Financial Results for the Year Ended 31 Dec 25

Equity and liabilities

Share capital and reserves

Assets

Non-current assets

Share capital

2,814,062

2,814,062

Property, plant and equipment

8,525,410

8,795,587

Capital reserves

5,030,661

5,030,661

Intangible assets

2,728,124

2,763,518

Loan from directors

401,473

430,084

Investment property

4,337,557

3,585,432

Revaluation surplus

336,340

463,028

Long term trade receivables

1,056

1,150

Unappropriated profit

1,615,558

1,328,316

Long term deposits

28,598

30,402

Equity attributable to owners of the parent company

10,198,094

10,066,151

Employee retirement benefits

16,092

16,092

Non-controlling interest

3,432,851

2,966,718

15,636,837

15,192,181

13,630,945

13,032,869

Non-current liabilities

Current assets

Long term financings

5,653,434

5,596,668

Inventories

2,503,786

2,494,012

Lease liabilities

2,424

13,341

Stores, spares and loose tools

19,590

21,306

Employee retirement benefits

20,176

20,720

Trade debts

6,364,486

5,607,690

Deferred taxation

186,926

244,974

Advances, deposits, prepayments and other

668,164

708,843

Deferred income

3,838

4,070

Short term investment

3,000

3,000

5,866,798

5,879,773

Advance income tax

96,390

251,871

Cash and bank balances

73,304

50,330

Current liabilities

9,728,720

9,137,052

Trade and other payables

3,583,808

3,655,448

Accrued markup

405,024

295,173

Short term borrowings

800,449

1,021,535

Current portion of long term liabilities

1,077,354

443,257

Unclaimed dividend

1,179

1,179

5,867,814

5,416,592

25,365,557

24,329,233

25,365,557

24,329,233

Contingencies and commitments

Revenue - net of sales returns

6,368,133

4,142,707

Less: Sales tax and trade discounts

(1,588,802)

(197,950)

Revenue - net

4,779,331

3,944,757

Cost of sales

(3,435,028)

(2,725,462)

Gross profit

1,344,303

1,219,295

Marketing, selling and distribution costs

(528,632)

(594,621)

Administrative expenses

(405,060)

(382,379)

Other operating expenses

(576,342)

(187,975)

Other income

1,363,968

1,737,414

Operating profit

1,198,237

1,791,734

Finance costs

(636,281)

(700,139)

Profit before levies and taxation

561,956

1,091,595

Levies

(47,261)

(2,196)

Profit before taxation

514,695

1,089,399

Income tax expense

6,770

(2,005)

Profit after taxation

521,465

1,087,394

Attributable to:

Owners of the Group

427,601

1,046,408

Non-controlling interest

93,864

40,986

521,465

1,087,394

Profit after taxation

521,465

1,087,394

Other comprehensive income

Items that will never be reclassified to profit or loss account:

- Surplus on revaluation of property, plant and equipment - net of tax

-

56,856

- Actuarial gain on employee retirement benefits

-

7,425

-

64,281

Items that may be reclassified to profit and loss account

2,475

-

Attributable to:

Owners of the Group

430,076

1,046,757

Non-controlling interests

93,864

41,271

523,940

1,088,028

- - - - - -

- -

Attributable to owners of the parent company

Share capital

Capital reserves

Revenue reserve

Sub-total

Non-controlling interest

Total

Capital reserves (Note 6)

Loan from directors

Revaluation surplus

Unappropriated profit

(Rupees in '000)

Balance as at December 31, 2023

2,814,062

5,030,661

229,017

550,280

1,002,556

9,626,576

1,593,540

11,220,116

Profit for the year

-

-

-

-

1,046,408

1,046,408

40,986

1,087,394

Other comprehensive income

-

-

-

-

349

349

285

634

Total comprehensive income for the year

-

-

-

-

1,046,757

1,046,757

41,271

1,088,028

Incremental depreciation relating to surplus on revaluation - net of tax

-

-

-

(25,804)

25,804

-

-

-

Realisation of surplus on disposal

-

-

-

(61,448)

61,448

-

1,331,907

1,331,907

Increase in non-controlling interest on dilution of investments

-

-

-

-

-

-

Transactions with owners of the Company

Loss on sale of divestment of subsidiary

-

-

-

-

(808,249)

(808,249)

-

(808,249)

Loan obtained

-

-

201,067

-

-

201,067

201,067

Balance as at December 31, 2024

2,814,062

5,030,661

430,084

463,028

1,328,316

10,066,151

2,966,718

13,032,869

Profit for the year

-

-

-

-

427,601

427,601

93,864

521,465

Other comprehensive income

-

-

-

-

2,475

2,475

-

2,475

Total comprehensive income for the year

-

-

-

-

430,076

430,076

93,864

523,940

Incremental depreciation relating to surplus on revaluation - net of tax

-

-

-

(19,019)

19,019

-

-

-

Realisation of surplus on disposal

-

-

-

(107,669)

107,669

-

-

-

Increase in non-controlling interest on dilution of investments

-

-

-

-

-

-

372,269

372,269

Transactions with owners of the Company

Loss on sale of divestment of subsidiary

-

-

-

-

(269,522)

(269,522)

-

(269,522)

Loan repayment

-

-

(28,611)

-

-

(28,611)

-

(28,611)

Transfer to retained earnings upon disposal of investment property

Balance as at December 31, 2025

2,814,062

5,030,661

401,473

336,340

1,615,558

10,198,094

3,432,851

13,630,945

Profit before taxation

Adjustments for non-cash items:

Depreciation on property, plant and equipment

561,956

330,810

1,091,595

288,274

Amortisation of intangible assets

35,394

35,394

Finance costs

636,281

700,139

Gain on sale of property, plant and equipment

(5,805)

(40,393)

Gain on disposal of investment property Loss on sale of investment in subsidiary

Loss on disposal of investment property

-

-59,240

(39,579)

-

-

Effect of remeasurement upon restructuring

96,338

-

Allowance for expected credit loss

387,421

152,828

Allowance for doubtful receivables Reversal of provision for obsolete stock

Fair value gain in investment property

9,585

-(642,028)

6,502

-(461,584)

Effect of termination of lease

-

111

Amortisation of deferred income

(697)

(1,163)

Impairment of property, plant and equipment

-

896

Unrealised exchange (gain)/loss

620

(85)

Debit balance written off

134

12,370

Credit balance written back

(52,631)

(47,926)

Effect of present value discounting of accrued mark up

(194,465)

(823,566)

Employee retirement benefits

2,959

3,617

Profit before working capital changes

1,225,112

877,430

Effect on cash flows due to working capital changes

(Increase) / decrease in current assets

Inventories

(9,774)

481,278

Stores, spares and loose tools

1,716

6,804

Trade receivables

(756,796)

(1,567,027)

Advances, deposits, prepayments and other receivables

Increase / (decrease) in current liabilities:

Trade and other payables

40,679

(115,692)

(234,522)

160,255

(839,867)

(1,153,212)

Cash (used in) / generated from operations

385,245

(275,782)

Income tax paid

(67,126)

(11,402)

Proceeds against income tax refunds

112,816

32,160

Finance costs paid

(102,620)

(265,509)

Workers' welfare fund payable

(3,247)

-

Employee retirement benefits paid

(18)

(1,959)

Net cash (used in) / generated from operating activities

325,050

(522,492)

Cash flows from investing activities

Additions in property, plant and equipment

(374,785)

(245,479)

Additions in intangibles Long term deposits

Additions in investment property

-1,804

-

-

16,402

Proceeds from disposal of long term investments

102,747

Long term trade receivables

94

-

Advance to suppliers

(15,144)

503,676

Proceeds from disposal of property, plant and equipment

102,747

106,959

Proceeds from disposal of investment property

122,760

58,000

Net cash generated from / (used in) investing activities

(59,777)

439,558

Cash flows from financing activities

Long term financings

(219,000)

(49,828)

Lease liabilities

(10,917)

(18,560)

Short term borrowings

16,229

(59,288)

Loan from sponsoring directors

(28,611)

201,067

Net cash generated from / (used in) financing activities

(242,299)

73,391

Net decrease in cash and cash equivalents

22,973

(9,544)

Cash and cash equivalents at beginning of the year

50,330

59,874

Cash and cash equivalents at end of the year

73,304

50,330

Waves Corporation Limited

Unconsolidated statement of financial position

As at December 31, 2025

2025

2024

2025

2024

Note

Rupees in ("000")

Note

Rupees in ("000")

Equity and liabilities

Assets

Share capital and reserve

Non-current assets

Share capital

6

2,814,062

2,814,062

Investment property

15

3,852,557

3,775,432

Capital reserves

7

5,030,661

5,030,661

Investment in subsidiaries

16

3,726,682

3,999,211

Loan from director

8

35,000

-

Long term receivables

17

-

2,000,000

Revaluation surplus

9

7,884

115,475

7,579,239

9,774,643

Accumulated profit

686,599

453,180

8,574,206

8,413,378

Non-current liabilities

Long term financings

10

1,719,681

1,960,076

Current liabilities

Current assets

Trade and other payables

11

53,056

77,280

Advances and other receivables

18

575,455

481,741

Accrued mark-up

12

13,159

5,206

Current portion of long term receivables

17

2,000,000

-

Short term borrowings

13

89,000

50,000

Accrued profit on long term receivables

535,169

244,803

Current portion of long term liabilities

10

269,000

12,000

Cash and bank balances

19

39,548

17,932

Unclaimed dividend

1,179

1,179

3,150,172

744,476

Income tax payable

10,130

-

435,524

145,665

10,729,411

10,519,119

10,729,411

10,519,119

Contingencies and commitments

14

Waves Corporation Limited

Unconsolidated statement of profit or loss

For the year ended December 31, 2025

2025

2024

Note

Rupees in ("000")

Revenue

20

357,388

331,198

Other income

21

335,839

941,385

693,227

1,272,583

Administrative and general expenses

22

(39,463)

(45,490)

Other operating expenses

23

(225,837)

(773,279)

427,927

453,814

Finance costs

24

(208,100)

(396,861)

Profit before taxation and levies

219,827

56,953

Levies

-

4,878

Profit before taxation

219,827

61,831

Income tax

26

(93,999)

-

Profit after taxation

125,828

61,831

Rupees

Earnings per share - basic and diluted

28

0.45

0.22

Waves Corporation Limited

Unconsolidated statement of comprehensive income

For the year ended December 31, 2025

2025

2024

Rupees in ("000")

Profit after taxation

125,828

61,831

Other comprehensive income

Items that will never be reclassified to statement of profit or loss

-

-

Items that may be reclassified to statement of profit or loss

-

-

Total comprehensive income for the year

125,828

61,831

Waves Corporation Limited

Unconsolidated statement of changes in equity

For the year ended December 31, 2025

Capital reserves

Revenue

reserve

Share capital

Capital reserves

(Note 7)

Loan from

directors

Revaluation surplus

Accumulated profit

Total

Rupees ("000")

Balance as at December 31, 2023

2,814,062

5,030,661

-

151,467

355,357

8,351,547

Profit for the year ended December 31, 2024

-

-

-

-

61,831

61,831

Other comprehensive income

-

-

-

-

-

-

Total comprehensive income for the year

-

-

-

-

61,831

61,831

Transfer to retained earnings upon disposal of investment property

-

-

-

(35,992)

35,992

-

Balance as at December 31, 2024

2,814,062

5,030,661

-

115,475

453,180

8,413,378

Profit for the year ended December 31, 2025

-

-

-

-

125,828

125,828

Other comprehensive income

-

-

-

-

-

-

Total comprehensive income for the year

-

-

-

-

125,828

125,828

Transactions with owners of the Company

Sponsors loan received during the year

-

-

35,000

-

-

35,000

Transfer to retained earnings upon disposal of investment property

-

-

-

(107,591)

107,591

-

Balance as at December 31, 2025

2,814,062

5,030,661

35,000

7,884

686,599

8,574,206

Waves Corporation Limited

Unconsolidated statement of cash flows

For the year ended December 31, 2025

2025

2024

Note

Rupees in ("000")

Cash flows from operating activities

Profit before taxation and levies

219,827

56,953

Adjustments for non-cash charges and other items:

Fair value (gain) on remeasurement of investment property

21

(259,125)

(459,390)

Mark-up on amount due from subsidiary companies

20

(357,388)

(331,198)

Effect of present value discounting of accrued mark up

21

(73,559)

(397,453)

Effect of remeasurement upon restructuring

23

14,518

-

Loss on sale of investment in subsidiary

23

147,682

772,140

Loss on disposal of investment property

23

59,240

-

Unwinding of long term receivables from subsidiary

21

-

(73,062)

Finance costs

24

208,100

396,861

Operating (loss) before working capital changes

(40,705)

(35,149)

Changes in working capital

(Increase) / decrease in current assets:

Advances and other receivables

(110,563)

(3,765)

Increase / (decrease) in current liabilities:

Trade and other payables

(2,123)

(531,345)

Net changes in working capital

(112,686)

(535,110)

Cash (used in) operations

(153,391)

(570,259)

Finance costs paid

(3,000)

(3,490)

Net cash (used in) operating activities

(156,391)

(573,749)

Cash flows from investing activities

Proceeds from disposal of investment property

15.5

122,760

60,000

Sale proceeds against sale of long term investments

102,747

503,676

Net cash generated from investing activities

225,507

563,676

Cash flows from financing activities

Short term borrowings

13

39,000

6,143

Long term financings

10.1

(121,500)

-

Loan from directors

8

35,000

-

Net cash (used in) / generated from financing activities

(47,500)

6,143

Net increase / (decrease) in cash and cash equivalents

21,616

(3,930)

Cash and cash equivalents at beginning of the year

17,932

21,862

Cash and cash equivalents at end of the year

19

39,548

17,932