Rupees -----------
""""""""""""" -" "" '""""
959,291,962 -
726,45£>,247
669,717,61G.
Leasehold 1anct
Building on leasehold land Plant and maclfinery Furniture and fixture Office equipment
Solar Vehicles
5.2 CAPITAL WORK IN PROGRESS
Land | ||
Building - civil works | 270,636,490 | 12,996,061 |
Solar plant | 353,5S0 | |
Plant and machinery | 119,660,G02 | 101,550,646 |
391,050,642 | 214,578,727 | |
The movement in Capital work in progress is as follows:
Balance at tlae beginning of the year Additions during the year: | 145,063,362 | |||
Land | 310,456,605 | 422,965,4S2 | ||
Building - civil works | 157,838,410 | 140,240,382 | ||
Motor vehicle | 1,024,000 | |||
Solar plant | 2,415,257 | 3,690,000 | ||
Plant and machinery | 62,606,359/ | 35,162,977 | ||
533,528,633 | 603,262,841 | |||
Transfer to operating fixed assets | ||||
Land | 310,466,605 | 422,965,462 | ||
Building - civil works | 105,907,994 | |||
Motor vehicle Plant and machinery | 44,528,403 | 1,024,000 | ||
Solar plant | 2,061, 0 | 3,690,000 | ||
357,056,718 | 533,787,476 | |||
Balance at the end of the year | 39],050,642 | 214,576,727 | ||
STOCK IN TRAD E | ||||
Raw material | 621,997,756 | |||
Work in process | 407,963,124 | 303,956,015 | ||
Finished goods | 642,459,644 | 353,269,063 | ||
1,753,643,959 | ||||
TO VELLERS LIMITED
NOTES TO THE CONDENSED INTERIM FINANCIAL STATEh4ENTS (UN-AUD ITED)
For the nine months ended March 31, 2025
7 TRADE DEBTS Secured - considered good | ||
Foreign debts 1,383,542,541 | 769,914,297 | |
Unsecured - considered good Foreign debts 1,046,709,595 | 1,438,851,811 | |
Domestic debts 7,511,704 | 1,599,455 | |
Allowance for ECL (16,203,500) | (25,202,139) | |
2,419,660,337 | 2,205,193,423 | |
Cash in hand 5,420,0 Cash at banks: | 2,819,137 | |
In current accounts i59,294,7S0 | 230,237,455 | |
In saving accounts 331,489,3J9 | 468,696,J 20 | |
490,784,079 | 698,933,578 | |
701,75*,715_ | ||
8.1 lt carries mark up at the rate of 4.50% to 20.50% (2024: 4.5% to 19.50%) per annum. | ||
9 COATING ENCIES AND COMMITMENTS | ||
There has been no significant change in the contingencies since the last audited financial statements. | ||
9.1 Commitments | ||
Thaw material 22,198,321 | 49,14fi,750 | |
The related parties comprises associated companies, directors and key naaiaagemeiat persoruael. Amounts d ue to related parties arc shown in the relevant notes to the financial statements. Transactions with related parties are disclosed below:
Nature of transaction | Relationship | 31-Mar-25 | 30-J un-20 |
Salafies and other benefits | Key management personnel | 53,357,463 | 59,570,647 |
These condensed interim financial statements have been authorized for issue on 28 April 2025 by the board of ctirectors of the company.
]2 GENERAL
Figures have been rounded otf to the nearest rupees.
Mehreen Obaid Agha
Chief ExecutiveDate: 28 April 2025
Oirector
Adna ii Moosaj i
Cls ief Financia 1 Officer
'O
m