Operating Fixed Assets

2021 2022
Leasehold Land
Year ended June 30
Opening net book value 748,561 748,561
Additions - -
Transfer from CWIP - -
Transfers - net
Cost - -
Accumulated depreciation - -
- -
Disposals
Cost - -
Accumulated depreciation - -
- -
Dismantling -
Depreciation - -
Closing net30,
As at June book value
2021 748,561 748,561
Cost 748,561 748,561
Accumulated depreciation - -
748,561 748,561
As at June 30
Opening net book value 748,561 748,561
Additions - -
Transfer from CWIP -
Transfers - net
Cost - -
Accumulated depreciation - -
Disposals - -
Leases terminated - net -
Cost - -
Accumulated depreciation - -
- -
Dismantling - -
Depreciation - -
Closing net30,
As at June book value
2020 748,561 748,561
Cost 748,561 748,561
Accumulated depreciation - -
748,561 748,561
Rate of depreciation (%) 0% 0%

Year ended June 30

Opening net book value 1,646,204 1,602,419
Additions - 23,622
Transfer from CWIP - -
Transfers - net
Cost - -
Accumulated depreciation - -
- -
Disposals
Cost - -
Accumulated depreciation - -
- -
Dismantling -
Depreciation (43,785) (42,848)
Closing net30,
As at June book value
2021 1,602,419 1,583,193
Cost 1,763,240 1,786,862
Accumulated depreciation (160,821) (203,669)
1,602,419 1,583,193
As at June 30
Opening net book value 1,646,204
Additions - -
Transfer from CWIP -
Transfers - net
Cost - -
Accumulated depreciation - -
Disposals - -
Leases terminated - net -
Cost - -
Accumulated depreciation - -
- -
Dismantling - -
Depreciation (44,991) (43,785)
Closing
As net30,
at June book value
2020 1,646,204 1,602,419
Cost 1,763,240 1,763,240
Accumulated depreciation (117,036) (160,821)
1,646,204 1,602,419
Rate of depreciation (%) 2.5 % to 3% (2.5 to 3)%

Year ended June 30

Opening net book value 5,815,606 6,379,793
Additions 115,237 229,841
Transfer from CWIP 628,973 1,032,563
Transfers - net
Cost - -
Accumulated depreciation - -
- -
Disposals
Cost - -
Accumulated depreciation - -
- -
Dismantling -
Depreciation (180,023) (219,381)
Closing net30,
As at June book value
2021 6,379,793 7,422,816
Cost 6,994,140 8,256,544
Accumulated depreciation (614,347) (833,728)
6,379,793 7,422,816
As at June 30
Opening net book value 5,815,606
Additions 28,507 115,237
Transfer from CWIP 628,973
Transfers - net
Cost - -
Accumulated depreciation - -
Disposals - -
Leases terminated - net -
Cost - -
Accumulated depreciation - -
- -
Dismantling - -
Depreciation (181,370) (180,023)
Closing net30,
As at June book value
2020 5,815,606 6,379,793
Cost 6,249,930 6,994,140
Accumulated depreciation (434,324) (614,347)
5,815,606 6,379,793
Rate of depreciation (%) 3% to 5% (3 to 5)%

Year ended June 30

Opening net book value 10,564 12,525
Additions 3,831 3,021
Transfer from CWIP - -
Transfers - net
Cost - -
Accumulated depreciation - -
- -
Disposals
Cost - -
Accumulated depreciation - -
- -
Dismantling -
Depreciation (1,870) (2,104)
Closing net book value 12,525 13,442
As at June 30, 2021
Cost 19,837 22,858
Accumulated depreciation (7,312) (9,416)
12,525 13,442
As at June 30
Opening net book value 10,564
Additions 1,885 3,831
Transfer from CWIP -
Transfers - net
Cost - -
Accumulated depreciation - -
Disposals - -
Leases terminated - net -
Cost - -
Accumulated depreciation - -
- -
Dismantling - -
Depreciation (1,843) (1,870)
Closing
As net30,
at June book value
2020 10,564 12,525
Cost 16,006 19,837
Accumulated depreciation (5,442) (7,312)
10,564 12,525
Rate of depreciation (%) 15% 15%

Opening net book value - -

Additions - -
Transfer from CWIP - -
Transfers - net -
Cost - -
Accumulated depreciation - -
- -
Disposals -
Cost - -
Accumulated depreciation - -
- -
Dismantling - -
Depreciation - -
Closing
As net30,
at June book value
2021 - -
Cost 4,899 -
Accumulated depreciation (4,899) -
- -
As at June 30 -
Opening net book value -
Additions - -
Transfers - net -
Cost - -
Accumulated depreciation - -
Disposals - -
Leases terminated - net - -
Cost - -
Accumulated depreciation - -
- -
Dismantling (3,965) -
Depreciation (783) -
Closing net30,
As at June book value
2020 - -
Cost 4,899 -
Accumulated depreciation (4,899) -
- -
Rate of depreciation (%) 33% -

Year ended June 30

Opening net book value 179,951 479,400
Additions 394,448 -
Transfer from CWIP -
Transfers - net
Cost - -
Accumulated depreciation - -
- -
Disposals
Cost - -
Accumulated depreciation - -
- -
Dismantling -
Depreciation (94,999) (119,850)
Closing net30,
As at June book value
2021 479,400 359,550
Cost 830,075 830,075
Accumulated depreciation (350,675) (470,525)
479,400 359,550
As at June 30
Opening net book value 179,951
Additions - 394,448
Transfer from CWIP -
Transfers - net
Cost - -
Accumulated depreciation - -
Disposals - -
Leases terminated - net -
Cost - -
Accumulated depreciation - -
 - -
Dismantling - -
Depreciation (59,984) (94,999)
Closing net30,
As at June book value
2020 179,951 479,400
Cost 435,627 830,075
Accumulated depreciation (255,676) (350,675)
179,951 479,400
Rate of depreciation (%) 25% 25%

Year ended June 30

Opening net book value 3,695 7,067
Additions 5,532 3,307
Transfer from CWIP - -
Transfers - net
Cost - -
Accumulated depreciation - -
- -
Disposals
Cost - -
Accumulated depreciation - -
- -
Dismantling -
Depreciation (2,160) (3,206)
Closing net30,
As at June book value
2021 7,067 7,168
Cost 14,780 18,087
Accumulated depreciation (7,713) (10,919)
7,067 7,168
As at June 30
Opening net book value 3,695
Additions 592 5,532
Transfer from CWIP -
Transfers - net
Cost - -
Accumulated depreciation - -
Disposals - -
Leases terminated - net -
Cost - -
Accumulated depreciation - -
- -
Dismantling - -
Depreciation (1,711) (2,160)
Closing net30,
As at June book value
2020 3,695 7,067
Cost 9,248 14,780
Accumulated depreciation (5,553) (7,713)
 3,695 7,067
Rate of depreciation (%) 33% 33%

Year ended June 30

Opening net book value 19,594 36,349
Additions - 429
Transfer from CWIP - -
Transfers - net
Cost 42,214 47,888
Accumulated depreciation (18,659) (28,992)
23,555 18,896
Disposals
Cost (1,224) (18,905)
Accumulated depreciation 325 11,361
(899) (7,544)
Dismantling -
Depreciation (5,901) (8,135)
Closing net30,
As at June book value
2021 36,349 39,995
Cost 77,380 106,792
Accumulated depreciation (22,372) (66,797)
55,008 39,995
As at June 30
Opening net book value 19,594
Additions 3,581 -
Transfer from CWIP -
Transfers - net
Cost 3,478 42,214
Accumulated depreciation (1,527) (18,659)
Disposals 1,951 23,555
Leases terminated - net -
Cost - (1,224)
Accumulated depreciation - 325
- (899)
Dismantling - -
Depreciation (4,261) (5,901)
Closing net30,
As at June book value
2020 19,594 36,349
Cost 36,390 77,380
Accumulated depreciation (16,796) (41,031)
19,594 36,349
Rate of depreciation (%) 20% 20%

Year ended June 30

Opening net book value 67,730 130,856
Additions 106,364 43,645
Transfer from CWIP - -
Transfers - net
Cost (42,214) (47,888)
Accumulated depreciation 18,659 28,992
(23,555) (18,896)
Disposals
Cost - -
Accumulated depreciation - -
- -
Dismantling -
Depreciation (19,683) (29,499)
Closing net30,
As at June book value
2021 130,856 126,106
Cost 176,779 172,536
Accumulated depreciation (64,582) (46,430)
112,197 126,106
As at June 30
Opening net book value 67,730
Additions 16,328 106,364
Transfer from CWIP -
Transfers - net
Cost (3,478) (42,214)
Accumulated depreciation 1,527 18,659
Disposals (1,951) (23,555)
Leases terminated - net -
Cost (5,548) -
Accumulated depreciation 1,715 -
(3,833) -
Dismantling - -
Depreciation (17,611) (19,683)
Closing net30,
As at June book value
2020 67,730 130,856
Cost 112,629 176,779
Accumulated depreciation (44,899) (45,923)
67,730 130,856
Rate of depreciation (%) 20% 20%

Year ended June 30

Opening net book value 8,491,905 9,396,970
Additions 625,412 303,865
Transfer from CWIP 628,973 1,032,563
Transfers - net
Cost - -
Accumulated depreciation - -
- -
Disposals
Cost (1,224) (18,905)
Accumulated depreciation 325 11,361
(899) (7,544)
Dismantling - -
Depreciation (348,421) (425,023)
Closing net30,
As at June book value
2021 9,396,970 10,300,831
Cost 10,629,691 11,942,315
Accumulated depreciation (1,232,721) (1,641,484)
9,396,970 10,300,831
As at June 30
Opening net book value 8,491,905
Additions 50,893 625,412
Transfer from CWIP 628,973
Transfers - net
Cost - -
Accumulated depreciation - -
Disposals - -
Leases terminated - net -
Cost (5,548) (1,224)
Accumulated depreciation 1,715 325
(3,833) (899)
Dismantling (3,965) -
Depreciation (312,554) (348,421)
Closing net30,
As at June book value
2020 8,491,905 9,396,970
Cost 9,376,530 10,624,792
Accumulated depreciation (884,625) (1,227,822)
8,491,905 9,396,970
Rate of depreciation (%)
 2019 2020 2021
Note in '000'- in '000'
ASSETS
Non-Current Assets
Property, plant and equipment 5 10,374,109 13,825,569 17,066,357
Intangible asset 6 59,330 61,230 54,950
Long term deposits and receivable 7 605,202 539,972 507,759
11,038,641 14,426,771 17,629,066
Current Assets
Stores, spares parts and loose tools 1,246,319 1,846,521 1,726,320
Stock-in-trade 8 7,756,588 8,627,400 9,505,307
Trade and other receivables 9 3,365,963 3,839,963 4,047,003
Loans and advances 10 295,595 593,644 1,156,155
Deposits 11 16,813 38,337 41,928
Short term investment at fair value through profit or loss 18,479 - -
Tax refunds due from Government 12 526,195 517,046 471,731
Cash and bank balances 13 242,671 68,366 833,205
13,468,623 15,531,277 17,781,649
Total Assets 24,507,264 29,958,048 35,410,715
EQUITY AND LIABILITIES
Share Capital and Reserves
Authorized Capital 14 5,000,000 6,250,000 6,250,000
Share Capital
Issued, subscribed and paid up capital 14 3,614,013 4,560,753 5,760,753
Capital reserve 15 - - 2,414,725
Revenue Reserve
Unappropriated profit 2,568,119 3,599,309 5,635,306
Total Shareholders' Equity 6,182,132 8,160,062 13,810,784
Non-Current Liabilities
Long term borrowings 16 5,602,245 4,944,318 6,631,523
Deferred government grant 17 - - 1,367
Supplier credit 18 721,184 1,808,099 -
Lease liabilities 19 54,381 47,104 109,434
Deferred liability 20 723,567 678,293 968,745
7,101,377 7,477,814 7,711,069
Current Liabilities
Trade and other payables 21 529,799 1,339,265 1,011,114
Accrued markup 342,188 318,175 320,605
Short term borrowings 22 10,171,094 11,950,064 9,828,760
Current portion of non-current liabilities 23 180,674 712,668 2,728,383
Contingencies and Commitments 24 11,223,755 14,320,172 13,888,862
Total Capital and Liabilities 24,507,264 29,958,048 35,410,715
 2022

19,149,088
48,670
477,311
19,675,069

2,054,803
12,299,705
5,271,889
1,439,288
21,227
-
500,242
215,063
21,802,217
41,477,286

6,250,000

6,048,791
2,126,687

7,490,076
15,665,554

5,402,833
-
-
110,584
1,057,122
6,570,539

1,128,740
672,265
14,045,946
3,394,242
19,241,193
41,477,286
 2020 2021 2022
Local sales 52% 15710054 23,234,144 30,008,098
Less: sales tax -2283470 (3,375,901) -4,360,151
13426584 19,858,24325,647,947
Billets
Plant capacity 450,000 450,000 450000
Actual production 2% CAGR 182,852 179,981 168823
Shortfall 267,148 270,019 281177
Bars
Plant capacity 250,000 250,000 250000
Actual production 153,604 151,449 144606
Shortfall 96,396 98,551 105394
Liquid gases
Plant capacity - cubic meters - 1,300,000 16800000
Actual production - cubic meters - - 9807035
Shortfall - cubic meters - 1,300,000 6992965

COST OF SALES
Raw materials consumed 6477625 8,741,821 12,148,390
Stores, spare parts and loose tools consumed 1371939 1,046,364 1,535,642
Salaries, wages and other benefits 407998 502,532 560,850
Fuel and power 1863681 2,748,036 4,007,618
Repairs and maintenance 17310 12,814 14,711
Communication 4490 3,357 4,499
Staff transportation 17393 29,497 35,420
Insurance 5080 6,645 5,932
Oil and fuel 10188 25,334 26,024
Depreciation 292821 326,882 361,447
Others 3777 3,327 7,450
Cost of goods manufactured 10472302 13,446,60918,707,983
Work in process
Opening stock 1699698 1,686,611 1,564,321
Purchases 154788 1,439,857 1,582,257
Closing stock -1686611 (1,564,321) -1,658,273
167875 1,562,147 1,488,305
Finished goods
Opening stock 2350019 2,904,408 2,474,695
Purchases 14789 - -
In house consumption -70745 (82,745) -
Closing stock -2904408 (2,474,695) -2,513,325
-610345 346,968 (38,630)
Cost of Sales 10029832 15,355,72420,157,658

Raw materials consumed

Opening stock 3185498 3,532,772 4,862,130
Purchases 6824899 10,071,179 14,971,489
10010397 13,603,95119,833,619
Closing stock -3532772 (4,862,130)(7,685,229)
6477625 8,741,821 12,148,390

Opening stock 1246319 1846521 1,726,320

Purchases 1972141 926163 1,864,125
3218460 2772684 3,590,445
Closing Stock -1846521 -1726320 (2,054,803)
1371939 1046364 1,535,642

Salaries and other benefits 27.1 91699 112945 133426

Director's remuneration 27600 29700 29900
Travelling and conveyance 12159 8505 12657
Repairs and maintenance 569 1373 1521
Office expenses 9600 11242 11286
Fees and subscription 3352 17389 10075
Staff transportation 648 1098 1319
Legal and professional fee 33347 27352 21818
Health and safety 2553 1382 1161
Oil and fuel 554 1377 1414
Insurance 564 738 1090
Communication 167 125 168
Security charges 7703 4009 5447
Auditors' remuneration 27.2 1125 1366 1525
Software development and consultancy 10178 10671 17110
Charity and donation 27.3 42433 43265 56793
Depreciation 5.3 12303 13402 15701
Amortization 6.1 1570 6280 6280
SECP penalty - - 110
Others 11524 4518 5800
269648 296737 334601

Salaries, wages and other benefits 70170 86428 102,100

Advertisement and marketing 30045 57563 63,083
Postage and courier 222 484 655
Rent 1426 2480 2,940
Staff transportation 463 784 942
Carriage
Brokerage and freight 51487 77745 121,383
Travelling and conveyance 27491 38510 46,222
7969 5550 3,502
LC charges 2831 4641 145
Communication 119 89 120
Oil and fuel 332 826 849
Entertainment 13253 2080 1,963
Depreciation 5.3 7430 8137 9,533
Others 207 112 245
213445 285429 353682

Mark up on term finance 343 7,576 348,813

Mark up on Sukuk 448,904 333,090 414,814
Mark up on running finance 526,439 236,904 400,337
Mark up on FATR 670,768 749,045 915,803
Bank charges 13,782 18,594 37,931
Discounting charges 2,567 179 -
Bank commission on guarantees 878 - 143
Unwinding of present value adjustment 21,154 - 5,597
Mark up on supplier credit 18.2 12,835 56,868 2,123,438
1,697,670 1,402,256 1,765
Finance lease obligation 4,850 6,724 10,626
1,702,520 1,408,980 2,135,829
OTHER EXPENSES
Workers welfare fund 21 21,953 38,372 28,262
Workers profit participation fund 21 57,772 100,979 121,928
Impairment loss on trade receivables - net 9.1 30,863 57,708 209,682
Discounting charges of supplier - - 27,975
Exchange loss - net - - 293,197
Dismantling of monuments 5.1 3,965 - -
Loss on disposal of vehicle - 310 -
114,553 197,369 681,044
OTHER INCOME
Income from financial instruments
Mark up on loan to associates 9 115,101 55,052 61,930
Effect of discounting on supplier credit 18.2 71,332 - -
Exchange gain - net 29,850 137,574 -
Mark up on deposit account 2,787 703 1,165
219,070 193,329 63,095
Income from other than financial instruments
Reversal of provision for workers welfare fund 21.2 1,279 8,761 6,922
Profit from air separation unit - - 214,808
Reversal of provision for workers profit participation fund 21.3 - 23,057 -
Sales tax - 71,628 - -
Gain on disposal of fixed assets - net 31 - 8,799
Amortisation of government grant 17 - 14,093 9,612
Miscellaneous 1,000 147 -
73,938 46,058 240,141
293,008 239,387 303,236
Current tax 200302 334714 375,990
Prior year tax 32.1 -1026 -107772 -30,768
Deferred tax credit / (charge) - net 20 -45274 290452 88,377
154002 517394 433,599
 2023 2024 2025 2026 2027

450000 450000 450000 450000 450000

172199 175643 179156 182739 186394 2%
277801 274357 270844 267261 263606

250000 250000 250000 250000 250000

147498 150448 153457 156526 159657 2%
102502 99552 96543 93474 90343

16800000 16800000 16800000 16800000 16800000

10003176 10203239 10407304 10615450 10827759 2%
6796824 6596761 6392696 6184550 5972241
Sales 15,710,054 23,234,144 30,008,098
Cost of Sales 10,029,832 15,355,724 20,157,658
Mark-up 1.566 1.513 1.489
Average 1.523
 2020 2021 2022
Operating fixed assets 8,491,905 9,396,970 10,300,831
Capital work in progress (CWIP) 5,333,664 7,669,387 8,848,257
13,825,569 19,149,088 17066357
Capital work in progress
Machinery in transit 5.2.1 5,333,664 7,669,387 8,848,257

Opening 1612745 5333664 7,669,387

Additions during the year 3259888 2765616 2,023,656
Borrowing costs 461031 199080 187,777
Transfer during the year ### -628973 (1,032,563)
5333664 7669387 8,848,257

Cost of sales 26 292821 326882 361,447

Administrative expenses 27 12303 13402 15,701
Selling and distribution costs 28 7430 8137 9,533
Other income - Air Seperation Unit - - 38,341
312554 348421 425,023

Computer software - net book value 6.1 61,230 54,950 48,670

Computer software - net book value
Cost - 62,800 62,800
Transfer from capital work in progress - computer software 62,800 - -
Less: Accumulated amortization 6.1.1 (1,570) (7,850) -14,130
61,230 54,950 48,670
Accumulated
Opening - 1,570 7850
Amortization during the year 27 1,570 6,280 6280
1,570 7,850 14130
Amortization rates 10% 10% 10%

Against lease liabilities 34212 53297 50438

Less: Current portion shown under current assets 11 -12187 -15169 -1253
22025 38128 49185
Against utilities 8981 8981 8981
31006 47109 58166
Receivable - considered good
- Unsecured
due from associated undertaking (related party) 7.1 565239 508966 460650
Less: Current portion shown under current assets -56273 -48316 -41506
 508966 460650 419144
539972 507759 477311

Raw materials 3532772 4862130 7,685,229

Raw materials in transit 503609 604161 442,878
Work in process 1686611 1564321 1,658,273
Finished goods 2904408 2474695 2,513,325
8627400 9505307 12299705

Trade debts 3,337,533 3445125 5,084,620

Allowance for expected credit losses 9.1 (98,614) -156322 -366,004
3,238,919 3288803 4,718,616
Other receivables
- sales tax refund 24.2 - 204995 -
- from associated undertakings
- markup 9.2 94,934 55052 61,930
- current maturity of long term receivable 7 56,273 48316 41,506
- sales tax 9.3 449,837 449837 449,837
601,044 553205 553,273
3,839,963 4047003 5,271,889
Allowance for expected credit losses
Opening 67,751 98614 156,322
Impairment losses recognized during the year - net 30,863 57708 209,682
Closing 98,614 156322 366,004

- to employees 10.1 5614 1792 15,130

- to associated undertaking 10.2 221461 165536 -
227075 167328 15,130
Advances
- against supplies 187325 724464 1,163,919
- against sales tax 179244 264363 260,239
366569 988827 1,424,158
593644 1156155 1,439,288

Current portion of lease liabilities 7 12187 15169 1,253

Containers 19980 17205 2,165
Rent 2748 4791 5,124
Earnest money - - 7,284
Others 3422 4763 5,401
38337 41928 21,227
TAX REFUNDS DUE FROM GOVERNMENT
Income tax refundable 12.1 517046 471731 500,242
Income tax refundable
Opening 526195 517046 471,731
Refund during the year -166431 -
Paid during the year 190127 348058 373,733
Prior year tax 32 1026 107772 30,768
Current tax 32 -200302 -334714 (375,990)
Closing 517046 471731 500,242

Cash in hand 5145 3084 3,276

Cash at banks
Current accounts 63215 829915 206,668
Deposit account 13.1 6 206 5,119
63221 830121 211,787
68366 833205 215,063

Samba Bank Limited - TF 16.1 425,000 400000 300,000

United Bank Limited - NIDF 16.2 247,860 204125 145,813
JS Bank Limited - PF 16.3 55,400 217181 79,445
JS Bank Limited - TERF - - 349,618
Bank Al Habib Limited - BF - - 1,700,000
Askari Bank Limited - STFF 16.4 - 1728530 1,734,486
728,260 2549836 4,309,362
- Shariah compliant
Meezan Bank Limited - IFRE 16.5 - 94742 124,744
Sukuk certificates 16.6 4,910,891 4931759 4,332,791
4,910,891 5026501 4,457,535
5,639,151 7576337 8,766,897
Less: Current portion shown under current liabilities 23 (694,833) -944814 (3,364,064)
4,944,318 6631523 5,402,833

- - 10,979
Recognised during the year - 25072 -
Released to profit or loss - 14093 9612
As at June 30, 2021 16.3 - 10979 1367
Current portion 23 - 9612 1367
Non current portion - 1367 -
16.3 - 10979 1367

Opening 73566 64939 133,914

Paid during the year -19817 -18456 -17,447
Terminated during the year -5138 -18035 -19,417
Obtained during the year 16328 105466 42,345
64939 133914 139395
Less: Current portion shown under current liabilities 23 -17835 -24480 -28811
19.1 47104 109434 110584

DEFERRED LIABILITY
Deferred taxation - net 20.1 678,293 968745 1,057,122
Deferred taxation - net
This comprises of the following: -
Taxable temporary difference
Accelerated tax depreciation 1,280,491 1635453 1,639,697
Long term financing - 7271 396
Supplier credit - 443 -
1,280,491 1643167 1,640,093
Deductible temporary differences
Alternate corporate tax (200,893) -206302 (206,302)
Minimum tax (382,473) -380768 (229,707)
Deferred grant - -3184 (396)
Liabilities against assets subject to finance lease (18,832) -38835 (40,425)
Expected credit loss - -45333 (106,141)
(602,198) -674422 (582,971)
678,293 968745 1,057,122

Trade creditors 86904 30977 20,080

Bills payable 991472 644080 714,794
Advance from customers - unsecured 44591 68924 33,096
Retention payables 4509 4509 4,509
Accrued liabilities 21.1 117568 105117 112,687
Payables to provident fund 33 1648 1707 6,276
Workers welfare fund payable 21.2 21953 51564 77,242
Workers profit participation fund payable 21.3 57772 100979 157,181
Withholding tax payable 12848 3257 2,875
1339265 1011114 1,128,740

- Bank Al Habib Limited 2,872,828 1,688,770 1,423,852

- Bank Alfalah Limited 197,913 23,301 197,697
- Askari Bank Limited 640,000 - 515,000
- United Bank Limited 212,289 201,046 250,000
- Samba Bank Limited 311,899 301,297 286,926
- Faysal Bank Limited - - 299,731
- Habib Metro Bank Limited 282,033 65,081 42,764
- Habib Bank Limited 41,501 41,627 299,183
- MCB Bank Limited 286,857 296,124 100,000
- JS Bank Limited 163,470 71,551 37,500
- National Bank Limited - 50,000 250,000
22.1 5,008,790 2,738,797 3,702,653
- Islamic bank
-- Faysal
Meezan Bank Limited
Bank Limited - Tijara - - -
- Bank Islami Limited 50,000 50,000 50,000
- MCB Islamic Bank Limited 197,768 199,614 200,000
247,768 249,614 250,000
Finance against Trust Receipt (FATR) 22.1 5,256,558 2,988,411 3,952,653
- Conventional banks
- Habib Bank Limited 338,287 481,954 959,477
- Bank Alfalah Limited 623,815 116,658 502,130
- United Bank Limited 136,465 463,081 775,582
- Habib Metro Bank Limited 658,819 676,971 257,070
- Samba Bank Limited 122,235 82,456 592,993
- JS Bank Limited 587,592 444,206 505,519
- Faysal Bank Limited - - 78,961
- MCB Bank Limited 109,553 65,589 793,877
- Bank Al Habib Limited - 601,811 930,771
- Bank of Khyber - 105,383 108,204
- National Bank Limited - 184,507 471,489
- Askari Bank Limited 1,308,200 1,299,033 1,240,294
22.2 3,884,966 4,521,649 7,216,367
- Islamic bank
- Meezan Bank Limited - Istasna 999,973 999,940 983,018
- MCB Islamic Bank Limited - - 244,928
- Dubai Islamic Bank Limited 148,120 15,999 6,522
- Faysal Bank Limited 1,249,394 612,461 782,468
Allied Bank Islamic Banking 98,385
- Bank Islami Limited 411,053 690,300 656,524
22.2 2,808,540 2,318,700 2,771,845
LDBP - Bank Al Habib Limited - - 105,081
11,950,064 9,828,760 14,045,946

Current portion of long term borrowings 16 694,833 944814 3,364,064

Current portion of deferred grant 17 - 9612 1,367
Current portion of supplier credit 18 - 1749477 -
Current portion of lease liabilities 19 17,835 24480 28,811
712,668 2728383 3,394,242
 2019 2020 in '000' 2021
Turnover - gross 10,482,191 15,710,054 23,234,144
Sales tax - (2,283,470) (3,375,901)
Turnover - net 25 10,482,191 13,426,584 19,858,243
Cost of sales 26 (8,451,066) (10,029,832) (15,355,724)
Gross profit 2,031,125 3,396,752 4,502,519
Administrative expenses 27 (208,041) (269,648) (296,737)
Selling and distribution costs 28 (123,561) (213,445) (285,429)
Finance costs 29 (1,134,575) (1,702,520) (1,408,980)
(1,466,177) (2,185,613) (1,991,146)
Operating profit 564,948 1,211,139 2,511,373
Other expenses 30 (34,702) (114,553) (197,369)
Other income 31 76,598 293,008 239,387
Profit before taxation 606,844 1,389,594 2,553,391
Taxation - net 32 161,889 (154,002) (517,394)
Profit after taxation 768,733 1,235,592 2,035,997
Other comprehensive income for the year - - -
Total comprehensive income for the year 768,733 1,235,592 2,035,997
Earnings per share (Restated)
Basic - Rupees 34 2.13 2.96 3.62
Diluted - Rupees 34 1.79 2.76 3.62
 2022
30,008,098
(4,360,151)
25,647,947
(20,157,658)
5,490,289
(334,601)
(353,682)
(2,135,829)
(2,824,112)
2,666,177
(681,044)
303,236
2,288,369
(433,599)
1,854,770
-
1,854,770

3.07
3.07
 2022 2021
Note
A. CASH FLOWS FROM OPERATING ACTIVITIES

Profit before taxation 2,288,369 2,553,391

Adjustments for:
Depreciation 5.3 425,023 348,421
Amortization 6.1.1 6,280 6,280
Allowance for expected credit losses 9.1 209,682 57,708
Finance costs 29 2,125,203 1,402,256
Finance lease markup 29 10,626 6,724
Dismantling of monuments 30 28,262 38,372
Workers welfare fund 21.2 121,928 100,979
Workers profit participation fund 21.3 - 310
Effect of discounting of supplier credit 31 (8,799) -
Loss / (gain) on disposal of fixed assets - net 30 - -
Exchange gain - net 31 293,197 (137,574)
Transfer from gratuity to provident fund - -
Cash generated from operations before working capital changes 5,499,771 4,376,867
Changes in working capital (Increase) / decrease in current assets
Stores, spares parts and loose tools (328,483) 120,201
Stock-in-trade (2,794,398(877,907)
Trade and other receivables (1,434,568(264,748)
Loans and advances (283,133) (562,511)
Deposits 20,701 (3,591)
(4,819,881(1,588,556
(Decrease) / increase in current liabilities
Trade and other payables (325,761) (445,418)
Net cash generated from operations 354,129 2,342,893
Tax paid during the year 12.1 (373,733) (348,058)
Tax refunds received during the year 12.1 - 166,431
Financial charges paid (1,784,170(1,399,826
Net cash generated from / (used in) operating activities (1,803,774761,440

B. CASH FLOWS FROM INVESTING ACTIVITIES

Long term deposits and receivable recovered 30,448 32,213
Proceeds from short term investment - net - -
Additions in capital work in progress - net 5.2.1 (2,211,433(2,964,696
Proceeds from disposal of property, plant and equipment 16,343 589
Additions in property, plant and equipment 5.1 (303,865) (625,412)
Additions in intangible asset 6.1 - -
Net cash used in investing activities (2,468,507(3,557,306

C. CASH FLOWS FROM FINANCING ACTIVITIES

Receipts / (repayments) of long term borrowings - net 1,180,948 2,005,033
Leases obtained during the year - net 42,345 87,431
Lease rentals paid (1,749,477(25,180)
(Repayments) / receipts of short term borrowings - net (36,863) (2,121,304
Proceeds from issuance of shares - net of transaction cost 4,217,186 3,614,725
Net cash generated from financing activities 3,654,139 3,560,705
Net increase / (decrease) in cash and cash equivalents (A+B+C) (618,142) 764,839
Cash and cash equivalents at the beginning of the year 833,205 68,366
Cash and cash equivalents at the end of the year 215,063 833,205
 2021 2020 2019
Rupees in '000'

2,553,391 1,389,594 606,844

348,421 312,554 301,705

6,280 1,570 -
57,708 30,863 1,346
1,402,256 1,697,670 1,130,608
6,724 4,850 3,967
- 3,965 -
38,372 21,953 1,279
100,979 57,772 32,077
- (71,332) -
310 (31) (855)
(137,574) (29,850) -
- - (28,925)
4,376,867 3,419,578 2,048,046

120,201 (600,202) (548,688)

(877,907) (870,812) (2,585,267)
(264,748) (504,863) (457,141)
(562,511) (298,049) 619,091
(3,591) (21,524) 1,432
(1,588,556) (2,295,450) (2,970,573)

(445,418) 729,741 (34,886)

2,342,893 1,853,869 (957,413)
(348,058) (190,127) (158,906)
166,431 - -
(1,399,826) (1,700,529) (846,136)
761,440 (36,787) (1,962,455)

32,213 65,230 57,475

- 18,479 1,521
(2,964,696) (1,811,638) (81,609)
589 3,864 4,468
(625,412) (50,893) (2,045,952)
- (3,470) (32,663)
(3,557,306) (1,778,428) (2,096,760)

2,005,033 (124,583) 2,056,120

87,431 11,190 2,675
(25,180) (24,667) (18,028)
(2,121,304) 1,778,970 2,227,382
3,614,725 - -
3,560,705 1,640,910 4,268,149
764,839 (174,305) 208,934
68,366 242,671 33,737
833,205 68,366 242,671