WAVES CORPORATION LIMITED
(Formerly Waves Singer Pakistan Limited)
WAVES/PSX/10/2025
29 October 2025
The General Manager
Pakistan Stock Exchange Limited Pakistan Stock Exchange Building, Stock Exchange Road, Karachi
Financial Results for the period ended 30 September 2025 - Wave9 Corporation Limited(WAV"ES)
Dear Sir,
The Board of Directors of Waves Corporation Limited (WAVES or the Company) in their meeting held on 29 October 2025, have approved the Quarterly Financial Statements of the Company for the period ended 30 September 2025, and decided the following
Cash Dividend/Bonus/Rights/Any Other Entitlement:
Financial Results:
NIL
The condensed interim consolidated financial results and standalone financial results of the Company for the period ended 30 September 2025 are attached as Annexure A and Annexure B to this letter. The Quarterly Report of the Company will be transmitted through PUCARS séparately 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 accordingly.
Yours faithfully,
For Waves Corporation Limited
None
None
Ahmad Bilal Zulfiqar
Company Secretary
Enclosed:
Annexure A: Consolidated Financial Results, Annexure B: Standalone Financial Results
Copy to:
The Supervision Division and Securities Market Division, SECP, Islamabad and all other concerned
RBgiotered Head Office: 9 Km Multan Road, Lahore - 54790. Pakistan Ph: 042-35fi543-5, 042-35421502-4 Email: cs@waves.net.pk @ wavespakistan IUAN: +92 (42) 11-31-32-33 I https://www.wavesinger.com,
Waves Corporation Limited and its Subsidiaries Condensed Interim Consolidated Statement ofFinancial Position As at 30 September 2025
Annexure 'A'
EQUITY AND LIABILITIES
Share capital and reserves
Authorised capital 300,000,000
(Un-audited) (Audited) September 30, December 31,
t025 2024
Note --- (Rupees in'00O) --
ASSETS
Non-current asicts
{Un-audited) (Audited)
September 30, December 31,
2025 2024
Note ------ (Rupees in'0O0) --
2,814,062 | 2,814,062 |
5,030,66a | 3,030,66a |
558,473 | 430,084 |
450,t36 | 463,028 |
I,7l3,88S | 1328,3 I6 |
(2024: 300,000,000) ordinary shares ofRs. 10 each 000 00 000080_
Share Capital | Property, plant and equipment | 10 | 8,794,762 | 8,795,587 | ||||
Capital reserves | Intangible assets | 10 | 2,736,972 | 2,763,518 | ||||
Load from drirectors | Investment property | 4,048,000 | 3,585,432 | |||||
Revaluation surplus | Long temi deposits and receivables | 23,679 | 31,552 | |||||
Unappropriatedprofit | Employee retirement benefits | 16,092 | 16 092 | |||||
Equity attributable to owners of the company | 10,567,007 | 10,066,151 | 15,619,505 | 15,192,181 | ||||
Nun-contolling interest | 3,344,9fi4 | t,966.718 | ||||||
13,911,962 | 13,032,869 | |||||||
Non-current liabilities | Current assets | |||||||
Long term loans - secured | Stores, spares and loose tools | 25,306 | 21,306 | |||||
Lease liabilities | Stock-in-trade | 2,403,500 | 2,494,012 | |||||
Employee retirem#nt benefits | Trade debts | |||||||
Deferred tax liability - ztef | - Reail | 1,391,942 | 1,395,023 | |||||
Deferred income | -Whole Sales | 4,153,718 | 4,212,667 | |||||
6,893,623 | 'i,879,773 | Advances, deposits, prepayments | ||||||
and othet receivables | 877,0B2 | 7t 1,843 | ||||||
Taxation - net | 25I,871 | |||||||
5,S96,d68 | |
2,740 | I3,34J |
21,575 | 20,720 |
255,961 | 244,9Y4 |
3,d34 | 4,070 |
Trade and other payables Attuned mark-up on borrowings
Short temi borrowings 8
Current portion oflong term mobilities
2,B4,936 | 3,656,627 |
112,838 | 295,172 |
447#67 | 1,021,535 |
39I,n8 | 443,257 |
3,900459
5,416.,59.1
Cash and banlt balances
I2 50,330
9,137,052
Con'trngencies and commitments
24 706,044 24 3 9 33
2J,Y0@,944 32 233
ireeior
The aiuiexed notes t to 19 f an' p of these condensed interim consolidated finmnial statements.
Cbi•€ Ezecutiv
Waves Corporation Limited and its Subsidiaries
Condensed Interim Consolidated Statement ot Pro fit or Loss Account
For the nine months period ended 30 Septern ber 2025
Mine months ended Th ree months ended
September 30, September 30. September 30, September 30,
2025 2024 2025 2024
(412,894) (281,109) (100,313) 891.057 | (428.224) (237,999) 1102.349) 292.012 |
-- ----- --(Rupeesin'000)------------
Sales - net of sales return | J,894,950 | 3.825.391 | 1,187,401 | 896 382 | ||||
Sales tax and trade discount on U › oices | ( t,350,839 | ("32.480 | (331,402) | (163,071) | ||||
Sales - net | 3.544, 1 11 | 3.(192.91 1 | 85*,999 | 733,3 11 | ||||
Cost of sales | (2,489.30?) | (2. I I J.222) | (570,969) | (479,230) | ||||
Gross profit | t,0 4,806 | P78,689 | 285,030 | 254.081 | ||||
Marketing. setling and distrihuti on costs | (105,314) | (134.3 14) | ||||||
Administrative expenses | (94,347) | (78,917) | ||||||
Other expenses | (49,534) | (37,05 I) | ||||||
Other income | 319,977 | 96,363 | ||||||
96,741 | (476,561) | 70,782 | ( 153.919) | |||||
Profit from operations | 1,151,547 | 502,128 | 355,812 | 100.162 | ||||
Finance cost | (43t,516) | (126,585) | (109,091) | 26,752 | ||||
Profit before le›'ies and income tax | 720,031 | 375.544 | 246,721 | 126,914 | ||||
Levies | (60,096) | {75.454J | (6,018) | (21,056) | ||||
Profit beFore income tax | 659,935 | 300.t90 | 240,703 | 105.858 | ||||
Income tax expense | 15 | ( 11,978) | ( 18.246) | (1,228) | ( 1,617) | |||
Profit for the period | 647,957 | 281.84 5 | 239,475 | 104,241 | ||||
Attributable to: Owners of the Group | 520,150 | 253.979 | 84,612 | 94,763 | ||||
Non-control ling interests | 127,807 | 27.866 | 154,863 | 9.476 | ||||
6J7,9S7 | 28 L845 | _"39,475 | 104,24 1 | |||||
Earnings per share - basic and diluted fPirpcey | 2.30 | 1.00 | 0.85 | 0.37 | ||||
The annexcd notcs I to 19 Fcirin an integral part of these ondu1 s d inturi nJ c‹›nso! i Jate‹1 li I inciaI stñtement s
Director Chief F'inancial Officer
Waves Corporation Limited and its Subsidiaries
Condensed Interim Consolidated Statement of Comprehensive Income For the nine months period ended 30 September 2025
Nine months ended Three months ended September 30, September 30, September 30, September 30,
2075 7024 2075 2024
Profit for the 9eriod
Other comprehensive income too the oe iod
liens that will not be reclassfed lo profit or loss acconut.-
647,9fi7
-
281,845
239,475
104,24 I
Total eozaprebensive ineome For the period
647,9fi7 281.845
239,475 104.241
Ttie annexed notes 1 to 19 form an integral pan of these condensed interim consolidated financial statements.
Chief Financial Officer
Waves Corporation Limited and its Subsidiaries Condensed Interim Consolidated Statement of Changes In Equity For the nine months period ended 30 September 2025
Share C°pit° | line | Tobsl | ||||||||
Capital Loan frnm RevaInation |
• - - - - - - - - - - - - - - - - - - - - Rupees in '000 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
As at 0I January 2024
2,8 I 4,062 'i.030,661 229,017
550,280
I ,002,556 9,626,576 1,593.540 11,220,116
mind eomgrehensive income (or the perioif
Profit for the period
Qher comprehensive income
Surplus Irynsferreâ to occytttuliiteâ grohls
Incremental depreciation relating to
46 0
-
f,046,408
349
40,986
I,087,394
285 684
4]39
- 1,046,757 t,046,757
41,271 1,088,028
snrplus on revaluation - net of tax Realination of surpJus on disposal
Increase in hon-controlling interest on dilution of investment
(?S,804)
(6 I ,448)
25.804
61,448
1,33 ,907 1,331,907
Loss on safe oF divestment oFsubsidiary company Sponsors |oans obtained during the year
As at 3 T December 2024
201067
2,814,062 5,030 4I 430,084
(808.249) (808,249) (808,249)
t,328,316
t0@66151
2,966,7t8
t3,032,869
20T,067 20t,067
Profit for the geriod
Qher comprehensive income
s r r
incremental depreciation relating to
surpius oB revaluation - net of tax
Increase in non-controlling interest on dilution of investment
(t2,902)
520, 150 52£t,150
127.807
I 2,902
127,807
250,429
6d7,9S7
250,429
Transiietoions with ownerc o(the costsr
Sponsors loans obtained/(repaid) during the period Loss on sale oFdivestment oFsubsidiary company
B»l»nsee›z 30Vp,mber2025
2,8f4,062 8,030,661
{ l47,682)
}28,389
(247,682}
The annexed notes 1 to 19 I an i te p of these condensed interim consolidated financial sta ents.
Waves Corporation Limited and its Subsidiaries Condensed Interim Consolidated Statement of Cash Flow For the nine months period ended 30 September 2023
i'ore
(Un-audited) {Un-audited)
September 30, September 30,
2025 2024
---- (Rupees in '000) ---------
Profit before taxation
Addusimenisfor non-cash arid other items.-mpreciation on property, plant and equipment Amortisation of intangibie assets
Finance cost
Allowance tor expected credit toss
Gain on saie of property, plant and equipment
Effect of present value discounting of accrued mark up
Fair value gain on investment property Credit balances wrinen bact Amortisaiion of deterred income Unrealised exchan ge Loss
Effect on cash ftow due to working capital changes (Increase) / decrease in curreni assets:
Stores, spares and loose tools Stock-in-trade
Trade debts and othet receivables
Advances, deposits, prepayments and other receivables
Increase in current liabilities:
Grade and other payables
10.I
720,031
375,'i44
194,973
25,719
126,585
(44,026)
(58l) 678,214
Casb used in operatioas
(789,52I) f192.820)
3,668 | ||
90,512 | S84556 | |
(1,471) | (784,406) | |
(I6SJ39) | ||
(709,322) | 84,994 |
(t6,096) 485,394
Income tax received/(paid)
(J,155)
26,159
Employee retirement benefits paid 854 (889)
Net cash used in Operating activities
(S8,897)
510,664
Cash ftow (rom invesfiny activities
Capital expenditure - net
Proceeds from disposal of property, plant and eqijipillent Net cash generated from investing activities
Long tern loan received/(repaid) Loan trom sponsors received7(repaid) Proceeds from sale of shares
Finance costs paid
Short term borrowing - net Lease rentals paid
Net cash generated from financing activities
Net increase in casb and cash equivalents
CeeG and cash equivalents - at beginning of the period Casb and cash equivalents - at end oF the gerio0
{S3,864{ (261,173)
126,660 158,714
72,796 (102,458)
(183,919} | (33,237) |
128989 | 88,967 |
102,747 | |
{82,606) | (237,68é) |
37517 | 869,217 |
(10,601) | f14,569) |
(8,778} 672,692
45,627 1,080,899
(91,645) (2,729,241)
(46.018) (1 648,3*2)
The annexed notes I to 19 form an integral part of these condensed interim consolidated financial statements
Chief inancial Officer
Waves Corporation Limited
Condensed Interim Unconsolidated Statement of Financial Position (Un-audited) As at September 30, 2025
Annexure 'B'
Note
(Un-audited) (Audited) September 30, December
2025 31, 2024
Rupees in ('000)
2,814,062 | 2,814,062 |
5,030,661 | 5,030,661 |
35,000 | |
641,631 | 453,180 |
115,475 | 115,475 |
Note
(Un-audited) (Audited) September 30, December
2025 31, 2024
3,905,000 | 3,775,432 |
3,748,782 | 3,999,211 |
2,000,000 |
Rupees in ('000)
EQUITY AND LIABILITIES Share capital and reserves | ASSETS Non-current assets | ||||||
Share capital | 9 | Investment property | 14 | ||||
Capital reserves | 10 | Investment in subsidiaries | 15 | ||||
Loan from sponsors | 11 | Long term receivable | 16 | ||||
Unappropriated profit | 7,653,782 | 9,774,643 | |||||
Revaluation surplus | |||||||
8,636,829 | 8,413,378 | ||||||
Non-current liabilities | |||||||
Long term financing | 12 | 1,953,281 | 1,960,07g | ||||
Current liabilities | Current assets | ||||||
Trade and other payables | Advances and other receivables | 17 | |||||
Accrued mark-up on borrowings | Accrued profit on long term receivable | ||||||
Short term borrowings | Current portion of the long term receivable | 16 | |||||
Current portion of long term liabilities | 12 | Cash and bank balances | |||||
Unclaimed dividend | 3,136,928 | 744,476 | |||||
200,600 | 145,665 | ||||||
Contingencies and commitments | 13 | ||||||
84,885 | 77,280 |
13,052 | 5,206 |
50,000 | 50,000 |
51,484 | 12,000 |
1,179 | 1,179 |
672,838 | 481,741 |
446,858 | 244,803 |
2,000,000 | |
17,231 | 17,932 |
10,790,709 10,519,119
The annexed notes 1 to 26 form an integral part of these condensed interim unconsolidated financial statements.
Chief Executive DfrectoF
10,790,709 10,519,119
Chief Financial Officer
Waves Corporafion Limited
Condensed Interim Unconsolidated Statement of Profit or Loss Account (Un-audited) For the nine months period ended September 30, 2025
Nine months ended Three months ended
September | September | September | September |
30, 2025 | 30, 2024 | 30, 2025 | 30, 2024 |
Note -- ----- Rupees in ('000) -------------------------
Income from subsidiaries Other income
18 278,671 296,198
315,561 1,970
76,149 129,495
141,667 510
594,232 | 298,168 | 217,816 | 130,005 | |||
Administrative expenses (30,538) | (34,523) | (12,870) | (12,210) | |||
Other operating expenses | 19 | (150,244) | (4,323) | (55,829) | (2,027) | |
Operating profit | 413,450 | 259,322 | 149,117 | 115,768 | ||
Finance costs | (224,999) | (43,161) | (77,728) (14,417) | |||
Profit before levies and income tax | 188,451 | 216,161 | 71,389 101,351 | |||
Levies | 20 | (36,747) | (17,229) | |||
Profit before income tax | 188,451 | 179,413 | 71,389 84,121 | |||
Income tax expense 21 321 | ||||||
profit after taxation | 188,451 | 179,413 | 71,710 | 84,121 | ||
Earnings per share - basic and diluted (Rupees) | 0.67 | 0.64 | 0.25 | 0.30 | ||
The annexed notes 1 to 26 form an integral part of these condensed interim unconsolidated financial statements.
Chief xecutive
Director Chief Financial Officer
Waves Corporation Limited
Condensed Interim Unconsolidated Statement of Comprehensive Income (Un-audited)
For the nine months period ended September 30, 2025
Nine months ended Three months ended
September | September | September | September |
30, 2025 | 30, 2024 | 30, 2025 | 30, 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
188,451 179,413 71,710
188,451 179,413 71,710
84,121
84,121
The annexed notes 1 to 26 form an integral part of these condensed interim unconsolidated financial statements.
Chief Executive Director Chief Financial Officer
Waves Corporation Limited
Condensed Interim Unconsolidated Statement of Changes in Equity (Un-audited)
For the nine months period ended September 30, 2025
Share Capital | Capital Reserves | Loan from Sponsors | Revaluation Surplus | Revenue Reserve | Total |
Unappropriated |
(Rupees in '000')
As at January 01, 2024 | 2,814,062 | 5, 030,661 | 151,467 | 355,357 | 8,351,547 | |
Profit after taxation | t79,413 | 179,413 | ||||
Other comprehensive income | ||||||
Total comprehensive income for the period | 179,413 | 179,413 | ||||
Transfer upon disposal of investment property | (35,992) | 35,992 | ||||
Loss after taxation | (117,582) | (117,582) | ||||
Other comprehensive income | ||||||
Total comprehensive income for the period | (117,582) | (117,582) | ||||
As at December 31, 2024 | 2,814,062 | 5,030,661 | - | 115,475 | 453,180 | 8,413,378 |
Profit after taxation Other comprehensive income | 188,451 | 188,451 | ||||
Total comprehensive income for the period | 188,451 | 188,451 | ||||
Transactions with owners Sponsors loan received during the pefiod | 35,000 | 35,000 | ||||
Balance as at September 30, 2025 | 2 814 062 | 5 ONO 661 | 35 000 | IU 476 | 641 631 | 8 636 829 |
The annexed notes 1 to 26 form an integral part of these condensed interim unconsolidated financial statements
Chief Financial OWicer
Waves Corporation Limited
Condensed Interim Unconsolidated Statement of Cash Flow (Un-audited) For the nine months period ended September 30, 2025
(141,704) | (1,695) |
5,043 | (16,366) |
Note
(Un-audited) (Un-audited) September 30, September 30,
2025 2024
Rupees in ('000)
CASH FLOW FROM OPERATING ACTIVITIES Profit before income tax | 188,451 | 216,161 | ||
Adjustment for non•cash charges / items: Finance costs | 224,999 | 43,161 | ||
Fair value gain on investment property | 14 | (249,568) | ||
Loss on sale of shares | 15.1 | 150,244 | ||
Mark up income on amount due from subsidiaries | 18 | (251,448) | (296,198) | |
Present value discounting of Deferred Markup | (62,964) | |||
Gain on sale of investment property | (1,500) | |||
(1,786) | (36,875) | |||
Effect on cash flows due to working capital changes: | ||||
(Increase) / decrease in current assets: | ||||
Advances, deposits, prepayments and other receivables | ||||
Increase in current /fd6f//tfes: Trade and other payables | ||||
Cash (used in) / generated from working capital changes | (136,661) | (20,061) | ||
Cash used in operating activities Income tax paid Long term deposits - net | (138,446) | (56,936) | ||
Net cash used in operating activities | (138,446) | (56,936) | ||
CASH FLOW FROM INVESTING ACTIVITIES | ||||
Sale proceeds against sale of investment property | 121,500 | 60,000 | ||
Sale proceeds against sale of long term investments | 102,747 | |||
Net cash generated from investing activities | 224,247 | 60,000 | ||
CASH FLOW FROM FINANCING ACTIVITIES Long term loans | (121,500) | 180,096 | ||
Loan from directors | 35,000 | |||
Net cash used in financing activities | (86,500) | 180,096 | ||
Net decrease in cash and cash equivalents | (700) | 183,159 | ||
Cash and cash equivalents used at beginning of the period | 17,932 | (1,702,091) | ||
Cash and cash equivalents - at end of the period | 17,232 | (1,518,932) |
The annexed notes 1 to 26 form an integral part of these condensed interim unconsolidated financial statements.
Chief Executivh Director Chief Financial Officer