Zahidjee Textile Mills : Transmission of Quarterly Report for the Period Ended 31-March-2024

QUARTERLY REPORT

FOR ThE 3rd QUARTER

ENDED MARCH 31, 2024

Z A H I D J E E

ZAHIDJEE TEXTILE MILLS LIMITED

CONTENTS

Company Information	1
Directors' review report - English	2
Directors' review report - Urdu	3
Condensed Interim Financial Statements
Statement of Financial Position	4
Statement of Profit or Loss	5
Statement of Comprehensive Income	6
Statement of Changes in Equity	7
Statement of Cash Flows	8
Notes to the Condensed Interim Financial Statements	9-14

COMPANY INFORMATION

Board of Directors		Bankers of the Company
Mr. Ahmad Zahid	Chairman	Allied Bank Limited
		Askari Bank Limited
Mr. Muhammad Zahid	Chief Executive	Bank Al Habib Ltd
		Bank Al-Falah Limited
Mrs. Mehreen Fahad	Director	BankIslami Pakistan Limited
Mr. Muhammad Ali	Director	Dubai Islamic Bank
Mr. Sajjad Hussain Shah	Independent Director	Faysal Bank Limited
Mr. Faisal Masood Afzal	Independent Director	Habib Bank Limited
Mr. Shahbaz Haider Agha	Independent Director	Habib Metropolitan Bank Ltd
		JS Bank Limited
Audit Committee		MCB Bank
		Meezan Bank Limited
Mr. Sajjad Hussain Shah	Chairman	National Bank of Pakistan
Mr. Faisal Masood Afzal	Member	Samba Bank Limited
Mr. Muhammad Ali	Member	Soneri Bank Limited
		The Bank of Khyber
		The Bank of Punjab
HR & Remuneration Committee	United Bank Limited
		Registered Office
Mr. Shahbaz Haider Agha	Chairman
Mr. Muhammad Ali	Member	131-A, Scotch Corner ,Street-P Upper Mall,
Mr. Ahmad Zahid	Member	Scheme Lahore. Tel: [phone]
Mr. Muhammad Zahid	Member	Plant site
		- 28-KM, Sheikhupura Road,
Chief Financial Officer		Faisalabad
Mr. Shahab U din Khan		- 32-KM, Tandlian wala Road,
		Faisalabad
Company Secretary		- M-3 Industrial City,
Mr. Muhammad Ilyas		Sahianwala, Faisalabad
		Export Office
Auditors		2-H,Gulberg-II, Jail Road, Lahore
RSM Avais Hyder Liaquat Nauman	Tel: [phone]
Chartered Accountants
		Share Registrar
		Corptec Associates (Private) Limited
		503-E, Johar Town, Lahore
		Tel: [phone] Fax [phone]
		E-mail: [e-mail]

DIRECTORS' REPORT TO SHAREHOLDERS

The Board of Directors of the Company are pleased to present the Directors' Review Report and Unaudited Financial Statements of the Company, for the Nine months ended March 31, 2024.

Financial Results

The Summery of key Financial numbers is presented below:

	March 31
	2024			2023
	(Rupees in '000')
Sales	28,070,601			24,802,110
Gross profit	1,464,008			2,886,992
Profit before taxation	794,997			2,098,297
Provision for taxation	247,316			109,448
Profit after taxation
547,681			1,988,849
Earnings per share - Basic and diluted	2.86			10.39

Despite various challenges, your company has been able to achieve considerable growth in terms of sales . Turnover increased by 13.2 %, against Rs. 24.07 billion for the Same Period Last Year (SPLY). Gross profit margin remains from 11.64 % to 5.2 % in SPLY. the Company's net profit remains to Rs. 547 million from Rs. 1,988 million in SPLY.

The net profit translated into Earnings per Share (EPS) of Rs. 2.86 as against Rs.10.39 of the corresponding period.

Future Prospects

The management is focused on raw material procurement efficiency and operational excellence to ensure that the current positive trend of profitable growth may continue during remaining part of the financial year as well.

Acknowledgments

The directors appreciate sincere contribution and the hard work by staff and workers of the company.We greatful for the trust and confidence exhibited in the company by shareholders, bankers and other stake holders.

For and on behalf of the Board of Directors

Dated: April 30, 2024	Muhammad Zahid
Lahore	Chief Executive Officer

ناربمم ےئارب ٹروپر زرٹکیرئاڈ

یتایلام ہدش ٹڈآ ریغ ےک ینپمک روا ٹروپر ہزئ اج یک زرٹکیرئاڈ ےئل ےک ہام ون ےلاو ےنوہ متخ وک 2024 ، چرام 31 زرٹکیرئاڈ فآ ڈروب ےک ینپمک ۔ںیہ ےہر رک س وسحم یشوخ ےئوہ ےترک شیپ ےراوشوگ

					:جئاتن یلام
			ےہ ایگ ایک شیپ ںیم لیذ ہصلاخ اک ںوربمن یتایلام مہا
چر ام 31
2024	2023		لیصفت
)ںیم ںورازہ ےپور(
28،070،601	24،808،110		تخورف
1،464،008	2,886,992		عفانم یعومجم
794،997	2,098,297		سکیٹ زا لبق عفانم
247،316	109,448		نشیسکیٹ
547،681	1,988,850		سکیٹ زا دعب عفانم
2.86	10.39		ندمآ رئیش یف

ےک ےصرع یسا ےک لاس ہتشزگ .ےہ یہر بایماک ںیم ےنرک لصاح یقرت یفاک ےس ظاحل ےک تخورف ینپمک یک پآ ،دوجواب ےک ںوجنلیچ فلتخم ۔اوہ ہفاضا دصیف 13.2 ںیم تخورف ںیم ےلباقم ےک ےپور برا 24.07

ےک ےپور نیلم 1،988 ےک لاس ےلھچپ عفانم صلاخ اک ینپمک روا -اہر دصیف 5.2 ںیم ےلباقم ےک دصیف 11.64 ےک لاس ےلھچپ عفانم ماخ اک ینپمک ےہ ےپور نیلم 547 ںیم ےلباقم

اہر2.86 ںیم تدم یسا ںیم ےلباقم ےک ےپور 10.39 یندمآ رئیش یف ہمجرت اک عفانم صلاخ

:رظن ءطقن اک لبقتسم

ےک ےصح ہیقب ےک لاس یلام ہک ےکساج ایانب ینیقی ہی ہکات ۔ےہ زوکرم رپ تراہم لنشیرپآ روا یگدرکراک یک یرادیرخ یک لام ماخ ہجوت یک ہیماظتنا ۔ےکس ہر یراج ناحجر تبثم ہدوجوم اک ومن شخب عفانم یھب نارود

:رکشت راہظا

ینپمک اک ںورادا یتایلام ، ںوکنیب ، ناگتفای صصح ےنپا مہ روا ۔ںیہ ےتہارس وک تنحم یک ںونکراک روا ےلمع ےک ینپمک روا نواعت ہناصلخم زرٹکیرئاڈ ۔ںیہ ےترک ادا ہیرکش اک نا ےئل ےک دامتعا رپ

:ےس بناج یک زرٹکیرئاڈ فآ ڈروب

دہاز دمحم )رسیفآ وٹکیزگیا فیچ ( 2024 ، لیرپا 30 :ہخروم روہلا :ماقم

ZAHIDJEE TEXTILE MILLS LIMITED

CONDENSED INTERIM STATEMENT OF FINANCIAL POSITION (UN-AUDITED)

AS AT MARCH 31, 2024

	Un-audited	Audited
	March 31,	June 30,
Note	2024	2023
	Rupees	Rupees

NON - CURRENT ASSETS

Property, plant and equipment	3
Long term security deposits
Stores, spares and loose tools
Stock in trade
Trade debts
Loans, advances and deposit
Prepayments
Other receivables
Short term investment	4
Tax refunds due from Government
Cash and bank balances	5

Non-current assets held for sale

CURRENT LIABILITIES

Trade and other payables

Interest / mark up payable

Short term borrowings

Unclaimed dividend

Current portion of long term finance

Provision for taxation - income tax

NON - CURRENT LIABILITIES

16,185,161,618

20,475,784

16,205,637,402

364,020,796

4,503,809,620

3,791,184,236

605,257,994

3,606,299

256,038,339

133,675,043

363,161,808

4,395,881,786

14,416,635,920

-

14,416,635,920

3,732,483,570

210,274,646

3,567,300,947

1,204,621

872,451,475

370,562,002

8,754,277,260

21,867,996,062

13,608,051,037

20,475,784

13,628,526,821

330,043,463

4,388,063,736

3,765,446,396

668,578,920

918,170

46,547,194

100,660,852

212,142,170

3,682,132,733

13,194,533,634

-

13,194,533,634

2,059,707,731

92,636,667

3,047,299,701

9,313,318

706,279,169

468,315,445

6,383,552,031

20,439,508,424

Long term finance

Deferred liability

Staff retirement gratuity

Deferred taxation

CONTINGENCIES AND COMMITMENTS

6

Net worth Represented by :

Share capital Capital reserves

Merger reserve

Surplus on revaluation of property, plant and equipment

Revenue reserves

4,593,183,334

21,985,109

1,247,865,024

5,863,033,466

-

16,004,962,596

1,914,210,990

366,258,513

3,636,187,184

10,088,305,909

16,004,962,596

16,004,962,596

3,353,601,788

21,985,109

1,301,530,462

4,677,117,359

-

15,762,391,065

1,914,210,990

366,258,513

3,884,399,416

9,597,522,146

15,762,391,065

15,762,391,065

The annexed notes from 1 to 14 form an integral part of these financial statements.

CHIEF EXECUTIVE OFFICER

DIRECTOR

CHIEF FINANCIAL OFFICER

ZAHIDJEE TEXTILE MILLS LIMITED

CONDENSED INTERIM STATEMENT OF PROFIT OR LOSS (UN-AUDITED) FOR THE NINE MONTHS ENDED MARCH 31, 2024

Note

Quarter ended March 31,		Nine months ended March 31,
2024	2023		2024	2023
Rupees	Rupees		Rupees	Rupees

Sales	7
Cost of sales	8
Gross profit
Trading profit
Distribution cost
Administrative expenses
Other operating expenses
Finance cost
Profit for the year before taxation:
Provision for taxation	9

9,829,989,152

9,231,781,752

598,207,400

533,241

148,236,544

746,977,185

-

44,626,473

40,825,686

17,617,709

364,945,413

468,015,281

278,961,904

135,380,135

8,507,558,618 28,070,601,275

7,939,318,379 26,606,593,274

568,240,239 1,464,008,001

• 720,616
  136,874,441 711,471,799

705,114,680	2,176,200,416
-
60,894,819			154,341,777
84,408,546			188,491,326
37,760,828			44,777,474
127,021,001			993,592,400
310,085,194		1,381,202,978
395,029,486	794,997,438
36,502,183	247,316,385

24,802,109,898

21,915,118,273

2,886,991,625

-

404,629,371

3,291,620,996

342,045,652

217,638,453

135,024,485

498,615,122

1,193,323,712

2,098,297,284

109,442,010

Profit for the year

Earnings per share - Basic and diluted

143,581,769

0.75

358,527,304	547,681,053	1,988,849,528
-
1.87	2.86	10.39

The annexed notes from 1 to 14 form an integral part of these financial statements.

CHIEF EXECUTIVE OFFICER

DIRECTOR

CHIEF FINANCIAL OFFICER

ZAHIDJEE TEXTILE MILLS LIMITED

CONDENSED INTERIM STATEMENT OF COMPREHENSIVE INCOME (UN-AUDITED)

FOR THE NINE MONTHS ENDED MARCH 31, 2024

	Quarter ended March 31,		Nine months ended March 31,
	2024	2023		2024	2023
	Rupees		Rupees		Rupees		Rupees
							Restated
Profit for the period	143,581,769	358,527,304	547,681,053	1,988,849,528
	143,581,769		358,527,304		547,681,053		1,988,849,528

The annexed notes from 1 to 14 form an integral part of these financial statements.

CHIEF EXECUTIVE OFFICER

DIRECTOR

CHIEF FINANCIAL OFFICER

ZAHIDJEE TEXTILE MILLS LIMITED

CONDENSED INTERIM STATEMENT OF CHANGES IN EQUITY (UN-AUDITED)

FOR THE NINE MONTHS ENDED MARCH 31, 2024

				CAPITAL RESERVES				REVENUE RESERVES
		ISSUED,		Surplus on
		SUBSCRIBED AND	Merger	revaluation of		Sub total		General	Unappropriated		Sub total	Total
		PAID-UP CAPITAL	reserve	property, plant			reserve	profit
				and equipment
						Rupees
Balance as at July 01, 2022 (Audited)	1,914,210,990	366,258,513	4,076,646,922		4,442,905,435		300,000,000	8,034,231,054		8,334,231,054	14,691,347,480
Total comprehensive income for the period
Transaction with owner
Dividend Paid								(191,421,099)		(191,421,099)	(191,421,099)
(Rs. 1 per share of Rs. 10 each)
Profit for the period - (Restated)	-	-			-		-	1,988,849,528		1,988,849,528	1,988,849,528
Other comprehensive income
Items that will not be subsequently
reclassified to profit or loss
Transfer on account of incremental depreciation on
revalued assets for the year - net of deferred tax	-	-	(222,659,651)		(222,659,651)		-	222,659,651		222,659,651	-
Surplus realised on disposal					-			-		-
of property, plant and equipment - net of deferred tax
Adjustment of deferred tax for the period	-	-	140,192,127		140,192,127		-			-	140,192,127
Balance as at March 31, 2023 (Unaudited)	1,914,210,990	366,258,513	3,994,179,399		4,360,437,912		300,000,000	10,054,319,134		10,354,319,134	16,628,968,036
Transactions with owners
Dividend paid
(Rs. 1.00 per share of Rs. 10 each)	-	-	-		-		-	(191,421,099)		(191,421,099)	(191,421,099)

Total comprehensive income for the period

Profit for the period		-	-	-	-
Other comprehensive income
Surplus on revaluation of property, plant
and equipment arisen during the year		-	-		-
Related deferred tax				-
		-	-		-
				-	-
Transfer on account of incremental depreciation on
revalued assets for the year - net of deferred tax	-	-	(241,337,529)	(241,337,529)
Surplus realised on disposal
of property, plant and equipment - net of deferred tax				-
Adjustment of deferred tax for the period	-	-	49,090,023	49,090,023

-	1,213,374,662	1,213,374,662		1,213,374,662
-	-			-
-	-			-
	1,213,374,662	1,213,374,662		1,213,374,662
-	241,337,529	241,337,529	-
	-	-	-
-	-	-	49,090,023

Balance as at June 30, 2023 (Audited)	1,914,210,990	366,258,513	3,884,399,416	4,250,657,929	300,000,000	9,297,522,146	9,597,522,146	15,762,391,065
Transactions with owners
Dividend paid
(Rs. 1.per share of Rs. 10 each)	-	-	-	-	-	(191,421,099)	(191,421,099)	(191,421,099)
Total comprehensive income for the period
Profit for the period	-	-		-	-	547,681,053	547,681,053	547,681,053
Transfer on account of incremental depreciation on
revalued assets for the year - net of deferred tax	-	-	(134,523,809)	(134,523,809)	-	134,523,809	134,523,809	-
Surplus realised on disposal
of property, plant and equipment - net of deferred tax				-		-	-	-
Adjustment of deferred tax for the period	-	-	(113,688,423)	(113,688,423)	-	-	-	(113,688,423)
Balance as at March 31, 2024 (Unaudited)		1,914,210,990	366,258,513	3,636,187,184	4,002,445,697	300,000,000	9,788,305,909	10,088,305,909	16,004,962,596

The annexed notes from 1 to 14 form an integral part of these financial statements.

CHIEF EXECUTIVE OFFICER

DIRECTOR

CHIEF FINANCIAL OFFICER

ZAHIDJEE TEXTILE MILLS LIMITED

CONDENSED INTERIM STATEMENT OF CASH FLOWS (UN-AUDITED)

FOR THE NINE MONTHS ENDED MARCH 31, 2024

Nine months ended

March 31,

2024	2023
Rupees	Rupees

a) CASH FLOWS FROM OPERATING ACTIVITIES

Profit for the period before taxation Adjustment for:

Depreciation of property, plant and equipment Amortisation of intangible assets

Profit on deposits Dividend income

(Gain) on disposal of non current asset held for sale (Gain)/ Loss on disposal of operating assets Balances written back

Balances written Off

Fair value adjustment short term investments Finance cost

Operating cash flows before working capital changes Changes in working capital

(Increase) / decrease in current assets

Stores, spares and loose tools Stock in trade

Trade debts

Loans, advances and deposit Prepayments

Other receivables

Tax refunds due from Government Increase in current liabilities Trade and other payables

Cash (used in) / generated from operating activities

Finance cost paid Income tax paid

Net cash (used in) / generated from operating activities

794,997,438

764,528,480

-

(607,287,600)

(1,001,498)

-

(2,114,195)

-

(8,268,765)

(55,774,563)

993,592,400

1,878,671,697

(33,977,333)

(115,745,885)

(25,737,840)

63,320,926

(2,688,129)

(209,491,145)

(151,019,638)

1,672,775,839

1,197,436,796

3,076,108,493

(875,954,422)

(432,459,755)

1,767,694,316

2,098,297,284

706,947,015

-

(303,390,594)

(1,073,641)

-

(697,299)

24,587,785

498,615,122

3,023,285,672

74,662,528

(2,355,476,300)

(26,635,630)

152,622,457

(13,247,313)

(1,356,657)

(223,625,874)

146,913,252

(2,246,143,536)

777,142,136

(544,007,205)

(286,189,426)

(53,054,495)

(b) CASH FLOWS FROM INVESTING ACTIVITIES
Additions in property, plant and equipment	(3,354,810,523)	(560,919,585)
Proceeds from disposal of operating assets	15,661,000	2,250,000
Increase in short term investment	33,014,191	(24,587,784)
Proceeds from sale of non current asset held for sale
Profit on deposits	607,287,600	303,390,594
Dividend received	1,001,498
Long term security deposits	-	7,500,000
Net cash (used in) investing activities		(2,697,846,235)		(272,366,775)
(c) CASH FLOWS FROM FINANCING ACTIVITIES
Long term finance obtained	1,845,030,202	35,000,000
Repayment of long term finance	(529,709,377)	(654,692,427)
Increase / (Decrease) in short term borrowings - net	520,001,246	1,865,031,250
Dividend paid	(191,421,099)	(191,421,099)
Net cash generated from / (used in) financing activities		1,643,900,972		1,053,917,724
Net increase in cash and cash equivalents (a+b+c)	713,749,053	728,496,154
Cash and cash equivalents at the beginning of the period	3,682,132,733	2,772,922,753
Cash and cash equivalents at the end of the period		4,395,881,786		3,501,418,907
The annexed notes from 1 to 14 form an integral part of these financial statements.

CHIEF EXECUTIVE OFFICER

DIRECTOR

CHIEF FINANCIAL OFFICER