CONTENTS | |
Company Information | 3 |
Directors' Report | 4 |
Condensed Interim Statement of Financial Position | 6 |
Condensed Interim Statement of Profit or Loss | 7 |
Condensed Interim Statement of Comprehensive Income | 8 |
Condensed Interim Statement of Cash Flows | 9 |
Condensed Interim Statement of Changes in Equity | 10 |
Condensed Interim Segmentwise Operating Results | 11 |
Notes to the Condensed Interim Financial Information | |
12 | |
Directors' Report in Urdu | 19 |
COMPANY INFORMATION
EXECUTIVE DIRECTORS
Zeeshan Ashraf - Chief Executive Officer
Ghazanfar Baber Siddiqui
NON-EXECUTIVE DIRECTORS
Abdul Basit - Chairman Board of Directors
Syed Maqbool Ali
Nida Jamil
Muhammad Ashraf
INDEPENDENT DIRECTOR
Aziz-ul-Haque
COMPANY SECRETARY
Muhammad Hanif German
CHIEF FINANCIAL OFFICER
Muhammad Ilyas Abdul Sattar
AUDITORS
Feroze Sharif Tariq & Co. - Chartered Accountants
COST AUDITORS
UHY Hassan Naeem & Co.
TAX ADVISOR
Sharif & Company - Advocates
LEGAL ADVISOR
A.K. Brohi & Company Advocates
AUDIT COMMITTEE
Aziz-ul-Haque
Syed Maqbool Ali
Abdul Basit
HUMAN RESOURCE & REMUNERATION COMMITTEE
Aziz-ul-Haque
Ghazanfar Baber Siddiqui
Abdul Basit
BANKERS
National Bank of Pakistan
Summit Bank Limited
Habib Bank Limited
Standard Chartered Bank Pakistan Limited
The Bank of Khyber Limited
REGISTERED OFFICE:
Dewan Centre, 3-A Lalazar, Beach Hotel
Road, Karachi-74000, Pakistan.
SHARE REGISTRAR / TRANSFER AGENT
BMF Consultants Pakistan (Pvt.) Limited Annum Estate Building, Room No. 310 & 311, 3rd Floor, 49, Darul Aman Society.
Main Shahrah-e-Faisal, Adjacent Baloch Colony, Karachi, Pakistan.
FACTORY
Jillaniabad, Budho Talpur,
Taluka: Mirpur Bathoro
District: Sujawal Sindh, Pakistan.
Chairman
Member
Member
Chairman
Member
Member
MCB Bank Limited
Meezan Bank Limited
The Bank of Punjab
Dubai Islamic Bank Pakistan Limited Bank Islami Pakistan Limited
CORPORATE OFFICE
Block-A , 2nd Floor
Finance & Trade Centre
Shahrah-e-Faisal, Karachi, Pakistan.
WEBSITE
www.yousufdewan.com
3RD QUARTER REPORT 03
DIRECTORS' REPORT
IN THE NAME OF ALLAH; THE MOST GRACIOUS AND MERCIFUL
IF YE GIVE THANKS, I WILL GIVE YOU MORE (HOLY QURAN)
Directors take pleasure in presenting you the unaudited condensed interim financial information of the Company for the period ended June 30, 2023.
Industry Overview
During the period under review the political instability prevailing in the Country, erratic hike of foreign exchange rates, unprecedentedly higher inflation, unstopped excessive interest rates and inflated fuel & electricity costs have negatively impacted the economy.
Financial Results.
During the period under consideration, the financial results brief summary is as under: -
June 30, 2023 | June 30, 2022 | |
(Rs. In Million) | (Rs. In Million) | |
Net Sales | 5,357.170 | 7,349.987 |
Gross Loss | 167.002 | 193.174 |
Net Loss after tax | 783.089 | 597.089 |
Operational Performance of the Company
Sugar Segment
The plant started its operations on 23rd December, 2022 and its crushing process restricted for only 55 days till15th February 2023 and as compared to last period of 99 days. During the current season plant crushed 209,436 metric tons of sugar cane producing 20,380 metric tons of white refined sugar with average sucrose recovery of 9.821% as compared to last period when plant managed to crush 489,240 metric tons of sugar cane with average sucrose recovery of 10.41% and attained refined sugar production of 50,790 metric tons. This approximate decrease in production of 60% was due to financial crunch and higher raw material prices and inflated input costs which forced the sugar season of the Company sustainable for a shorter period of time.
During the period sugar segment suffered operating loss of Rs. 773.63 million as compared to Rs. 531.73 million in the corresponding period of last year. Main reasons for this loss were higher cost of production and less crushing capacity utilization.
Distillery Segment
Distillery unit produced 18,179 metric tons of Alcohol during the period under review as compared to 23,498 metric tons of Alcohol produced during the corresponding period of previous year. During the period the operating profit of distillery unit was Rs. 9.173 million as against operating loss of Rs. 24.906 million in previous comparable period.
04 3RD QUARTER REPORT
Foremost suffering came due to abrupt increase of nearly 33% in feed stock rates over last period, furthermore advance from customers in USD caused exchange loss of Rs.385.905 million due to continuously depreciated rupee value during the period. To get better result your Company is adopting various cost cutting measures including erecting power house project for more efficient supply of energy to the plant.
Chip Board Polypropylene Segment
Chip Board plant has produced 64,610 sheets during the period under review as against last period of 81,160sheets.Management is focused on producing value added products and "A" quality sheets which are well accepted in market.
Polypropylene unit remained out of production because of working capital constraints.
In conclusion, we bow, beg and pray to Almighty Allah, Rahman-o-Ar-Rahim, in the name of our beloved Prophet Muhammad (peace be upon him) for the continued showering of his blessings, guidance, strength, health, and prosperity to us, our company, country and nation; and also pray to Almighty Allah to bestow peace, harmony, brotherhood, and unity in true Islamic spirit to whole of the Muslim Ummah; Ameen; Summa Ameen.
LO-MY LORD IS INDEED HEARER OF PRAYER (HOLY QURAN)
By and under Authority of the Board of Directors
Zeeshan Ashraf | Abdul Basit |
Chief Executive Officer | Chairman Board of Directors |
Place : Karachi | |
Date : July 25, 2023 |
3RD QUARTER REPORT 05
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Dewan Sugar Mills Ltd. published this content on 31 July 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 31 July 2023 10:26:05 UTC.