Sakrand Sugar Mills : Transmission of Quarterly Report for the Period Ended June 30, 2022

UNAUDITED

CONDENSED INTERIM

FINANCIAL STATEMENTS FOR THE QUARTER ENDED JUNE 30, 2022

COMPANY PROFILE

BOARD OF DIRECTORS	Mr. Saleem Zamindar	Chairman/Director
	Mr. Shams Ghani	Executive Director
	Mr. Dinshaw H. Anklesaria	Director
	Mr. Muhammad Jamshid Malik	Director
	Miss. Sadia Moin	Director
	Mr. Muhammad Saleem Mangrio	Director
	Mr. Abdul Qayyum Khan Abbasi	Director
CHIEF EXECUTIVE OFFICER	Mr. Mansoor Afzal Subzwari
AUDIT COMMITTEE	Miss. Sadia Moin	Chairperson
	Mr. Saleem Zamindar	Member
	Mr. Muhammad Saleem Mangrio	Member
HR COMMITEE	Mr. Abdul Qayyum Khan Abbasi	Chairman
	Mr. Muhammad Jamshid Malik	Member
	Mr. Shams Ghani	Member
CHIEF FINANCIAL OFFICER	Mr. Shams Ghani
COMPANY SECRETARY	Mr. Ali Mahmood Khan
BANKERS	Allied Bank Limited
	Bank Al Habib Limited
	Bank Alfalah Limited
	Habib Bank Limited
	Meezan Bank Limited
	MCB Bank Limited
	National Bank Of Pakistan
	Soneri Bank Limited
	Sindh Bank Limited
	Summit Bank Limited
	United Bank Limited
	Al-Baraka Bank Pakistan Limited
AUDITORS	UHY Hassan Naeem & Co.
	Chartered Accountants
LEGAL ADVISOR	Mr. Muhammad Jamshid Malik
REGISTRAR	M/s JWAFFS Registrar Services (Pvt.) Ltd.
	407-408, Al Ameera Centre
	Shahrah-e-Iraq, Saddar
	Karachi-74400
REGISTERED OFFICE	41-K,Block-6, P.E.C.H.S., Karachi
	Phone. [phone]
	www.sakrandsugar.com
FACTORY ADDRESS	Deh Tharo Unar,Taluka Sakrand
	District Shaheed Benazir Abad, Sindh.

DIRECTORS' REPORT

On behalf of the Board of Directors, it is our privilege to present to you the unaudited condensed interim financial statements of the Company for the nine months and quarter ended June 30, 2022.

OPERATIONAL RESULTS

The operational performance for the period under review as compared with that of last year's corresponding period is tabulated hereunder;

FINANCIAL RESULTS

The Financial Results for the period under review as compared with that of last year's corresponding period is tabulated hereunder;

The Cane cost increased from Rs 202/- per maund to Rs 250/- per maund, an increase of 25% along with an increase of all other input elements due to inflationary effect, whereas the selling price of Sugar registered an increase of 4 % only when compared to last year. The quantum of increase in Cost did not transform into selling price, thus bottom line resulted into a loss. Sugar production in our country is in excess of our consumption and government policies refraining export of surplus quantity result into low price of this commodity due to market forces. Unless the government formulate an economic viable policy as regards to this particular commodity, it will become very difficult for Sugar Industry to survive under these circumstances.

Acknowledgement

The Directors place on record their appreciation for devotion of duty, loyalty and hard work of the executives, officers, staff members and workers for smooth running of the company's affairs and hope that they will continue for enhancement of productivity with great zeal and spirit under the blessings of Almighty Allah.

The Directors would like to thank all the government functionaries, banking and financial institutions, supplies and shareholders for their continued support and cooperation for the betterment and prosperity of the Company.

On behalf of the Board of Directors

Chairman

Chief Executive Officer

Dated: December 23, 2022

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