Thal Industries : Transmission of Quarterly Report for the Period Ended 2022-06-30

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3rd QUARTER

REPORT

22

N O V A T I NO

CONDENSED INTERIM FINANCIAL INFORMATION For the Nine Months Ended 30 June 2022 (Un-audited)

CONTENTS

Company Information	2
Directors' Review	4
Condensed Interim Statement of Financial Position	10
Condensed Interim Statement of ProRt or Loss and Other Comprehensive Income	12
Condensed Interim Statement of Changes in Equity	13
Condensed Interim Statement of Cash Flows	14
Selected Notes to the Condensed Interim Financial Information	15

3rd Quarter Report 2022 1

COMPANY INFORMATION

BOARD OF DIRECTORS	CHAIRPERSON
				Mrs. Qaiser Shamim Khan
				CHIEF EXECUTIVE
				Mr. Muhammad Shamim Khan
				MANAGING DIRECTOR
				Mr. Nauman Ahmed Khan
				DIRECTORS
				Mr. Muhammad Shamim Khan	(Director)
				Mrs. Qaiser Shamim Khan	(Director)
				Mr. Adnan Ahmed Khan	(Director)
				Mr. Nauman Ahmed Khan	(Director)
				Mr. Muhammad Khan	(Director)
				Mr. Muhammad Ashraf Khan Durani	(Independent Director)
				Mr. Abdul Wahid Khan	(Independent Director)
CHIEF FINANCIAL OFFICER	Mr. Haz Muhammad Arif
COMPANY SECRETARY	Mr. Wasif Mahmood
AUDITORS	M/s. Rahman Sarfaraz Rahim Iqbal Raq
				Chartered Accountants, Lahore
LEGAL ADVISOR	Mr. Shehzad Ata Elahi, Advocate
BANKERS	Allied Bank Limited
				Askari Bank Limited
				Bank Al-Habib Limited
				Bank Alfalah Limited
				Bank Islamic (Pakistan) Limited
				Faysal Bank Limited
				Habib Bank Limited
				Habib Metropolitan Bank Limited
				MCB Bank Limited
				MCB Islamic Bank Limited
				Meezan Bank Limited
				National Bank of Pakistan
				Standard Chartered Bank (Pakistan) Limited
				Soneri Bank Limited
				United Bank Limited
				The Bank of Punjab
				NBP Aitemaad Islamic Bank Limited
				Samba Bank Limited
				Dubai Islamic Bank (Pakistan) Limited
				Pakistan Kuwait Investment Company Pvt. Limited
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AUDIT COMMITTEE	Mr. Muhammad Ashraf Khan Durani	(Chairman)
	Mrs. Qaiser Shamim Khan	(Member)
	Mr. Adnan Ahmed Khan	(Member)
HUMAN RESOURCE &	Mr. Abdul Wahid Khan	(Chairman)
REMUNERATION	Mr. Adnan Ahmed Khan	(Member)
COMMITTEE	Mr. Muhammad Khan	(Member)
RISK MANAGEMENT	Mr. Abdul Wahid Khan	(Chairman)
COMMITTE	Mr. Muhammad Ashraf Khan Durani	(Member)
NOMINATION COMMITTEE	Mr. Abdul Wahid Khan	(Chairman)
	Mr. Muhammad Ashraf Khan Durani	(Member)
SHARE REGISTRAR	M/s. CORPLINK (Pvt) Ltd
	Wings Arcade, 1-K- Commercial
	Model Town, Lahore
	Tel: [phone]
	Fax: [phone]
REGISTERED OFFICE	23- Pir Khurshid Colony Gulgasht, Multan
	Tel: [phone]
	Fax: [phone]
LAHORE OFFICE	2-D-1Gulberg-III, Lahore - 54600
	Tel: [phone]
	Fax: [phone]
FACTORY ADDRESSES	Unit 1: Layyah Sugar Mills, Layyah
	Tel: [phone]
	Fax: [phone]
	Unit 2: Sana Sugar Mills, Lalian District Chinniot.
	Tel: [phone]
	Fax: [phone]
WEBSITE	www.thalindustries.com

3rd Quarter Report 2022 3

DIRECTORS' REVIEW

The Directors of your Company are pleased to present the Un-Audited Accounts of the Company for the Period Ended 30th June 2022 in compliance with the section 237 of the Companies Act, 2017.

INDUSTRY OVERVIEW

During the period under review, cultivated area of sugarcane crop remained higher and yield per acre being reported by the growers is also higher as compared to last year. Despite of early start of crop harvesting, company achieved better sugar recoveries in current season as compared to last year due to extra ordinary eHorts made by agri team to promote better varieties of sugar cane and good practices.

For current crushing season 2021-22, noti ed support price of sugarcane is Rs. 225/- per 40 kg in Punjab & KPK and Rs. 250/- per 40 kg in the province of Sindh. Due to early start of crushing season from 15 November 2021 tough competition has been observed in cane procurement that resulted into price war like situation in the region. Average sugarcane purchase cost remained higher than the support price.

OPERATING HIGHLIGHTS

Company is able to crush 3,059,465 M. Tons sugarcane and produced 305,521 M. Tons white reHned sugar at an average recovery of 9.989% during the period ending June 30, 2022 as compared to corresponding period of last year sugarcane crushing of 2,374,600 M. Tons and production of 228,107 M. Tons white reHned sugar at an average recovery of 9.609%.

Net sales were recorded at Rs. 13,324.090 million during the period under review as compared to Rs. 14,725.808 million against the corresponding period of last year.

The Company earned after tax proRt of Rs. 1,336.220 million during the period under review as compared to after tax proRt of Rs. 993.948 million in the corresponding period of last year. This substantial increase in proRtability is attributed to better sugar prices in the rst quarter on contract carried forward from last year and increase in sugarcane recovery.

All out eHorts are being made to increase the production and proRtability of the Company through process eHciency, installing modern and latest technology, reducing production cost by close supervision, developing good quality cane by providing the latest improved seed varieties, fertilizer, pesticides etc. and facilitating the cane growers constantly, which ultimately will result in higher sugar recovery and also nancial beneQt to the cane growers.

CORPORATE GOVERNANCE

Best Corporate Practices

Directors are committed to good corporate governance and comply with the requirements of the Listed Companies (Code of Corporate Governance) Regulations, 2019 and the Rule Book of Pakistan Stock Exchange.

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