CONDENSED INTERIM
FINANCIAL STATEMENTS
(UN-AUDITED) FOR THE
quarter ended
DECEMBER 31
2022
www.tariqcorp.com
CONTENTS
Company Information | 2 |
Directors' Report to the Shareholders - English | 4 |
Directors' Report to the Shareholders - Urdu | 7 |
Condensed Interim Statement of Financial Position | 10 |
Condensed Interim Statement of Profit or Loss | 12 |
Condensed Interim Statement of Comprehensive Income | 13 |
Condensed Interim Statement of Cash Flows | 14 |
Condensed Interim Statement of Changes in Equity | 15 |
Notes to the Condensed Interim Financial Information | 16 |
1ST Quarterly Report 2022
1
COMPANY INFORMATION
DIRECTORS | |
Mian Ahmed Ali Tariq | Chairman |
Mian Mustafa Ali Tariq | Chief Executive Officer |
Mrs. Maryam Habib | Executive Director |
Mr. Muhammad Imran Khan | Independent Director |
Mrs. Sadia Ali Tariq | Non Executive Director |
Mr. Saif Hasan | Independent Director |
Mr. Waseem Ahmad Ghafoor | Non-Executive Director |
DEPUTY CHIEF EXECUTIVE / CHIEF FINANCIAL OFFICER
Mr. Wasim Saleem
COMPANY SECRETARY
Mr. Khalid Mahmood
HEAD OF INTERNAL AUDIT
Mr. Zahid Mahmood
AUDIT COMMITTEE | |
Chairman | Mr. Muhammad Imran Khan |
Member | Mian Ahmed Ali Tariq |
Member | Mr. Waseem Ahmad Ghafoor |
HUMAN RESOURCE & | |
REMUNERATION COMMITTEE | |
Chairman | Mr. Saif Hasan |
Member | Mian Mustafa Ali Tariq |
Member | Mrs. Maryam Habib |
RISK MANAGEMENT COMMITTEE | |
Chairman | Mian Mustafa Ali Tariq |
Member | Mrs. Maryam Habib |
Member | Mr. Saif Hasan |
EXTERNAL AUDITORS | |
Kreston Hyder Bhimji & Co | |
Chartered Accountants | |
BANKERS OF THE COMPANY | |
SHARIAH COMPLIANT | |
Askari Bank Limited | |
Bankislami Pakistan Limited | |
Dubai Islamic Bank Limited | |
Meezan Bank Limited | |
OLP Modaraba |
2
CONVENTIONAL
Bank Alfalah Limited
First Credit and Investment Bank Limited
National Bank of Pakistan
Samba Bank Limited
SHARE REGISTRAR
CDC Share Registrar Services Limited
KARACHI
CDC House, 99 - B, Block 'B',
S.M.C.H.S., Main Shahra-e-FaisalKarachi-74400. Tel: Customer Support Services
(Toll Free) 0800-CDCPL (23275) Fax: (92-21) 34326053 Email: info@cdcsrsl.com Website: www.cdcsrsl.com
CDC LAHORE OFFICE
Mezzanine Floor,
South Tower, LSE Plaza,
Khayaban-E-Aiwan-E-Iqbal, Lahore
Tel: (92-42)-36362061-66
CDC ISLAMABAD OFFICE
Room # 410,4th Floor, ISE Towers,
55-B, Jinnah Avenue,
Blue Area, Islamabad.
Tel. (92-51)2895456-9
LEAGAL ADVISORS
Saad Rasool Law Associates
Siddiqui Bari Kasuri & Company
COST AUDITORS
Fazal Mahmood & CoChartered Accountants
MILLS
Lahore Road, Jaranwala
Ph:041-4312499
REGISTERED / HEAD OFFICE
28-C, Block E-1,Gulberg-III, Lahore Ph: 042-111-111-476
Fax: 042-35712680
Email: info@.tariqcorp.com
WEBSITE INFORMATION
www.tariqcorp.com
1ST Quarterly Report
3
DIRECTORS' REPORT
The directors of your company are pleased to present the un-audited interim condensed financial information of the Company for the first quarter that ended on 31 December 2022.
The highlights of the Company's performance for the first quarter and its comparison with the corresponding period of last year is given below:
OPERATIONAL
Sugarcane crushed (Metric Tons) Sugar produced (Metric Tons) Sugar recovery (%)
FINANCIAL
Sale
Gross profit
Operating expenses
Finance cost
Profit before taxation
Profit after taxation
Earnings per share
INDUSTRY OVERVIEW
31-Dec-2022 | 31-Dec-2021 |
255,642 | 303,821 |
23,930 | 23,565 |
9.37 | 8.24 |
.......... (Rupees) ..........
1,697,594,306 2,077,089,860
198,655,803 235,912,104
(74,925,020) (79,242,028)
(103,267,963) (57,559,482)
47,383,841 100,898,988
24,869,339 74,606,867
0.471.41
This year, the crushing season for sugarcane in Punjab and across the rest of Pakistan commenced in the third week of November. However, as always,the management of your company, understanding and sympathizing with the timeline of farmers in the region and in coordination with local government officials was one of the first in the province to start crushing. This decision to start crushing proved successful in many aspects
Although sugar prices rallied through the last part of 2022, they have revised downwards in the months of December 2022 and of January 2023. The downwards trend of prices is due to the increased supply of sugar in the market. Excess stocks from the previous year have driven down prices to recent lows and it is expected that glut of retail prices will subside once the government allows for the export of excess sugar. The government of Punjab has notified a minimum sugarcane procurement price of Rs. 300 Kg/Maund. This is an almost 33% rise as compared to the previous season. Similarly, other associated costs have increased with a devaluation in the Pakistani rupee and an increase in interest rates. Due to the further devaluation and depreciation of the Rupee, the costs of various items such as polypropylene bags, lubricants, and diesel among others have risen exponentially. Similarly, interest rate hikes have further added to manufacturing costs. In general, the costs of manufacturing sugar have witnessed a 5% increase as compared to last year.
Reaping the results of the hard work of our Research and Development team, this year we have seen a complete reversal in sugarcane recoveries in our region. Working with farmers in our area by encouraging usage of fertilizers and pesticides, we have seen unprecedented highs in sugarcane recoveries across our area of operation. In fact, we have seen more than a one degree rise in sugarcane recoveries as compared to the previous year and we forecast breaking previous records by the end of this year. Undoubtedly, this rise in recovery will improve both gross and operating margins for this crushing season.
It is pertinent to mention that sugarcane yields per acre and acreages of sugarcane cultivation in general have stayed similar to last year and in the province of Punjab a similar production to that of last year is forecasted. Our expectation
4
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Husein Sugar Mills Ltd. published this content on 30 January 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 30 January 2023 07:13:08 UTC.