AL-NOOR SUGAR MILLS LIMITED AL-NOOR SUGAR MILLS LIMITED
1st Quarterly Results for the period
1st October 2021 to 31st December, 2021
www.alnoorsugar.co | |
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) |
DIRECTORS' REPORT
Dear members Asslamu-o-Alaikum
On behalf of the Board I am pleased to place before you the un-audited financial statements of your company for the first quarter ended December 31, 2021.
Segment position is briefed as under:
SUGAR DIVISION
The Mill commenced Crushing of sugarcane on December 6, 2021 and up to December 31, 2021 the volume of crushing was 165,098 metric tons as against 209,974 metric tons crushed during the same period last year. The production of sugar was 13,760 metric tons as against 18,285 metric tons produced last year. For the current season crushing season the Government of Sindh notified price of sugarcane at 250/= whereas the same was Rs.202/= per forty kgs of cane during the previous year. The raw material cost has been increased considerably but the growers are reluctant to sell their produce at notified price. The Company has no option but to purchase raw material at higher cost. In addition to the higher cost of raw material and subsidy has to be paid as the material is being procured from mill surrounding and far areas in order to run the mill economically without interruption. The raw material cost in the province of Sindh is very high where as in Punjab the cost of cane has been notified at Rs.225/= where as the price of sugar would be the same throughout Pakistan. Due to higher cost of raw material the production cost of sugar will increase considerably. It appears that production of sugar on over all country basis would be more or less the same as it as last year. The recovery percentage was 9.54 percent as against 9.39 achieved during the same period last year. It is expected that the recovery percentage would increase during the remaining period of crushing.
MDF BOARD DIVISION
During the period under review the production of MDF Board division products was 22,541 cubic meters as against 19,564 cubic meters produced in the same period of last year. Production is higher than last period by 15.22 percent. It is expected that the production would increase in the remaining period of the year. During the crushing season there is no shortage of power as internal generation of electricity is sufficient to meet the requirement of sugar division and board division.
The Board of Directors also wish to place on record their appreciation to the dedicated work and commitment of all officers, employees and workers who contributed their services to sustain all operations of the company.
For & on behalf of the Board of Directors
YUSUF AYOOB | ZIA ZAKARIA |
MANAGING DIRECTOR / CEO | CHAIRMAN / DIRECTOR |
Date: January 25, 2022
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CONDENSED INTERIM STATEMENT OF FINANCIAL POSITION
AS AT 31ST DECEMBER, 2021
Un-Audited | Audited | |||
December | September | |||
Note | 2021 | 2021 | ||
ASSETS | (Rupees in thousand) | |||
NON - CURRENT ASSETS | ||||
Property, plant and equipment | 4 | 4,852,355 | 4,839,744 | |
Right-of-use assets | 8,811 | 10,605 | ||
Long term investments | 5 | 743,576 | 729,327 | |
Long term loans | 6,191 | 4,771 | ||
Long term deposits | 4,268 | 4,268 | ||
5,615,201 | 5,588,715 | |||
CURRENT ASSETS | ||||
Stores, spare parts and loose tools | 545,273 | 491,515 | ||
Stock in trade | 2,145,507 | 1,871,492 | ||
Trade debts | 328,093 | 390,866 | ||
Loans and advances | 136,619 | 121,762 | ||
Trade deposits and short term prepayments | 18,859 | 6,772 | ||
Other receivables | 181,910 | 184,245 | ||
Taxation-Net | 241,672 | 213,560 | ||
Cash and bank balances | 345,312 | 231,482 | ||
3,943,245 | 3,511,694 | |||
9,558,446 | 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 | 972,822 | 916,054 | ||
Share of associate's unrealised loss on remeasurement | ||||
of associate's investments | (2,596) | (2,596) | ||
Capital Reserve | ||||
Surplus on revaluation of Property, plant and equipment | 1,289,356 | 1,303,580 | ||
3,464,319 | 3,421,775 | |||
NON-CURRENT LIABILITIES | ||||
Long term financing | 2,133,158 | 2,001,907 | ||
Lease liability against right-of-use asset | 2,077 | 712 | ||
Deferred liabilities | 632,913 | 609,631 | ||
2,768,148 | 2,612,250 | |||
CURRENT LIABILITIES | ||||
Trade and other payables | 1,464,915 | 946,429 | ||
Accrued finance cost | 34,571 | 41,775 | ||
Short term borrowings | 1,083,668 | 1,364,840 | ||
Unclaimed dividend | 7,114 | 7,140 | ||
Current portion of long term financing | 735,000 | 701,667 | ||
Current portion of lease liability against right of use asset | 711 | 4,533 | ||
3,325,979 | 3,066,384 | |||
CONTINGENCIES AND COMMITMENTS | 6 | - | - | |
9,558,446 | 9,100,409 | |||
The annexed notes from 1 to 14 form an integral part of these condensed interim financial statements.
YUSUF AYOOB | ZIA ZAKARIA | MUHAMMAD HANIF CHAMDIA |
Chief Executive Officer | Chairman | Chief Finance Officer |
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CONDENSED INTERIM PROFIT OR LOSS ACCOUNT (UN-AUDITED)
FOR THE THREE MONTHS PERIOD ENDED 31ST DECEMBER, 2021
For the three months | |||||
October to December | |||||
Note | 2021 | 2020 | |||
(Rupees in thousand) | |||||
Sales | 2,783,715 | 2,374,170 | |||
Cost of sales | 7 | (2,409,760) | (2,000,077) | ||
Gross profit | 373,955 | 374,093 | |||
Profit from trading activities | 787 | 981 | |||
374,742 | 375,074 | ||||
Distribution Cost | (14,575) | (17,238) | |||
Administration expenses | (197,200) | (170,510) | |||
Other operating expenses | (7,683) | (9,528) | |||
(219,458) | (197,276) | ||||
155,284 | 177,798 | ||||
Other income | 4,223 | 12,686 | |||
159,507 | 190,484 | ||||
Finance cost | (72,587) | (66,870) | |||
86,920 | 123,614 | ||||
Share of profit from associates | 14,249 | 21,912 | |||
Profit before taxation | 101,169 | 145,526 | |||
Taxation | (58,625) | (66,602) | |||
Profit after taxation | 42,544 | 78,924 | |||
Earning per share - Basic and diluted- (Rupees) | 2.08 | 3.85 | |||
The annexed notes from 1 to 14 form an integral part of these condensed interim financial statements.
YUSUF AYOOB | ZIA ZAKARIA | MUHAMMAD HANIF CHAMDIA |
Chief Executive Officer | Chairman | Chief Finance Officer |
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Al Noor Sugar Mills Ltd. published this content on 27 January 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 27 January 2022 05:18:03 UTC.
