SHAHMURAD SUGAR MILLS LIMITED SHAHMURAD SUGAR MILLS LIMITED
1st Quarterly Results for the period
1st October 2022 to 31st December, 2022
MR. RUMI MOIZ | |
MR. SHEIKH ASIM RAFIQ | |
MR. RUMI MOIZ | |
MR. RUMI MOIZ | |
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 | |
www.shahmuradsugar.co |
DIRECTORS' REPORT
Dear members Asslamu-o-Alaikum
On behalf of the Board, I take the opportunity to present to you with great pleasure the unaudited financial statements of your company for the first quarter that ended December 31st 2022. The segment-wise position is briefed as under:
SUGAR DIVISION:
The operation of crushing of sugarcane commenced on November 29, 2022 and up to December 31, 2022 the Mill crushed 112,131 metric tons of sugarcane as against 73,354 metric tons crushed during the same period last year. The production of sugar was 9,610 metric tons as against 5,910 metric tons produced last year at the same period. The recovery percentage slightly decreased to
10.22 percent as against 10.38 percent achieved last year. The recovery rate cannot be considered representative or final as it represents 33 days of crushing. It is expected that the recovery rate would further improve during the remaining period of the season when a sizable volume of crushing is achieved. The production of sugar last year in the country was more than the requirement of the country and during the current year, it is expected that the production of sugar would be more or less at the same level depending on the availability of raw material. The sugar industry continuously pursuing the Government of Pakistan to allow the export of sizeable quantities of sugar but still modalities are not finalized. As a result of carrying over stock of last year and the arrival of fresh production in domestic market hit badly the prices of sugar.
The government of Sindh has notified the support price of sugarcane at Rs.302/= per forty kgs of cane as against Rs.250/= notified last year. The availability of cane crops is expected to be more or less at last year's level but as usual, the growers are reluctant to sell their produce at the notified price in order to gain more benefit. The Mill has no option but to purchase the raw material at a higher price in order to run the mill without interruption.
ETHANOL DIVISION:
During the period under consideration, the production of ethanol division was 15,320 metric tons as against 15,268 metric tons produced in the same period of last year. The availability of raw material is expected slightly lower as compared to last year due to higher demand which is reflected in the increase in the price of raw material. The ethanol demand is lower as compared to last year due to the recessionary trend in the world. The management is aggressively pursuing various avenues to develop different geographical markets to timely export and get better prices.
CONDOLENCE:
We are deeply aggrieved and regret to report the sad passing away of our senior member of the group Mr. Muhammad Yusuf Ayoob on January 09, 2023. He has been associated with the group throughout his life and his contribution to the group and sugar industry of the country has been immensely appreciated by the group and sugar industry of Pakistan which would be remembered for a long time. We pray to Almighty Allah (SWT)to grant him Maghfirah, Illuminate his grave and place him in Jannant-ul-Firdus.
The Board of Directors also wishes to place on record their appreciation for 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
ZIA ZAKARIA | A. AZIZ AYOOB |
Managing Director & CEO | Director |
Date: January 24, 2023
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CONDENSED INTERIM STATEMENT OF FINANCIAL POSITION (UN-AUDITED)
AS AT DECEMBER 31, 2022 | Un-Audited | Audited | |
December | September | ||
2022 | 2022 | ||
Note | (Rupees in thousand) | ||
ASSETS | |||
NON CURRENT ASSETS | |||
Property, plant and equipment | 4 | 5,530,130 | 5,551,147 |
Long term investment in associate under equity method | 1,094 | 1,094 | |
Long term loans | 2,219 | 1,140 | |
Long term deposits | 2,599 | 2,599 | |
CURRENT ASSETS | 5,536,042 | 5,555,980 | |
Stores, spare parts and loose tools | 331,651 | 241,733 | |
Stock-in-trade | 3,084,782 | 3,537,695 | |
Trade debts | 275,108 | 1,059,148 | |
Loans and advances | 2,829,119 | 568,220 | |
Trade deposits and short term prepayments | 15,972 | 5,921 | |
Other receivables | 504 | 15,363 | |
Short term investment | 58,776 | 1,050,410 | |
Cash and bank balances | 1,968,635 | 1,016,206 | |
8,564,547 | 7,494,696 | ||
EQUITY AND LIABILITIES | 14,100,589 | 13,050,676 | |
SHARE CAPITAL AND RESERVES | |||
Authorised Capital | 250,000 | ||
25,000,000 ordinary shares of Rs. 10 each | 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 | (2,195) | ||
on remeasurement of investment | (2,195) | ||
Unappropriated Profit | 5,372,380 | 4,513,440 | |
Capital reserve | |||
Revaluation surplus on property, plant and equipment | 1,194,978 | 1,212,117 | |
6,856,350 | 6,014,549 | ||
NON CURRENT LIABILITIES | |||
Long term financing | 628,514 | 656,877 | |
Deferred taxation | 157,561 | 162,110 | |
CURRENT LIABILITIES | 786,075 | 818,987 | |
Trade and other payables | 1,340,990 | 1,319,916 | |
Accrued finance cost | 94,315 | 61,211 | |
Short term borrowings | 4,723,839 | 4,532,139 | |
Loan from related parties | 34,135 | 41,135 | |
Unclaimed dividend | 14,422 | 14,431 | |
Current portion of long term financing | 238,223 | 238,223 | |
Income tax payable - net of payments | 12,240 | 10,085 | |
6,458,164 | 6,217,140 | ||
CONTINGENCIES AND COMMITMENTS | 5 | - | - |
14,100,589 | 13,050,676 |
The annexed notes from 1 to 13 form an integral part of these condensed interim financial information.
ZIA ZAKARIA | AZIZ AYOOB | ZAID ZAKARIA |
Managing Director & CEO | Director | Chief Financial Officer |
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CONDENSED INTERIM STATEMENT OF PROFIT OR LOSS (UN-AUDITED)
FOR THE PERIOD ENDED DECEMBER 31, 2022
For the three months | |||
October to December | |||
2022 | 2021 | ||
Note | (Rupees in thousand) | ||
Sales | 4,083,130 | 3,615,984 | |
Cost of Sales | 6 | (3,088,580) | (3,353,233) |
Gross profit | 994,550 | 262,751 | |
Profit from trading activities | 884 | 1,193 | |
995,434 | 263,944 | ||
Distribution cost | (40,324) | (26,525) | |
Administrative expenses | (80,208) | (70,525) | |
Other operating | charges | (39,802) | (10,992) |
(160,334) | (108,042) | ||
Operating profit | 835,100 | 155,902 | |
Other income | 168,522 | 19,022 | |
1,003,622 | 174,924 | ||
Finance cost | (114,378) | (48,040) | |
Profit before taxation | 889,244 | 126,884 | |
Taxation | (47,443) | (35,687) | |
Profit after taxation | 841,801 | 91,197 | |
Earning per share-Basic and diluted - Rupees | 39.86 | 4.32 |
The annexed notes from 1 to 13 form an integral part of these condensed interim financial information.
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 30 January 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 30 January 2023 05:53:07 UTC.
