Mitchell Fruit Farms : Transmission of Quarterly Accounts for the Period ended March 31st 2024

CONTENTS

Company Information	2
Directors' Report	3
Condensed Interim Statement of Financial Position	6
Condensed Interim Statement of Profit or Loss	8
Condensed Interim Statement of Comprehensive Income	9
Condensed Interim Statement of Changes in Equity	10
Condensed Interim Statement of Cash Flows	11
Notes to and Forming Part of the Condensed Interim Financial Statements	12

1 FOR THE 3RD QUARTER ENDED MARCH 31, 2024 | www.mitchells.com.pk

COMPANY

INFORMATION

BOARD OF DIRECTORS			COMPANY SECRETARY
Mr. Shazad Ghaffar	Chairman		Anum Ali
Mr. Najam Aziz Sethi	Chief Executive Officer
Mr. Syed Mohammad Mehdi Mohsin	Non-Executive Director		AUDITORS
Ms. Umme Kulsum Imam	Non-Executive Director		Crowe Hussain Chaudhury & Co.
Mr. Aamir Amin	Independent Director
	Chartered Accountants
Mr. Syed Manzar Hassan	Independent Director
Mr. Rizwan Bashir	Independent Director		LEGAL ADVISORS
AUDIT COMMITTEE			Alliance Legal Services
Mr. Rizwan Bashir	Chairman		Office No.7, L.G. Floor, Lahore Palace Building,
	14-B, Temple Road, Lahore.
Mr. Shazad Ghaffar	Member
Mr. Aamir Amin	Member		BANKS
HUMAN RESOURCES & REMUNERATION COMMITTEE		Habib Bank Limited
			Askari Bank Limited
Mr. Manzar Hassan	Chairman		Allied Bank Limited
Ms. Umme Kulsum Imam	Member		JS Bank Limited
Mr. Aamir Amin	Member		Bank Al Habib Limited

CHIEF FINANCIAL OFFICER

Badar M. Khan, FCA

SHARE REGISTRAR

Corplink (Private) Limited,

Wings Arcade, 1-K (Commercial),

Model Town, Lahore

Phone : [phone],

Fax: [phone]

CORPORATE OFFICE

72-FCC Gulberg IV, Lahore Phones: [phone]-96, Fax: [phone] E-Mail: [e-mail] Website: www.mitchells.com.pk

FACTORY & FARMS

Renala Khurd, District Okara, Pakistan Phones: [phone]-8, 2622908 Fax: [phone]

E-Mail: [e-mail] [e-mail]

REGIONAL SALES OFFICES

ISLAMABAD

Plot # 102, Street 7

Main China Road, Sector I-10/3 Islamabad

Phones: [phone]

E-Mail: [e-mail]

KARACHI

Mehran VIP II, Ground Floor, Plot 18/3

Dr. Dawood Pota Road- Karachi

Phones: [phone], 35212712

• 35219675
  Fax: [phone]
  E-Mail: [e-mail]

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DIRECTORS'

REPORT

The Directors of the company are pleased to present their report on the condensed interim financial statement (unaudited) of the Company for the third quarter ended March 31, 2024.

Key financial highlights for the subject period are as under:

PKR Millions

	31 Mar 2024	31 Mar 2023
Sales Revenue	2,097.91	2,050.19
Gross Profit	609.69	527.82
Net Profit before tax	167.63	0.57
Net Profit/(Loss) after tax	140.00	(25.15)
Profit/(Loss) Per Share	6.12	(1.10)

For the third quarter in a row, the company has delivered resilient performance, driven by our strong operational performance, prudent financial management, and unwavering commitment to excellence. We are pleased to report the highest EPS for the company since 2014. Despite economic headwinds, we have achieved profits by focusing on making profitable sales and optimizing costs. Our continued focus on cost optimization measures, positively impacted our bottom line. Additionally, enhancing exports remained our priority resulting in a steady 27% growth in dollar terms during this period.

Throughout the year, we remained focused on enhancing operational efficiency and optimizing costs. We have implemented several initiatives aimed at streamlining our processes, improving productivity, and delivering better value to our customers.

The transaction of sale of land under board approval mentioned in the last half-yearly directors' report, completed in April 2024. The induction of the money from this sale has proved useful for the company's cash flows and towards reducing various costs including finance costs and ensuring a smooth flow of export sales.

Looking ahead, we anticipate continued challenges in the operating environment, especially with regard to smooth export shipments due to the ongoing war in the Gulf, which has extended the shipment time for vessels. However, we are confident in our ability to navigate through these challenges and capitalize on opportunities for growth. We continue to focus on strategic initiatives aimed towards enhancing operational efficiency and delivering sustainable value to our shareholders while maintaining our focus on operational excellence, innovation, and responsible business practices.

For and on behalf of the Board of Directors

Najam Aziz Sethi	Shazad Ghaffar
Chief Executive Officer	Chairman
April 24, 2024

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ٹروپر زرٹکیرئاڈ

ٹڈآ ریغ( نایب یتایلام یروبع ڈسنیڈنک ےک ینپمک ےیل ےک یہام ہس یرسیت یلاو ےنوہ متخ وک 2024 چرام 31 زرٹکیرئاڈ ےک ینپمک ۔ےہ یشوخ ےئوہ ےترک شیپ ٹروپر ینپا رپ )ہدش

		:ںیہ لیذ ہجردنم تاکن یلام مہا ےیل ےک تدم ہدوجوم
ںیم ےپور نیلم
2023 چرام 31	2024 چرام 31
2,050.19	2,097.91	وینویر زلیس
527.82	609.69	عفانم یعومجم
0.57	167.63	ےلہپ ےس سکیٹ )ناصقن(/عفانم صلاخ
)25.15(	140.00	دعب ےک سکیٹ )ناصقن(/عفانم صلاخ
)1.10(	6.12	صصح یف )ناصقن(/عفانم

یتایلام رادھجمس ،یگدرکراک لنشیرپآ طوبضم یرامہ وج ،ےہ یک شیپ یگدرکراک ہدمع ےن ینپمک ،نارود ےک یہام ہس یرسیت راتاگل علاطا یک EPS ہدایز ےس بس ےیل ےک ینپمک ےس دعب ےک 2014 ںیمہ ۔ےہ ےس ہجو یک مزع لزلزتم ریغ ےیل ےک یگدمع روا ،ماظتنا دیزم ۔ایک رثاتم رپ روط تبثم وک نئلا یلچن یرامہ ےن ہجوت لسلسم یرامہ رپ تامادقا ےک ےنانب رتہب وک تگلا ۔ےہ یشوخ ےئوہ ےتید ومن لسلسم یک دصیف 27 ےس ظاحل ےک رلاڈ نارود ےک ےصرع سا ںیم ےجیتن ےک سج یہر حیجرت یرامہ اناھڑب وک تادمآرب ،ںآرب ۔یئوہ

ےنپا دصقم اک نج ںیہ ےیک ذفان تامادقا یئک ےن مہ ۔ےہر زوکرم رپ ےنانب رتہب وک تگلا روا ےناھڑب وک یگدرکراک لنشیرپآ مہ ،رھب لاس ۔ےہ انرک مہارف تمیق رتہب وک نیفراص ےنپا روا انانب رتہب وک تیحلاص یراوادیپ ،انرک راومہ وک لمع

لیرپا ،ےہ ایگ ایک ںیم ٹروپر یک زرٹکیرئاڈ یہامشش ہتشزگ ہرکذت اک نید نیل ےک تخورف یک نیمز تحت ےک یروظنم یک ڈروب مک وک تاجارخا فلتخم تیمس تاجارخا یتایلام روا ؤاہب دقن ےک ینپمک تیلومش یک مقر ےس تخورف سا ۔اوہ لمکم ںیم 2024 ۔ےہ یئوہ تباث دمآراک ےیل ےک ےنانب ینیقی وک ؤاہب راومہ ےک تخورف یدمآرب ہولاع ےک ےنرک

ےس ہجو یک گنج یراج ںیم جیلخ رپ روط صاخ ،ںیہ ےترک عقوت یک ںوجنلیچ لسلسم ںیم لوحام گنٹیرپآ مہ ،ےئوہ ےتھکید ےگآ یقرت روا ےنرزگ ےس ںوجنلیچ نا ںیمہ ،مہات ۔ےہ اید اھڑب تقو اک لیسرت یک ںوزاہج ےن سج ،ےس ےلاوح ےک لیسرت یدمآرب راومہ ردق رادیئاپ وک ناگتفای صصح ےنپا روا ےناھڑب وک یگدرکراک لنشیرپآ مہ ۔ےہ نیقی رپ تیحلاص ینپا یک ےناھٹا ہدئاف ےس عقاوم ےک یرابوراک ہناراد ہمذ روا یزارط تدج ،یگدمع لنشیرپآ ےئوہ ےترک زوکرم ہجوت رپ تامادقا کجٹیرٹس ےس دصقم ےک ےنرک مہارف ۔ںیہ ےتھکر رارقرب ہجوت ینپا رپ ںوقیرط

	ےس بناج یک سا روا ےیل ےک زرٹکیرئاڈ فآ ڈروب
رافغ دازہش	یھٹیس زیزع مجن
نیمرئیچ	ٓ
رسیفا وٹکیزگیا فیچ
	2024 ،لیرپا 24

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Condensed Interim Statement of Financial Position

As At March 31, 2024 (Un-audited)

Note

EQUITY AND LIABILITIES

SHARE CAPITAL AND RESERVES

Authorized share capital

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

40,000,000 (June 30, 2023: 40,000,000) ordinary shares of Rs. 10 each

Issued, subscribed and paid up capital 22,875,000 (June 30, 2023: 22,875,000) ordinary shares of Rs. 10 each

Reserves

NON CURRENT LIABILITIES

400,000,000

228,750,000

54,998,167

283,748,167

400,000,000

228,750,000

(85,003,937)

143,746,063

Deferred liabilities

CURRENT LIABILITIES

154,233,494 141,008,335

Creditors, accrued and other liabilities Finances under markup arrangements

Loan from shareholders - unsecured5 Accrued finance cost

Unclaimed dividend

Contingencies and Commitments

6

869,078,169

257,582,398

216,000,000

51,464,195

1,912,754

1,396,037,516

-

1,834,019,177

668,555,256

302,002,267

316,000,000

47,309,572

1,912,754

1,335,779,849

-

1,620,534,247

The annexed notes 1 to 17 form an integral part of these condensed interim financial statements.

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		March 31		June 30
		2024	2023
		Rupees		Rupees
	Note	(Un-audited)		(Audited)
ASSETS
NON CURRENT ASSETS
Property, plant and equipment	7	582,159,340		622,300,506
Intangible assets		25,820,797		30,350,731
Biological assets		2,444,402		2,444,402
Long term deposits		1,224,780		1,224,780
		611,649,319	656,320,419
Current Assets
Stores, spares and loose tools		51,740,769		57,571,705
Stock in trade		493,625,674		520,738,674
Trade debts - unsecured		367,722,380		191,854,393
Advances, deposits, prepayments and other receivables		126,426,436		64,123,643
Income tax recoverable from the Government		112,171,801		108,613,307
Short Term Investments		30,000,000		-
Cash and bank balances		40,680,466		21,312,106
		1,222,367,526	964,213,828
Assets Held for Sale	8	2,332	-

1,834,019,177 1,620,534,247

Shazad Ghaffar

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Condensed Interim

Statement of Profit or Loss

For the Three-Months & Nine Months Period Ended March 31, 2024 (Un-audited)

		Nine-months period ended		Quarter Ended
		March 31		March 31	March 31		March 31
		2024	2023		2024	2023
	Note	Rupees		Rupees	Rupees		Rupees
Revenue	10	2,097,918,460	2,050,195,736		692,762,049	725,168,371
Cost of revenue	11	(1,488,221,745)	(1,522,369,369)		(466,294,774)		(538,855,278)
Gross Profit		609,696,715	527,826,367		226,467,275	186,313,093
Administrative expenses		(151,069,192)	(154,306,097)		(49,963,320)	(53,414,834)
Distribution and marketing	12	(227,139,245)	(324,554,125)		(78,398,602)	(84,823,505)
expenses
Other operating expenses		(15,663,534)	(81,806,134)		(8,468,966)	(63,383,530)
Other Income		30,948,667	89,576,402		2,495,371	78,463,418
Finance cost		(79,139,151)		(56,162,153)		(22,259,802)		(21,325,005)
Profit before Taxation		167,634,260	574,260		69,871,956	41,829,637
Taxation		(27,632,156)	(25,732,113)		(8,349,268)	(9,388,805)
Net Profit / (Loss) for the period		140,002,104	(25,157,853)		61,522,688	32,440,832
Earning / (Loss) per share -
basic and diluted		6.12	(1.10)		2.69	1.42

The annexed notes 1 to 17 form an integral part of these condensed interim financial statements.

Shazad Ghaffar

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