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Annexure - A

SERVICE GLOBAL FOOTWEAR LIMITED

UNCONSOLIDATED CONDENSED INTERIM STATEMENT OF FINANCIAL POSITION AS AT 30 JUNE 2025

Un-audited Audited Un-audited Audited

30 June 2025 31 December 2024 30 June 2025 31 December 2024
........ (Rupees in thousand) ........ ........ (Rupees in thousand) ........
EQUITY AND LIABILITIES ASSETS
SHARE CAPITAL AND RESERVES NON-CURRENT ASSETS
Authorized share capital Fixed assets 3,613,361 2,948,805
250,000,000 (31 December 2024: 250,000,000) ordinary shares 2,500,000 2,500,000 Long term security deposits 4,491 4,354
of Rupees 10 each Long term loans to employees 4,366 2,845
Long term investments 5,229,593 4,035,432
8,851,811 6,991,436
Issued, subscribed and paid-up share capital
206,056,400 (31 December 2024: 206,056,400) ordinary shares of
Rupees 10 each 2,060,564 2,060,564
Share capital to be issued against employee's share
option scheme 4,112 -
Reserves 5,495,784 5,150,351
Total equity 7,560,460 7,210,915
LIABILITIES
NON-CURRENT LIABILITIES CURRENT ASSETS
Long term financing - secured 854,829 253,426 Stores, spares and loose tools 190,150 166,034
Employees' retirement benefit 263,242 238,661 Stock in trade 4,402,913 4,151,812
Deferred income tax liability - net 439,768 278,796 Trade debts 3,627,679 2,306,192
1,557,839 770,883 Loans and advances 413,630 2,873,329
CURRENT LIABILITIES Accrued mark-up - 9,599
Short term deposits and prepayments 53,079 24,703
Trade and other payables 2,804,614 2,078,710 Other receivables 1,877,681 1,758,777
Accrued mark-up 66,155 46,928 Advance income tax and prepaid levy - net 247,406 178,145
Short term borrowings 7,720,687 9,032,440 Cash and bank balances 141,255 744,970
Current portion of long term financing 92,764 59,543 10,953,793 12,213,561
Unclaimed dividend 3,085 5,578
10,687,305 11,223,199
Total liabilities 12,245,144 11,994,082
CONTINGENCIES AND COMMITMENTS
TOTAL EQUITY AND LIABILITIES 19,805,604 19,204,997 TOTAL ASSETS 19,805,604 19,204,997

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 SERVICE GLOBAL FOOTWEAR LIMITED
UNCONSOLIDATED CONDENSED INTERIM STATEMENT OF PROFIT OR LOSS

FOR THE HALF YEAR ENDED 30 JUNE 2025

(UN-AUDITED)

HALF YEAR ENDED QUARTER ENDED

30 June 2025 30 June 2024 30 June 2025 30 June 2024
…...................... (Rupees in thousand) …......................

REVENUE 9,541,414 8,286,759 4,748,262 3,744,864

COST OF SALES (7,952,572) (6,921,887) (3,884,327) (3,208,579)
GROSS PROFIT 1,588,842 1,364,872 863,935 536,285
DISTRIBUTION COST (764,062) (580,143) (387,262) (284,318)
ADMINISTRATIVE EXPENSES (415,454) (351,138) (219,811) (178,440)
OTHER EXPENSES (45,909) (22,700) (41,148) (4,527)
(1,225,425) (953,981) (648,221) (467,285)
363,417 410,891 215,714 69,000
OTHER INCOME 130,794 148,573 56,910 104,965
PROFIT FROM OPERATIONS 494,211 559,464 272,624 173,965
FINANCE COST (256,468) (369,195) (106,409) (168,461)
237,743 190,269 166,215 5,504

SHARE OF NET PROFIT OF ASSOCIATE ACCOUNTED

FOR USING THE EQUITY METHOD 1,164,964 592,324 1,010,561 230,159
PROFIT BEFORE LEVY AND TAXATION 1,402,707 782,593 1,176,776 235,663
LEVY (41,384) (48,656) 936 13,501
PROFIT BEFORE TAXATION 1,361,323 733,937 1,177,712 249,164
TAXATION (245,865) (273,261) (159,174) (174,102)
PROFIT AFTER TAXATION 1,115,458 460,676 1,018,538 75,062

EARNINGS PER SHARE - BASIC (RUPEES) 5.41 2.24 4.94 0.37

EARNINGS PER SHARE - DILUTED (RUPEES) 5.37 2.23 4.90 0.36

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 SERVICE GLOBAL FOOTWEAR LIMITED
UNCONSOLIDATED CONDENSED INTERIM STATEMENT OF COMPREHENSIVE INCOME
FOR THE HALF YEAR ENDED 30 JUNE 2025
(UN-AUDITED)

HALF YEAR ENDED QUARTER ENDED

30 June 2025 30 June 2024 30 June 2025 30 June 2024
…...................... (Rupees in thousand) …......................

PROFIT AFTER TAXATION 1,115,458 460,676 1,018,538 75,062

OTHER COMPREHENSIVE INCOME

Items that will not be reclassified to profit or loss - - - -

Items that may be reclassified subsequently to profit or loss - - - -

Other comprehensive income for the period - - - -

TOTAL COMPREHENSIVE INCOME FOR THE PERIOD 1,115,458 460,676 1,018,538 75,062

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 SERVICE GLOBAL FOOTWEAR LIMITED
UNCONSOLIDATED CONDENSED INTERIM STATEMENT OF CHANGES IN EQUITY
FOR THE HALF YEAR ENDED 30 JUNE 2025
(UN-AUDITED)
RESERVES
REVENUE
CAPITAL RESERVE
RESERVE
SHARE
SHARE Share of employee TOTAL
CAPITAL TO
CAPITAL Reserve for share options Un- TOTAL EQUITY
BE ISSUED Share Share options
issuance of reserve held by appropriated
premium reserve
bonus shares equity accounted profit
investee
-----------------------------------------------------Rupees in thousand-----------------------------------------------------
Balance as at 31 December 2023 - audited 2,059,175 - 1,390,684 1,713,028 895 - 1,337,061 4,441,668 6,500,843
Transactions with owners:
Final dividend for the year ended 31 December 2023 @ Rupee 2 per share - - - - - - (411,835) (411,835) (411,835)
Proceeds against shares to be issued under Employees Stock Option Scheme - 1,389 - 3,184 (406) - - 2,778 4,167
Employee share options lapsed - - - 109 (109) - - - -
Recognition of share options reserve - - - - 3,984 - - 3,984 3,984
- 1,389 - 3,293 3,469 - (411,835) (405,073) (403,684)
Profit for the period ended 30 June 2024 - - - - - - 460,676 460,676 460,676
Other comprehensive income for the period ended 30 June 2024 - - - - - - - - -
Total comprehensive income for the period ended 30 June 2024 - - - - - - 460,676 460,676 460,676
Balance as at 30 June 2024 - un-audited 2,059,175 1,389 1,390,684 1,716,321 4,364 - 1,385,902 4,497,271 6,557,835
Adjustment due to equity accounted investee company - - - - - 24,389 - 24,389 24,389
Transactions with owners:
Ordinary shares issued under Employee's Stock Option Scheme 1,389 (1,389) - - - - - - -
Recognition of share options reserve - - - - 2,819 - - 2,819 2,819
1,389 (1,389) - - 2,819 - - 2,819 2,819
Profit for the period ended 31 December 2024 - - - - - - 644,561 644,561 644,561
Other comprehensive loss for the period ended 31 December 2024 - - - - - - (18,689) (18,689) (18,689)
Total comprehensive income for the period ended 31 December 2024 - - - - - - 625,872 625,872 625,872
Balance as at 31 December 2024 - audited 2,060,564 - 1,390,684 1,716,321 7,183 24,389 2,011,774 5,150,351 7,210,915
Adjustment due to equity accounted investee company - - - - - 29,197 - 29,197 29,197
Transactions with owners:
Final dividend for the year ended 31 December 2024 @ Rupees 4 per share - - - - - - (824,226) (824,226) (824,226)
Proceeds against shares to be issued under Employee's Stock Option Scheme - 4,112 - 13,727 (3,879) - - 9,848 13,960
Employee share options lapsed - - - 559 (559) - - - -
Recognition of share options reserve - - - - 15,156 - - 15,156 15,156
- 4,112 - 14,286 10,718 - (824,226) (799,222) (795,110)
Profit for the period ended 30 June 2025 - - - - - 1,115,458 1,115,458 1,115,458
Other comprehensive income for the period ended 30 June 2025 - - - - - - - -
Total comprehensive income for the period ended 30 June 2025 - - - - - 1,115,458 1,115,458 1,115,458
Balance as at 30 June 2025 - un-audited 2,060,564 4,112 1,390,684 1,730,607 17,901 53,586 2,303,006 5,495,784 7,560,460

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 SERVICE GLOBAL FOOTWEAR LIMITED
UNCONSOLIDATED CONDENSED INTERIM STATEMENT OF CASH FLOWS
FOR THE HALF YEAR ENDED 30 JUNE 2025
(UN-AUDITED)
HALF YEAR ENDED
30 June 2025 30 June 2024
(Rupees in thousand)

CASH FLOWS FROM OPERATING ACTIVITIES

Cash (used in) / generated from operations (454,231) 200,421
Finance cost paid (237,241) (398,706)
Income tax and levy paid (195,538) (98,017)
Workers' Profit Participation Fund paid - (35,276)
Staff retirement benefit paid (874) (38,997)
Long term loans to employees - net (1,038) 4,945
Long term security deposits - net (760) 3,246
Net cash used in operating activities (889,682) (362,384)

CASH FLOWS FROM INVESTING ACTIVITIES

Capital expenditure on fixed assets (806,484) (115,534)

Proceeds from disposal of fixed assets 4,137 8,880
Loan given to Service Industries Limited - Holding Company (74,000) (130,000)
Loan repayment from Service Industries Limited - Holding Company 2,574,000 1,030,000
Interest on saving accounts received 44,848 20,125
Mark-up received on loan to Service Industries Limited - Holding Company 33,354 42,727
Long term investments made - (286,400)
Net cash from investing activities 1,775,855 569,798
CASH FLOWS FROM FINANCING ACTIVITIES

Long term financing obtained 664,410 -

Repayment of long term financing (29,786) (19,710)
Short term borrowings - net (1,311,753) (586,030)
Proceeds against share capital to be issued under Employee's Stock Option Scheme 13,960 4,167
Dividend paid (826,719) (1,028,954)
Net cash used in financing activities (1,489,888) (1,630,527)
Net decrease in cash and cash equivalents (603,715) (1,423,113)
Cash and cash equivalents at the beginning of the period 744,970 2,903,050
Cash and cash equivalents at the end of the period 141,255 1,479,937

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 SERVICE GLOBAL FOOTWEAR LIMITED
CONSOLIDATED CONDENSED INTERIM STATEMENT OF FINANCIAL POSITION AS AT 30 JUNE 2025

Un-audited Audited Un-audited Audited

June 30, 2025 December 31, 2024 June 30, 2025 December 31, 2024
........ (Rupees in thousand) ........ ........ (Rupees in thousand) ........
EQUITY AND LIABILITIES ASSETS
SHARE CAPITAL AND RESERVES NON-CURRENT ASSETS
Authorized share capital Fixed assets 3,628,276 2,960,941
250,000,000 (31 December 2024: 250,000,000) ordinary shares 2,500,000 2,500,000 Long term security deposits 4,491 4,354
of Rupees 10 each Long term loans to employees 4,366 2,845
Long term investments 5,140,426 3,946,265
Issued, subscribed and paid-up share capital 8,777,559 6,914,405
206,056,400 (31 December 2024: 206,056,400) ordinary shares of
Rupees 10 each 2,060,564 2,060,564
Share capital to be issued against employee's share
option scheme 4,112 -
Reserves 5,515,128 5,140,491
Total equity 7,579,804 7,201,055
LIABILITIES
NON-CURRENT LIABILITIES CURRENT ASSETS
Long term financing - secured 854,829 253,426 Stores, spares and loose tools 190,150 166,034
Employees' retirement benefit 263,242 238,661 Stock in trade 4,402,913 4,151,812
Deferred income tax liability - net 439,768 278,796 Trade debts 3,646,834 2,338,417
1,557,839 770,883 Loans and advances 452,445 2,917,537
CURRENT LIABILITIES Accrued mark-up - 9,599
Short term deposits and prepayments 57,258 26,043
Trade and other payables 3,142,907 2,326,991 Other receivables 2,121,793 1,944,955
Accrued mark-up 66,155 46,928 Advance income tax and prepaid levy - net 247,406 178,145
Short term borrowings 7,720,687 9,032,440 Cash and bank balances 266,883 796,471
Current portion of non-current liabilities 92,764 59,543 11,385,682 12,529,013
Unclaimed dividend 3,085 5,578
11,025,598 11,471,480
Total liabilities 12,583,437 12,242,363
CONTINGENCIES AND COMMITMENTS
TOTAL EQUITY AND LIABILITIES 20,163,241 19,443,418 TOTAL ASSETS 20,163,241 19,443,418

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 SERVICE GLOBAL FOOTWEAR LIMITED
CONSOLIDATED CONDENSED INTERIM STATEMENT OF PROFIT OR LOSS

FOR THE HALF YEAR ENDED 30 JUNE 2025

(UN-AUDITED)

(Unaudited) Unaudited
HALF YEAR ENDED QUARTER ENDED
June 30, 2025 June 30, 2024 June 30, 2025 June 30, 2024
…...................... (Rupees in thousand) …......................

REVENUE 9,569,456 8,311,856 4,758,514 3,767,488

COST OF SALES (7,731,770) (6,858,208) (3,761,160) (3,165,084)
GROSS PROFIT 1,837,686 1,453,648 997,354 602,404
DISTRIBUTION COST (954,520) (705,490) (499,226) (354,145)
ADMINISTRATIVE EXPENSES (429,523) (358,044) (228,512) (181,816)
OTHER EXPENSES (49,148) (22,700) (42,262) (4,527)
(1,433,191) (1,086,234) (770,000) (540,488)
404,495 367,414 227,354 61,916
OTHER INCOME 130,794 158,762 56,910 108,078
-
PROFIT FROM OPERATIONS 535,289 526,176 284,264 169,994
-
FINANCE COST (265,832) (379,538) (111,904) (174,424)
269,457 146,638 172,360 (4,430)

SHARE OF PROFIT OF EQUITY ACCOUNTED INVESTEE -

NET OF TAXATION 1,164,964 592,324 1,010,561 230,159
PROFIT BEFORE TAXATION AND LEVY 1,434,421 738,962 1,182,921 225,729
LEVY (41,384) (48,656) 936 13,501
PROFIT BEFORE TAXATION 1,393,037 690,306 1,183,857 239,230
TAXATION (251,996) (273,261) (164,826) (174,102)
PROFIT AFTER TAXATION 1,141,041 417,045 1,019,031 65,128

EARNINGS PER SHARE - BASIC (RUPEES) 5.54 2.03 4.95 0.32

EARNINGS PER SHARE - DILUTED (RUPEES) 5.50 2.02 4.91 0.31

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 SERVICE GLOBAL FOOTWEAR LIMITED
CONSOLIDATED CONDENSED INTERIM STATEMENT OF COMPREHENSIVE INCOME

FOR THE HALF YEAR ENDED 30 JUNE 2025

(UN-AUDITED)

(Unaudited) Unaudited
HALF YEAR ENDED QUARTER ENDED

June 30, 2025 June 30, 2024 June 30, 2025 June 30, 2024
…...................... (Rupees in thousand) …......................

PROFIT AFTER TAXATION 1,141,041 417,045 1,019,031 65,128

OTHER COMPREHENSIVE INCOME

Items that will not be reclassified to profit or loss - - - -

Items that may be reclassified subsequently to profit or loss

Exchange difference on translation of net assets of foreign subsidiary 3,621 (2,216) 2,683 (137)

Other comprehensive income for the period 3,621 (2,216) 2,683 (137)

TOTAL COMPREHENSIVE INCOME FOR THE PERIOD 1,144,662 414,829 1,021,714 64,991

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 SERVICE GLOBAL FOOTWEAR LIMITED
CONSOLIDATED CONDENSED INTERIM STATEMENT OF CHANGES IN EQUITY

FOR THE HALF YEAR ENDED 30 JUNE 2025

(UN-AUDITED)
RESERVES

CAPITAL RESERVE REVENUE

SHARE RESERVE
CAPITAL Share of employee TOTAL
SHARE CAPITAL
TO BE Reserve for share options Un- TOTAL EQUITY
ISSUED Exchange Share Share options
issuance of reserve held by appropriated
translation reserve premium reserve
bonus shares equity accounted profit
investee
-----------------------------------------------------Rupees in thousand-----------------------------------------------------
Balance as at 31 December 2023 - audited 2,059,175 - (4,609) 1,390,684 1,713,028 895 - 1,326,788 4,426,786 6,485,961
Transactions with owners:
Final dividend for the year ended 31 December 2023 @ Rupee 2 per share - - - - - - - (411,835) (411,835) (411,835)
Proceeds against shares to be issued under Employees Stock Option Scheme - 1,389 - - 3,184 (406) - - 2,778 4,167
Employee share options lapsed - - - - 109 (109) - - - -
Recognition of share options reserve - - - - - 3,984 - - 3,984 3,984
1,389 - - 3,293 3,469 - (411,835) (405,073) (403,684)
Profit for the period ended 30 June 2024 - - - - - - - 417,045 417,045 417,045
Other comprehensive income for the period ended 30 June 2024 - - (2,216) - - - - - (2,216) (2,216)
Total comprehensive income for the period ended 30 June 2024 - - (2,216) - - - - 417,045 414,829 414,829
Balance as at 30 June 2024 - un-audited 2,059,175 1,389 (6,825) 1,390,684 1,716,321 4,364 - 1,331,998 4,436,542 6,497,106
Balance as at 31 December 2024 - audited 2,060,564 - (7,600) 1,390,684 1,716,321 7,183 24,389 2,009,514 5,140,491 7,201,055
Transactions with owners:
Adjustment due to equity accounted investee company - - - - - 29,197 - 29,197 29,197
Transactions with owners:
Final dividend for the year ended 31 December 2024 @ Rupees 4 per share - - - - - - - (824,226) (824,226) (824,226)
Proceeds against shares to be issued under Employee's Stock Option Scheme - 4,112 - - 13,727 (3,879) - - 9,848 13,960
Employee share options lapsed - - - - 559 (559) - - - -
Recognition of share options reserve - - - - - 15,156 - - 15,156 15,156
- 4,112 - - 14,286 10,718 - (824,226) (799,222) (795,110)
- - - - -
Profit for the period ended 30 June 2025 - - - - - - - 1,141,041 1,141,041 1,141,041
Other comprehensive income for the period ended 30 June 2025 - - 3,621 - - - - - 3,621 3,621
Total comprehensive income for the period ended 30 June 2025 - - 3,621 - - - - 1,141,041 1,144,662 1,144,662
Balance as at 30 June 2025 - un-audited 2,060,564 4,112 (3,979) 1,390,684 1,730,607 17,901 53,586 2,326,329 5,515,128 7,579,804

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 SERVICE GLOBAL FOOTWEAR LIMITED
CONSOLIDATED CONDENSED INTERIM STATEMENT OF CASH FLOWS
FOR THE HALF YEAR ENDED 30 JUNE 2025
(UN-AUDITED)
HALF YEAR ENDED
30 June 2025 30 June 2024
(Rupees in thousand)

CASH FLOWS FROM OPERATING ACTIVITIES

Cash (used in) / generated from operations (364,094) 194,168
Finance cost paid (246,605) (409,047)
Income tax and levy paid (201,670) (98,017)
Workers' profit participation fund paid - (35,276)
Staff retirement benefit paid (874) (38,997)
Long term loans to employees - net (1,038) 4,945
Long term security deposits - net (760) 3,246
Net cash used in operating activities (815,041) (378,978)

CASH FLOWS FROM INVESTING ACTIVITIES

Capital expenditure on fixed assets (810,619) (116,495)

Proceeds from disposal of fixed assets 4,137 8,880
Loan given to Service Industries Limited - Ultimate Holding Company (74,000) (130,000)
Loan repayment from Service Industries Limited - Ultimate Holding Company 2,574,000 1,030,000
Profit on bank deposits received 44,848 20,125
Mark-up received on loan to Service Industries Limited - Ultimate Holding Company 33,354 42,727
Long term investments made - (286,400)
Net cash from investing activities 1,771,720 568,837
CASH FLOWS FROM FINANCING ACTIVITIES

Proceeds from long term financing 664,410 -

Repayment of long term financing (29,786) (19,710)
Short term borrowings - net (1,311,753) (586,030)
Proceeds against share capital issued under Employee's Stock Option Scheme 13,960 4,167
Dividend paid (826,719) (1,028,954)
Net cash used in financing activities (1,489,888) (1,630,527)
Effect of exchange rate changes on cash and cash equivalents 3,621 (1,729)
Net decrease in cash and cash equivalents (529,588) (1,442,397)
Cash and cash equivalents at the beginning of the period 796,471 2,951,229
Cash and cash equivalents at the end of the period 266,883 1,508,832

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