UNAUDITED
CONDENSED INTERIM
FINANCIAL STATEMENTS
FOR THE HALF YEAR ENDED
MARCH 31, 2024
COMPANY PROFILE
BOARD OF DIRECTORS | Mr. Saleem Zamindar | Chairman / Director |
Mr. Dinshaw H. Anklesaria | Director | |
Mr. Shams Ghani | Director | |
Miss. Sadia Moin | Director | |
Mr. Muhammad Saleem Mangrio | Director | |
Mr. Abdul Qayyum Khan Abbasi | Director | |
Mr. Muhammad Omar Arshid | Director | |
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 Omar Arshid | Member | |
Mr. Shams Ghani | Member | |
CHIEF EXECUTIVE OFFICER | Mr. Mansoor Afzal Subzwari | |
CHIEF FINANCIAL OFFICER | Mr. Shams Ghani | |
COMPANY SECRETARY | Mr. Muhammad Imran Akber | |
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 | ||
AUDITORS | Parker Russell-A.J.S. | |
Chartered Accountants | ||
LEGAL ADVISOR | Mr. Muhammad Jameel Choudhry | |
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. 0092-21-35303291-2 | ||
www.sakrandsugar.com | ||
FACTORY ADDRESS | Deh Tharo Unar,Taluka Sakrand | |
District Shaheed Benazir Abad, Sindh. |
Directors' Report to Members
On behalf of the Board, we are pleased to present the un-audited Condensed Interim Financial statements of the Company for the six months ended March 31, 2024 together with the auditors' review report thereon.
Operational Result
The operational performance for the period under review as compared with that of last year is tabulated hereunder.
Season | |||
2023-24 | 2022-23 | ||
Start of Season | Nov 06, 2023 | Nov 26, 2022 | |
Season duration | 123 | 80 | |
Operational Days | 98 | 74 | |
Sugarcane crushed | M. Tons | 257,489 | 252,153 |
Production | |||
Sugar | M. Tons | 26,269 | 25,763 |
Molasses | M. Tons | 13,590 | 12,343 |
Recovery | |||
Sugar | % | 10.202 | 10.217 |
Molasses | % | 5.278 | 4.895 |
The crushing season 2023-2024 operated for 98 days compared to 74 days in the previous year. Despite of lengthy crushing period the crushing quantum remained almost the same as the management focus was to procure the quality and improved variety of CANE only to avert production losses. The Sindh Government raised minimum support price of cane from PKR 302 per maund to PKR 425 per maund, an increase of 41%. This was a tremendous increase as the main component in the production of Sugar. The other input costs were also on rise due to higher inflationary pressure, thus raising the cost of production which could not transform into selling price of the commodity as usual due to indifferent policies on this particular commodity.
Financial Result
The Financial Result for the period under review is tabulated hereunder.
Rupees in millions | |||
Description | Oct - March | Oct -March | |
2024 | 2023 | ||
Sales - net | 2,592.37 | 2,032.14 | |
Gross profit | 42.31 | 25.57 | |
Profit/(loss) before taxation | (49.72) | (73.27) | |
Profit/(loss) after taxation | (82.13) | (98.67) | |
Loss per Share | Rs. | (1.84) | (2.21) |
During the period under review Cane Cost per kg of sugar produced stood at 113/- as against PKR 76/- in the previous year an increase of PKR 37/- per KG. Whereas the selling price (exclusive of Sales Tax) of Sugar in the current year stood at PKR 105/- per KG as against a selling price of PKR 72/- per KG a year earlier an increase of PKR 33/- per KG. This denotes the reasons for adverse results as the cost keeps on increasing more than the revenue.
Sugar Production in the Country during the current year i.e. 2023-2024 was 6.8 million metric tons. Adding carryover stock from last year of 0.7 million metric tons, the total available quantity stands at 7.5 million metric tons, as against our annual consumption requirement of 6.0 million metric tons, thus having a surplus of 1.5 million metric tons valuing at 1.0 Billion US Dollars. PASMA (Pakistan Sugar Mills Association) is on rigorous follow up with the Government for Export permission but of no avail as yet.
The Government policies aims at following administrative and coercive measures against sugar mills and do not allow market to operate based on free trade mechanism. They make the sugar mills purchase sugarcane at higher prices and sell the finished product at the low prices.
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.
On behalf of the Board of Directors
Chairman/Director | Chief Executive Officer |
Karachi | |
May 30, 2024 |
Start of Season
Season duration
Operational Days
Sugarcane crushed | M. Tons |
Production | |
Sugar | M. Tons |
Molasses | M. Tons |
Recovery | |
Sugar | % |
Molasses | % |
Season
2023-24 | 2022-23 |
Nov 06, 2023 | Nov 26, 2022 |
123 | 80 |
98 | 74 |
257,489 | 252,153 |
26,269 | 25,763 |
13,590 | 12,343 |
10.202 | 10.217 |
5.278 | 4.895 |
Condensed Interim Statement of Financial Position | |||
As at March 31, 2024 | |||
(Un-Audited) | (Audited) | ||
March 31, | September 30, | ||
2024 | 2023 | ||
Note | …….Rupees in '000' .……. | ||
Assets | |||
Non-current assets | |||
Property, plant and equipment | 5 | 3,830,133 | 3,847,298 |
Intangible asset | 1,263 | 1,513 | |
Long-term loans | 1,016 | 191 | |
Long-term deposits | 2,860 | 2,860 | |
3,835,272 | 3,851,862 | ||
Current assets | |||
Store, spares and loose tools | 116,206 | 108,823 | |
Stock-in-trade | 6 | 739,425 | 32,855 |
Trade debts | 1,811 | 1,188 | |
Loans and advances | 71,150 | 46,458 | |
Deposits, prepayments and other receivables | 91,150 | 94,861 | |
Short term investment | - | 10,000 | |
Cash and bank balances | 7 | 14,216 | 5,611 |
1,033,958 | 299,796 | ||
Total assets | 4,869,230 | 4,151,658 | |
Equity and liabilities | |||
Share capital and reserves | |||
Authorized share capital | 600,000 | 600,000 | |
Issued, subscribed and paid-up share capital | 446,160 | 446,160 | |
Accumulated loss | (1,736,956) | (1,672,931) | |
Surplus on revaluation of property, plant | |||
and equipment-net of deferred tax | 2,113,105 | 2,131,204 | |
Directors' / sponsors' subordinated loan | 92,767 | 92,767 | |
915,076 | 997,200 | ||
Non-current liabilities | |||
Long term financing - secured | 8 | 664,873 | 686,673 |
Deferred liabilities | 68,137 | 67,342 | |
Deferred Taxation | 13 | - | - |
733,010 | 754,015 | ||
Current liabilities | |||
Trade and other payables | 2,434,884 | 1,675,780 | |
Unclaimed dividend | 6,198 | 6,198 | |
Unpaid dividend | 30 | 30 | |
Accrued mark-up | 483,110 | 461,091 | |
Current maturity of long-term financing | 234,018 | 223,218 | |
Tax payable - net | 62,904 | 34,126 | |
3,221,144 | 2,400,443 | ||
Contingencies and commitments | 9 | - | - |
Total equity and liabilities | 4,869,230 | 4,151,658 |
The annexed notes from 1 to 16 form an integral part of these condensed interim financial statements.
Chief Executive Officer | Chief Financial Officer | Director |
Condensed Interim Statement of Profit or Loss
For the half year ended March 31, 2024 (Un-audited)
Half year ended | Quarter ended | ||||
March 31, | March 31, | March 31, | March 31, | ||
2024 | 2023 | 2024 | 2023 | ||
Note | …....................Rupees | in '000'… | |||
Sales - net | 10 | 2,592,365 | 2,032,140 | 1,512,652 | 1,335,285 |
Cost of sales | 11 | (2,550,052) | (2,006,567) | (1,407,539) | (1,234,000) |
Gross profit | 42,313 | 25,573 | 105,113 | 101,286 | |
Operating expenses | |||||
Administrative expenses | (92,085) | (76,654) | (44,800) | (41,142) | |
Selling and distribution cost | (6,918) | (3,441) | (4,955) | (2,135) | |
(99,003) | (80,095) | (49,755) | (43,277) | ||
Operating (loss) / profit | (56,690) | (54,522) | 55,358 | 58,009 | |
Finance cost | (27,175) | (21,157) | (13,715) | (10,828) | |
Other income | 12 | 34,145 | 2,411 | 34,145 | 2,411 |
6,970 | (18,747) | 20,430 | (8,417) | ||
Loss / (profit) before taxation | (49,720) | (73,269) | 75,788 | 49,592 | |
Taxation-net | 13 | (32,405) | (25,402) | (18,909) | (22,810) |
Loss / (profit) after taxation | (82,125) | (98,671) | 56,879 | 26,782 | |
Loss / (earning) per share | |||||
basic and diluted (Rs.) | (1.84) | (2.21) | 1.27 | 0.60 |
The annexed notes from 1 to 16 form an integral part of these condensed interim financial statements.
Chief Executive Officer | Chief Financial Officer | Director |
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Sakrand Sugar Mills Ltd. published this content on 03 June 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 03 June 2024 05:57:00 UTC.