SHAHMURAD SUGAR MILLS LIMITED
3rd Quarterly Results for the period 1st October 2022 to 30th June, 2023
MR. RUMI MOIZ | (Independent Director) |
MR. SHEIKH ASIM RAFIQ | (Independent Director) |
MR. RUMI MOIZ | |
MR. RUMI MOIZ | |
website: www.shahmuradsugar.co | |
REGISTRAR & SHARES REGISTRATION OFFICE | FACTORY |
C & K Management Associates (Pvt) Ltd. | Jhok Sharif, |
404-Trade Tower, | Taluka Mirpur Bathoro, |
Abdullah Haroon Road, | District Sujawal (Sindh) |
Near Metropole Hotel, Karachi - 75530 |
DIRECTORS' REPORT
Assalam-o-Alaikum
With great pleasure, I take this opportunity to present before you on behalf of the Board the un-audited financial statements of your company for the period ended June 30, 2023.
Salient features of production and financial statements are as under:
PRODUCTION DATA | June 30, 2023 | June 30, 2022 |
Sugarcane crushed (M Tons) | 567,913 | 601,695 |
Sugar produced (M Tons) | 60,303 | 66,683 |
Sugar recovery percentage | 10.60 | 11.08 |
Molasses produced (M Tons) | 26,720 | 25,810 |
Ethanol Production (M Tons) | 52,819 | 53,065 |
FINANCIAL DATA | (Rupees in thousands) | |
Sales revenue | 14,472,021 | 12,421,893 |
Cost of sales | (10,944,001) | (10,278,780) |
Gross profit | 3,528,020 | 2,143,113 |
Distribution cost | (132,679) | (97,980) |
Administrative expense | (269,350) | (217,004) |
Other operating expenses | (160,724) | (94,057) |
Other income | 424,692 | 87,348 |
Financial cost | (769,505) | (370,994) |
Profit before taxation | 2,620,454 | 1,450,426 |
Provision for taxation | (201,312) | (174,132) |
Profit after taxation | 2,419,142 | 1,276,294 |
Earnings per share | Rs.114.55 | Rs. 60.43 |
Segment wise performance is elaborated as under:
SUGAR DIVISION
During the period under review, the sugarcane crop was not good as it was in the corresponding period of last year. For the crushing season, the Government of Sindh notified a minimum support price of sugar cane at Rs. 302/= per forty kgs as against Rs. 250/= per forty kgs notified last year.
During the current crushing season, the mill crushed 567,913 metric tons of cane against 601,695 metric tons crushed and produced 60,303 metric tons of sugar as against 66,683 metric tons produced last year. The production during the current period is lower than last year by 6,380 metric tons or 9.57 percent. The decrease in the production of sugar was mainly due to the non-availability of raw materials as the cane crop was not good during the current season. The recovery rate also declined from 11.08 percent to 10.60 percent. As mentioned in the half-yearly report, the production of sugar during the current year is lower than last year but expected to meet the requirement of the country.
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ETHANOL DIVISION
During the period under consideration, the Ethanol Division produced 52,819 metric tons of ethanol as against 53,065 metric tons produced in the same period of last year which is slightly lower than previous year production. It is expected that the production would be slightly lower than the last year. The sales revenue of the ethanol division has increased due to higher prices in terms of foreign currency and deterioration in the value of local currency which increased the sales revenue in terms of Pak Rupees. The company exported 45,990 metric tons against 56,039 metric tons last year. It is anticipated that the sales would increase during the remaining period of the year INSHA ALLAH.
FUTURE OUTLOOK
The future outlook is still challenging due to global as well as internal uncertainties. Globally major economies going toward recessionary trends, lower demands, and higher interest rates. Internally our country has to meet post-IMF agreement obligations and the peaceful political transition from caretaker setup to an elected government. These would all make an impact on our internal economic situation in the coming months.
The Company's management is taking all necessary measures to steer the company through these precarious and uncertain time periods.
SUBSEQUENT EVENT AND DIVIDEND
The Board of Directors in their meeting held on July 24, 2023 has declared an interim cash dividend of Rs. 15.00 per shares i.e. 150% for the period ended June 30, 2023. These condensed interim financial statements do not include the effect of interim dividend.
BOARD OF DIRECTORS
During the period under consideration, there was no change in the composition of the Board of Directors.
May Allah SWT grant His Blessing and Rehmat for the continued success and growth of Shahmurad Sugar Mills Limited. (Ameen)
ZIA ZAKARIA | ABDUL AZIZ AYOOB |
Managing Director & CEO | Director |
Karachi:
Dated: July 24, 2023
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CONDENSED INTERIM STATEMENT OF FINANCIAL POSITION (UN-AUDITED)
AS AT JUNE 30, 2023
Un-AuditedAudited
June September
2023 2022
Note | (Rupees in thousand) | ||
ASSETS | |||
NON CURRENT ASSETS | |||
Property, plant and equipment | 4 | 5,540,363 | 5,551,147 |
Intangible asset | 5 | - | - |
Long term investment in associate | 6 | 1,094 | 1,094 |
Long term loans | 2,221 | 1,140 | |
Long term deposits | 3,150 | 2,599 | |
CURRENT ASSETS | 5,546,828 | 5,555,980 | |
Stores, spare parts and loose tools | 373,504 | 241,733 | |
Stock-in-trade | 9,692,917 | 3,537,695 | |
Trade debts | 755,502 | 1,059,148 | |
Loans and advances | 705,349 | 568,220 | |
Trade deposits and short term prepayments | 6,742 | 5,921 | |
Other receivables | 162 | 15,363 | |
Short term investment | 24,200 | 1,050,410 | |
Income tax refundable-Net | 10,917 | - | |
Cash and bank balances | 201,028 | 1,016,206 | |
11,770,321 | 7,494,696 | ||
EQUITY AND LIABILITIES | 17,317,149 | 13,050,676 | |
SHARE CAPITAL AND RESERVES | |||
Authorised Capital | |||
25,000,000 ordinary shares of Rs. 10 each | 250,000 | 250,000 | |
Issued, subscribed and paid-up capital | 211,187 | 211,187 | |
Revenue reserve | |||
General reserve | 80,000 | 80,000 | |
Share of associate's unrealized loss on re-measurement of its | |||
investment at fair value through other comprehensive income | (2,195) | (2,195) | |
Unappropriated profit | 6,456,027 | 4,513,440 | |
Capital reserve | |||
Revaluation surplus on property, plant and equipment | 1,160,705 | 1,212,117 | |
NON CURRENT LIABILITIES | 7,905,724 | 6,014,549 | |
Long term financing | 509,402 | 656,877 | |
Deferred taxation | 193,924 | 162,110 | |
CURRENT LIABILITIES | 703,326 | 818,987 | |
Trade and other payables | 1,512,336 | 1,319,916 | |
Accrued finance cost | 315,619 | 61,211 | |
Short term borrowings | 6,614,495 | 4,532,139 | |
Loan from related parties | 8,032 | 41,135 | |
Current portion of long term financing | 238,223 | 238,223 | |
Unclaimed dividend | 19,394 | 14,431 | |
Income tax provision-net of payments | - | 10,085 | |
8,708,099 | 6,217,140 | ||
CONTINGENCIES AND COMMITMENTS | 7 | - | - |
17,317,149 | 13,050,676 |
The annexed notes from 1 to 16 form an integral part of these condensed interim financial statements.
ZIA ZAKARIA | AZIZ AYOOB | ZAID ZAKARIA |
Managing Director & CEO | DIRECTOR | Chief Financial Officer |
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Shahmurad Sugar Mills Ltd. published this content on 26 July 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 26 July 2023 06:44:16 UTC.