STATEMENT OF FINANCIAL POSITION
AS AT MARCH 31, 2023
2023 2022
Rupees '000
ASSETS
Non-current assets
Property, plant and equipment 3,905,869 3,792,808
Right-of-use asset - 11,192
Intangibles assets 19,616 18,106
Long-term investments - -
Long-term loans 38,908 40,273
Long-term deposits 8,829 7,990
Employee benefit prepayment 43,699 12,573
4,016,921 3,882,942
Current assets
Inventories 2,043,552 1,815,805
Trade receivables 187,224 447,732
Loans and advances 54,704 36,393
Trade deposits and prepayments 1,299,935 28,126
Refunds due from government - sales tax 122,702 176,166
Other receivables 1,582 9,791
Taxation - payments less provision 1,062,713 938,393
Cash and bank balances 349,285 3,030,479
5,121,697 6,482,885
Total assets 9,138,618 10,365,827
EQUITY AND LIABILITIES
Share capital and reserves
Issued, subscribed and paid-up capital 248,011 248,011
Capital Reserve
Revaluation surplus on land and buildings 2,222,132 2,118,424
Share premium 2,771,525 2,771,525
Revenue Reserve
General reserve 291,000 291,000
Accumulated loss (377,958) (463,298)
5,154,710 4,965,662
LIABILITIES
Non-current liabilities
Deferred taxation 170,359 126,600
Employee benefit obligations 64,259 35,833
Lease liability - 6,777
234,618 169,210
Current liabilities
Trade and other payables 2,064,148 2,823,819
Advances from customers 1,652,943 2,330,264
Short-term borrowings - secured 19,309 58,109
Unclaimed dividend 12,890 12,906
Current portion of lease liability - 5,857
3,749,290 5,230,955
Total liabilities 3,983,908 5,400,165
Commitments
Total equity and liabilities 9,138,618 10,365,827
32
Annual Report 2023
STATEMENT OF PROFIT OR LOSS AND OTHER
COMPREHENSIVE INCOME
FOR THE YEAR ENDED MARCH 31, 2023
2023 2022
Rupees '000
Revenue from contracts with customers 13,185,973 12,530,886
Cost of sales (12,059,366) (11,321,335)
Gross profit 1,126,607 1,209,551
Distribution costs (405,354) (356,496)
Administrative expenses (404,148) (375,981)
Other income 204,601 214,476
Other expenses (14,890) (41,616)
Reversal of impairment on trade receivables and deposits 9,731 16,622
Operating profit 516,547 666,556
Finance costs (255,858) (101,772)
Profit before income tax 260,689 564,784
Income tax expense (244,656) (147,654)
Profit for the year 16,033 417,130
Other comprehensive income / (loss) for the year:
Items that will not be reclassified subsequently to profit or loss
Gain / (loss) on remeasurements of post employment
benefit obligations 8,234 (1,463)
Impact of deferred tax (2,717) 424
5,517 (1,039)
Gain on revaluation of land and buildings 210,492 254,946
Impact of deferred tax (42,994) (22,984)
167,498 231,962
Other comprehensive income for the year 173,015 230,923
Total comprehensive income for the year 189,048 648,053
Earnings per share - basic and diluted Rs. 0.65 Rs. 16.82
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED MARCH 31, 2023
Issued, Total
Capital Reserve Revenue Reserve
subscribed
and paid-up Revaluation Share General Accumulated
capital surplus on premium reserve loss
land and
buildings
Rupees '000
Balance at April 01, 2021 248,011 1,942,333 2,771,525 291,000 (935,260) 4,317,609
Transferred from surplus on revaluation of
land & building on account of incremental
depreciation - net of deferred tax - (55,871) - - 55,871 -
Total comprehensive income / (loss) for the
year ended March 31, 2022
- Profit for the year ended March 31, 2022 - - - - 417,130 417,130
- Other comprehensive income / (loss)
for the year ended March 31, 2022 - 231,962 - - (1,039) 230,923
- 231,962 - - 416,091 648,053
Balance at March 31, 2022 248,011 2,118,424 2,771,525 291,000 (463,298) 4,965,662
Transferred from surplus on revaluation of
land & building on account of incremental
depreciation - net of deferred tax - (63,790) - - 63,790 -
Total comprehensive income for the
year ended March 31, 2023
- Profit for the year ended March 31, 2023 - - - - 16,033 16,033
- Other comprehensive income
for the year ended March 31, 2023 - 167,498 - - 5,517 173,015
- 167,498 - - 21,550 189,048
Balance at March 31, 2023 248,011 2,222,132 2,771,525 291,000 (377,958) 5,154,710
Annual Report 2023
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED MARCH 31, 2023
2023 2022
Rupees ’000
CASH FLOWS FROM OPERATING ACTIVITIES
Cash (used in) / generated from operations (2,181,865) 3,192,679
Mark-up paid on short-term borrowings (4,072) (19)
Return on savings accounts and deposits 113,647 156,975
Income taxes paid (370,928) (257,947)
Employee benefits paid (42,145) (229,623)
Increase in long-term deposits (839) (632)
Decrease / (increase) in long-term loans and advances 1,365 (12,891)
Net cash (used in) / generated from operating activities (2,484,837) 2,848,542
CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of property, plant and equipment (172,034) (290,676)
Purchase of intangible assets (12,963) (6,606)
Proceeds from sale of property, plant and equipment 33,382 30,698
Net cash used in investing activities (151,615) (266,584)
CASH FLOWS FROM FINANCING ACTIVITIES
Dividends paid (16) (329)
Lease rentals paid (5,926) (5,638)
Net cash used in from financing activities (5,942) (5,967)
Net (decrease) / increase in cash and cash equivalents (2,642,394) 2,575,991
Cash and cash equivalents at beginning of the year 2,972,370 396,379
Cash and cash equivalents at end of the year 329,976 2,972,370
