SITARA ENERGY LIMITED
MARCH, 2024
QUARTERLY REPORT
(UNAUDITED)
Contents
Sitara Energy Limited
Company Information | 02 |
Director Report | 03 |
Condensed Interim Statement of Financial Position | 05 |
Condensed Interim Statement of Profit or Loss Account | 06 |
Condensed Interim Statement of Comprehensive Income | 07 |
Condensed Interim Statement of Changes in Equity | 08 |
Condensed Interim Statement of Cash Flow Statement | 09 |
Condensed Interim Notes to Financial Information | 10 |
Consolidated Accounts
(Sitara Energy Ltd and Its Subsidiary Company)
Condensed Interim Consolidated Statement of Financial Position | 17 |
Condensed Interim Consolidated Statement of Profit or Loss Account | 18 |
Condensed Interim Consolidated Statement of Changes in Equity | 19 |
Condensed Interim Consolidated Statement of Comprehensive Income | 20 |
Condensed Interim Consolidated Statement of Cash Flow Statement | 21 |
Consolidated Condensed Interim Notes to Financial Information | 22 |
01 | Unaudited Third Quarter Accounts 2024 |
Company Informationn
BOARD OF DIRECTORS | |
Ms. Noureen Javed | (Chairperson) |
Mr. Javed Iqbal | (Chief Executive Ofcer) |
Mr. Shahid Hameed Sheikh
Ms. Haniah Javed
Mr. Mubashir Ahmed Zareen
Mr. Sheikh Javaid Islam
Mr. Tahir Ibraheem
CHIEF FINANCIAL OFFICER
Mr. Ijaz A. Babar - FCA
COMPANY SECRETARY
Mr. Mazhar Ali Khan
LEGAL ADVISOR
Sahibzada Muhammad Arif
SHARE REGISTRAR
THKAssociates (Private) Limited
Plot No. 32-C, Jami Commercial Street 2, D.H.A. Phase VII, Karachi
UAN : +92 (21) 111-000-322
E-mail: aa@thk.com.pk
REGISTERED OFFICE
601-602 Business Centre, Mumtaz Hassan Road, Karachi 74000
PLANT
33 K.M., Sheikhupura Road, Faisalabad
AUDIT COMMITTEE | |
Mr. Shahid Hameed Sheikh | (Chairman) |
Mr. Sheikh Javaid Islam | |
Mr. Mubashir Ahmed Zareen | |
HUMAN RESOURCE & | |
REMUNERATION COMMITTEE | |
Mr. Mubashir Ahmed Zareen | (Chairman) |
Mr. Javed Iqbal | |
Mr. Sheikh Javaid Islam |
AUDITORS
RSM Avais Hyder Liaquat Nauman (Chartered Accountants)
BANKERS
Standrad Chartered Bank (Pak) Limited
Albaraka Bank (Pakistan) Limited
National Bank of Pakistan
First Women Bank Limited
Bank Alfalah Limited
Faysal Bank Limited
The Bank of Punjab
MCB Bank Limited
United Bank Limited
Meezan Bank Limited
Allied Bank Limited
Askari Bank Limited
Bank Makramah Limited
Habib Bank Limited
WEBSITE
http://www.sitara.pk
Unaudited Third Quarter Accounts 2024 | 02 |
Director Review
DIRECTORS' REVIEW
The Board of Directors of Sitara Energy Limited (the Company) is pleased to present their report together with the Condensed Interim Financial Information and its subsidiary for the 3rd quarter ended on March 31, 2024.
Operational Financial Results:
The financial results for nine (9) months of the current financial year as compared with nine (9) months of the last financial year are as under: -
Financial Highlights | July - March | July - March |
2024 | 2023 | |
Rupees in thousand | Rupees in thousand | |
Sales - net | 442,355 | 750,601 |
Cost of generation | 454,115 | 725,696 |
Gross (loss) / profit | (11,760) | 24,905 |
Gross (loss) / profit ratio to revenue | (2.66)% | 3.32% |
(Loss) after tax | (72,582) | (102,617) |
(Loss) per share - Basic & diluted (Rupees) | (3.80) | (5.37) |
The sales revenue of the Company decreased to Rs. 442.355 Mln during nine (9) months of current financial year in comparison with Rs 750.601 Mln during corresponding nine (9) months of last financial year due to substantial decrease in demand by our Bulk Power Consumers (BPCs). Accordingly, the Company incurred gross loss Rs 11.760 Mln during nine (9) months of current financial year as compared with gross profits Rs 24.905 Mln during corresponding nine (9) months of last financial year.
The net loss of the company decreased to Rs. 72.582 Mln during nine (9) months of current financial year in comparison with net loss of Rs 102.617 Mln during corresponding nine (9) months of last financial year due to disposal of land and capital gain thereon and repayments against rescheduled credit facilities by the banks. In spite of rescheduling of credit facilities at cost of funds of the respective banks, finance cost of the company is still higher due to rise in cost of funds of the banks on account of costly deposits of the banks and historically highest SBP policy rate.
The profitability of the company for the remaining period of current financial year 2023-24 will be dependent upon viable operation based on affordable prices of fuels (RLNG & RFO) and increase in load demand by our BPCs.
We extend our heartiest gratitude to all our lenders and suppliers for their continuous support in difficult time and dedicated work by the management and all the employees in the larger interest of the Company.
By order of the Board.
Faisababad | SHEIKH JAVAID ISLAM | JAVED IQBAL |
April 25, 2024 | Director | Chief Executive Officer |
03 | Unaudited Third Quarter Accounts 2024 |
2024
2023 | 2024 |
47,284 | 442,355 |
80,061 | 454,115 |
(32,777) | (11,760) |
(69.32%) | (2.66%) |
(43,597) | (72,582) |
(2.28) | (3.80) |
2024
Unaudited Third Quarter Accounts 2024 | 04 |
Statement of Financial Position
SITARA ENERGY LIMITED
CONDENSED INTERIM STATEMENT OF FINANCIAL POSITION (UN-AUDITED)
AS AT MARCH 31, 2024
(Un-audited) | (Audited) | (Un-audited) | (Audited) | |||||
March 31, | June 30, | March 31, | June 30, | |||||
2024 | 2023 | 2024 | 2023 | |||||
Note--- | -----------Rupees in '000'----------- | -- | Note--- | -----------Rupeesin '000'------------- | ||||
EQUITY AND LIABILITIES | ASSETS | |||||||
SHARE CAPITAL AND RESERVES | NON-CURRENT ASSETS | |||||||
Property, plant and equipment | 6 | 644,869 | 661,978 | |||||
Authorised capital | Investment property | 7 | 579,254 | 403,756 | ||||
30,000,000 ordinary shares | Investment in subsidiary | 50,000 | 50,000 | |||||
of Rs. 10/- each. | 300,000 | 300,000 | Long term loan | 1,000 | 1,000 | |||
Long term deposits | 1,511 | 1,511 | ||||||
1,276,634 | 1,118,245 | |||||||
Issued, subscribed | ||||||||
and paid up capital | 190,920 | 190,920 | ||||||
Capital reserve - Share premium | 143,190 | 143,190 | ||||||
Revenue reserves | 723,075 | 795,657 | ||||||
1,057,185 | 1,129,767 |
NON-CURRENT LIABILITIES
Long term financing | 3 |
Deferred interest / markup | 3.3 |
CURRENT LIABILITIES | |
Trade and other payables | |
Unclaimed dividend | |
Interest / mark up payable | |
Short term bank borrowings | 4 |
Current portion of | |
Long term financing | 3 |
Provision for taxation - income tax | 13 |
188,800 | 43,749 | |||
150,289 | 21,894 | |||
339,089 | 65,643 | |||
CURRENT ASSETS | ||||
743,938 | 753,378 | Stores, spares and loose tools | ||
3,703 | 3,703 | Stock of oil and lubricants | 8 | |
480,068 | 533,064 | Trade debts | ||
594,250 | 883,951 | Loans and advances | ||
Deposits and prepayments | ||||
103,367 | 29,167 | Other receivables | 9 | |
Tax refunds due from | ||||
Government | ||||
1,290 | 1,626 | Cash and bank balances | 10 | |
1,926,616 | 2,204,888 |
285,693
108,852
495,043
617,091
35,769
160,368
61,023
282,417
2,046,256
277,810
100,846
674,357
619,235
26,692
205,164
74,546
303,403
2,282,053
CONTINGENCIES | 5 | - | - |
3,322,890 | 3,400,298 | 3,322,890 | 3,400,298 |
The annexed notes 1 to 16 form an integral part of this condensed interim financial statements.
CHIEF EXECUTIVE OFFICER | DIRECTOR | CHIEF FINANCIAL OFFICER | |
05 Unaudited Third Quarter Accounts 2024 | |||
SITARA ENERGY LIMITED
CONDENSED INTERIM STATEMENT OF PROFIT OR LOSS (UN-AUDITED)
FOR THE NINE MONTHS ENDED MARCH 31, 2024
Nine month ended | Quarter ended | |||
March 31, | March 31, | |||
2024 | 2023 | 2024 | 2023 | |
Note --------------------------- | Rupees in '000'------------------------- | |||
Sales - net | 11 |
Cost of generation | 12 |
Gross (loss) / profit
Other income
Operating expenses
Finance cost
(Loss) for the period before taxation
Provision for taxation | 13 |
(Loss) for the period
(Loss) per share -
Basic and diluted (Rupees)
442,355
454,115
(11,760)
116,471
104,711
51,624
124,379
176,003
(71,292)
1,291
(72,582)
(3.80)
750,601
725,696
24,905
30,803
55,708
33,963
123,061
157,024
(101,316)
1,301
(102,617)
(5.37)
395,071 | 534,839 | |
374,054 | 503,533 | |
21,017 | ` | 31,306 |
9,532 | 2,095 | |
30,549 | 33,401 | |
19,335 | 11,326 | |
39,725 | 42,116 | |
59,060 | 53,442 | |
(28,511) | (20,041) |
475488
(28,985) (20,529)
(1.52)(1.08)
The annexed notes 1 to 16 form an integral part of this condensed interim financial statements.
CHIEF EXECUTIVE OFFICER | DIRECTOR | CHIEF FINANCIAL OFFICER |
Unaudited Third Quarter Accounts 2024 | 06 |
SITARA ENERGY LIMITED
CONDENSED INTERIM STATEMENT OF OTHER COMPREHENSIVE INCOME (UN-AUDITED)
FOR THE NINE MONTHS ENDED MARCH 31, 2024
Nine month ended | Quarter ended | |||||||
March 31, | March 31, | |||||||
2024 | 2023 | 2024 | 2023 | |||||
-------------------------- | Rupees in '000'-------------------------- | |||||||
(Loss) for the period | (72,582) | (102,617) | (28,985) | (20,529) | ||||
Other comprehensive income | - | - | - | - | ||||
Total comprehensive (loss) for the period | ||||||||
(72,582) | (102,617) | (28,985) | (20,529) | |||||
The annexed notes 1 to 15 form an integral part of this condensed interim financial statements.
CHIEF EXECUTIVE OFFICER | DIRECTOR | CHIEF FINANCIAL OFFICER |
07 Unaudited Third Quarter Accounts 2024
SITARA ENERGY LIMITED
CONDENSED INTERIM STATEMENT OF CHANGES IN EQUITY (UN-AUDITED)
FOR THE NINE MONTHS ENDED MARCH 31, 2024
Balance as at July 01, 2022 (Audited) Total comprehensive (loss) for the period
(Loss) for the period
Other comprehensive income
Balance as at March 31, 2023 - (Un-audited) Total comprehensive (loss) for the period
(Loss) for the period
Other comprehensive income Balance as at June 30, 2023 - (Audited) Total comprehensive (loss) for the period
(Loss) for the period
Other comprehensive income
Balance as at March 31, 2024 - (Un-audited)
Issued, | Capital | Revenue reserves | ||||||||||
reserve | ||||||||||||
subscribed | Total | |||||||||||
Share | General | Unappropriated | ||||||||||
and paid up | Sub total | |||||||||||
profit / (loss) | ||||||||||||
capital | premium | reserve | ||||||||||
-------------------------------------- | Rupees in '000'------------------------------------------- | |||||||||||
190,920 | 143,190 | 970,000 | ( 71,061) | 898,939 | 1,233,049 | |||||||
- | - | - | (102,617) | (102,617) | (102,617) | |||||||
- | - | - | - | - | - | |||||||
- | - | - | ( 102,617) | (102,617) | (102,617) | |||||||
190,920 | 143,190 | 970,000 | ( 173,678) | 796,322 | 1,130,432 | |||||||
- | - | - | (665) | (665) | (665) | |||||||
- | - | - | - | - | ||||||||
- | - | - | ( 665) | (665) | (665) | |||||||
190,920 | 143,190 | 970,000 | ( 174,343) | 795,657 | 1,129,767 | |||||||
- | - | - | (72,582) | (72,582) | (72,582) | |||||||
- | - | - | - | - | - | |||||||
- | - | - | ( 72,582) | (72,582) | (72,582) | |||||||
190,920 | 143,190 | 970,000 | ( 246,925) | 723,075 | 1,057,185 |
The annexed notes 1 to 16 form an integral part of this condensed interim financial statements.
CHIEF EXECUTIVE OFFICER | DIRECTOR | CHIEF FINANCIAL OFFICER | ||
Unaudited Third Quarter Accounts 2024 08 | ||||
SITARA ENERGY LIMITED
CONDENSED INTERIM STATEMENT OF CASH FLOWS (UN-AUDITED)
FOR THE NINE MONTHS ENDED MARCH 31, 2024
- CASH FLOWS FROM OPERATING ACTIVITIES (Loss) for the period before taxation Adjustments for :
Depreciation of property, plant and equipment Depreciation of investment property Provision for staff retirement benefits
(Gain) on disposal of investment property Balance written back
Finance cost
Operating cash flows before working capital changes
Changes in working capital (Increase) / decrease in current assets
Stores, spares and loose tools Stock of oil and lubricants Trade debts
Loans and advances Deposits and prepayments Other receivables
Tax refunds due from Government
Increase / (decrease) in current liabilities
Trade and other payables
Cash (used in) /generated from operating activities
Staff retirement benefits paid Finance cost paid
Income tax paid
Net cash (used in) / generated from operating activities
- CASH FLOWS FROM INVESTING ACTIVITIES Additions in property, plant and equipment Proceeds from disposal of investment property
Net cash generated from investing activities
c) CASH FLOWS FROM FINANCING ACTIVITIES
Long term financing paid
Net cash (used in) financing activities
Net (decrease) in cash and cash equivalents (a+b+c) Cash and cash equivalents at the beginning of the period Cash and cash equivalents at the end of the period
Nine month ended
March 31,
2024 | 2023 |
-------------Rupees in '000'------------- | |
(71,292) | (101,316) |
17,151 | 17,700 |
16,008 | 1,582 |
700696
(57,467)-
(45,363) (24,033)
124,379 123,061
(15,884) 17,690
(7,883) | (22) |
(8,006) | 27,123 |
(6,466) | (76,505) |
1,867 | 5,066 |
(9,077) | (1,352) |
(19,424) | (570) |
13,426 | 34,187 |
(9,432) 19,204
(44,995) 7,131
(60,879) 24,821
-
(611)
(3,616) (2,427)
(1,251) (1,121)
(66,455) 20,662
-
-
115,962-
115,919-
(70,450) (28,125)
(70,450) (28,125)
(20,986) (7,463)
303,403 299,163
282,417 291,700
The annexed notes 1 to 16 form an integral part of this condensed interim financial statements.
CHIEF EXECUTIVE OFFICER | DIRECTOR | CHIEF FINANCIAL OFFICER | |
09 Unaudited Third Quarter Accounts 2024 | |||
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Sitara Energy Ltd. published this content on 29 April 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 29 April 2024 07:44:04 UTC.