Noon Sugar Mills : Transmission of Quarterly Report for the Period Ended March 31, 2023

CONTENTS

Corporate Information

Directors' Review

Auditor's Report

Condensed Interim Statement of Financial Position

Condensed Interim Statement of Profit or Loss and Other Comprehensive Income

Condensed Interim Statement of Cash Flows

Condensed Interim Statement of Changes in Equity

Notes to the Condensed Interim Financial Statements

Directors' Review (Urdu)

2-3

4-6

7

8-9

10

11

12

13-20

21-24

CORPORATE INFORMATION

BOARD OF DIRECTORS	Mr. K. Iqbal Talib	Chairman
	Lt Col Abdul Khaliq Khan (Retd)	Chief Executive / Director
	Mr. Saif Ullah Khan Noon	(Executive Director)
	Syed Ali Raza	(Non- Executive Director)
	Mr. Irfan Ahmed	(Non- Executive Director)
	Mr. Atta Ali Malik	(Non- Executive / Independent Director)
	Ms. Maryam Mamdot	(Non- Executive / Independent Director)
AUDIT COMMITTEE	Mr. Atta Ali Malik	Chairman
	Syed Ali Raza	Member
	Ms. Maryam Mamdot	Member
HR & R COMMITTEE	Syed Ali Raza	Chairman
	Mr. Saif Ullah Khan Noon	Member
	Lt Col Abdul Khaliq Khan (Retd)	Member
TECHNICAL COMMITTEE	Mr. Irfan Ahmed	Chairman
	Mr. Saif Ullah Khan Noon	Member
	Lt Col Abdul Khaliq Khan (Retd)	Member
MANAGEMENT	Lt Col Abdul Khaliq Khan (Retd)	Chief Executive
	Mr. Saif Ullah Khan Noon	Executive Director
	Mr. Rizwan Sohail (FCA)	Chief Financial Officer
COMPANY SECRETARY	Mr. Nasir Iqbal Ansari
HEAD INTERNAL AUDIT	Muhammad Ashfaq (FCMA)
AUDITORS	Shinewing Hameed Chaudhri & Co.,
	Chartered Accountants
LEGAL ADVISERS	Hassan & Hassan (Advocates)
BANKERS	Askari Bank Limited

Bank Alfalah Limited - Islamic Banking

Bank Islami Pakistan Limited

Dubai Islamic Bank Pakistan Limited

Habib Bank Limited - Islamic Banking

MCB Bank Limited

Meezan Bank Limited

National Bank of Pakistan

Samba Bank Limited

United Bank Limited

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REGISTERED OFFICE	66-Garden Block,
	New Garden Town,
	Lahore.
	Tel. [phone],
	E-mail: [e-mail]
	[e-mail]
SHARES REGISTRAR	Corplink (Pvt.) Limited
	Wings Arcade, 1-K Commercial,
	Model Town, Lahore.
	Tel. # [phone]
	Fax # [phone]
	E-mail: [e-mail]
	Website: www.corplink.com.pk
MILLS	Bhalwal, District Sargodha.
WEBSITE	www.noonsugar.com

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DIRECTORS' REVIEW

DEAR MEMBERS

The Directors of Noon Sugar Mills Limited are pleased to present the condensed interim financial statements of the Company for the half year ended on March 31st, 2023.

FINANCIAL RESULTS

A comparison of the financial results for the half year ended March 31st, 2023, as against March

31st, 2022, is as follows:

Half Year Ended

March 31st

2023

2022

---Rupees in million---

Net Sales	3,581	5,079
Gross profit	732	569
Earnings before tax	175	243
Taxation	(41)	(57)
Earnings after tax	134	187
	- - - - Rupees - - - -
Basic earnings per share	8.10	11.31

During the reporting period, the sales revenue of the Company was Rs.3,581 million, as compared to Rs.5,079 million for the corresponding period of last year. Gross profit was Rs.732 million as compared to Rs.569 million in the corresponding period. Despite a substantial improvement in gross profit during the period under review, the profit after taxation was Rs.134 million against Rs.187 million in the same period last year, reflecting mainly a phenomenal increase in financial cost, resulting in a reduced earnings per share of Rs.8.10, as compared to Rs.11.31 per share in the corresponding period, last year.

OPERATIONAL RESULTS

Sugar Division

The operational performance of the Sugar segment for the period under review, with comparative statistics of the corresponding period, are tabulated below:

Half Year Ended

March 31st

2023

2022

---Rupees in million---

Operating Period	Days	101	134
Cane Crushed	M. Tons	807,367	1,073,285
Sugar Produced	M. Tons	75,717	99,395
Average Sucrose Recovery	%age	9.37	9.32
Molasses Recovery	%age	4.49	4.51
Molasses Produced	M. Tons	36,281	47,404

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