HABIB SUGAR MILLS LIMITED Habib Sugar Mills Limited
Report and Condensed Interim
Financial Statements for the Half Year ended March 31, 2022 (Unaudited)
Contents
Company Information | 2 |
Vision and Mission Statement | 3 |
Directors' Report | 4 |
Auditors' Report to the Members on Review of Unconsolidated Condensed | |
Interim Financial Statements | 6 |
Unconsolidated Condensed Interim Statement of Financial Position | 7 |
Unconsolidated Condensed Interim Statement of Profit or Loss | 8 |
Unconsolidated Condensed Interim Statement of Comprehensive Income | 9 |
Unconsolidated Condensed Interim Statement of Changes in Equity | 10 |
Unconsolidated Condensed Interim Statement of Cash Flows | 11 |
Notes to the Unconsolidated Condensed Interim Financial Statements | 12 |
Consolidated Condensed Interim Statement of Financial Position | 24 |
Consolidated Condensed Interim Statement of Profit or Loss | 25 |
Consolidated Condensed Interim Statement of Comprehensive Income | 26 |
Consolidated Condensed Interim Statement of Changes in Equity | 27 |
Consolidated Condensed Interim Statement of Cash Flows | 28 |
Notes to the Consolidated Condensed Interim Financial Statements | 29 |
42 | |
1
Company Information
Board of | Asghar D. Habib | Chairman | ||
Directors | Ali Raza D. Habib | |||
Adnan Afridi | (Resigned on January 26, 2022) | |||
Sheikh Asim Rafiq | (Co-opted on January 26, 2022) | |||
Murtaza Habib | ||||
Tyaba Muslim Habib | ||||
Shams Muhammad Haji | ||||
Farouq Habib Rahimtoola | ||||
Raeesul Hasan | Chief Executive | |||
(Resigned on January 31, 2022) | ||||
Khursheed A. Jamal | Chief Executive | |||
(Co-opted on February 01, 2022) | ||||
Audit | Shams Muhammad Haji | Chairman | ||
Committee | Farouq Habib Rahimtoola | Member | ||
Tyaba Muslim Habib | Member | |||
Human | Tyaba Muslim Habib | Chairperson | ||
Resource & | Shams Muhammad Haji | Member | ||
Remuneration | Khursheed A. Jamal | Member | ||
Committee | ||||
Chief Financial | ||||
Officer | Amir Bashir Ahmed | |||
Company | ||||
Secretary | Imarn Amin Virani | |||
Registered | 3rd Floor, Imperial Court, | |||
Office | Dr. Ziauddin Ahmed Road, | |||
Karachi-75530 | ||||
Phones | : | (+92-21) 35680036 - 5 Lines | ||
Fax | : | (+92-21) 35684086 | ||
www | : | habibsugar.com | ||
: | sugar@habib.com | |||
Mills | Sugar & Distillery Division | |||
Nawabshah District Shaheed Benazirabad | ||||
Phones | : | (+92-244) 360751 - 5 Lines | ||
Fax | : | (+92-244) 361314 | ||
Textile Division | ||||
D-140/B-1 Mangopir Road | ||||
S.I.T.E. Karachi-75700 | ||||
Phones | : | (+92-21) 32571325, 32572119 | ||
Fax | : | (+92-21) 32572118 | ||
Bulk Storage | Terminal | |||
60/1-B Oil Installation Area | ||||
Keamari Karachi-75620 | ||||
Phones | : | (+92-21)32852003-4 | ||
Fax | : | (+92-21) 32852005 | ||
Bankers | Allied Bank Limited | |||
Bank AL Habib Limited | ||||
First Women Bank Limited | ||||
Habib Bank Limited | ||||
Habib Metropolitan Bank Limited | ||||
MCB Bank Limited | ||||
Meezan Bank Limited | ||||
National Bank of Pakistan | ||||
United Bank Limited | ||||
Statutory | Grant Thornton Anjum Rahman | |||
Auditors | Chartered Accountants | |||
Cost | Haroon Zakaria & Co. | |||
Auditors | Chartered Accountants | |||
Share | THK Associates (Pvt.) Limited | |||
Registrar | Plot No. C-32, Jami Commercial Street-2 | |||
D.H.A. Phase VII, Karachi. | ||||
UAN | : | (+92-21)111-000-322 | ||
Phone | : | (+92-21) 35310184 | ||
Fax | : | (+92-21) 35310191 | ||
: | sfc@thk.com.pk |
2
VISION STATEMENT
We aim to be a leading manufacturer and supplier of quality sugar, ethanol, liquidified carbon dioxide (CO2) and household textiles in local and international markets. We aspire to be known for the quality of our products and intend to play a pivotal role in the economic and social development of Pakistan.
MISSION STATEMENT
As a prominent producer and supplier of sugar, ethanol, liquidified carbon dioxide (CO2) and household textiles, we shall continue to strive to achieve excellence in performance and aim to exceed the expectations of all stakeholders. We target to achieve technological advancements to inculcate the most efficient, ethical and time tested business practices in our management.
3
Directors' Report
Dear Members - Assalam-o-Alekum
On behalf of the Board of Directors, we are pleased to present you the unaudited consolidated and unconsolidated condensed interim financial statements duly reviewed by the auditors of the Company for the half year ended March 31, 2022. The Company has earned pre-tax profit of Rs. 905.71 million (March 31, 2021: Rs. 738.93 million). The financial results of the Company for the half year ended March 31, 2022 are summarized below:
Financial Results | |||||||
Half year ended | Half year ended | Variance | |||||
March 31, 2022 | March 31, 2021 | ||||||
(Rupees in Million) | |||||||
Profit before taxation | 905.71 | 738.92 | 166.78 | ||||
Less: Taxation | (165.00) | (95.00) | (70.00) | ||||
Profit after taxation | 740.71 | 643.92 | 96.78 | ||||
Add: Realized gain on sale of investment | 33.29 | 108.68 | (75.39) | ||||
Unappropriated profit brought forward | 5.11 | 1.59 | 3.52 | ||||
Unappropriated profit carried forward | 779.11 | 754.19 | 24.91 | ||||
Earnings per share - Basic and diluted - Rs. | 4.94 | 4.29 | 0.65 | ||||
Performance Review
Sugar Division
The crushing season 2021-22 commenced on November 17, 2021 and the plant operated upto March 19, 2022 for 123 days as against 108 days in the preceding season. Sugarcane crushed during the current season was 1,126,516 M. Tons with average sucrose recovery of 10.61 % and sugar production of 119,531 M. Tons as compared with sugarcane crushing of 761,667 M. Tons with average sucrose recovery of 10.36 % and sugar production of 78,910 M. Tons during the preceding season.
The Government of Sindh on November 4, 2021 issued a notification fixing the minimum sugarcane support price at Rs.250 per 40 kgs for the crushing season 2021 - 22 as against Rs.202 per 40 kgs for the crushing season 2020 - 2021. In addition, the sugar mills in Sindh are also required to pay quality premium at the rate of Re. 0.50 for every 0.1 percent sucrose recovery in excess of the bench mark of 8.7%.
The minimum support price fixed by the Sindh government was higher by Rs. 25 per 40/kgs as compared with the minimum support price of Rs. 225 per 40 kgs fixed by the Punjab government.
The sugar division earned operating profit of Rs. 366.93 million (March 31, 2021: Rs. 102.95 million). The increase in operating profit was mainly due to increased production and sale, improved sucrose recovery and better sugar selling prices as compared with the corresponding period.
4
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Habib Sugar Mills Ltd. published this content on 30 May 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 30 May 2022 13:38:06 UTC.
