Waves Corporation LtdPSX: WAVES

Financial Results for the Half Year Ended 30 June 2025

Sep 1, 2025 at 4:07 AM UTC · Issued by Waves Corporation Ltd

WAVES CORPORATION LIMITED

(Formerly Waves Singer Pakistan LiIT'iited)

WAVES/PSX/08/2025

29 August 2025

The General Manager

Pakistan Stock Exchange Limited Pakistan Stock Exchange Building, Stock Exchange Road,

Karachi

Financial Results for the period ended 30 June 2025 - Waves Corporation Limited (WAVES)

Dear Sir,

The Board of Directors of Waves Corporation Limited (WAVES or the Company) in their meeting held on 29 August 2025 have infer a/ia approved the Quarterly Financial Results of the Company for the period ended 30 June 2025, and decided the following:

Cash Dividend/ Bonus/Rights/Any Other Entitlement: NIL
Financial Results:
The condensed interim consolidated financial results and standalone financial results of the Company for the pefiod ended 30 June 2025 are attached as Annexure A and Annexure B to this letter. The Quarterly report of the Company will be transmitted through PUOARS separately and shall also be available on the Company's website https://www.waves.net.pk
Price Sensitive Information:
Other Information:

You may inform the TRE Certificate Holders of PSX accordingly.

Yours truly,

For Waves Corporation Limited

NIL NIL

Zulfiqar Company Secretary

Enclosed:

Annexure A: Consolidated Financial Results and Annexure B: Standalone Financial Results
Copy to:
The Supervision Division and Securities Market Division, SECP, Islamabad and all other concerned

Registered Head Office: '? Km Multan Road, Lahore - 54790. Pakistan Ph: 042-3541542-5, 042-35421502-4 Email: cs@waves.net.pk O wavespakistan I UAN: +92 (zi2) 111-31-32-33 I https://www.wavesinger.com.

Waves Corporation Limited and its Subsidiaries Condensed Interim Consolidated Statement of Financial Position As at 30 June 2025

(Un-audited) (Audited)

t,8l4,062	2,814.062
5,0H,661	5,03D,66I
455,410	430.084
450,126	463.028
1,584,i85	1,328,316

30, 2025 31, 2024

Annexure - A

(LIn-audited) (Audited) June Oecember

fl,78l,941	8 795,587
2,745,821	2,763.5 IB
3,989,000	3.585,432
29,718	31.552
16,092	16,092

30, 2(l2fi 31, 2024

EQUIJ'Y AND LIABILITY ES

Share capital and reserves Authorised capital 300,000,000

Male

--------- (Rupees in 'OOB) ----------

ASSETS

Noa-current assets

.filoie

- (Rupees in

'000s ----------

(2024: 300,000,000) ordinary Shares of Rs. 10 each

,000 000

Share Capital Capital reserves Loan from drirectors Revaluation surplus

lJnapprupriated profii

Property. plant and equipment Intangible assets

Investment property

Long term deposits and receivables Employee retirement benefits

Equity attributable to owners of the company

l0d34,444 I0,0GG, 151

15,562,572

15.102.181

Non-centolling inteceit

3,196,269 2,96b,718

l3q534,713 13,032,869

Non•current liabilities

Current assets

Long term loans - secured Lease liabilities

Employee retirement benefits Deferred tax liability - rtet

Del'erred income

Stores, spares and loose tools Stock-ie-trade

'l"rade debts

- Remil

-Whole Sales

6,•iS8,145 5,879,773

Advances, deposits prepajments

and other receivables Taxation - eel

Surreal Iiahiliti€s Cash and bank balances 12

	5,596,668
6,678	13,34 I
21,575	20,720
2S4,73x	244,974
J,722	4.07B

Trade and other payables Accrued mark-up on bormwings Shori term borrowings

Current tx›rtion of long term liabilities

Contingencies and commitments

2t,045	21.306
2,456,619	2.494,012
1#B7,407	1.395.023
4,t25193	4.212.667
778,089	711.843
177,719	251.871
Jti8,533	50,330

3,574, 157

3,656,627

233,733

295,172

749,446

1.02 I,535

443,257

4,748,3t9

5.416,591

9,25d,6O6

9.137.052

24,817,177 24,329,233 24,Cl7 ,177 24,329,233

The annexed notes I to l9 form an integral part of these condensed interim consolidated financial statements.

Waves Corporation Limited and its Subsidiaries

Condensed Interim Consolidated Statement of Profit or Loss Account For the six months period ended 30 June 2025

Six months ended June June

30, 2025 30. 2024

Tbree oiooCbs ended June June

30, 1025 30. 2024

Note

----------------- (Rupees in '000) ----------------

Sales - net of salés return

3,707,549

2,929,009

2,148,661

1,535,278

Sales tax and trade discount on invoices

(1,0I9,437)

(569,409)

(649,704)

(240,1 I3)

Sales - net

2,688,112

2,3•i9,600

I,498,957

1,295,1.64

Cost of.sales

(1,918,336)

(1.634.992)

(1,072,425)

(.848,145.)

Gross profit

769,776

724,608

426,532

447,0t9

Marketing, selling and distribution costs

(307J80)

(293.910)

(t76,0.42)

(.I 58.,479.)

Administrative expenses

(186,762)

(159,082)

‹=,208)

(b.6,640)

Other expenses

(50,779)

(65,298)

(40,723)

(59,678)

57J,080

9fi;fi49

89.167

25,958

(322,641)

72,672

(195,630)

Profit from operations

795,734

401,967

JPP,30J

Finance cost

(322,425)

(153.337)

Q17,6*0)

(80,245)

Prefit befort levies and i•cnnie tax

d73,309

248,630

28t 4

171,144

Levies

(54,078)

(54,398)

(28M6)

(13,458)

Profit before income tax

4I9J3I

194,232

253$*'8

157,686

Income tax expense

(10,750)

(16,629)

19,565

(11,193)

177,603

272,783

146,493

Attributable to: Owners of the Group

534,534

159,213

171,780

134,730

Non-controlling interests

73,947

18,290

11,762

177.603

272,783

146,493

Earnings per share - basic and diluted /Aupeez/

O.63

0.97

0.52

The annexed notes I to 19 form an integral part of these condensed interim consolidated financial statements.

Waves Corporation Limited and its Subsidiaries

Condensed Interim Consolidated Statement of Comprehensive Income For the six months period ended 30 June 2025

Six months ended

June June

30.2024

Jutte

H, 2025

2uoe

30,2024

--------------------- (Rupees in '000) - •-••-

Profif for tbe period

Other cnniprebsnsive income for the oeriod

hems thai will not be reclassfed to profit or loss account.

I 77.603 272,783

'rotel toeipnhnasive incnnie fur the perind 177.603 72 7 146,493

The annexed notes 1 to 19 form as integral pan of thtse condensed interim consolidated financial statements.

Waves Corporation Limited and its Subsidiaries Condensed Interim Consolidated Statement of Changes In Equity For the six months period ended 30 tune 2025

Unappropreted profits

fievetuatloa

Suxplzss

than halo Directors

Cxpitsl reserves

Noa cootrollog

- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - RMms in '000 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

Asa10Jnuary?024

Profit lor tke period

Other comprekunxive income

2,814,062 5,030,661 229,017 550/80

I.002,556 9,626J76 t.593,540 I 1,220,116

l,Ot6.757 1.046.757 41,271 1,088,028

Incremental depreciation relating to surplus on evaluation - net of tax

Realisation of surplus on disposal

Increase in non-controlling inlcmsl on dilution of investment

(25:804›

(6],448)

W.804

61448

1,331.907 1,331,907

Loss on sale of divestment ofsubeidiary company SJxin.sprs loans obtained d.iiring: the year

Aa at 31 December 2ti24

.Piofil for the period

O-ther comprehensive income

Incremental depreciation relating to surplus on revaluation - nuE or tax

Increase in non-contri›lling interest on dilution of investment

201.067

2,gt4,062 5Q30 y 43a,g&t

(808,249) (808,249) {808,249)

201.067 20I,0G7

334;534

334,M4. 73,947 408,4g I

t,S28Jt6 t8,066,t5t I.966.USB t3.,633,869

I2,P02

sponsors loans obiained/(repaid) during the period Loss on sale of divestment o£subsidiary company

*5,326

(91,56†)

2SU€6

(91,5d7)

Balnoce as et 3o Julie zo25

2,6l4,062 5,030 661 4S5,4t0 45a,126 1 185 J04H,444 3,1Pf769 7

The annexed netes I to 19 f an i ie I ari bese condensed interim consolidatml financial state e ts.

DI r Cfiief Financial OMcer

Waves Corporation Limited and its Subsidiaries

Condensed Interim Consolidated Statement of Cash Flow

Por the six months period ended 30 June 2025

‹Lin-audited)

(Un-audited)

June

/une

S0, 202S

30. 2024

---- (Rupees

in '000) -----

Profit before taxation

248630

Adjusts 'ritefor non-cash and other items.

Depreciation on property. plant and equipment

f2S,307

Amonisaiion of intangible assets

17i69†

17,637

Finance cost

322,425

153,337

Allowance for expected credit lo»s

32J93

Gain on ssle:of property, plant and equipment

(5,1dJ)

(39,328)

£JTect of present vatue discounting oF accrued mark up

(I62A83)

Fair value gain on investment property

(267A7S)

Cmdit baaaccs written back

(283)

Amortisation of deferred inoome

Unrealised exchange Lnss

1,924

522,412

505.002

(Incre.ase) /decrease in current assets.'

Stores, spares and loose tuols Stock-in-trade

Trâde debts and other receivables

Advances, dcpasits,.prepeyments axd other receivables

lactose in current liabilities:

Tmdc end other payables

Income tax received/(paid)

261	1,647
17,393	528,818
(13fi,4£9J	(448,644
($6,246)	(96,446)
{2C4,111)	f169,012)

tH8i17S) I183.6381 74,M9 321:36t

20,744

fimpIr›ycc retirement benefits paid

854

(724)

Net cssh used in operntirrg ecDvilies

94,178

34I,384

Capital expendimre - nei

(7J87}

(185,722)

Proceeds frnm disposal of property, plant and equipment

5,164

151,905

Rei cash genernted from Investing actIvItIes

(2,728)

(33:816)

Long term loan received/(repaid)

2*0,09g

74,070

Loan from sponsors received/{repaid)

24320

T14,167

Prf›ceedS trem sale. of shares

63,7SI

Finance costs paid

(S3,67I)

(267;700)

Short term borrowing - net

(217,181)

(147,72/

Lease reataTs paid

(6W3)

(7,039)

ñfet casb generated froa f"uiaacing actixitie9

21A59

(234,2S0j

Net increase ia cash and casb equivaleats

113,110

73,339

Cxsh cod cesh equixaleats - at bcgixaiog oftbc peri0d Cash aod cash equixelcnts - at end of the period

I3.

(91,6d5)

21,465

(2.729,24I)

(2.655.902)

The annexed notes I to l9 form aa integmT pan of thesc condensed interim consolidated fiitancisl stBtements

Chief Financial Officer

Waves Corporation Limited

Condensed Interim Unconsolidated Statement of Financial Positlon (Un-audited)

As at June 30, 2025

Annexure - B

3,905,000	3,775,432
	3,999,211
	2,000,000

NOt8

(Un-audited) (Audited) June 30, December 31,

2025 2024

2,814,061	2,814,061
5,030,662	5,030,662
35,000
569,921	453,180
t15,475	115,475

Rupees in ('000)

NOtB

(Un-audited) (Audited) June 30, December 31,

2025 2024

Rupees in ('000)

EQUITY AND LIABILITIES

Share capital and reserves

ASSETS

Non-current aasets

Share capital

Investment property

Capital reserves

Investment in subsidiaries

Loan from sponsors

Long term receivable

Unappropriated profit

7,748,607

9,774,643

Revaluation surplus

8,5e5,t19

8,413,378

Non-current liabllitles

Long term financing

2,019,384

1,060,078

Current IiabI!iflee

Current assets

Trade and other payables

Advances and other receivables

Accrued mark-up on borrowings

Accrued profit on long term receivable

Short term borrowings

Current portion of the long term receivable

Current portion of long term liabilities

Cash and bank balances

Unclaimed dividend

3,068,707

744,47€t

Income tax payable

232,831

14s,6gs

Contingencies and commitments

	77,280
10,399	5,208
50,000	50,000
51,184	12,000
1,t79	1,179
321

614,999	481,741
393,390	244,803
2,000,000
60.318	17,932

10,817,314 10,51B,119 10,817,314 10,519,11B

The annexed notes 1 t 2s ‹arm an integral part of these condensed interim unconsolidated financial statements.

Chief Executive° Director

Chief Financial Officer

Waves Corporation Limited

Condensed Interim Unconsolidated Statement of Profit or Loss Account (Un-audited)

for the six monlha penozf endéd June 30, 2025

NOt9

Six months period ended Three months period ended

June 30, June 30, June 30, June 30,

2025 2024 2025 2024

Rupees in ('000) Rupees in ('000)

Income from subsidiaries Other income

18 202,522 46,229 103,863 99,337

173,894 121,934 97,9S4 730

376,416			168,163	201,817	100,067
Administrative expenses (17,888)			(22,313)	(5,ras	(10,027)
Other operating expenses	19	(94,415)	(2,296)	(81,303)	(1,180)
Operating profit		264,333	143,554	114,808	88,860
Finance costs		(147,271)	(28,744)	(69,362)	(15,118)
Profit before levies and income tax		117,062	114,810	45,456	73,742
Levies	20		(19,518)	12,173	684
Profit before income tax		117,062	95,292	57,629	74,426
Income tax expense	21	(321)		(321)
Profit after taxation		116,741	95,292	57,308	74,426
Earnings per share - basic and diluted	(Rupees)	0.41	OM	a.zo	0.26

The annexed notes 1 to 26 form an integral part of these condensed interim unconsolidated financial statements.

Chief Exécutive

Chief Financial Officer

Waves Corporation Llmlted

Condensed Interim Unconsolidated Statement of Comprehensive Income (Un-audited) For the six montha period ended June 30, 2025

Six months period ended Three months period ended

June 30,	June 30,	June 30,	June 30,
2025	2024	2025	2024

Rupees in ('000) Rupees in ('000)

Profit after taxation

Other comprehensive income for the period Items that will not be reclassified to

profit or loss account:

Items that may be reclassified to profit or loss account:

Total comprehensive income for the period

116,741

118,7J1

95,292 57,308

95.292 57,308

74,426

The annexed notes 1 to 26 form an integral part of these condensed interim unconsolidated financial statements.

Chief EsecUtive

Chief Financial Officer

Wavas Corporation Limited

Condensed Interim Unconsolidated Statement of Changes in Equity (Un-audited) For tha six months period ended June 30, 20Z5

Share Capital

Capital

Reserves

Loan from

Sponaora

Revaluatlon Surplus

Revenue R

Total

Unappropdated

(Rupees in '000')

As at January 01, 2D24

2,B14,061

5,030,0b2

151,487

355,357

8,351,547

Profit after taxation

95,292

95.292

Other comprehensive income

Total comprehensive income for the peri0d

95,292

Transfer upon disposal of investment property

(35,992)

35,092

As at June :30, ZO24

2,814,001

5,030,662

115,475

4B6,641

8,446,839

Loss after taxation

(33,461)

Other comprehensive income

Total comprehensive income for the period

(33,4611

(33.461)

AsatDecember31, 2024

2,814,061

5,030,662

115,475

453,180

8,413,378

Profit after taxation

Other comprehensive income

Total comprehensive income for the period

115,741

11a,741

Transactions with ownefs

Sponsors loan received during the period

36,000

3s,000

Balance as at June 30, 2026

9218,666,119

The annexednotes 1 to 26 form an integral part of these condensed interim unconsolidated financial statements

Chief Executive ' Dlrector Chief Financial Officer

Waveg Corporation Limlted

Condensed Interim Unconsolidated Statement of Cash Flow (Un-audited) For the six months period ended June 30, 2025

(Un-audited) June 30,

2025

(Un-audited) June 30,

2024

CASH FLOW FROM OPERATING ACTIVITIES

Note

Rupees in ('000)

Profit before income tax Adjustment for non-cash charges / items:		117,062	114,810
Finance costs		147,271	28,744
Fair value gain on investment property	14	(129,568)
Loss on sale of shares	15.1	94,415	-
Mark up income on amount due from subsidiaries	18	(184,2se›	(4g,230)
Present value discounting of Deferred Markup		(43,307)	-
Unwinding of long term receivables to subsidiary		-	(73,061)
Return on long term receivables		-	(47,413)
		1,574	(23,150)
Effect on cash flows due to working capital changes:
increase In current sssets:
Advances, deposits, prepayments and other receivables		(97,546)	(6,385)
increase in current liabiliffies:
Trade and other payables		39,606	18,336
Cash (used in) / generated from working capital changes		(57,940)	11,951
Cash used in operating actlvities		(56,368)	(11,199)
Income tax paid
Net cash used in operating activities		(56,366)	(11,199)
CASH FLOW FROM INVESTING ACTIVITIES
Sale proceeds against sale of k›ng term investments		63,751
Net cash generated from investing activities		63,751	-
CASH FLOW FROM FINANCING ACTIVITIES
Loan from directors		35,000
Net cash generated from flnancing activities		35,000
Net increase / (decrease) in cash and ca4h equivalents		42,385	(11,199)
Cash and caah equivalents used at beginning of the period		17,932	(1,702,091)
Cash and cash equivalents - at end of the period		60,317	(1,712,290)

The annexed notes 1 to 26 form an integral part of these condensed interim unconsolidated financial statements.

Chief Execdtive Di ctor Chief Financial Officer

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