Al Abbas Sugar Mills : Transmission of Quarterly Report for the period Ended December 31, 2021

AL-ABBAS	01
SUGAR MILLS LTD.

Quarterly Report

02 December 2021

Contents

Company information		3
Directors' Review Report	4
Condensed Interim Statement of Financial Position (Un-audited)	7
Condensed Interim Statement of Profit and Loss Account (Un-audited)	8
Condensed Interim Statement of Other	9
Comprehensive Income (Un-audited)
Condensed Interim Statement of Changes in Equity (Un-audited)	10
Condensed Interim Statement of Cash Flow (Un-audited)	11
Notes to the Condensed Interim Financial Information (Un-audited)	12
Directors' Review Report - Urdu	24

		AL-ABBAS	03
COMPANY INFORMATION	SUGAR MILLS LTD.
BOARD OF DIRECTORS		STATUTORY AUDITORS
Zakaria Usman	Chairman	BDO Ebrahim & Co.
Asim Ghani	Chief Executive Officer	Chartered Accountants
Asma Aves Cochinwala	Director	COST AUDITORS
Darakshan Zohaib	Director
Haroon Askari	Director
Muhammad Salman Hussain Chawala	Director	UHY Hassan Naeem & Co.
Shahid Hussain Jatoi	Director	Chartered Accountants
Siddiq Khokhar	Director	REGISTERED OFFICE
Suleman Lalani	Director
COMPANY SECRETARY		2nd Floor, Pardesi House,
		Survey No. 2/1,
Zuhair Abbas		R.Y. 16, Old Queens Road,
		Karachi - 74000
CHIEF FINANCIAL OFFICER		Tel: [phone]
	Fax: [phone]
Samir Hajani		Website: www.aasml.com
	SHARE REGISTRAR OFFICE
AUDIT COMMITTEE		M/s. CDC Share Services Ltd.,
		CDC House-99B, Block 'B',
Haroon Askari	Chairman	S.M.C.H.S, Main Shahra-e-faisal,
Asma Aves Cochinwala	Member	Karachi-74400
Darakshan Zohaib	Member
Muhammad Salman Hussain Chawala	Member	FACTORIES/STORAGE LOCATIONS
Zakaria Usman	Member
Suhaib Afzal	Secretary	1) Mirwah Gorchani, Distt.
HUMAN RESOURCE AND REMUNERATION COMMITTEE	Mirpurkhas, Sindh
2) Main National Highway,
		Dhabeji, Sindh
Muhammad Salman Hussain Chawala	Chairman	3) Oil Installation Area, Kemari,
Asim Ghani	Member	Karachi, Sindh
Shahid Hussain Jatoi	Member
Siddiq Khokhar	Member	RISK MANAGEMENT COMMITTEE
Zakaria Usman	Member
BANKERS		Haroon Askari	Chairman
	Asim Ghani	Member
		Darakshan Zohaib	Member
Al Baraka Bank Pakistan Limited		Zakaria Usman	Member
Allied Bank Limited
Askari Bank Limited
Bank Alfalah Limited
Habib Metropolitan Bank Limited
MCB Bank Limited
MCB Islamic Bank
National Bank of Pakistan
The Bank of Punjab
Meezan Bank Limited
Samba Bank Limited
Soneri Bank Limited
United Bank Limited

Quarterly Report

04 December 2021

DIRECTORS' REVIEW REPORT

Dear Members,

Assalam-o-Alaikum

On behalf of the Board of Directors we take this opportunity to place before you condensed interim financial statements for the quarter ended December 31, 2021.

Financial performance

The financial results of the Company for the three months ended December 31, 2021 and those pertaining to its corresponding period are summarized below for comparison purposes:

	Quarter ended	Quarter ended
	December 31, 2021	December 31, 2020
			(Rupees in thousands)
Operating profit	248,094		311,307
Finance cost	(15,848)		(11,999)
		232,246			299,308
Other income	27,147		39,743
Profit before taxation		259,393			339,051
Taxation	(27,273)		(24,620)
Profit after taxation		232,120			314,431
Basic earnings per share (Rupees)	13.37		18.11

During the period under review, your company has earned after-tax profit of Rs. 232.120 million as compared to after-tax profit of Rs. 314.431 million in the corresponding period of last year thus registering a decrease of Rs. 82.311 million.

OPERATING SEGMENT RESULTS

The division-wise performance is presented below:

SUGAR DIVISION

The financial and operational performance of our Sugar division during the quarter ended December 31, 2021 is presented below:

Financial performance		Quarter ended	Quarter ended
		December 31, 2021 December 31, 2020
				(Rupees in thousands)
Sales	908,068		390,330
Cost of sales	(834,341)		(382,024)
Gross (loss) / profit			73,727			8,306
Distribution cost	(2,373)		(1,570)
Administrative expenses	(22,329)		(20,732)
Segment operating result			49,025			(13,996)
Operational performance	2021-22		2020-21
Date of start of season	November 19, 2021 November 06, 2020
Total days of actual crushing	34.698		35
Crushing (M. Tons)	150,242		158,947
Production from sugarcane (M.Tons)	13,795		14,882
Sales during the period (M. Tons)	10,757		5,607