Statement of Profit or Loss

Rs in 000

Gross Turnover
Excise Duties
Sales Tax
Net Turnover
Cost of Sales
Gross Profit
Selling and distribution cost
Administrative Expenses
Other Operating Expenses
Other Income
Operating Profit
Finance Income
Finance Cost
Net Finance Income
Profit before Income Tax
Income Tax Expense
Profit of the Year
Earnings per share

Statement of Financial position

Non Current Assets
Property, plant and equipment
Advance for capital expenditure
Long term investment in subsidiary company
Long term deposits and payments
Current Assets
Stock-in-trade
Stores and Spares
Trade debts
Loans and Advances
Short term Prepayments
Other Receivables
Short term investments
Cash and bank balances
Current Liabilities
Trade and other payables
Other Liabilities
Export refinance
Lease Liability
Unpaid dividend
Unclaimed dividend
Current income tax liabilities
Net Current Assets
Non Current Liabilities
Lease Liability
Deffered Income Tax Liabilities
Net Assets
Share Capital
Capital reserve
Revenue Reserve
Share Capital and Reserves

Statement of Cash Flows

Cash flows from operating Activities
Cash generated from operations
Finance cost paid
Income Tax paid
Contribution to retirement benefit fund
Net Cash Generated from Operating Activities
Cash Flows from Investing Activities
Purchases of property, plant and equipment
Advace for capital Expenditure
Proceeds from Sales of Property, plant and Equipment
Interest Received
Net Cash Generated in Investing Activities
Cash Flows from Financing Activities
Dividends Paid
Lease payments
Preceeds from export refinance facility
Net cash used in financing Activities
Net Increase in Cash and Cash Equivalents
Cash and Cash Equivalent at the beginning of year
Cash and Cash Equivalent at the end of year
Cash and bank balances
Short term investments
Cash and Cash Equivalents Comprise

Profitability Ratios:
Net Profit Margin=Net Profit/Net Turnover
Assets Turnover Ratio=Net Turnover/Total assets
Returns on assets=Net Profit/Total Assets
Return on equity=Net Profit/Shareholder equity
Gross Profit Margin Ratio=Gross Profit/Net Turnover
Liquidity Ratios:
Current Ratio=Current Assets/Current Liabilities
Quick Ratio=(Current Assets-Inventory)/Current Liabilities
Cash to current Laibilities=Cash and Cash Equivalents/Current Laibilities
Solvency Ratios:
Debt to assets Ratios=Total Debt/Total Assets
Debt to equity ratio=Total Debt/Total Shareholders equity
Interest to capital ratio=Operating Profit/Finance cost
 2023 2022
315,844,419 232,600,278
-158,587,276 -103,232,916
-47,324,275 -34,505,124
109,932,868 94,862,238
-50,453,836 -49,705,748
59,479,032 45,156,490
-6,867,736 -5,708,254
-5,734,191 -4,026,820
-5,552,201 -3,298,042
-2,121,627 663,879
43,446,531 32,787,253
7,183,870 2,274,037
-617,945 -327,683
6,565,925 1,946,354
50,012,456 34,733,607
-21,052,793 -13,412,676
28,959,663 21,320,931
113.35 83.45

21,671,778 16,801,940
1,346,732 532,106
5,000 5,000
42,395 23,604
23,065,905 17,362,650
46,672,301 24,905,320
630,989 561,046
2,687,721 2,876
646,419 832,795
220,716 139,961
3,163,429 3,852,686
14,557,699 21,522,111
17,938,895 1,878,796
86,518,169 53,695,591
39,130,358 27,197,561
2,089,190 4,092,981
- 2,354,312
852,765 802,531
8,141,160 5,391,129
105,081 106,330
3,285,951 2,683,827
32,913,664 11,066,910

-2,569,277 -935,335
-2,095,119 -869,898
51,315,173 26,624,327
2,554,938 2,554,938
4,042,204 -
44,718,031 24,069,389
51,315,173 26,524,327

36,045,452 37,212,147
-208,133 -62,082
-19,074,005 -11,875,679
672,005 -357,542
16,091,309 24,916,844

-4,260,243 -2,521,625
-814,626 583,127
257,488 406,736
7,027,604 2,274,037
2,210,223 742,248

-5,427,019 -11,506,890
-1,478,826 -1,398,961
-2,300,000 -
-9,205,845 -12,905,851
9,095,687 12,753,241
23,400,907 10,647,666
32,496,594 23,400,907
17,938,895 1,878,796
14,557,699 21,522,111
32,496,594 23,400,907

0.26 0.22
2.14 3.56
0.56 0.80
0.56 0.80
0.54 0.48

0.27 0.32
0.02 0.01
0.38 0.44

1.78 3.42
1.78 3.44
-70.31 -100.06
Statement of profit or loss
Rs in 000
2023
Net Turnover 18,219,709
Cost of Sales 12,082,355
Gross Profit 6,137,354
Distribution and Marketing Expeses 5,578,496
Administrative Expenses 1,838,038
Other Expenses 1,084,733
Other Income -3,409,915
Operating Profit 1,046,002
Finance cost and bank charges 90,336
Profit before taxation 955,666
Taxation 575,865
Profit after Taxation 379,801
Remeasurement relating to staff retirement benefits -93,029
Impact of Current Tax 35,891
Total Comprehensive Income of the year 323,663
Earnings per share basic 6.17
Earnings per share diluted 4.72

Statement of Financial Position

Assets
Non Current Assets 5,795,189
Fixed Assets 5,577,337
Property, plant and equipment 5,251,337
Right-of-use assets 322,396
Intangibles 3,604
Investment in Subsidiary company 1
Long Term deposits 73,582
Deferred taxation 144,269
Current Assets
Stores and spares 215,791
Stock in trade 12,033,405
Trade Debts -
Advances 287,937
Prepayments 62,139
Other receivales 2,164,436
Income Tax 876,658
Staff retirement benefits 34,724
Short term Investment -
Cash and bank balances 9,062,895
Non current assets held for sale 24,737,985
Total Current Assets 24,739,585
Total Assets 30,534,774
Equity and Liabilities
Share Capital and Reserves
Authorised Capital 12,000,000
Issued, subscribed and paid up capital
Ordinary shares 615,803
Preference Shares 10,464,000
Transaction cost on issuance of preference shares- net of tax -33,911
Reserves 4,548,931
Total Equity 15,594,823
Non Current Liabilities
Lease Liabilities 265,035
Current Liabilities
Short term borrowings -
Trade and other payables 13,504,425
Current maturity of lease liabilities 92,186
Unclaimed dividend 37,128
Unpaid dividend 54,122
Sales tax and federal excise duty payable 987,055
Total Current Liabilities 14,674,916
Total Liabilities 14,939,951
Total Equity and Laibilities 30,534,774
 2022
19,838,541
10,943,558
8,894,983
3,329,049
1,645,663
1,039,056
-1,457,171
4,338,386
66,699
4,271,687
1,461,941
2,809,746
33,300
-10,989
2,832,057
30.33
31.40

5,857,387
5,746,361
5,443,070
279,178
24,113
1
91,952
19,073

57,503
8,689,766
-
134,011
72,541
1,755,838
646,714
144,173
2,015,377
7,302,365
20,818,288
20,818,288
26,675,675

12,000,000
 615,803
10,464,000
-33,911
4,548,931
15,234,724

251,145

-
8,800,476
61,276
37,780
901,706
1,388,568
11,189,806
11,440,951
26,675,675
Statement of Profit or Loss
2023
Revenue from contracts with customers 7,434,547,887
Cost of sales -4,662,752,405
Gross Profit 2,771,795,482
Administrative Expenses -237,124,008
Selling and distribution expenses -293,248,789
Impairment loss on Financial assets -61,954,517
Operating Profit 2,179,468,168
Other Income 399,196,718
Other Expenses -177,871,122
Finance Cost -276,640,353
Profit before Taxation 2,124,153,411
Taxation -125,752,554
Profit for the Year 1,998,400,857
Earnings Per Share 288.68

Statement of Financial Position

Equity and Liabilities
Share Capital and Reserves
Share Capital 69,226,040
Unappropriate Profit 3,352,438,743
Revenue Reserves 3,312,465
Revaluation surplus on property plant and equipment 368,963,006
Liabilities
Non Current Liabilities 193,753,203
Employee retirement benefits 87,810,788
Deferred tax liabilities 105,942,415
Current Liablities 3,732,123,697
Trade and Other Payables 3,614,916,768
Unclaimed Dividend 16,171,291
Loan from Sponsers 101,035,638
Provision for Taxation -
Contigencies and commitments
Total Equity and Liabilities 7,719,817,154
Non Current Assets 2,750,893,609
Property Plant and Equipment 2,744,656,198
Long term deposits 6,237,411
Current Assets 4,968,923,545
Stock in Trade 1,706,636,284
Stores, spare parts and loose tools 19,357,351
Trade Debts 1,407,685,764
Advances, prepayments and other receivables 746,341,728
Advance Income Tax 2,424,234
Cash and Bank Balances 1,086,478,184
Non Current assets classified as held for sale -
Total Assets 7,719,817,152
Statement of Cash Flows
Cash flows from operating Activities
Profit before Taxation 2,124,153,411
Adjustments for 168,355,772
Depreciation on property, plant and equipment 5,147,539
Provision for staff retirement benefits -
Provision for WPPF written back 3,025,824
Accrued liabilities written back 3,375,000
Advance from customer written back 560,343
Advance to supplier written off 9,035,649
Write off Sales Tax not to be claimed 1,671,651
Gain on disposal of property, plant and equipment 61,954,517
Impairment loss on financial assets 371,124,243
Exchange gain/loss 76,640,353
Finance Cost 142,497,455
CF from operating activities before working capital changes 2,266,650,866
Effect on CF due to working Capital changes
Increase/decrease in:
Stock in Trade 163,340,695
Store and Spares 3,004,119
Trade Debts 67,888,264
Advances and Prepayments 491,592,578
Advance income tax -
Trade and other payables 1,405,184,515
Cash Generated form/used in Operations 3,072,691,115
Gratuity Paid -9,349,751
Income tax paid -106,578,551
Finance cost paid -257,598,255
WWF paid -12,671,798
Unclaimed Dividend paid -6,392
Net cash generated from operating activities 2,686,486,368
CFs from Investing Activities
Additions to property, plant and equipments -908,212,669
Security deposits -1,290,000
Proceeds from Sale of Property, plant and equipment -
Net cash used in investing activities -909,502,669
CFs from Financing Activities
Receipt of Loan 33,000,000
Repayment of Loan -1,402,864,362
Net cash generated from financing activities -1,369,864,362
Net Increase in Cash and Cash Equivalents 407,119,337
Cash and Cash equivalents at the beginning of year 679,358,847
Cash and Cash equivalents at the end of year 1,086,478,184

Profitability Ratios:
Net Profit Margin=Net Profit/Net Turnover 0.27
Assets Turnover Ratio=Net Turnover/Total assets 0.96
Returns on assets=Net Profit/Total Assets 0.26
Return on equity=Net Profit/Shareholder equity 0.53
Gross Profit Margin Ratio=Gross Profit/Net Turnover 1.39
Liquidity Ratios:
Current Ratio=Current Assets/Current Liabilities 1.33
Quick Ratio=(Current Assets-Inventory)/Current Liabilities 0.60
Cash to current Laibilities=Cash and Cash Equivalents/Current Laibilities 0.29
Solvency Ratios:
Debt to assets Ratios=Total Debt/Total Assets 0.05
Debt to equity ratio=Total Debt/Total Shareholders equity 1.05
Interest to capital ratio=Operating Profit/Finance cost 14.02
 2022
2,464,709,131
-1,662,443,302
802,265,829
-149,215,846
-117,652,462
-2,642,973
532,754,548
48,632,739
-40,726,675
-130,306,078
410,354,534
-94,905,749
315,448,785
45.57

48,073,640
1,352,674,467
3,312,465
360,188,752

209,558,030
63,028,927
146,529,103
3,676,649,515
2,161,578,213
16,177,683
1,470,900,000
27,993,619

5,650,456,869
2,048,085,061
2,043,137,650
4,947,411
3,589,672,808
1,869,976,979
16,353,232
768,673,257
255,309,493
-
679,358,847
12,700,000
5,650,456,869
410,354,534
136,330,997
13,816,423
43,023,439
-
-
53,885
-
-
-2,642,973
10,259,833
130,306,078
331,147,682
741,502,216

-870,668,113
-11,776,387
-590,928,276
10,597,704
19,896,698
957,800,445
235,228,879
-2,940,548
-23,522,402
-2,164,658
-2,069,374
-230,089
204,301,808

-525,040,742
-180,000
16,485,001
-508,735,741

471,500,000
-46,000,000
425,500,000
121,066,067
558,292,780
679,358,847

0.13
0.44
0.44
0.08
2.54

1.02
0.42
0.18

0.51

0.95