AL-NOOR SUGAR MILLS LIMITED AL-NOOR SUGAR MILLS LIMITED
3rd Quarterly Results for the period 1st October 2021 to 30th June, 2022
REGISTRAR & SHARES REGISTRATION OFFICE | FACTORY |
C & K Management Associates (Pvt) Ltd. | Shahpur Jahania, P.O. Noor Jahania, |
404-Trade Tower, | Taluka Moro, |
Abdullah Haroon Road, | District Shaheed Benazir Bhutto Abad |
Near Metropole Hotel, Karachi - 75530 | (Nawabshah) |
www.alnoorsugar.co |
DIRECTORS' REPORT
Dear Members Asslamu-o- Alaikum
On behalf of Board of Directors' I am pleased to place before you the un-audited accounts of your company for the period ended June 30, 2022.
Salient features of production and Financial Statements are as under:
PRODUCTION DATA | June 30, 2022 | June 30, 2021 |
Sugarcane crushed (M Tons) | 940,764 | 677,781 |
Sugar produced (M Tons) | 98,110 | 68,623 |
Sugar recovery percentage | 10.43 | 10.12 |
Molasses produced (M Tons) | 43,125 | 30,800 |
MDF Production (Cubic Meters) | 58,084 | 65,714 |
FINANCIAL DATA | (Rupees in thousands) | |
Sales revenue | 7,345,343 | 7,863,208 |
Cost of sales | (6,175,044) | (6,550,458) |
Gross profit | 1,170,299 | 1,312,750 |
Distribution cost | (53,832) | (45,202) |
Other operating expenses | (19,899) | (139,912) |
Administrative expenses | (595,020) | (491,864) |
Financial cost | (455,003) | (292,668) |
Other income | 15,351 | 33,077 |
Share of profit from associate | 199,421 | 15,776 |
Profit before taxation | 261,317 | 391,957 |
Provision for taxation | (106,406) | (183,115) |
Profit after taxation | 154,911 | 208,842 |
Earnings per share | Rs.7.57 | Rs.10.20 |
Segment wise performance is elaborated as under:
SUGAR DIVISION
During the period under review, the sugarcane crop was better than last year's corresponding period. For the crushing season, the Government of Sindh notified a minimum support price of Sugarcane at Rs.250/- per forty kgs of cane as against Rs.202/- per forty kgs notified last year.
Alhamdulillah during the current crushing season, the cane crop was good and the mill crushed 940,764 metric tons of cane and produced 98,110 metric tons of sugar. During the same period last year, the mill crushed 677,781 metric tons of cane and produced 68,623 metric tons of sugar. Production during the current period is higher than last year by 29,487 metric tons or 42.97 percent. The increase in production of sugar was mainly due to higher crushing volume and improvement in recovery rate to 10.43 percent as against 10.12 percent achieved last year. The condition of crops in the country was good due to natural rainfalls
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and higher rates paid to growers last season. As mentioned in the half-yearly report, the production of sugar of the country during the current year is approximately 8 million tons which is far greater than the requirement of the country and as result the price of sugar has declining trend in the domestic market.
MDF BOARD DIVISION
During the period under consideration the MDF Board division produced 58,084 cubic meters of board in various thickness as against 65,714 cubic meters produced in the same period last year. The production is lower than previous period by 7,630 cubic meters or
11.61 percent and it is expected that the efforts are on to increase the production during the remaining period of the year in order to meet the demand of the market.
FUTURE OUTLOOK
It is expected that during the next crushing season, the cane crop in the country would improve due to the higher prices and timely payment paid to growers during the current season. A recent good spell of natural rainfall will also enhance the availability of raw material during the coming crushing season and the availability of water through irrigation system would also be improved during the remaining period the season till the commencement of the crushing season. it is expected that the Government would take a timely decision to allow the export of sugar which would improve the liquidity crunch of sugar mills and would be beneficial for the timely startup of the next crushing season.
Future outlook of MDF division appears to be sustainable as the products of the division have established its acceptability in the domestic and international markets also.
BOARD OF DIRECTORS
There was no change in the composition of Board of Directors during the period under review.
The Board of Directors wishes to assure its respectable stakeholders that dedicated efforts are being taken to achieve better results in Shah Allah. We pray to Almighty Allah to guide and help us forward to achieve our desired goals. (Ameen)
YUSUF AYOOB | ZIA ZAKARIA |
Chief Executive Officer | Director |
Karachi: July 26, 2022
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CONDENSED INTERIM STATEMENT OF FINANCIAL POSITION
AS AT JUNE 30, 2022 | Un-Audited | Audited | ||
June | September | |||
2022 | 2021 | |||
Note | (Rupees in thousand) | |||
ASSETS | ||||
NON - CURRENT ASSETS | ||||
Property, plant and equipment | 4 | 4,841,180 | 4,839,744 | |
Right-of-use assets | 5 | 5,223 | 10,605 | |
Intangible assets | 6 | - | - | |
Long term investments | 7 | 918,849 | 729,327 | |
Long term loans | 6,019 | 4,771 | ||
Long term deposits | 5,568 | 4,268 | ||
5,776,839 | 5,588,715 | |||
CURRENT ASSETS | ||||
Stores, spare parts and loose tools | 605,007 | 491,515 | ||
Stock in trade | 5,211,200 | 1,871,492 | ||
Trade debts | 752,703 | 390,866 | ||
Loans and advances | 167,770 | 121,762 | ||
Trade deposits and short term prepayments | 7,366 | 6,772 | ||
Other receivables | 181,619 | 184,245 | ||
Taxation-Net | 284,819 | 213,560 | ||
Cash and bank balances | 293,157 | 231,482 | ||
7,503,641 | 3,511,694 | |||
13,280,480 | 9,100,409 | |||
EQUITY AND LIABILITIES | ||||
SHARE CAPITAL AND RESERVES | ||||
Authorised Capital | ||||
50,000,000 ordinary shares of Rs.10 each | 500,000 | 500,000 | ||
Issued, subscribed and paid-up capital | 204,737 | 204,737 | ||
Revenue Reserve | ||||
General reserve | 1,000,000 | 1,000,000 | ||
Unappropriated profit | 1,015,072 | 916,054 | ||
Share of associte's unrealise (loss) on remeasurement of associate's | ||||
investments at fair value through other comprehesive income (OCI) | (2,596) | (2,596) | ||
Capital Reserve | ||||
Surplus on revaluation of Property, plant and equipment | ||||
1,257,104 | 1,303,580 | |||
3,474,317 | 3,421,775 | |||
NON-CURRENT LIABILITIES | ||||
Long term financing | 2,500,422 | 2,001,907 | ||
Lease liability against right-of-use asset | 711 | 712 | ||
Deferred Taxation | 610,320 | 609,631 | ||
3,111,453 | 2,612,250 | |||
CURRENT LIABILITIES | ||||
Trade and other payables | 1,741,678 | 946,429 | ||
Accrued finance cost | 213,602 | 41,775 | ||
Short term borrowings | 3,938,632 | 1,364,840 | ||
Unclaimed dividend | 8,222 | 7,140 | ||
Current portion of long term financing | 791,902 | 701,667 | ||
Current portion of lease liability against right-of-use asset | 674 | 4,533 | ||
6,694,710 | 3,066,384 | |||
CONTINGENCIES AND COMMITMENTS | 8 | - | - | |
13,280,480 | 9,100,409 | |||
The annexed notes from 1 to 16 form an integral part of these condensed interim financial statements.
YUSUF AYOOB | ZIA ZAKARIA | MUHAMMAD HANIF CHAMDIA |
Chief Executive Officer | Director | Chief Finance Officer |
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Al Noor Sugar Mills Ltd. published this content on 29 July 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 29 July 2022 05:23:06 UTC.
