Date: March 17, 2025
The General Manager
Pakistan Stock Exchange Limited
Stock Exchange Building
Stock Exchange Road
Karachi.
Financial Results for the Year Ended December 31, 2024
Dear Sir,
We have to inform you that the Board of Directors of our Company in its meeting held on Monday, March 17, 2025 at 12:00 P.M. at 20 Floor, Sky Tower-East Wing, Dolmen City, HC-3, Block 4, Abdul Sattar Edhi Avenue, Clifton, Karachi, recommended the following:
1) | Cash Dividend: | Nil |
2) | Bonus Shares: | Nil |
3) | Right Shares: | Nil |
4) | Any Other Entitlement: | Nil |
The financial results of the Company are attached.
The Annual General Meeting of the Company will be held on April 28, 2025 at 11:00 A.M. at Karachi.
The Annual Report of the Company will be transmitted through PUCARS at least 21 days before of holding of Annual General Meeting.
Yours truly,
Shayan Mufti
Company Secretary
TPL LIFE INSURANCE LIMITED (FORMERLY: DAR-ES-SALAM TEXTILE MILLS LIMITED) STATEMENT OF FINANCIAL POSITION
AS AT DECEMBER 31, 2024
Note | |
Assets | |
Property and equipment | 6 |
Intangible assets | 7 |
Investments | |
Government securities | 8 |
Mutual funds | 9 |
Term deposits | 10 |
Insurance receivables | 11 |
Other loans and receivables | 12 |
Taxation - payments less provision | |
Prepayments | 13 |
Cash and bank | 14 |
Total assets | |
Equity and liabilities | |
Capital and reserves attributable to Company's equity holders | |
Authorized share capital | 15 |
Issued, subscribed and paid up share capital | 15 |
Contribution from sponsors | 16 |
Accumulated loss of other than participating share | |
(Ledger account D) | |
Unappropriated profit | |
Advance against issuance of right shares | |
Total equity | |
Liabilities | |
Insurance liabilities | 17 |
Premium received in advance | |
Reinsurance payables | 18 |
Other creditors and accruals | 19 |
Total liabilities | |
Total equity and liabilities | |
Contingency and commitments | 20 |
20242023 (Rupees in "000")
5,363 | 10,096 | |
31,335 | 37,211 | |
243,996 | 120,116 | |
189 | 19,087 | |
85,000 | 85,000 | |
68,268 | 208,144 | |
52,841 | 37,560 | |
52,536 | 44,200 | |
5,074 | 1,076 | |
702,133 | 559,050 | |
1,246,735 | 1,121,540 | |
2,400,0002,400,000
2,245,0002,090,000
300,859-
(2,555,545) (2,311,655)
301,329397,651
291,643175,996
-75,000
291,643250,996
343,979271,836
6,35616,630
240,631256,608
364,126325,470
955,092870,544
1,246,7351,121,540
The annexed notes from 1 to 40 form an integral part of these financial statements.
Chairman | Chief Executive Officer | Director | Chief Financial Officer |
TPL LIFE INSURANCE LIMITED (FORMERLY: DAR-ES-SALAM TEXTILE MILLS LIMITED) STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED DECEMBER 31, 2024
Note | |
Premium / contribution revenue | |
Premium / contribution ceded to reinsurers | |
Net premium / contribution revenue | 21 |
Investment income | 22 |
Net fair value gains on financial | |
assets at held for trading | 23 |
Other income | 24 |
Net income | |
Insurance benefits | |
Recoveries from reinsurers | |
Reversal of claims | |
Net insurance benefits | 25 |
Net change in insurance liabilties (other than outstanding claims) | |
Acquisition expenses | 26 |
Marketing and administration expenses | 27 |
Other expenses | 28 |
Listing expenses | |
Total expenses | |
Results of operating activities | |
Financial charges | |
Profit before income taxes and final taxes | |
Minimum tax levy | 29 |
Loss before income tax | |
Income tax expense | 30 |
Loss for the year |
20242023
(Rupees in "000")
391,829 | 436,418 | |
(96,891) | (127,833) | |
294,938 | 308,585 | |
45,539 | 34,733 | |
32 | 6,625 | |
27,647 | 29,313 | |
73,218 | 70,671 | |
368,156 | 379,256 | |
160,616 | 149,722 | |
(61,888) | (79,635) | |
(37,296) | - | |
61,432 | 70,087 | |
31,865 | 78,896 | |
82,285 | 77,776 | |
395,702 | 376,658 | |
30,459 | 3,959 | |
95,310 | - | |
635,621 | 537,289 | |
(328,897) | (228,120) | |
(10,725) | (13,784) | |
(339,622) | (241,904) | |
(590) | - | |
(340,212) | (241,904) | |
- | (3,047) | |
(340,212) | (244,951) |
Other comprehensive income | - | - | ||
Total comprehensive loss for the year | (340,212) | (244,951) | ||
Loss per share - basic and diluted | 31 | (1.54) | (1.24) | |
The annexed notes from 1 to 40 form an integral part of these financial statements. | ||||
Chairman | Chief Executive Officer | Director | Chief Financial Officer |
TPL LIFE INSURANCE LIMITED (FORMERLY: DAR-ES-SALAM TEXTILE MILLS LIMITED) STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED DECEMBER 31, 2024
Balance as at January 1, 2023
At beginning of year
Advance received against issuance of shares
Right shares issued during the year
Total comprehensive loss for the year
Loss for the year
Other comprehensive income
Deficit retained in statutory funds
Balance as at December 31, 2023
Right shares issued during the year
Advance against right shares received during the year
Transfer of Advance against right shares to loan from sponsor
Transaction with owners:
Fair value of the consideration effectively transferred in the Scheme of merger
Total comprehensive loss for the year
Loss for the year
Other comprehensive income
Loan received from sponsor during the year
Loan from sponsor transferred on merger
Repayment of loan from sponsor during the year
Deficit retained in statutory funds
Balance as at December 31, 2024
The annexed notes from 1 to 40 form an integral part of these financial statements.
Attributable to equity holders of the Company
Accumulated | |||||
Contribution | Unappropriated | losses of | Advance against | ||
Share | from | profit / (loss) | other than | issuance of share | Total |
Capital | sponsors | participating | |||
share - Ledger | |||||
D account | |||||
(Rupees in "000") | |||||
1,910,000 | - | 379,465 | (2,048,518) | 50,000 | 290,947 |
- | - | - | - | 205,000 | 205,000 |
180,000 | - | - | - | (180,000) | - |
- | - | (244,951) | - | - | (244,951) |
- | - | - | - | - | - |
- | - | (244,951) | - | - | (244,951) |
- | - | 263,137 | (263,137) | - | - |
2,090,000 | - | 397,651 | (2,311,655) | 75,000 | 250,996 |
75,000 | - | - | - | (75,000) | - |
- | - | - | - | 90,000 | 90,000 |
- | 90,000 | - | - | (90,000) | - |
80,000 | - | - | - | - | 80,000 |
- | - | (340,212) | - | - | (340,212) |
- | - | - | - | - | - |
- | - | (340,212) | - | - | (340,212) |
- | 200,000 | - | - | - | 200,000 |
- | 58,096 | - | - | - | 58,096 |
- | (47,237) | - | - | - | (47,237) |
- | - | 243,890 | (243,890) | - | - |
2,245,000 | 300,859 | 301,329 | (2,555,545) | - | 291,643 |
Chairman | Chief Executive Officer | Director | Chief Financial Officer |
TPL LIFE INSURANCE LIMITED (FORMERLY: DAR-ES-SALAM TEXTILE MILLS LIMITED) CASH FLOW STATEMENT
FOR THE YEAR ENDED DECEMBER 31, 2024
Note
Operating Cash flows:
-
Underwriting activities Insurance premium received Reinsurance premium paid Claims paid
Surrenders paid Commission paid
Marketing and administrative expenses paid Net cash used in underwriting activities - Other operating activities
Income tax paid
Other operating receipts
Net cash (used in) / generated from other operating activities
Total cash used in all operating activities | |
Investment activities: | |
Profit / return received on investment | |
Dividend received | |
Purchase of investment | |
Proceeds from sale of investment | |
Capital expenditure - net | |
Total cash (used in) / generated from investing activities | |
Financing activities: | |
Proceeds from issuance of shares | |
Funds received from sponsor | |
Payment made to sponsor | |
Bank balance acquired on merger | |
Repayment of lease liablities | |
Total cash generated from financing activities | |
Net cash generated from all activities | |
Cash and cash equivalents at beginning of year | |
Cash and cash equivalents at end of year | 32 |
Reconciliation to Profit and Loss Account: | |
Operating cash flows | |
Depreciation / amortization expense | 27 |
Gain on disposal of property and equipment | 24 |
Listing Expense | |
Unwinding of discount | |
Dividend and other investment income | 22 |
Return on bank balances | 24 |
Increase in assets other than cash | |
Decrease in liabilities other than borrowings | |
Loss after taxation |
20242023
(Rupees in "000")
445,713 | 347,852 | |
(13,138) | - | |
(116,193) | (137,916) | |
(4,691) | (4,684) | |
(74,881) | (36,267) | |
(335,901) | (355,423) | |
(99,092) | (186,437) | |
(8,455) | (8,927) | |
3,826 | 31,550 | |
(4,630) | 22,624 | |
(103,720) | (163,813) | |
52,323 | 56,325 | |
21 | 165 | |
(241,274) | (118,912) | |
145,833 | 238,500 |
- (11,809)
(44,052)164,268
- | 205,000 | |||
290,000 | - | |||
(47,237) | ||||
50,226 | ||||
(2,134) | (2,126) | |||
290,856 | 202,874 | |||
143,083 | 203,329 | |||
559,050 | 355,721 | |||
702,133 | 559,050 | |||
(103,720) | (163,813) | |||
(11,560) | (7,076) | |||
- | 45 | |||
(95,310) | - | |||
(1,071) | (1,289) | |||
45,571 | 41,358 | |||
27,647 | 27,354 | |||
(178,666) | 81,533 | |||
(23,102) | (223,063) | |||
(340,212) | (244,951) | |||
The annexed notes from 1 to 40 form an integral part of these financial statements.
Chairman | Chief Executive Officer | Director | Chief Financial Officer |