STATEMENT OF FINANCIAL POSITION

AS AT JUNE 30, 2020

2020 2019
Note Rupees Rupees
ASSETS
NON-CURRENT ASSETS
Property, plant and equipment
Operating fixed assets 6 1,420,943,172 1,392,445,602
Capital work-in-progress 7 - -
1,420,943,172 1,392,445,602
Investment property 8 1,736,101,561 1,733,087,677
Investment in equity accounted associate 9 254,212 376,294
Long-term deposits 10 22,558,778 18,476,765
CURRENT ASSETS 3,179,857,723 3,144,386,338
Stores, spares and loose tools 11 70,195,760 68,999,382
Stock-in-trade 12 780,383,651 651,679,222
Trade debts 13 1,312,377,711 878,576,549
Loans and advances 14 12,458,369 11,744,451
Deposits and short term prepayments 15 11,075,021 15,224,278
Other receivables 1,695,658 2,916,597
Short term investments 16 121,383,524 110,601,113
Tax refunds due from Government 17 11,451,959 133,586,217
Taxation - net 28 1,281,022 -
Cash and bank balances 18 152,371,268 132,762,450
2,474,673,943 2,006,090,259
TOTAL ASSETS 5,654,531,666 5,150,476,597
EQUITY AND LIABILITIES
SHARE CAPITAL AND RESERVES
Authorised share capital
15,000,000 (2019: 15,000,000) ordinary shares of Rs. 10/- each 150,000,000 150,000,000
Issued, subscribed and paid up capital 19 124,178,760 124,178,760
Capital reserves
Surplus on revaluation of property, plant and equipment 20 1,993,825,768 1,993,825,768
Unrealized gain on investment classified as fair value through other
comprehensive income 20 53,077,963 50,296,215
Revenue reserves 2,046,903,731 2,044,121,983
Unappropriated profit 20 1,090,948,939 982,179,728
3,262,031,430 3,150,480,471
NON-CURRENT LIABILITIES
Long term financing 21 223,368,882 226,628,927
Lease Liabilities 22 51,116,866 5,876,586
Deferred gain on sale and lease back - 209,349
Deferred taxation 23 73,655,937 105,063,037
CURRENT LIABILITIES 348,141,685 337,777,899
Trade and other payables 24 1,185,456,175 949,901,944
Unclaimed dividend 25 2,423,578 2,509,359
Interest and mark-up accrued 26 32,886,010 41,632,158
Short-term borrowings 27 769,463,132 543,072,421
Taxation - net 28 - 12,119,583
Current portion of long term liabilities 29 54,129,656 112,982,763
Annual Report 2020

2,044,358,551 1,662,218,227
TOTAL EQUITY AND LIABILITIES 5,654,531,666 5,150,476,597
CONTINGENCIES AND COMMITMENTS 30
The annexed notes from 1 to 53 form an integral part of these financial statements.

IMRAN MAQBOOL NADEEM MAQBOOL KAMRAN RASHEED

Chief Executive Director Chief Financial Officer

22
 STATEMENT OF PROFIT OR LOSS
FOR THE YEAR ENDED JUNE 30, 2020
2020 2019
Note Rupees Rupees

Sales - net 31 5,023,570,129 5,289,441,070

Cost of sales 32 (4,624,193,242) (4,878,999,857)
Gross profit 399,376,887 410,441,213
General and administrative expenses 33 (132,631,369) (120,275,187)
Distribution cost 34 (18,442,006) (18,647,081)
Other operating income 35 85,218,721 37,788,978
Other operating expenses 36 (38,495,093) (22,056,497)
(104,349,747) (123,189,787)
Operating profit 295,027,140 287,251,426
Financial charges 37 (144,539,290) (124,520,265)
Share of loss from equity accounted associate 9.1 (122,082) (163,269)
(144,661,372) (124,683,534)
Profit before taxation 150,365,768 162,567,892
Taxation 38 (41,596,557) (49,373,469)
Profit for the year 108,769,211 113,194,423
Earnings per share - basic and diluted 39 8.76 9.12

The annexed notes from 1 to 53 form an integral part of these financial statements.

Annual Report 2020

IMRAN MAQBOOL NADEEM MAQBOOL KAMRAN RASHEED

Chief Executive Director Chief Financial Officer

23
 STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED JUNE 30, 2020
2020 2019
Note Rupees Rupees

CASH FLOWS FROM OPERATING ACTIVITIES

Cash generated from operations 41 190,848,446 328,885,434

Finance cost paid (153,285,438) (117,010,324)
Taxes paid (86,404,262) (62,897,486)
Net cash (used in) / generated from operating activities (48,841,254) 148,977,624

CASH FLOWS FROM INVESTING ACTIVITIES

Capital expenditure (141,032,790) (89,787,113)

Long term deposits (4,082,013) (1,777,387)
Short term investments - net 353,664 9,237,954
Proceeds from disposal of operating fixed assets 3,988,499 8,489,003
Net cash used in investing activities (140,772,640) (73,837,543)

CASH FLOWS FROM FINANCING ACTIVITIES

Proceeds from long term financing 42 85,042,000 82,957,400

Repayments of long term financing 42 (72,617,702) (123,510,774)
Deferred gain on sale and lease back (209,349) (179,448)
Dividend paid (85,781) (5,790)
Payments of lease liabilities (29,297,170) (5,094,669)
Short term borrowings - net 226,390,714 (1,020,241)
Net cash generated from / (used in) financing activities 209,222,712 (46,853,522)
Net increase in cash and cash equivalents 19,608,818 28,286,559
Cash and cash equivalent at the beginning of the year 132,762,450 104,475,891
Cash and cash equivalent at the end of the year 152,371,268 132,762,450

The annexed notes from 1 to 53 form an integral part of these financial statements.
Annual Report 2020

IMRAN MAQBOOL NADEEM MAQBOOL KAMRAN RASHEED

Chief Executive Director Chief Financial Officer

25