Century Paper & Board Mills : TRANSMISSION OF QUARTERLY REPORT FOR THE QUARTER/PERIOD ENDED MARH 31, 2024

THIRD QUARTER REPORT

MARCH 2024

Contents

	PAGE
Corporate Information	2
Directors' Review	3-4
Directors' Review - Urdu	5-6
Condensed Interim Statement of Financial Position	7
Condensed Interim Statement of Profit or Loss	8
Condensed Interim Statement of Comprehensive Income	9
Condensed Interim Statement of Cash Flows	10
Condensed Interim Statement of Changes in Equity	11
Notes to the Condensed Interim Financial Statements	12-26

CENTURY PAPER & BOARD MILLS LIMITED

1

Corporate Information
Board of Directors
Iqbal Ali Lakhani	- Chairman
Amin Mohammed Lakhani
Babar Ali Lakhani
Anushka Lakhani
Asif Qadir
Ali Aamir
Aftab Ahmad	- Chief Executive Officer
Advisor
Sultan Ali Lakhani
Audit Committee
Ali Aamir	- Chairman
Amin Mohammed Lakhani
Babar Ali Lakhani
Human Resource & Remuneration Committee
Asif Qadir	- Chairman
Amin Mohammed Lakhani
Anushka Lakhani
Aftab Ahmad
Chief Financial Officer
Muhammad Rashid Dastagir
Email: [e-mail]
Company Secretary
Mansoor Ahmed
Email: [e-mail]
External Auditors
BDO Ebrahim & Co.
Chartered Accountants
Email: [e-mail]
Shares Registrar
FAMCO Share Registration Services (Private) Limited
8-F, Near Hotel Faran, Nursery, Block-6, P.E.C.H.S. Shahra-e-Faisal, Karachi.
Phone: [phone]
Email: [e-mail]
Website: www.famcosrs.com
Head Office and Registered Office
Lakson Square, Building No.2, Sarwar Shaheed Road, Karachi-74200, Pakistan.
Phone: [phone]
Fax: [phone]
Email: [e-mail]
Website: www.centurypaper.com.pk
Lahore Office
14-Ali Block, New Garden Town, Lahore-54600, Pakistan.
Phone: [phone] Fax: [phone]
Mills
62 KM, Lahore-Multan Highway, N-5, District Kasur, Pakistan.
Phone: [phone]	Fax: [phone]
THIRD QUARTER REPORT MARCH 2024
2

Directors' Review

On behalf of the Board of Directors, we are pleased to present the performance review of your Company together with the unaudited financial statements for the period that ended on March 31st, 2024.

OPERATIONS AND SALES REVIEW

The Company produced 144,811 metric tons during the period under review (July 2023- March 2024) as compared to 162,499 metric tons for the corresponding period of last year. The reduced capacity utilization during the period was a consequence of the sluggish demand, increased competition from cheaper imported goods & unorganized sector and out sourcing of certain raw materials for corrugated boxes.

The sales volumes for the period under review (July 2023-March 2024) stood at 143,135 metric tons as compared to 170,646 metric tons for the corresponding period of last year. In terms of value, the net sales were recorded at Rs. 32,885 million as compared to Rs. 38,264 million for the corresponding period of last year.

FINANCIAL PERFORMANCE

The Company posted a gross profit of Rs. 3,286 million for the period under review (July 2023-March 2024) compared to Rs. 3,335 million for the corresponding period of last year. Similarly, the net operating profit for the period under review (July 2023-March 2024) was recorded at Rs. 2,482 million compared to Rs. 2,589 million for the corresponding period of last year.

The finance cost for the period under review (July 2023-March 2024) stood at Rs. 1,386 million compared to Rs. 1,487 million during the corresponding period of last year. After taking into account financial charges, profit before tax for the period was Rs. 1,096 million as compared to Rs. 1,102 million in the corresponding period of last year and the net profit for the period under review was Rs. 669 million as compared to Rs. 738 million for the corresponding period of last year.

EARNINGS PER SHARE

The basic earnings per share for the period under review (July 2023-March 2024) is reported at Rs. 1.66 as compared to Rs. 1.84 for the corresponding period of last year. There is no dilution effect on the earnings per share for the period under review and the corresponding period of last year. The Corresponding figures have been restated retrospectively to include the impact of the bonus shares issued during the last financial year (2022-2023) as required by international accounting standards.

CENTURY PAPER & BOARD MILLS LIMITED

3

Directors' Review

NEAR TERM OUTLOOK

Effective stabilization measures, supported by IMF assistance, have positively influenced economic indicators. This improvement is evident from the easing of inflation and the stabilization of the currency, underpinned by improved current account balances and increased reserves. Nevertheless, industrial activity is still slow and a gradual increase is expected in consumer spending and industrial demand from next fiscal year.

Your company is well-prepared to regain sales volumes in line with anticipated improvement in economic activity and demand of industrial output. However, in the near term, the management of your company is committed to upholding financial performance by securing a favorable sales mix at selling prices aligned with current market conditions.

ACKNOWLEDGMENTS

The Directors wish to acknowledge the devotion of the employees of all cadres and are appreciative of their dedication and commitment. They also extend heartfelt appreciation to the Company's suppliers, customers and bankers for their continued confidence and support.

On behalf of the Board of Directors

IQBAL ALI LAKHANI	AFTAB AHMAD
Chairman	Chief Executive Officer

Karachi: April 26, 2024

THIRD QUARTER REPORT MARCH 2024

4

CENTURY PAPER & BOARD MILLS LIMITED

5

	(Sales Mix)
2024	26
THIRD QUARTER REPORT MARCH 2024
6

Condensed Interim Statement of Financial Position

as at March 31, 2024

Note

ASSETS

NON - CURRENT ASSETS

Property, plant and equipment

March 31,	June 30,
2024	2023
(Un-audited)	(Audited)

(Rupees in thousands)

Operating fixed assets	7
Capital work in progress	8
Intangible assets
Long-term advances
Long-term deposits	9
CURRENT ASSETS
Stores and spares	10
Stock-in-trade	11
Trade debts
Advances
Trade deposits and short-term prepayments
Other receivables
Tax refunds due from Government	12
Taxation - net
Cash and bank balances	13
TOTAL ASSETS
EQUITY AND LIABILITIES
SHARE CAPITAL AND RESERVES
Authorized share capital
1,000,000,000 (June 30, 2023: 1,000,000,000)
shares of Rs. 10 each
Issued, subscribed and paid-up capital
401,712,926 (June 30, 2023: 401,712,926)
ordinary shares of Rs. 10 each
Reserves
NON - CURRENT LIABILITIES
Long-term financing	14
Lease liabilities against right of use assets
Deferred taxation
Deferred capital grant	15
CURRENT LIABILITIES
Trade and other payables	16
Short-term borrowings	17
Interest and mark-up accrued	18
Unclaimed dividend
Current portion of long-term lease liabilities
against right of use assets
Current portion of deferred capital grant	15
Current portion of long-term financing	14
TOTAL EQUITY AND LIABILITIES
CONTINGENCIES AND COMMITMENTS	19

10,109,917

1,458,493

11,568,410

16,710

-

192,191

11,777,311

3,758,579

6,572,421

5,265,543

188,384

46,733

22,861

284,598

363,583

1,007,598

17,510,300

29,287,611

10,000,000

4,017,129

9,763,374

13,780,503

4,102,947

13,401

698,491

179,672

4,994,511

4,997,502

3,702,624

175,186

1,721

13,757

98,824

1,522,983

10,512,597

29,287,611

10,367,165

1,350,556

11,717,721

13,663

11,809

19,181

11,762,374

2,758,473

8,755,430

5,181,962

221,728

13,530

34,601

204,598

162,516

800,991

18,133,829

29,896,203

10,000,000

4,017,129

9,094,838

13,111,967

5,134,796

23,445

791,725

251,820

6,201,786

4,608,574

4,071,118

540,685

1,721

13,764

110,053

1,236,535

10,582,450

29,896,203

The annexed notes from 1 to 31 form an integral part of these condensed interim financial statements.

IQBAL ALI LAKHANI	AFTAB AHMAD	MUHAMMAD RASHID DASTAGIR
Chairman / Director	Chief Executive Officer	Chief Financial Officer

CENTURY PAPER & BOARD MILLS LIMITED

7

Condensed Interim Statement of Profit or Loss

for the period ended March 31, 2024 (Un-audited)

	Nine months ended		Quarter ended
	March 31,	March 31,	March 31,	March 31,
2024	2023		2024	2023
Note	(Rupees in thousands)

Turnover - net	20	32,885,082
Cost of sales	21	(29,599,121)
Gross profit		3,285,961
General and administrative expenses		(724,108)
Selling expenses		(76,568)
Distribution expenses		(142,615)
Other operating charges
Workers' Profit Participation Fund		(58,859)
Workers' Welfare Fund		(22,367)
Others		(20,559)
		(101,785)
Other income		240,698
Operating profit		2,481,583
Finance cost	22	(1,385,621)
Profit before taxation		1,095,962
Taxation
Current		(520,660)
Deferred		93,234
		(427,426)
Profit for the period		668,536
Earnings per share
- basic and diluted (Rupees)	23	1.66

38,264,406

(34,929,336)

3,335,070

(630,792)

(68,492)

(134,994)

(59,162)

(22,482)

(19,474)

(101,118)

189,056

2,588,730

(1,487,134)

1,101,596

(522,369)

158,841

(363,528)

738,068

(Restated)

1.84

10,806,434

(9,576,494)

1,229,940

(241,583)

(26,448)

(51,087)

(27,672)

(10,516)

(276)

(38,464)

80,605

952,963

(437,701)

515,262

(186,607)

(14,347)

(200,954)

314,308

0.78

13,339,327

(11,727,842)

1,611,485

(208,539)

(24,043)

(45,005)

(44,730)

(16,998)

(2,817)

(64,545)

72,827

1,342,180

(509,301)

832,879

(210,806)

(74,794)

(285,600)

547,279

(Restated)

1.37

The annexed notes from 1 to 31 form an integral part of these condensed interim financial statements.

IQBAL ALI LAKHANI	AFTAB AHMAD	MUHAMMAD RASHID DASTAGIR
Chairman / Director	Chief Executive Officer	Chief Financial Officer

THIRD QUARTER REPORT MARCH 2024

8

Condensed Interim Statement of Comprehensive Income

for the period ended March 31, 2024 (Un-audited)

		Nine months ended			Quarter ended
		March 31,		March 31,	March 31,		March 31,
		2024	2023				2024	2023
				(Rupees in thousands)
Profit for the period	668,536	738,068				314,308	547,279
Other comprehensive income	-	-				-	-
Total comprehensive income
for the period	668,536	738,068				314,308	547,279

The annexed notes from 1 to 31 form an integral part of these condensed interim financial statements.

IQBAL ALI LAKHANI	AFTAB AHMAD	MUHAMMAD RASHID DASTAGIR
Chairman / Director	Chief Executive Officer	Chief Financial Officer

CENTURY PAPER & BOARD MILLS LIMITED

9