FSA (Non)

Financial Statements Analysis
of Companies (Non-Financial)
Listed at Pakistan Stock Exchange
2016 – 2021
20 8
18
7
16
6
14
5
12
Rs/share
percent
10 4
8
3
6
2
4
1
2
0 0
2016 2017 2018 2019 2020 2021
Earning per share (RHS) Return on Assets Return on Equity
STATE BANK OF PAKISTAN

DATA SERVICES AND INNOVATIONS DEPARTMENT
FINANCIAL STATEMENTS ANALYSIS
OF
COMPANIES (NON-FINANCIAL)
LISTED AT PAKISTAN STOCK EXCHANGE
(2016-2021)
STATE BANK OF PAKISTAN

DATA SERVICES & INNOVATIONS DEPARTMENT
Team
Bushra Iqbal Statistical Officer
Sohail Haider Deputy Director
Muhammad Zafar Niaz Joint Director
Mirza Kaleem Ullah Joint Director
Publication Manager
Salman Ahmed Senior Joint Director
Publication Reviewer
Uzma Maqsood Joint Director - Core Statistics Department
Dr. Muhammad Nadim Hanif Director - Core Statistics Department
For comments/suggestions: [email protected]

Table of Contents
Page No.
Introduction 1-2
Executive Summary 4-7
Analytical Tables
I. Sectors
(a) Overall 8
(b) Private 9
(c) Public 10
II. Economic Groups
1. Textile 11-14
(i) Spinning, Weaving, Finishing of Textiles 15-120
(ii) Made-up Textile Articles 121-125
(iii) Other Textiles n.e.s. 126-136
2. Sugar 137-166
3. Food 167-189
4. Chemicals, Chemical Products & Pharmaceuticals 190-236
5. Manufacturing 237-280
6. Mineral Products 281-292
7. Cement 293-312
8. Motor Vehicles, Trailers and Autoparts 313-336
9. Fuel & Energy 337-361
10. Information, Comm. and Transport Services 362-380
11. Coke & Refined Petroleum Products 381-395
12.Paper, Paperboard and Products 396-407
13.Electrical Machinery and Apparatus 408-416
14.Other Services Activities 417-428
III. Annexures
1. Annexures I 430-448
2. Annexures II 449-458
Explanatory Notes 459
Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2021
Introduction
State Bank of Pakistan (SBP) collects, validates, compiles, disseminates, maintains and provides accurate,
reliable and timely statistics to policy makers, researchers, academia and other national and international
stakeholders. The Statistics and Data Warehouse Department of SBP has recently been restructured into
two departments namely Core Statistics Department (CSD) and Data Services and Innovations
Department (DSID). While the Core Statistics Department produces core central banking statistics, the
Data Services and Innovations Department provides reliable data to its users through modern platforms
and statistical publications such as this Annual Financial Statements Analysis of Companies (Non-
Financial) listed at Pakistan Stock Exchange (PSX). This annual analysis primarily presents financial
statements of non-financial companies listed at PSX, most of which is already available on the websites
of these companies as well as on PSX.i
Non-financial corporate sector is an important segment of a country’s economy, which forms a sound,
stable and robust industrial base. SBP understands the importance of the corporate sector data for
developing economic insights, which present the financial conditions of institutions/companies in a
structured manner. Keeping in view the importance of timely availability of financial information of the
non-financial corporate sector at one place, SBP initiated a pre-publication covering listed non-financial
companies closing their accounts by end of September every year improving the timeliness of the data.
The pre-publication is followed by this regular publication, covering all the companies closing their
accounts by end of the December along with a brief sector-wise analysis.
This analysis is provided in two formats: first is designed for a printed publication, which contains limited
variables and ratios due to space constraints on a single page. The other format containing more variables
and financial ratios, primarily prepared for researchers engaged in economic and finance areas is available
on SBP website in electronic format. The analysis data covers a time series of last six years (from 2016 to
2021).
The non-financial companies listed on Pakistan Stock Exchange Limited have been classified in line with
new economic categories. The distribution of companies by economic group with a comparison with last
year is as under:
Number of companies by economic groups

Economic Groups 2020 2021
1) Textiles 123 119
2) Sugar 27 27
3) Food 19 20
4) Chemicals, chemical products and Pharmaceuticals 44 44
5) Manufacturing 38 40
6) Mineral products 9 9
7) Cement 16 17
8) Motor vehicles, trailers and auto parts 20 21
9) Fuel & Energy 21 21
10) Information, Communication & transport Services 15 16
11) Coke and refined petroleum products 11 11
12) Paper, paperboard and products 9 9
13) Electrical machinery and apparatus 6 6
14) Other services activities 9 9
Total 367 369
1
The readers should note that the sum of assets and liabilities of a company might exhibit minor
differences due to rounding off separate items. Ratios and percentages have been worked out after
rounding off the figures in thousands, which may, therefore, slightly differ from ratios calculated on the
basis of exact numbers in balance sheet. The symbol “–’’appearing in the analytical tables stands for ‘not
applicable’ or ‘not available’.
i
The analysis is based on secondary data, extracted from available audited financial statements of non-financial
companies listed at Pakistan Stock Exchange. SBP publishes data in wider public interest to support
research/analytical initiatives. Every effort is made to ensure that the data/information provided herein is as per
respective companies’ financial reports. State Bank of Pakistan or any of its constituents do not warrant, nor
accept any responsibility or liability for the accuracy, timeliness or completeness of the content or for any loss
which may arise out of use and/or reliance on the data/or information contained herein.
2
Financial Statements Analysis
Executive Summary
The non-financial companies listed at Pakistan Stock Exchange (PSX) included in this publication
registered a healthy performance during FY21 in comparison to FY20 as the economy bounced strongly
from severe recession owing to Covid-19 pandemic. Essentially, the effects of economic slowdown
observed in FY20, weakened in FY21, and evidently returned back to normalcy.
The overall balance sheet size registered a healthy growth of 13.36 percent during FY21, similar to the
growth trend observed in FY18 & FY19, in contrast to a 5.73 percent recorded during FY20. As a result,
the balance sheet footing reached to Rs 12,143 billion in FY21 from Rs 10,712 billion in FY20.
Encouragingly, the shareholders’ equity posted a massive 16.16 percent YoY growth during FY21, which
is much higher than the growth recorded during preceding three years. This is an indication of strong
recovery in terms of operational performance during FY21, as the performance indicators like Gross Sales,
Gross Profit, EBIT, Net Profit Margin, ROA, ROE, earning per share exhibited significant improvement
over last years. Precisely, Gross sales jumped up to Rs 9,521 billion, posted a YoY growth of 18.19 percent.
Besides, both Profit before and after taxation posted a healthy YoY growth of more than 100 percent on the
back of limited increase in administrative & selling expenses, and lower interest expenses. Moreover, Net
Profit Margin increased to 7.64 during FY21, as compared to a decline in last two years. Both ROA and
ROE improved during FY21 to 6.37 and 17.93 respectively, in contrast to a worsening during FY19 and
FY20. In addition, basic earnings per share rose to 6.87 during FY21 after observing a decline during two
preceding years.
Regarding total liabilities, the composition of current and non-current liabilities appears to be reversing to
prior to FY20 trend. Specifically, the share of current liabilities increased during FY21, in contrast to a
decline in FY20. Similar trend is observed in the composition of assets, as current assets recorded higher
growth than non-current assets during FY21.
A comparison of public and private sector companies reveals that latter performed better than formers in
terms of financial indicators. Specifically, the total assets of the private sector and public sector companies
grew during FY21 by 15.88 percent and 7.93 percent respectively. Besides, Shareholders’ equity of these
two groups respectively posted a growth of 17.91 percent and 10.33 percent during FY21. In terms of
operational performance, Sales of private sector companies exhibited a YoY growth of 25.44 percent
whereas public sector companies recorded only 3.51 percent YoY growth during FY21 over FY20. Profit
before and after taxation of private sector companies grew by an impressive rate of 148.16 percent and
164.71 percent respectively during FY21 over FY20 while public sector companies showed a relatively
moderate YoY growth of 21.14 percent and 25.92 percent in these parameters. Thus, ROA and ROE of
private sector companies exhibited greater improvement than public sector companies during FY21.
A brief review on important indicators of non-financial listed companies during FY21 is given below:
Capital Structure and Shareholders’ Equity

While shareholders’ equity posted a YoY growth of 16.16 percent during FY21 over FY20, the non-current
liabilities’ growth remained subdued. As a result, total capital employed (comprising of total non-current
liabilities and shareholders’ equity) increased by 13.05 percent during FY21, reached to Rs 6,674 billion
from Rs 5,904 billion in the preceding year. Both private sector and public sector companies exhibited a
YoY growth in shareholders’ equity as well as non-current liabilities during FY21, however private sector
companies showed higher surge than public sector companies. The addition in shareholders’ equity was
largely parked in un-appropriated profit by both Public and private sector companies during FY21.
4
Shareholders’ equity (overall) reached to Rs 4,363 Shareholders' Equity (Overall)

billion, recorded an increase of Rs 607 billion FY20 FY21 Growth (RHS)
during FY21 primarily coming from an increase of 3500 40
Reserves by Rs 525 billion followed by Rs 53 3000 35.77 35
billion increase in Issued, subscribed and paid up 2500 30
billion Rs
capital. Private sector companies contributed Rs 25
percent
2000 22.17
517 billion in this addition in the equity during 1500
20
FY21. 15
1000 10
500 6.20 5.41
5
Assets 0 0
The total assets of all companies reached to Rs
un-appropriated
SRFA
Reserves
I, S & Paid up
profit(loss)
12,143 billion in FY21, recorded an increase of Rs
capital
1,431 billion during FY21, primarily contributed by
private sector companies by Rs 1,162 billion.
Further details of the assets reveal that the current
assets of all companies increased by Rs 1,012 billion, reached to Rs 6,515 billion in FY21, whereas non-
current assets increased by a relatively lower amount of Rs 419 billion. In current assets rise, major
contributors were ‘Other current assets (Rs 262 billion)’, Inventories (Rs 246 billion, Short-term borrowings
(Rs 212 billion), and Trade Debt (Rs 177 billion). In non-current assets, which surged to Rs 5,628 billion
in FY21, operating fixed assets after deducting accumulated depreciation (Rs 140 billion), capital work in
progress (Rs 132 billion), and long-term investment (Rs 125 billion) were the key contributors of this
upsurge.
In terms of ownership, private sector companies built their assets primarily in the form of Inventories (Rs
227 billion), Short-term investment (Rs 175 billion), Long-term investment (Rs 129 billion) and Capital
work in progress (Rs 130 billion) while public sector companies improved their asset portfolio mainly
through other investments (Rs 138 billion) and Trade debts (Rs 106 billion).
Liabilities
Total liabilities of all companies surged to Rs 7,780 billion in FY21, posted an increase of Rs 824 billion.
The contribution of private sector companies was Rs 645 billion in this rise. There was no significant
movement in the composition of current and non-current liabilities in total liabilities during FY21 for all
5
companies. However, the private sector companies tilted towards current liabilities during FY21, recorded
more than one percentage points increase in the share of current liabilities.
Current Liabilities (Overall) Non-Current Liabilities (Overall)

FY20 FY21 Growth (RHS) FY20 FY21 Growth (RHS) 7.26
3500 40
33.27 1600 8
3000 29.29 35 7.46
1400 7
30 6.38
2500 1200 6
25
percent
2000 1000 5
billion Rs
20
billion Rs
percent
1500 15.72 15 800 4
10 600 3
1000 2.44
5 400 2
500 0 200 1
-2.80
0 -5 0 0
Payables incl.
Other CL
Portion of LT
Trade Credits
Other NCL
Borrowings
Borrowings
Subordinated
Employees
Liabilities
benefits
Current
Loans
Operating Efficiency and Profitability
The sales of all companies surged to Rs 9,521 billion, posted a substantial increase of Rs 1,465 billion
during FY21 in contrast to a decline of Rs 807 billion in preceding year. Notably, local sales increased by
Rs 1,289 billion during FY21, posted a YoY growth of 17.51 percent compare to a decline of 10.27 percent
during FY20. The export sales on the other hand continued to grow steadily during FY21, registered a YoY
growth of 25.46 percent (which contributed in the strong growth of country’s exports), compare to a
restrained YoY growth of 5.42 percent during FY20. Besides, cost of sales witnessed a subdued growth,
resulted into a massive YoY growth in gross profit (40.16 percent), which stood at Rs 1,616 billion in FY21.
Private sector companies earned Rs 1,284 billion in gross profit during FY21, posted a YoY growth of
51.56 percent over FY20.
EBIT (earnings before interest and tax) recorded an

Ratio Analysis (Overall)
increase of Rs 433 billion (53.21 percent YoY FY20 FY21
growth) during FY21, as the General, administrative
& other expense witnessed relatively smaller rise in 20 17.93
18
the same period. The interest expenses dropped to 16
Rs 224 billion in FY21 from Rs 299 billion in FY20, 14
percent
resulted into a massive YoY increase of Rs 514 12

10 8.91
billion in profit before taxation. Besides, profit after 7.64
8 6.37
tax of all companies rose by Rs 404 billion, posted a 6 4.01
3.10
4 2.87 2.81
YoY growth of 125.06 percent during FY21 over 0.77 0.83
2
FY20. 0
Financial
Turnover
leverage
Return on
Return on
Net Profit
Asset
Assets
Equity
Margin
Besides, public sector companies’ gross profit

posted an increase of Rs 26 billion (8.61 percent
YoY growth) during FY21. EBIT of private sector
companies increased to Rs 416 billion, posted a YoY
growth of 75.41 percent during FY21. Profit before and after tax witnessed a massive increase of 148.16
percent and 164.71 percent respectively in the year FY21 for private sector companies.
6
Net profit margin of all companies jumped up to 7.64 in FY21 from 4.01 in FY20, primarily because of
exceptional improvement in private sector companies’ net profit margin. Return on assets (ROA), and
return on equity (ROE) of all companies rose to 6.37 percent and 17.93 percent in FY21 as compare to
3.10 percent and 8.91 percent in the preceding year. Private sector companies were the prime contributors
in the improvement of ROA and ROE, the public sector companies contributed marginally.
7
All Public / Private - Overall (Thousand Rupees)

Items 2016 2017 2018 2019 2020 2021
A.Non-Current Assets (A1+A3+A4+A5+A6) 3,828,211,742 3,993,057,053 4,323,502,092 4,820,095,509 5,208,688,270 5,628,068,039
1.Capital work in progress 338,894,469 382,167,244 382,448,523 496,422,838 530,956,873 663,021,881
2.Operating fixed assets at cost 4,297,686,309 4,854,005,450 5,705,307,490 6,267,527,535 6,457,327,198 6,859,106,677
3.Operating fixed assets after deducting accumulated depreciation 2,581,469,479 2,807,721,534 3,269,690,110 3,572,819,614 3,652,136,202 3,792,468,345
4.Intangible assets 182,265,427 196,890,198 98,722,135 91,664,396 88,019,528 130,431,531
5.Long term investments 612,105,847 496,723,196 474,704,757 493,110,492 645,384,761 770,706,092
6.Other non-current assets 113,476,520 109,554,881 97,936,567 166,078,169 292,190,906 271,440,191
B.Current Assets (B1+B2+B3+B4+B5+B6) 2,952,742,800 3,678,452,880 4,521,114,802 5,311,329,424 5,502,821,136 6,514,874,815
1.Cash & bank balance 281,531,126 294,027,974 281,684,807 290,269,460 320,008,893 411,191,205
2.Inventories; of which 537,723,856 682,291,586 898,695,791 984,897,999 901,666,969 1,148,033,587
i)Raw material 234,127,372 301,873,816 400,893,088 462,949,171 471,132,965 604,374,199
ii)Work in progress 41,208,062 50,461,812 57,161,294 78,500,269 76,036,783 92,134,165
iii)Finished goods 205,494,239 248,152,085 311,324,664 329,507,324 288,350,924 367,615,486
3.Trade Debt / accounts receivables 1,095,745,225 1,246,175,230 1,629,241,065 1,951,772,673 1,881,864,257 2,058,861,305
4.Short term loans and advances 76,488,982 113,393,553 150,858,814 153,500,777 143,083,109 166,367,573
5.Short term investments 201,613,575 317,670,440 300,216,622 261,682,093 413,456,059 625,945,968
6.Other current assets 759,640,035 1,024,894,096 1,260,417,702 1,669,206,422 1,842,741,850 2,104,475,178
Total Assets (A+B) / Equity & Liabilities (C+D+E) 6,780,954,541 7,671,509,933 8,844,616,895 10,131,424,933 10,711,509,406 12,142,942,854
C.Shareholders' Equity (C1+C2+C3) 2,756,797,054 3,025,272,901 3,247,013,932 3,503,171,055 3,756,139,447 4,363,147,313
1.Issued, Subscribed & Paid up capital 728,637,121 777,280,468 807,909,365 832,669,428 858,382,955 911,594,114
i)Ordinary shares 706,396,667 757,431,199 788,625,312 816,657,590 841,115,923 892,294,479
ii)Preference shares 22,240,454 19,849,269 19,284,053 16,011,838 17,267,032 19,299,635
2.Reserves 1,650,749,045 1,846,375,077 1,979,007,402 2,139,038,617 2,369,299,047 2,894,505,414
i)Capital Reserve 282,920,902 379,183,329 348,415,130 374,660,610 400,531,758 451,571,490
ii)Revenue Reserve 1,367,828,142 1,467,191,748 1,630,592,272 1,764,378,007 1,968,767,288 2,442,933,925
of which: un-appropriated profit(loss) / retained earnings 794,602,744 878,321,798 1,018,547,757 1,132,760,996 1,315,313,987 1,785,742,256
3.Surplus on revaluation of fixed assets 377,410,889 401,617,356 460,097,165 531,463,010 528,457,445 557,047,785
D.Non-Current Liabilities (D1+D2+D3+D4+D5) 1,312,275,957 1,446,808,614 1,552,618,844 1,777,482,610 2,147,687,387 2,311,032,278
1.Long term borrowings 649,591,407 749,018,273 837,242,417 997,174,180 1,264,186,982 1,358,434,387
2.Subordinated loans / Sponsor's loans 9,142,937 10,713,896 11,168,964 14,652,637 12,193,802 12,491,631
3.Debentures/TFCs (bonds payable) 45,449,402 29,320,467 14,392,183 12,332,937 9,059,114 16,678,913
4.Employees benefit obligations 123,152,122 137,379,334 144,191,861 153,741,545 165,036,426 175,572,528
5.Other non-current liabilities 484,940,089 520,376,644 545,623,419 599,581,311 697,211,064 747,854,819
E.Current Liabilities (E1+E2+E3+E4) 2,711,881,531 3,199,428,418 4,044,984,118 4,850,771,269 4,807,682,567 5,468,763,261
1.Trade credit & other accounts payables 1,579,461,298 1,857,362,089 2,403,416,411 2,808,076,367 2,819,744,479 3,262,904,601
of which: i) Trade credits 767,468,028 924,031,474 1,283,932,517 1,605,844,566 1,656,621,793 1,933,254,469
2.Short term borrowings 667,628,144 793,853,918 996,322,046 1,316,500,867 1,193,830,557 1,160,353,714
3.Current portion of non-current liabilities 232,468,874 268,407,997 326,048,606 362,357,836 321,721,391 415,958,787
4.Other current liabilities 232,323,214 279,804,414 319,197,055 363,836,199 472,386,140 629,546,158
F.Operations:
1.Sales 5,504,359,693 6,404,849,219 7,702,377,928 8,863,294,968 8,055,874,117 9,521,271,288
i)Local sales (Net) 5,037,209,059 5,926,667,206 7,128,903,192 8,206,042,582 7,363,021,366 8,652,025,217
ii)Export sales (Net) 467,150,634 478,182,013 573,474,736 657,252,386 692,852,751 869,246,071
2.Cost of sales 4,613,596,983 5,376,454,688 6,536,595,594 7,578,217,835 6,902,772,388 7,905,091,337
i)Cost of material 2,272,668,550 2,216,989,896 2,789,662,737 3,298,231,650 2,903,677,861 3,725,661,719
3.Gross profit / (loss) (F1-F2) 890,762,710 1,028,394,531 1,165,782,334 1,285,077,133 1,153,101,728 1,616,179,951
4.General, administrative and other expenses 465,716,651 501,632,221 565,803,987 618,735,110 584,797,011 642,820,288
i)Selling & distribution expenses 184,832,571 200,157,842 218,631,116 230,867,024 228,691,405 262,241,284
ii)Administrative and other expenses 280,884,080 301,474,379 347,172,871 387,868,086 356,105,606 380,579,004
5.Other income / (loss) 198,317,478 205,228,639 176,186,929 228,380,715 246,396,439 274,819,925
6.EBIT (F3-F4+F5) 623,363,537 731,990,949 776,165,276 894,722,738 814,701,156 1,248,179,588
7.Financial expenses 125,592,018 125,536,818 163,633,737 282,350,559 332,592,290 252,363,992
of which: (i) Interest expenses 102,867,416 107,350,066 136,451,224 246,048,245 299,252,278 224,175,716
8.Profit / (loss) before taxation (F6-F7) 497,771,520 606,454,132 612,531,539 612,372,179 482,108,867 995,815,596
9.Tax expenses 137,194,022 171,845,213 181,849,409 200,634,711 158,764,162 268,097,164
10.Profit / (loss) after tax (F8-F9) 360,577,498 434,608,918 430,682,130 411,737,468 323,344,705 727,718,432
11.Cash dividends 230,794,838 275,856,739 255,643,532 234,512,989 187,659,149 325,296,955
12.Bonus shares / stock dividends 2,380,190 2,738,242 9,734,438 9,039,191 3,619,040 8,320,015
G.Statement of Cash Flows
1.Net cash flows from operating activities 568,157,582 478,697,401 437,804,395 379,170,267 747,206,497 931,572,048
2.Net cash flows from investing activities (371,806,971) (386,434,289) (419,508,172) (541,883,573) (492,307,235) (563,880,504)
3.Net cash flows from financing activities (151,256,774) (53,640,902) (101,569,046) (81,098,188) (39,656,957) (114,998,958)
H.Miscellaneous
1.Total capital employed (C+D) 4,069,073,012 4,472,081,515 4,799,632,776 5,280,653,665 5,903,826,834 6,674,179,592
2.Retention in business (F10-F11-F12) 127,402,470 156,013,937 165,304,159 168,185,288 132,066,516 394,101,462
3.Depreciation for the year 204,306,585 229,586,043 264,443,585 283,687,708 304,105,653 303,622,868
4.Salaries, wages and employee benefits 428,701,566 479,946,558 479,474,006 535,693,549 543,380,230 607,164,801
I.Key Performance Indicators
P1. Net Profit margin / Net profit to sales (F10 as % of F1) 6.55 6.79 5.59 4.65 4.01 7.64
P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)}) 0.84 0.89 0.93 0.93 0.77 0.83
P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)} 5.50 6.01 5.22 4.34 3.10 6.37
P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current 2.50 2.50 2.63 2.81 2.87 2.81
year(C),previous year (C))})
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} 13.77 15.03 13.76 12.20 8.91 17.93
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) 3.91 4.49 4.47 4.17 3.18 6.87
8
Private - Overall (Thousand Rupees)

Items 2016 2017 2018 2019 2020 2021
3.Operating fixed assets after deducting accumulated depreciation 2,027,447,556 2,150,025,630 2,425,193,568 2,681,148,009 2,841,725,172 2,997,855,849
2.Inventories; of which 483,939,620 602,840,419 783,110,419 882,800,404 834,081,883 1,061,006,795
i)Raw material 233,368,010 300,876,422 399,905,443 452,757,345 463,105,151 598,478,020
3.Trade Debt / accounts receivables 592,365,524 708,513,113 914,857,515 1,026,823,346 848,924,656 920,267,675
6.Other current assets 430,087,579 507,821,209 621,594,724 770,778,756 872,776,302 996,852,577
C.Shareholders' Equity (C1+C2+C3) 2,119,491,048 2,347,728,211 2,546,503,107 2,723,223,394 2,887,828,593 3,405,181,031
2.Reserves 1,224,209,622 1,401,562,585 1,531,407,821 1,627,923,498 1,755,189,184 2,185,623,261
ii)Revenue Reserve 956,513,687 1,040,758,377 1,207,286,372 1,281,223,879 1,385,144,582 1,766,958,536
of which: un-appropriated profit(loss) / retained earnings 505,730,282 580,414,977 733,743,280 786,233,973 873,686,606 1,254,481,374
D.Non-Current Liabilities (D1+D2+D3+D4+D5) 849,834,074 911,850,992 947,308,042 1,091,247,796 1,396,859,710 1,494,614,727
1.Long term borrowings 486,585,567 543,208,154 575,017,591 686,209,867 908,632,901 941,567,424
E.Current Liabilities (E1+E2+E3+E4) 1,806,398,938 2,153,576,303 2,752,556,704 3,176,833,264 3,032,902,181 3,580,151,299
1.Trade credit & other accounts payables 943,966,894 1,150,293,146 1,440,548,774 1,553,048,422 1,470,888,145 1,811,425,265
of which: i) Trade credits 412,895,888 512,136,973 656,864,378 709,556,164 692,721,867 882,285,307
2.Short term borrowings 522,105,936 624,804,141 857,947,667 1,138,939,319 1,056,695,560 1,033,910,507
F.Operations:
1.Sales 4,072,420,037 4,612,366,043 5,497,483,425 6,020,427,972 5,393,229,600 6,765,197,330
i)Local sales (Net) 3,605,269,403 4,134,184,030 4,924,525,382 5,365,151,165 4,702,145,161 5,896,647,635
2.Cost of sales 3,311,612,049 3,791,757,913 4,573,313,293 5,093,213,801 4,546,324,111 5,481,588,680
i)Cost of material 1,892,010,708 2,213,225,799 2,785,248,747 3,292,348,010 2,896,711,568 3,719,546,051
3.Gross profit / (loss) (F1-F2) 760,807,988 820,608,130 924,170,132 927,214,171 846,905,488 1,283,608,650
6.EBIT (F3-F4+F5) 517,840,708 564,799,483 588,310,732 597,707,897 551,481,046 967,340,805
9.Tax expenses 102,684,410 116,177,387 110,429,278 110,879,012 93,213,193 193,110,725
11.Cash dividends 192,910,290 224,686,975 191,671,814 175,707,574 152,497,087 288,692,816
12.Bonus shares / stock dividends 2,380,190 2,194,870 6,124,797 3,721,761 3,609,239 8,309,234
3.Net cash flows from financing activities (152,034,767) (96,910,739) (65,785,620) (45,217,263) 37,876,829 (75,778,653)
H.Miscellaneous
9
Public - Overall (Thousand Rupees)

Items 2016 2017 2018 2019 2020 2021
A.Non-Current Assets (A1+A3+A4+A5+A6) 1,044,219,124 979,892,716 1,048,169,591 1,083,337,839 1,199,159,841 1,170,434,160
2.Operating fixed assets at cost 820,322,622 1,081,329,800 1,500,677,130 1,614,112,053 1,497,302,210 1,551,313,236
3.Operating fixed assets after deducting accumulated depreciation 554,021,923 657,695,904 844,496,542 891,671,605 810,411,030 794,612,496
B.Current Assets (B1+B2+B3+B4+B5+B6) 961,011,358 1,278,461,711 1,550,079,450 2,056,782,641 2,194,759,076 2,492,561,635
2.Inventories; of which 53,784,236 79,451,167 115,585,372 102,097,595 67,585,086 87,026,792
i)Raw material 759,362 997,394 987,645 10,191,826 8,027,814 5,896,179
ii)Work in progress 305,858 383,160 252,482 210,026 267,813 161,466
iii)Finished goods 1,575,645 1,009,071 978,391 1,584,066 1,602,186 1,536,104
3.Trade Debt / accounts receivables 503,379,701 537,662,117 714,383,550 924,949,327 1,032,939,601 1,138,593,630
6.Other current assets 329,552,456 517,072,887 638,822,978 898,427,666 969,965,548 1,107,622,601
C.Shareholders' Equity (C1+C2+C3) 637,306,006 677,544,690 700,510,825 779,947,661 868,310,854 957,966,282
ii)Preference shares 122 120 114 108 118 113
2.Reserves 426,539,423 444,812,492 447,599,581 511,115,119 614,109,863 708,882,153
ii)Revenue Reserve 411,314,455 426,433,371 423,305,900 483,154,128 583,622,706 675,975,389
of which: un-appropriated profit(loss) / retained earnings 288,872,462 297,906,821 284,804,477 346,527,023 441,627,381 531,260,882
D.Non-Current Liabilities (D1+D2+D3+D4+D5) 462,441,883 534,957,622 605,310,802 686,234,814 750,827,677 816,417,551
2.Subordinated loans / Sponsor's loans 0 0 0 0 0 0
3.Debentures/TFCs (bonds payable) 25,289,606 17,072,007 2,054,401 0 0 0
E.Current Liabilities (E1+E2+E3+E4) 905,482,593 1,045,852,115 1,292,427,414 1,673,938,005 1,774,780,386 1,888,611,962
1.Trade credit & other accounts payables 635,494,404 707,068,943 962,867,637 1,255,027,945 1,348,856,334 1,451,479,336
of which: i) Trade credits 354,572,140 411,894,501 627,068,139 896,288,402 963,899,926 1,050,969,162
2.Short term borrowings 145,522,208 169,049,777 138,374,379 177,561,548 137,134,997 126,443,207
F.Operations:
1.Sales 1,431,939,656 1,792,483,176 2,204,894,503 2,842,866,996 2,662,644,517 2,756,073,958
i)Local sales (Net) 1,431,939,656 1,792,483,176 2,204,377,810 2,840,891,417 2,660,876,205 2,755,377,582
ii)Export sales (Net) 0 0 516,693 1,975,579 1,768,312 696,376
2.Cost of sales 1,301,984,934 1,584,696,775 1,963,282,301 2,485,004,034 2,356,448,277 2,423,502,657
i)Cost of material 380,657,842 3,764,097 4,413,990 5,883,640 6,966,293 6,115,668
3.Gross profit / (loss) (F1-F2) 129,954,722 207,786,401 241,612,202 357,862,962 306,196,240 332,571,301
6.EBIT (F3-F4+F5) 105,522,829 167,191,466 187,854,544 297,014,841 263,220,110 280,838,783
9.Tax expenses 34,509,612 55,667,826 71,420,131 89,755,699 65,550,969 74,986,439
11.Cash dividends 37,884,548 51,169,763 63,971,718 58,805,415 35,162,062 36,604,139
12.Bonus shares / stock dividends 0 543,372 3,609,641 5,317,430 9,801 10,781
3.Net cash flows from financing activities 777,993 43,269,837 (35,783,426) (35,880,925) (77,533,786) (39,220,305)
H.Miscellaneous
10
Textile
Performance at a Glance
In this analysis, companies of textile sector are divided into three categories. First, companies working in
spinning, weaving and finishing, constituting approximately 88 percent companies. Second, companies
attached with production of wool, silk, polyester, artificial fiber and synthetics items etc., followed by
companies related to made-up textile articles, having 8 and 3 percent shares respectively.
Overall size of the balance sheet of textile sector increased by 11.82 percent during FY21 to reach at Rs
1,235.43 billion. Shareholders’ equity increased by 22.34 percent during the period under review,
reaching at Rs 502.57 billion whereas total liabilities increased by 5.60 percent, reaching at Rs 732.86
billion during FY21. The sales jumped up by 26.20 percent in this period, Profit after tax and before tax
recorded a huge YoY growth of 894.95 percent and 472.33 percent respectively.
Assets
Non-current assets of the sector stood at Rs 667.43 billion in FY21 as compared to Rs 601.98 billion in
FY20, reflecting an increase of 10.87 percent during FY21. Operating fixed assets (after deducting
accumulated depreciation) increased by 3.24 percent YoY during FY21. Capital work in progress and
long-term investments increased by Rs 124.59 billion and Rs 22.94 billion respectively during FY21.
Current assets increased by Rs 62.24 billion during FY21. Inventories containing 48.64 percent share of
current assets in FY21, increased to Rs 276.25 billion during current year. Trade debt which contains
23.78 percent share of current assets during FY21, increased by 35.24 percent during FY21, reached at Rs
135.09 billion. Short-term investments were moved up by 35.19 percent during FY21, reached at Rs
24.39 billion in FY21.
11
Shareholders’ Equity & Liabilities

Shareholders’ equity increased to Rs 502.57
billion during FY21 from Rs 410.80 billion, out of
which, paid-up capital increased by Rs 0.89
billion. Total reserves, which comprises of capital
reserves and revenue reserves, grew by 33.87
percent during FY21.
Non-Current liabilities recorded a YoY growth of

19.13 percent to reach Rs 260.03 billion during
current year. Long-term borrowing increased by
Rs 21.26 billion (11.87 percent YoY growth)
during FY21. Employee benefits obligations stood
at Rs 14.18 billion during FY21, which is 15.76
percent higher than that of the previous year.
Current liabilities decreased from Rs 475.71 billion to Rs 472.82 billion during FY21, recorded a YoY
decline of 0.61 percent. Trade credits and other accounts payable comprises of 28.28 percent share of
total current liabilities increased by Rs 18.23 billion during FY21. Short-term borrowings decreased from
Rs 294.81 billion in FY20 to Rs 254.80 billion in FY21, remained major part of current liabilities having
shares of 53.89 percent and 61.97 percent during FY21 and FY20 respectively. Current portion of non-
current liabilities increased by 84.88 percent during FY21.
Operating Efficiency & Ratio Analysis

Sales of textile sector increased by 26.20 percent, reached at Rs 1089.06 billion during FY21. Share of
export sales in overall sales remained higher than local sales during FY21. In terms of amount, export
sales showed an increase of Rs 123.21 billion in FY21 (25.43 percent YoY growth). Cost of sales
increased by Rs 153.12 billion during FY21.
Notably, the gross profit of the sector increased to Rs 169.93 billion during FY21 witnessed a YoY
growth of 75.32 percent. General, administrative and other expenses increased by 15.61 percent during
FY21 while other income increased by 82.95 percent. As a result, EBIT increased to Rs 132.95 billion in
12
FY21 form Rs 55.56 billion in FY20, recorded a YoY growth of 139.28 percent. Simultaneously,
financial expenses decreased by 23.65 percent during FY21. Consequently, the profit before taxation
increased to Rs 104.47 billion, witnessed a YoY growth of 472.33 percent. Tax expenses were Rs 15.89
billion during FY21, resulted in profit after tax amount of Rs 88.57 billion, recorded a colossal YoY
growth of 894.95 percent.
Key Performance indicators of the sector witnessed an improvement during FY21 in terms of profitability
and efficiency. Precisely, ROA increased from 0.84 in FY20 to 7.57 in FY21 whereas ROE improved
from 2.19 in FY20 to 19.39 in FY21. Further, basic earnings per share improved from 1.24 in FY20 to
12.16 in FY21.
13
Textile Sector - Overall (Thousand Rupees)

Items 2016 2017 2018 2019 2020 2021
A.Non-Current Assets (A1+A3+A4+A5+A6) 503,176,341 529,584,065 515,313,291 545,818,659 601,984,148 667,430,312
2.Operating fixed assets at cost 551,432,660 601,179,433 629,746,992 685,776,006 723,898,458 759,129,548
4.Intangible assets 183,738 217,540 143,024 205,945 544,897 551,542
B.Current Assets (B1+B2+B3+B4+B5+B6) 291,622,760 341,308,053 386,120,657 472,260,668 502,802,972 567,996,126
i)Raw material 70,270,981 86,428,055 111,252,109 148,627,818 162,371,421 165,453,117
3.Trade Debt / accounts receivables 57,261,191 65,635,427 92,188,614 115,713,822 99,889,703 135,088,456
Total Assets (A+B) / Equity & Liabilities (C+D+E) 794,799,101 870,892,118 901,433,948 1,018,079,327 1,104,787,120 1,235,426,438
ii)Preference shares 1,148,333 1,111,666 1,111,666 311,666 311,666 311,666
2.Reserves 215,713,435 231,150,171 216,111,347 244,181,956 250,015,602 334,707,057
3.Debentures/TFCs (bonds payable) 913,358 390,474 145,853 0 0 8,665,301
E.Current Liabilities (E1+E2+E3+E4) 319,284,539 345,531,045 389,616,882 454,159,402 475,711,505 472,824,506
1.Trade credit & other accounts payables 75,029,554 76,468,058 90,084,690 105,623,904 113,111,700 133,729,568
F.Operations:
1.Sales 596,540,344 645,036,516 742,424,936 927,842,854 862,946,196 1,089,064,142
i)Local sales (Net) 280,879,155 321,585,761 372,022,934 470,789,564 378,521,412 481,431,689
2.Cost of sales 546,379,303 588,000,467 668,069,662 811,731,171 766,020,051 919,136,180
6.EBIT (F3-F4+F5) 33,647,336 44,038,747 47,485,088 86,380,974 55,564,110 132,954,574
9.Tax expenses 5,045,373 4,638,896 6,459,503 11,064,139 9,350,746 15,894,122
11.Cash dividends 7,520,045 7,960,902 9,889,875 13,726,522 9,243,617 15,694,497
12.Bonus shares / stock dividends 615,619 974,810 79,476 750,491 892,261 1,705,130
1.Net cash flows from operating activities 16,337,197 (6,674,404) 4,057,910 28,389,792 26,901,379 70,982,731
3.Net cash flows from financing activities 12,167,409 46,507,316 14,650,017 26,385,192 40,373,833 10,539,771
H.Miscellaneous
1.Total capital employed (C+D) 475,514,562 525,361,073 511,817,066 563,919,925 629,075,615 762,601,932
2.Retention in business (F10-F11-F12) 1,679,675 12,269,096 9,478,172 27,901,987 (1,233,578) 71,173,622
14
Spinning, Weaving, Finishing of Textiles - Overall (Thousand Rupees)

Items 2016 2017 2018 2019 2020 2021
i)Raw material 64,038,958 78,377,054 97,946,750 131,357,465 144,797,737 151,144,889
Total Assets (A+B) / Equity & Liabilities (C+D+E) 690,642,419 758,551,083 786,678,361 886,131,826 948,970,097 1,067,874,910
2.Reserves 182,024,867 195,582,436 176,432,553 202,105,960 205,915,359 294,034,016
F.Operations:
1.Sales 519,177,829 552,842,491 626,804,580 784,346,992 744,185,092 943,944,750
i)Local sales (Net) 225,104,076 257,591,928 287,457,477 361,033,827 297,015,894 393,689,934
2.Cost of sales 477,779,514 506,453,510 568,525,830 685,683,635 660,180,044 795,502,649
6.EBIT (F3-F4+F5) 28,880,358 33,816,052 39,680,940 77,608,101 49,112,341 118,363,089
9.Tax expenses 4,332,619 5,285,111 5,274,797 9,515,080 8,392,850 13,812,888
11.Cash dividends 6,518,784 7,117,065 8,381,588 12,428,991 8,135,224 14,625,121
12.Bonus shares / stock dividends 615,619 953,345 79,476 37,500 36,671 765,481
1.Net cash flows from operating activities 16,179,502 (6,911,635) (492,153) 25,465,113 27,258,794 68,148,742
H.Miscellaneous
2.Retention in business (F10-F11-F12) 751,249 4,155,439 6,169,478 25,410,624 (252,640) 65,083,304
15
AN textile Mills Ltd.(Formerly Ishaq Textile Mills Ltd.) (Thousand Rupees)

Items 2016 2017 2018 2019 2020 2021
A.Non-Current Assets (A1+A3+A4+A5+A6) 897,546 952,662 945,253 948,094 968,904 1,048,586
1.Capital work in progress 300 0 2,687 0 0 18,656
3.Operating fixed assets after deducting accumulated depreciation 886,246 836,982 818,372 828,706 862,057 1,026,171
4.Intangible assets 0 0 0 0 0 0
5.Long term investments 7,149 111,880 120,381 115,554 102,968 0
6.Other non-current assets 3,851 3,800 3,813 3,834 3,879 3,759
B.Current Assets (B1+B2+B3+B4+B5+B6) 579,574 340,281 418,114 690,441 688,988 929,132
1.Cash & bank balance 5,582 15,729 4,764 50,052 35,489 68,270
2.Inventories; of which 282,710 146,219 189,654 423,233 440,895 536,696
i)Raw material 158,504 104,089 157,677 395,599 402,066 466,513
iii)Finished goods 122,561 39,224 15,149 4,682 15,496 34,572
3.Trade Debt / accounts receivables 89,749 51,617 68,642 31,678 6,139 88,876
4.Short term loans and advances 49,571 63,634 81,767 82,936 4,821 4,608
5.Short term investments 0 1,541 6,061 5,500 5,500 5,500
6.Other current assets 151,962 61,541 67,226 97,042 196,144 225,182
Total Assets (A+B) / Equity & Liabilities (C+D+E) 1,477,120 1,292,943 1,363,367 1,638,535 1,657,892 1,977,718
C.Shareholders' Equity (C1+C2+C3) 546,745 752,359 747,289 773,605 722,685 840,942
1.Issued, Subscribed & Paid up capital 96,600 96,600 96,600 96,600 96,600 96,600
i)Ordinary shares 96,600 96,600 96,600 96,600 96,600 96,600
2.Reserves 176,241 368,706 368,058 386,074 308,547 436,802
i)Capital Reserve 62,028 62,028 422,028 422,028 422,028 422,028
ii)Revenue Reserve 114,213 306,678 (53,970) (35,954) (113,481) 14,774
of which: un-appropriated profit(loss) / retained earnings 114,213 (53,322) (53,970) (35,954) (113,481) 14,774
3.Surplus on revaluation of fixed assets 273,904 287,053 282,631 290,931 317,538 307,540
D.Non-Current Liabilities (D1+D2+D3+D4+D5) 193,005 63,867 59,614 91,539 94,421 180,299
1.Long term borrowings 12,664 0 0 0 0 0
2.Subordinated loans / Sponsor's loans 164,072 0 0 0 0 0
3.Debentures/TFCs (bonds payable) 0 0 0 0 0 0
4.Employees benefit obligations 8,007 8,950 12,144 18,274 27,152 34,640
5.Other non-current liabilities 8,262 54,917 47,470 73,265 67,269 145,659
E.Current Liabilities (E1+E2+E3+E4) 737,370 476,717 556,464 773,391 840,786 956,477
1.Trade credit & other accounts payables 154,376 140,436 141,889 208,435 360,816 441,759
of which: i) Trade credits 109,521 102,306 79,372 123,732 68,140 49,901
2.Short term borrowings 570,752 325,811 388,244 526,495 446,405 467,314
3.Current portion of non-current liabilities 1,552 0 0 0 0 0
4.Other current liabilities 10,690 10,470 26,331 38,461 33,565 47,404
F.Operations:
1.Sales 1,466,267 1,102,932 1,598,473 1,885,310 1,315,177 2,096,653
i)Local sales (Net) 1,466,267 1,102,932 1,598,473 1,885,310 1,315,177 2,096,653
ii)Export sales (Net) 0 0 0 0 0 0
2.Cost of sales 1,506,150 1,161,404 1,537,855 1,747,080 1,305,398 1,771,691
i)Cost of material 1,147,987 641,650 951,552 1,180,684 810,512 1,185,931
3.Gross profit / (loss) (F1-F2) (39,883) (58,472) 60,618 138,230 9,779 324,962
4.General, administrative and other expenses 62,138 47,823 41,847 48,319 42,146 69,915
i)Selling & distribution expenses 7,342 5,790 2,945 2,111 2,036 1,664
ii)Administrative and other expenses 54,796 42,033 38,902 46,208 40,110 68,251
5.Other income / (loss) 22,173 34,255 16,250 18,330 22,361 19,889
6.EBIT (F3-F4+F5) (79,848) (72,040) 35,021 108,241 (10,006) 274,936
7.Financial expenses 41,573 62,082 31,604 46,714 62,437 35,912
of which: (i) Interest expenses 29,131 26,097 29,649 45,567 61,189 34,608
8.Profit / (loss) before taxation (F6-F7) (121,421) (134,122) 3,417 61,527 (72,443) 239,024
9.Tax expenses (39,293) 46,216 11,020 42,507 7,884 119,529
10.Profit / (loss) after tax (F8-F9) (82,128) (180,338) (7,603) 19,020 (80,327) 119,495
11.Cash dividends 0 0 0 0 0 6,762
12.Bonus shares / stock dividends 0 0 0 0 0 0
1.Net cash flows from operating activities (32,507) 99,885 (37,253) (74,073) 82,330 130,947
2.Net cash flows from investing activities (27,268) 7,867 (36,145) (18,890) (14,058) (118,006)
3.Net cash flows from financing activities 62,592 (97,605) 62,433 138,251 (82,835) 19,840
H.Miscellaneous
1.Total capital employed (C+D) 739,750 816,226 806,903 865,144 817,106 1,021,241
2.Retention in business (F10-F11-F12) (82,128) (180,338) (7,603) 19,020 (80,327) 112,733
3.Depreciation for the year 41,122 41,898 40,716 40,205 39,680 44,705
4.Salaries, wages and employee benefits 157,083 135,134 152,688 185,573 166,323 200,444
P1. Net Profit margin / Net profit to sales (F10 as % of F1) -5.60 -16.35 -0.48 1.01 -6.11 5.70
P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)} -5.66 -13.02 -0.57 1.27 -4.87 6.57
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} -14.84 -27.76 -1.01 2.50 -10.74 15.28
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) -8.50 -18.67 -0.79 1.97 -8.32 12.37
16
Ahmed Hassan Textile Mills Ltd. (Thousand Rupees)

Items 2016 2017 2018 2019 2020 2021
1.Capital work in progress 245 78,485 402 0 0 15,131
5.Long term investments 0 0 43,312 61,149 43,312 0
2.Inventories; of which 649,312 894,460 869,769 1,108,560 1,098,591 838,600
i)Raw material 302,231 549,833 413,093 634,847 522,686 423,530
5.Short term investments 953 105 77 52 47 32,802
2.Reserves 932,974 963,320 1,005,780 1,059,432 1,187,451 955,688
ii)Revenue Reserve 795,228 825,574 868,034 921,686 1,049,705 860,442
of which: un-appropriated profit(loss) / retained earnings 795,228 825,574 868,034 921,686 1,049,705 860,442
1.Long term borrowings 390,301 509,411 471,094 499,619 511,965 243,600
4.Employees benefit obligations 0 0 0 0 0 0
2.Short term borrowings 888,393 1,096,488 1,054,662 1,138,701 920,907 204,752
3.Current portion of non-current liabilities 129,356 131,153 188,357 153,233 42,138 103,910
F.Operations:
1.Sales 3,455,552 4,055,873 5,179,001 7,273,994 7,351,415 3,816,377
i)Local sales (Net) 2,124,438 1,826,241 1,910,888 3,390,605 3,174,269 1,802,158
2.Cost of sales 3,207,894 3,809,770 4,870,745 6,814,257 6,812,418 3,509,587
3.Gross profit / (loss) (F1-F2) 247,658 246,103 308,256 459,737 538,997 306,790
6.EBIT (F3-F4+F5) 116,912 132,040 202,702 318,390 402,371 239,418
8.Profit / (loss) before taxation (F6-F7) 8,707 9,566 64,907 129,357 194,352 212,712
9.Tax expenses 26,824 13,014 54,789 88,401 73,321 44,923
10.Profit / (loss) after tax (F8-F9) (18,117) (3,448) 10,118 40,956 121,031 167,789
11.Cash dividends 0 0 18,010 18,010 21,612 17,367
1.Net cash flows from operating activities 3,718 (68,719) 269,946 162,424 318,226 19,158
2.Net cash flows from investing activities (89,043) (260,123) (222,816) (220,753) 10,154 (11,094)
3.Net cash flows from financing activities 66,784 356,852 (72,180) 10,535 (228,557) (9,982)
H.Miscellaneous
2.Retention in business (F10-F11-F12) (18,117) (3,448) (7,892) 22,946 99,419 150,422
P1. Net Profit margin / Net profit to sales (F10 as % of F1) -0.52 -0.09 0.20 0.56 1.65 4.40
P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)} -0.49 -0.09 0.24 0.90 2.59 4.56
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} -0.96 -0.18 0.53 2.12 6.25 10.13
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) -1.26 -0.24 0.70 2.84 8.40 19.81
17
Ali Asghar Textile Mills Ltd. (Thousand Rupees)

Items 2016 2017 2018 2019 2020 2021
A.Non-Current Assets (A1+A3+A4+A5+A6) 377,806 373,975 368,366 362,963 783,308 902,683
1.Capital work in progress 0 0 11,202 0 8,178 53,659
2.Operating fixed assets at cost 558,372 558,427 558,518 570,889 952,503 1,041,639
3.Operating fixed assets after deducting accumulated depreciation 373,920 369,586 353,347 357,731 768,162 839,417
5.Long term investments 13 15 15 9 0 0
1.Cash & bank balance 342 969 235 381 1,822 57,026
2.Inventories; of which 0 0 1,980 0 0 0
i)Raw material 0 0 0 0 0 0
ii)Work in progress 0 0 0 0 0 0
iii)Finished goods 0 0 1,980 0 0 0
3.Trade Debt / accounts receivables 0 0 0 0 0 0
5.Short term investments 0 0 0 0 886,753 683,419
Total Assets (A+B) / Equity & Liabilities (C+D+E) 409,823 406,357 403,040 396,615 1,682,587 1,702,852
C.Shareholders' Equity (C1+C2+C3) 268,014 255,742 304,784 303,226 1,453,622 1,613,524
2.Reserves (214,257) (225,523) (175,534) (176,201) 549,015 708,916
i)Capital Reserve 0 0 66,067 80,899 10,591 6,686
ii)Revenue Reserve (214,257) (225,523) (241,601) (257,100) 538,424 702,230
of which: un-appropriated profit(loss) / retained earnings (214,257) (225,523) (241,601) (257,100) 560,429 665,201
5.Other non-current liabilities 834 834 834 834 287 287
of which: i) Trade credits 9,360 9,397 9,959 5,108 606 478
2.Short term borrowings 0 0 0 0 0 0
F.Operations:
1.Sales 0 0 0 0 0 0
i)Local sales (Net) 0 0 0 0 0 0
2.Cost of sales 8,372 11,885 11,624 22,387 20,922 20,543
i)Cost of material 0 0 0 0 0 0
3.Gross profit / (loss) (F1-F2) (8,372) (11,885) (11,624) (22,387) (20,922) (20,543)
i)Selling & distribution expenses 0 0 0 0 0 0
6.EBIT (F3-F4+F5) (12,586) (10,023) (5,574) (15,307) 142,861 116,661
7.Financial expenses 18 26 15 39 99 138
of which: (i) Interest expenses 0 0 0 0 0 0
8.Profit / (loss) before taxation (F6-F7) (12,604) (10,049) (5,589) (15,346) 142,762 116,523
9.Tax expenses 856 1,313 (711) 1,195 8,230 11,413
10.Profit / (loss) after tax (F8-F9) (13,460) (11,362) (4,878) (16,541) 134,532 105,110
11.Cash dividends 0 0 0 0 0 0
1.Net cash flows from operating activities (14,265) (7,460) (9,681) (9,452) (803,170) 0
2.Net cash flows from investing activities (475) (628) (10,721) (2,591) (11,798) 0
3.Net cash flows from financing activities 14,779 8,715 19,668 12,189 816,410 0
H.Miscellaneous
1.Total capital employed (C+D) 368,770 364,385 365,837 364,449 1,514,323 1,674,388
2.Retention in business (F10-F11-F12) (13,460) (11,362) (4,878) (16,541) 134,532 105,110
P1. Net Profit margin / Net profit to sales (F10 as % of F1) - - - - - -
P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)} -3.20 -2.78 -1.21 -4.07 12.94 6.21
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} -4.90 -4.34 -1.74 -5.33 15.32 6.85
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) -0.30 -0.26 -0.11 -0.37 3.03 2.37
18
Allawasaya Textile & Finishing Mills Ltd. (Thousand Rupees)

Items 2016 2017 2018 2019 2020 2021
A.Non-Current Assets (A1+A3+A4+A5+A6) 892,856 885,147 853,505 1,434,951 1,425,860 1,395,356
1.Capital work in progress 0 0 0 0 0 0
2.Operating fixed assets at cost 970,511 991,380 991,380 1,162,808 1,625,052 1,640,837
3.Operating fixed assets after deducting accumulated depreciation 890,476 882,767 851,125 1,432,571 1,423,480 1,392,976
i)Raw material 159,092 90,573 204,152 259,653 473,690 206,172
5.Short term investments 0 0 0 0 0 0
C.Shareholders' Equity (C1+C2+C3) 844,542 807,453 828,134 1,088,865 1,103,691 1,249,112
2.Reserves 260,907 235,310 264,668 236,621 266,090 425,323
ii)Revenue Reserve 258,238 232,641 261,999 233,952 263,421 422,654
of which: un-appropriated profit(loss) / retained earnings 178,238 152,641 181,999 153,952 183,421 342,654
1.Long term borrowings 0 0 0 173,250 178,875 151,194
3.Current portion of non-current liabilities 0 0 0 21,750 30,625 104,078
F.Operations:
1.Sales 1,673,157 1,966,037 2,168,465 2,090,559 2,657,388 3,546,836
i)Local sales (Net) 1,673,157 1,966,037 2,168,465 2,090,559 2,657,388 3,546,836
2.Cost of sales 1,622,615 1,916,982 2,043,593 1,991,860 2,480,621 3,183,640
5.Other income / (loss) 755 (2,317) (2,683) 0 0 5,416
6.EBIT (F3-F4+F5) (22,202) (11,554) 57,132 27,248 100,831 267,928
8.Profit / (loss) before taxation (F6-F7) (35,643) (32,116) 36,017 (9,306) 22,957 216,568
9.Tax expenses 2,156 8,230 18,384 6,614 8,130 71,148
10.Profit / (loss) after tax (F8-F9) (37,799) (40,346) 17,633 (15,920) 14,827 145,420
11.Cash dividends 0 0 3,000 0 0 28,200
1.Net cash flows from operating activities (132,091) 82,898 (23,626) 7,464 (157,989) 256,742
2.Net cash flows from investing activities (7,424) (27,710) 0 (270,353) (38,967) (15,785)
3.Net cash flows from financing activities 0 (2) (162) 192,028 202,354 (261,325)
H.Miscellaneous
1.Total capital employed (C+D) 964,336 914,003 923,879 1,411,363 1,474,338 1,570,336
2.Retention in business (F10-F11-F12) (37,799) (40,346) 14,633 (15,920) 14,827 117,220
P1. Net Profit margin / Net profit to sales (F10 as % of F1) -2.26 -2.05 0.81 -0.76 0.56 4.10
P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)} -3.04 -3.09 1.34 -0.92 0.67 6.50
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} -4.73 -4.88 2.16 -1.66 1.35 12.36
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) -47.25 -50.43 22.04 -19.90 18.53 181.78
19
Amtex Ltd. (Thousand Rupees)

Items 2016 2017 2018 2019 2020 2021
1.Capital work in progress 0 0 0 0 0 12,756
5.Long term investments 0 0 1,013,918 1,102,324 1,161,401 1,188,640
2.Inventories; of which 1,797,416 1,301,252 885,981 693,576 538,829 489,991
i)Raw material 747,366 557,221 481,589 359,230 307,165 314,125
3.Trade Debt / accounts receivables 3,357,836 2,797,095 162,272 200,657 109,100 58,871
C.Shareholders' Equity (C1+C2+C3) (2,995,397) (4,822,332) (8,090,981) (8,352,956) (9,050,124) (9,198,071)
2.Reserves (7,227,441) (8,543,943) (11,561,087) (11,814,957) (12,477,348) (12,621,552)
ii)Revenue Reserve (7,508,480) (8,824,982) (11,842,126) (12,095,996) (12,758,387) (12,902,591)
of which: un-appropriated profit(loss) / retained earnings (7,758,480) (9,074,982) (12,092,126) (12,345,996) (13,008,387) (13,152,591)
3.Surplus on revaluation of fixed assets 1,637,743 1,127,310 875,805 867,700 832,923 829,180
1.Long term borrowings 1,580,940 1,260,060 1,497,730 874,689 414,127 236,376
5.Other non-current liabilities 738,293 839,972 956,736 1,091,108 1,225,762 1,304,672
3.Current portion of non-current liabilities 739,813 884,052 1,249,202 1,706,794 2,118,917 2,284,466
F.Operations:
1.Sales 2,154,385 1,655,150 842,866 629,536 544,873 1,074,983
i)Local sales (Net) 1,043,848 758,390 250,605 142,756 127,252 180,941
ii)Export sales (Net) 1,110,537 896,760 592,261 486,780 417,621 894,042
2.Cost of sales 2,777,482 2,276,345 1,335,487 790,582 786,021 1,065,218
i)Cost of material 1,018,034 636,111 296,272 307,117 315,840 494,530
3.Gross profit / (loss) (F1-F2) (623,097) (621,195) (492,621) (161,046) (241,148) 9,765
4.General, administrative and other expenses 724,739 670,641 2,586,140 51,438 313,871 103,974
ii)Administrative and other expenses 706,428 651,474 2,571,266 38,255 301,059 66,617
5.Other income / (loss) (11,265) (14,787) (9,480) 142,216 115,645 58,768
6.EBIT (F3-F4+F5) (1,359,101) (1,306,623) (3,088,241) (70,268) (439,374) (35,441)
8.Profit / (loss) before taxation (F6-F7) (1,514,361) (1,453,476) (3,253,452) (252,578) (641,214) (131,918)
9.Tax expenses 11,537 16,965 12,227 10,140 29,752 15,991
10.Profit / (loss) after tax (F8-F9) (1,525,898) (1,470,441) (3,265,679) (262,718) (670,966) (147,909)
1.Net cash flows from operating activities (92,723) 17,920 198,467 238,895 26,150 46,319
2.Net cash flows from investing activities (26,849) 80,697 467,905 29,972 64,097 (11,329)
3.Net cash flows from financing activities 93,253 (52,853) (714,455) (249,950) (78,084) (60,201)
H.Miscellaneous
1.Total capital employed (C+D) (634,141) (2,671,336) (5,622,033) (6,370,147) (7,396,195) (7,638,913)
2.Retention in business (F10-F11-F12) (1,525,898) (1,470,441) (3,265,679) (262,718) (670,966) (147,909)
P1. Net Profit margin / Net profit to sales (F10 as % of F1) -70.83 -88.84 -387.45 -41.73 -123.14 -13.76
P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)} -13.65 -15.36 -48.51 -5.74 -16.56 -4.05
P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current -5.01 -2.45 -1.04 -0.56 -0.47 -0.40
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) -5.88 -5.67 -12.59 -1.01 -2.59 -0.57
20
Artistic Denim Mills Ltd. (Thousand Rupees)

Items 2016 2017 2018 2019 2020 2021
1.Capital work in progress 1,010,673 251,270 110,657 863,627 625,402 2,168,764
4.Intangible assets 0 8,119 6,468 4,817 3,165 1,513
5.Long term investments 0 0 0 38,700 0 0
1.Cash & bank balance 60,783 63,232 86,896 1,196,961 884,428 370,701
i)Raw material 624,804 554,604 891,450 1,185,344 1,998,114 3,380,488
ii)Work in progress 564,048 650,583 630,600 969,046 769,080 1,165,487
5.Short term investments 0 0 0 0 1,311,832 96,033
6.Other current assets 765,976 1,023,096 1,117,687 855,836 880,156 838,599
2.Reserves 4,657,468 4,918,905 5,260,145 5,914,159 5,771,620 5,887,518
i)Capital Reserve 0 0 0 0 0 0
3.Surplus on revaluation of fixed assets 0 0 0 0 0 0
D.Non-Current Liabilities (D1+D2+D3+D4+D5) 717,231 813,507 837,214 1,500,781 1,968,807 2,861,255
1.Long term borrowings 577,560 813,507 813,274 1,444,487 1,866,912 2,722,173
4.Employees benefit obligations 139,671 0 23,940 56,294 101,895 139,082
3.Current portion of non-current liabilities 0 38,392 85,616 105,878 49,717 220,249
F.Operations:
1.Sales 6,461,983 6,906,526 8,239,986 7,767,180 7,940,571 9,813,176
i)Local sales (Net) 412,686 419,022 426,417 178,928 164,264 419,094
2.Cost of sales 5,758,546 6,166,863 7,448,166 6,879,080 7,314,029 8,701,443
3.Gross profit / (loss) (F1-F2) 703,437 739,663 791,820 888,100 626,542 1,111,733
6.EBIT (F3-F4+F5) 472,252 534,356 692,565 1,067,322 389,099 678,045
9.Tax expenses 21,843 16,716 83,546 88,658 108,662 102,454
10.Profit / (loss) after tax (F8-F9) 377,999 429,437 516,531 866,820 113,690 353,902
11.Cash dividends 168,000 176,400 210,000 252,000 252,000 168,000
1.Net cash flows from operating activities 781,035 154,646 567,591 267,591 343,137 (1,647,548)
2.Net cash flows from investing activities (998,914) (548,946) (314,447) (1,094,352) (1,932,105) (913,885)
3.Net cash flows from financing activities 268,864 396,749 (229,480) 1,936,826 1,276,435 2,047,706
H.Miscellaneous
2.Retention in business (F10-F11-F12) 209,999 253,037 306,531 614,820 (138,310) 185,902
21
Ashfaq Textile Mills Ltd. (Thousand Rupees)

Items 2016 2017 2018 2019 2020 2021
1.Capital work in progress 0 0 0 2,881 13,631 0
i)Raw material 3,025 3,592 227 0 0 0
ii)Work in progress 7,028 11,613 2,427 0 0 0
iii)Finished goods 4,529 1,510 941 3,865 3,865 2,289
Total Assets (A+B) / Equity & Liabilities (C+D+E) 957,526 967,871 951,186 1,175,753 1,202,898 1,226,020
C.Shareholders' Equity (C1+C2+C3) 892,936 881,298 865,911 1,088,479 978,605 989,369
2.Reserves 204,513 207,446 205,908 221,280 253,585 244,649
1.Long term borrowings 0 0 0 0 0 0
5.Other non-current liabilities 0 0 0 0 123,301 121,813
2.Short term borrowings 31,000 20,952 19,963 7,939 0 0
3.Current portion of non-current liabilities 0 0 0 0 354 397
4.Other current liabilities 521 2,922 2,841 3,273 5,806 6,800
F.Operations:
1.Sales 299,055 285,395 286,602 321,650 387,085 453,352
i)Local sales (Net) 233,647 258,530 266,480 321,650 387,085 453,352
ii)Export sales (Net) 65,408 26,865 20,122 0 0 0
2.Cost of sales 266,410 249,665 269,632 279,428 334,907 399,060
i)Cost of material 39,273 17,662 10,423 227 0 0
5.Other income / (loss) 0 0 0 0 3,476 5,691
6.EBIT (F3-F4+F5) 4,373 8,444 (12,680) 8,315 17,717 16,941
7.Financial expenses 1,253 1,877 338 1,861 465 81
of which: (i) Interest expenses 1,072 1,787 107 1,827 360 51
8.Profit / (loss) before taxation (F6-F7) 3,120 6,567 (13,018) 6,454 17,252 16,860
9.Tax expenses 0 2,938 2,731 3,000 2,158 5,722
10.Profit / (loss) after tax (F8-F9) 3,120 3,629 (15,749) 3,454 15,094 11,138
12.Bonus shares / stock dividends 0 0 0 0 0 38,484
1.Net cash flows from operating activities 29,879 25,785 41,027 31,635 80,857 69,063
2.Net cash flows from investing activities (45,801) (18,483) (36,256) (61,676) (33,829) (40,826)
3.Net cash flows from financing activities 26,000 (10,048) (990) (12,023) (7,939) (354)
H.Miscellaneous
2.Retention in business (F10-F11-F12) 3,120 3,629 (15,749) 3,454 15,094 (27,346)
P1. Net Profit margin / Net profit to sales (F10 as % of F1) 1.04 1.27 -5.50 1.07 3.90 2.46
P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)} 0.33 0.38 -1.64 0.32 1.27 0.92
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} 0.35 0.41 -1.80 0.35 1.46 1.13
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) 0.09 0.10 -0.45 0.10 0.43 0.29
22
Asim Textile Mills Ltd. (Thousand Rupees)

Items 2016 2017 2018 2019 2020 2021
2.Operating fixed assets at cost 888,166 891,550 888,394 889,393 978,326 979,779
i)Raw material 69,782 77,433 113,365 151,462 120,169 92,635
5.Short term investments 11,111 23,057 19,929 17,358 18,341 23,652
2.Reserves (301,895) (261,343) (213,784) (151,900) (124,026) (32,147)
i)Capital Reserve 0 0 0 0 (2,928) 1,692
ii)Revenue Reserve (301,895) (261,343) (213,784) (151,900) (121,098) (33,839)
of which: un-appropriated profit(loss) / retained earnings (301,895) (261,343) (213,784) (151,900) (121,098) (33,839)
F.Operations:
1.Sales 1,092,539 1,214,020 1,433,635 1,786,445 1,472,118 1,726,224
i)Local sales (Net) 1,092,539 1,214,020 1,433,635 1,786,445 1,472,118 1,726,224
2.Cost of sales 1,085,197 1,152,197 1,346,089 1,677,102 1,425,470 1,601,374
i)Cost of material 738,634 849,649 959,861 1,245,905 1,020,570 1,102,224
i)Selling & distribution expenses 14 0 0 0 447 1,003
6.EBIT (F3-F4+F5) (13,238) 39,975 58,787 80,649 28,705 96,303
8.Profit / (loss) before taxation (F6-F7) (13,283) 39,939 58,746 80,593 28,659 96,127
9.Tax expenses 4 10,613 17,010 24,425 10,014 19,864
10.Profit / (loss) after tax (F8-F9) (13,287) 29,326 41,736 56,168 18,645 76,263
2.Net cash flows from investing activities (73,868) (10,362) (4,370) 5,332 10,098 7,890
3.Net cash flows from financing activities 0 0 0 0 0 0
H.Miscellaneous
1.Total capital employed (C+D) 182,091 211,806 248,396 298,110 392,748 467,912
2.Retention in business (F10-F11-F12) (13,287) 29,326 41,736 56,168 18,645 76,263
P1. Net Profit margin / Net profit to sales (F10 as % of F1) -1.22 2.42 2.91 3.14 1.27 4.42
P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)} -1.72 3.44 4.67 5.98 1.80 6.58
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} -46.83 35.08 35.21 34.12 8.02 24.27
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) -0.88 1.93 2.75 3.70 1.23 5.02
23
Azgard Nine Ltd. (Thousand Rupees)

Items 2016 2017 2018 2019 2020 2021
1.Capital work in progress 76,799 177,390 51,582 88,899 247,932 286,901
5.Long term investments 231,896 231,865 231,865 231,865 12,608 12,608
6.Other non-current assets 18,633 21,606 37,036 3,278,867 3,217,130 1,302,034
i)Raw material 422,989 598,247 717,701 802,227 964,602 1,663,622
ii)Work in progress 729,638 841,190 1,186,321 1,280,854 1,552,708 1,804,242
iii)Finished goods 616,510 419,577 564,048 672,815 673,495 1,131,875
4.Short term loans and advances 0 358,231 405,729 552,177 688,505 375,088
2.Reserves (9,074,705) (9,074,779) (8,750,672) (8,334,934) (8,536,058) (334,017)
D.Non-Current Liabilities (D1+D2+D3+D4+D5) 1,287,705 842,425 731,839 351,232 390,322 10,246,863
1.Long term borrowings 645,410 501,309 391,795 7,568 7,118 1,085,882
of which: i) Trade credits 1,307,951 1,146,104 1,253,182 1,116,615 894,883 1,778,165
3.Current portion of non-current liabilities 6,496,787 7,105,619 7,439,381 8,170,827 8,139,943 150,773
4.Other current liabilities 3,691,210 4,289,712 4,829,818 5,720,839 6,788,754 266,419
F.Operations:
1.Sales 13,176,284 12,802,374 15,971,672 20,214,971 16,909,299 22,070,231
i)Local sales (Net) 1,317,371 1,201,744 1,839,081 2,150,037 1,335,277 2,692,410
2.Cost of sales 11,677,126 10,916,714 13,391,360 16,726,691 14,446,981 18,881,634
4.General, administrative and other expenses 1,012,020 999,427 1,184,240 1,485,094 1,450,629 1,686,159
5.Other income / (loss) 36,884 36,275 57,244 26,418 47,530 7,179,023
6.EBIT (F3-F4+F5) 524,022 922,508 1,453,316 2,029,604 1,059,219 8,681,461
7.Financial expenses 1,207,625 965,600 1,154,240 1,528,303 1,282,483 908,232
of which: (i) Interest expenses 811,827 750,407 789,445 956,484 1,010,120 677,595
8.Profit / (loss) before taxation (F6-F7) (683,603) (43,092) 299,076 501,301 (223,264) 7,773,229
9.Tax expenses 130,545 90,472 102,453 195,989 166,185 213,829
10.Profit / (loss) after tax (F8-F9) (814,148) (133,564) 196,623 305,312 (389,449) 7,559,400
1.Net cash flows from operating activities 223,749 547,860 619,242 (365,642) 1,342,921 330,349
2.Net cash flows from investing activities (134,173) (387,710) (433,664) (299,250) (206,675) 78,018
3.Net cash flows from financing activities (133,062) 32,357 (285,919) 998,480 111,594 (764,869)
H.Miscellaneous
2.Retention in business (F10-F11-F12) (814,148) (133,564) 196,623 305,312 (389,449) 7,559,400
P1. Net Profit margin / Net profit to sales (F10 as % of F1) -6.18 -1.04 1.23 1.51 -2.30 34.25
P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)} -4.43 -0.72 1.02 1.43 -1.71 33.15
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} -150.52 -46.01 59.91 40.92 -35.67 165.87
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) -1.79 -0.29 0.43 0.67 -0.79 15.38
24
Babri Cotton Mills Ltd. (Thousand Rupees)

Items 2016 2017 2018 2019 2020 2021
1.Capital work in progress 2,083 5,259 48,287 30,626 0 0
B.Current Assets (B1+B2+B3+B4+B5+B6) 457,202 723,756 815,533 1,063,252 532,353 339,476
1.Cash & bank balance 543 477 8,143 2,952 4,389 25,562
i)Raw material 223,505 370,771 606,258 777,178 359,803 1,557
ii)Work in progress 36,606 37,987 39,494 51,436 21,000 0
iii)Finished goods 118,946 206,157 26,642 56,771 50,095 0
3.Trade Debt / accounts receivables 108 285 369 308 6,406 39,327
C.Shareholders' Equity (C1+C2+C3) 1,538,345 1,452,306 1,360,434 1,321,511 988,820 618,839
2.Reserves 556,576 483,519 408,277 386,121 40,660 (243,900)
ii)Revenue Reserve 539,009 466,068 390,936 368,886 23,532 (260,956)
of which: un-appropriated profit(loss) / retained earnings 445,311 378,068 302,936 280,886 (64,468) (348,956)
1.Long term borrowings 13,841 0 70,096 186,718 174,580 119,054
E.Current Liabilities (E1+E2+E3+E4) 467,423 773,625 1,037,531 1,407,826 1,203,320 1,088,032
F.Operations:
1.Sales 1,444,247 1,649,638 1,890,012 2,218,285 1,548,962 388,102
i)Local sales (Net) 1,444,247 1,649,638 1,890,012 2,218,285 1,548,962 388,102
2.Cost of sales 1,412,766 1,594,540 1,923,534 2,096,805 1,667,023 523,068
i)Cost of material 926,534 1,096,721 1,138,890 1,426,893 1,031,754 358,246
3.Gross profit / (loss) (F1-F2) 31,481 55,098 (33,522) 121,480 (118,061) (134,966)
5.Other income / (loss) 16,701 5,143 80,619 4,273 (3,914) 23,170
6.EBIT (F3-F4+F5) (22,432) (23,465) (39,396) 20,511 (234,055) (173,250)
8.Profit / (loss) before taxation (F6-F7) (49,850) (48,121) (84,477) (95,379) (381,785) (227,657)
9.Tax expenses (37,378) (18,520) (38) (56,361) 5,813 44,487
10.Profit / (loss) after tax (F8-F9) (12,472) (29,601) (84,439) (39,018) (387,598) (272,144)
1.Net cash flows from operating activities (15,803) (196,128) (54,102) (80,997) 437,490 154,854
3.Net cash flows from financing activities 58,635 223,131 187,655 272,223 (430,880) (525,864)
H.Miscellaneous
1.Total capital employed (C+D) 1,792,057 1,630,248 1,591,866 1,599,821 1,246,039 751,371
2.Retention in business (F10-F11-F12) (12,472) (29,601) (84,439) (39,018) (387,598) (272,144)
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} -0.91 -1.98 -6.00 -2.91 -33.55 -33.86
25
Beco Steel Limited (Formerly Ravi Textile Mills Ltd.) (Thousand Rupees)
Items 2016 2017 2018 2019 2020 2021
A.Non-Current Assets (A1+A3+A4+A5+A6) 226,836 206,822 266 115 1,115 0
2.Operating fixed assets at cost 419,257 419,333 0 0 0 0
3.Operating fixed assets after deducting accumulated depreciation 226,566 206,552 0 0 0 0
6.Other non-current assets 270 270 266 115 1,115 0
2.Inventories; of which 10 0 0 0 0 0
iii)Finished goods 0 0 0 0 0 0
4.Short term loans and advances 2,498 2,579 1,827 1,772 3,799 0
6.Other current assets 2,710 2,684 197,468 2,319 830 2,222
Total Assets (A+B) / Equity & Liabilities (C+D+E) 232,476 212,102 201,107 157,050 154,771 4,606
C.Shareholders' Equity (C1+C2+C3) (111,030) (146,471) (180,357) (77,850) 18,933 (4,587)
2.Reserves (514,241) (545,964) (577,760) (327,850) (231,067) (254,587)
i)Capital Reserve 0 0 0 0 66,586 40,742
3.Surplus on revaluation of fixed assets 153,211 149,493 147,403 0 0 0
D.Non-Current Liabilities (D1+D2+D3+D4+D5) 79,790 59,894 16,842 3,232 3,742 0
1.Long term borrowings 42,570 25,057 0 0 0 0
4.Employees benefit obligations 2,927 3,067 3,187 3,232 3,742 0
5.Other non-current liabilities 34,293 31,770 13,655 0 0 0
of which: i) Trade credits 124,094 66,511 64,556 63,207 51,953 0
F.Operations:
1.Sales 42,397 0 0 0 0 230,770
i)Local sales (Net) 42,397 0 0 0 0 230,770
2.Cost of sales 77,437 0 0 0 0 226,742
i)Cost of material 16,598 0 0 0 0 215,978
3.Gross profit / (loss) (F1-F2) (35,040) 0 0 0 0 4,028
5.Other income / (loss) 8,597 3,493 718 113,309 41,710 22,311
6.EBIT (F3-F4+F5) (35,654) (29,507) (23,976) 94,352 31,658 6,577
7.Financial expenses 14,943 7,705 11,729 734 1,035 296
of which: (i) Interest expenses 5,202 4,639 4,639 726 1,025 275
8.Profit / (loss) before taxation (F6-F7) (50,597) (37,212) (35,705) 93,618 30,623 6,281
9.Tax expenses (269) (812) (925) (8,338) 426 3,958
10.Profit / (loss) after tax (F8-F9) (50,328) (36,400) (34,780) 101,956 30,197 2,323
1.Net cash flows from operating activities 5,887 7,286 5,356 (103,343) (2,895) (120,977)
2.Net cash flows from investing activities 1,500 0 0 301,200 (1,000) 118
3.Net cash flows from financing activities (10,910) (7,475) (3,827) (47,430) 0 (25,844)
H.Miscellaneous
1.Total capital employed (C+D) (31,240) (86,577) (163,515) (74,618) 22,675 (4,587)
3.Depreciation for the year 20,639 20,089 0 0 0 0
P1. Net Profit margin / Net profit to sales (F10 as % of F1) -118.71 - - - - 1.01
P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)} -18.57 -16.38 -16.83 56.93 19.37 2.92
P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current -3.19 -1.73 -1.26 -1.39 -5.29 11.11
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} 59.34 28.27 21.28 -78.97 -102.51 32.39
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) -2.01 -1.46 -1.39 4.08 1.21 0.09
26
Bhanero Textile Mills Ltd. (Thousand Rupees)

Items 2016 2017 2018 2019 2020 2021
1.Capital work in progress 720 54,912 31,455 24,923 21,893 180,526
1.Cash & bank balance 65,285 39,786 68,266 143,722 114,394 1,739,116
i)Raw material 1,346,056 2,184,923 1,984,424 2,993,789 2,940,887 2,018,860
3.Trade Debt / accounts receivables 413,602 544,451 841,493 758,161 957,494 1,628,120
2.Reserves 3,609,553 3,856,302 4,232,737 4,883,117 4,889,120 6,733,064
D.Non-Current Liabilities (D1+D2+D3+D4+D5) 572,558 752,188 1,293,400 1,595,287 1,612,845 1,647,684
E.Current Liabilities (E1+E2+E3+E4) 493,105 1,256,655 1,089,455 1,897,524 2,256,904 1,082,598
2.Short term borrowings 0 676,558 220,458 992,657 1,570,614 0
F.Operations:
1.Sales 6,637,411 6,837,255 8,073,845 9,347,773 8,923,611 12,158,113
i)Local sales (Net) 4,231,111 4,185,231 5,192,819 6,180,685 6,138,188 9,112,894
2.Cost of sales 5,953,047 6,082,971 7,205,449 8,054,101 8,100,059 9,426,416
3.Gross profit / (loss) (F1-F2) 684,364 754,284 868,396 1,293,672 823,552 2,731,697
6.EBIT (F3-F4+F5) 391,023 456,309 636,131 1,123,205 637,076 2,255,060
8.Profit / (loss) before taxation (F6-F7) 321,194 369,245 542,160 956,883 455,636 2,160,980
9.Tax expenses 100,845 93,508 60,123 124,473 126,237 310,273
10.Profit / (loss) after tax (F8-F9) 220,349 275,737 482,037 832,410 329,399 1,850,707
11.Cash dividends 30,000 110,400 192,900 167,400 150,000 214,500
1.Net cash flows from operating activities 212,103 (441,552) 991,787 (402,274) (169,771) 3,274,465
3.Net cash flows from financing activities (254,147) 726,768 (105,976) 874,944 112,865 (1,370,677)
H.Miscellaneous
2.Retention in business (F10-F11-F12) 190,349 165,337 289,137 665,010 179,399 1,636,207
4.Salaries, wages and employee benefits 681,363 728,286 825,344 820,839 857,454 1,028,907
27
Bilal Fibres Ltd. (Thousand Rupees)

Items 2016 2017 2018 2019 2020 2021
A.Non-Current Assets (A1+A3+A4+A5+A6) 1,027,828 976,706 933,787 1,015,562 991,770 982,756
2.Operating fixed assets at cost 1,099,316 1,088,346 1,088,007 424,533 424,533 424,533
3.Operating fixed assets after deducting accumulated depreciation 1,024,439 973,317 930,431 471,666 447,874 373,411
5.Long term investments 0 0 0 542,740 542,740 556,308
1.Cash & bank balance 412 728 369 134 591 623
i)Raw material 57,529 57,529 57,529 57,873 57,873 57,873
iii)Finished goods 83,051 0 0 0 0 0
3.Trade Debt / accounts receivables 19,873 0 0 0 0 15,296
4.Short term loans and advances 17,089 0 0 0 0 0
2.Reserves (366,258) (350,202) (421,303) (422,136) (448,101) (449,607)
4.Employees benefit obligations 13,946 0 0 0 0 0
F.Operations:
1.Sales 1,067,924 95,048 0 0 0 0
i)Local sales (Net) 1,026,949 95,048 0 0 0 0
ii)Export sales (Net) 40,975 0 0 0 0 0
2.Cost of sales 1,222,800 135,866 0 0 0 0
i)Cost of material 835,637 6 0 0 0 0
3.Gross profit / (loss) (F1-F2) (154,876) (40,818) 0 0 0 0
i)Selling & distribution expenses 18,143 448 0 0 0 0
6.EBIT (F3-F4+F5) (188,737) 43,776 (33,489) (45,001) (27,724) (3,472)
of which: (i) Interest expenses 23,312 20,815 17,132 13,087 2,228 0
8.Profit / (loss) before taxation (F6-F7) (212,901) 22,469 (50,862) (58,092) (29,954) (5,296)
9.Tax expenses (60,778) 9,105 27,519 (49,410) 0 0
10.Profit / (loss) after tax (F8-F9) (152,123) 13,364 (78,381) (8,682) (29,954) (5,296)
1.Net cash flows from operating activities (12,480) 5,892 (22,109) 3,925 7,847 4,180
2.Net cash flows from investing activities (8,021) 6,775 453 0 0 0
3.Net cash flows from financing activities 15,069 (12,350) 21,297 (4,160) (7,390) (4,148)
H.Miscellaneous
2.Retention in business (F10-F11-F12) (152,123) 13,364 (78,381) (8,682) (29,954) (5,296)
3.Depreciation for the year 49,016 42,335 42,747 40,581 21,764 0
4.Salaries, wages and employee benefits 173,667 6,646 176,845 1,994 1,994 0
P1. Net Profit margin / Net profit to sales (F10 as % of F1) -14.24 14.06 - - - -
P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)} -11.82 1.15 -7.45 -0.81 -2.72 -0.49
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} -95.91 15.39 -151.01 -11.54 -24.39 -5.04
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) -10.79 0.95 -5.56 -0.62 -2.12 -
28
Blessed Textiles Ltd. (Thousand Rupees)

Items 2016 2017 2018 2019 2020 2021
i)Raw material 1,211,886 1,317,563 3,368,820 2,749,054 4,049,594 3,180,025
2.Reserves 2,694,731 2,908,959 3,187,485 3,690,769 3,825,227 5,960,385
2.Short term borrowings 1,153,712 1,242,801 3,146,462 2,190,947 3,480,258 0
F.Operations:
1.Sales 6,846,744 8,064,239 10,257,434 12,346,175 12,359,646 15,430,567
i)Local sales (Net) 3,908,432 4,959,826 6,424,370 7,551,141 6,101,813 8,915,572
2.Cost of sales 6,325,609 7,268,795 9,185,919 10,733,443 11,111,878 12,120,590
3.Gross profit / (loss) (F1-F2) 521,135 795,444 1,071,515 1,612,732 1,247,768 3,309,977
6.EBIT (F3-F4+F5) 296,347 543,551 690,725 1,159,829 855,988 2,666,496
9.Tax expenses 32,502 131,696 135,461 152,900 124,080 296,409
11.Cash dividends 32,160 98,410 147,936 127,354 0 2,141,856
1.Net cash flows from operating activities (301,168) 216,385 (1,424,920) 1,701,178 (742,220) 3,805,833
3.Net cash flows from financing activities 1,027,377 466,439 1,612,997 (978,936) 1,064,872 (3,062,002)
H.Miscellaneous
2.Retention in business (F10-F11-F12) 62,779 147,387 220,540 508,071 425,278 3,446
29
Chakwal Spinning Mills Ltd. (Thousand Rupees)

Items 2016 2017 2018 2019 2020 2021
A.Non-Current Assets (A1+A3+A4+A5+A6) 1,059,333 997,426 919,077 885,005 830,340 784,072
1.Capital work in progress 1,260 0 0 0 0 0
1.Cash & bank balance 1,741 552 1,004 377 42 48
2.Inventories; of which 133,051 965 20,500 7,008 0 0
i)Raw material 79,774 965 6,650 6,985 0 0
ii)Work in progress 45,459 0 9,620 0 0 0
iii)Finished goods 7,818 0 4,230 23 0 0
3.Trade Debt / accounts receivables 109,817 11,561 16,374 43,726 933 325
Total Assets (A+B) / Equity & Liabilities (C+D+E) 1,482,005 1,087,699 1,028,262 995,091 868,900 821,995
C.Shareholders' Equity (C1+C2+C3) 397,745 218,959 101,405 47,780 (2,694) (51,268)
2.Reserves 21,941 (149,115) (239,393) (696,797) (741,885) (785,587)
D.Non-Current Liabilities (D1+D2+D3+D4+D5) 70,303 35,835 31,143 37,076 0 0
4.Employees benefit obligations 22,297 6,842 2,150 8,082 0 0
5.Other non-current liabilities 48,006 28,993 28,993 28,994 0 0
E.Current Liabilities (E1+E2+E3+E4) 1,013,957 832,905 895,714 910,235 871,594 873,263
F.Operations:
1.Sales 1,057,846 536,175 201,245 1,072,563 146,549 0
i)Local sales (Net) 934,254 536,175 201,245 1,072,563 146,549 0
2.Cost of sales 1,288,445 827,156 239,769 1,065,623 178,974 45,784
i)Cost of material 754,611 405,175 144,062 755,506 90,750 0
3.Gross profit / (loss) (F1-F2) (230,599) (290,981) (38,524) 6,940 (32,425) (45,784)
i)Selling & distribution expenses 13,170 281 887 5,716 949 0
5.Other income / (loss) 1,237 2,413 7,926 1,783 0 0
6.EBIT (F3-F4+F5) (301,769) (326,822) (57,059) (36,537) (48,246) (48,563)
7.Financial expenses 30,935 30,283 33,686 3,585 28 11
of which: (i) Interest expenses 0 0 33,655 3,322 0 0
9.Tax expenses 2,032 (1,199) 2,516 13,409 2,198 0
1.Net cash flows from operating activities (97,772) (82,070) (20,014) (20,032) (1,196) (51,589)
2.Net cash flows from investing activities 14,581 (357) (3,810) (19,899) 4,716 0
3.Net cash flows from financing activities 80,991 79,202 24,276 39,304 (3,855) 51,596
H.Miscellaneous
1.Total capital employed (C+D) 468,048 254,794 132,548 84,856 (2,694) (51,268)
P1. Net Profit margin / Net profit to sales (F10 as % of F1) -31.64 -66.38 -46.34 -4.99 -34.44 -
P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current 2.86 4.17 6.60 13.56 41.34 -31.33
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} -59.14 -115.42 -58.22 -71.76 -223.89 180.03
30
Colony Textile Mills Limited (Thousand Rupees)

Items 2016 2017 2018 2019 2020 2021
5.Long term investments 175,425 175,425 924,403 821,227 995,614 1,318,859
i)Raw material 442,997 442,997 649,392 2,000,067 1,288,638 1,573,387
3.Trade Debt / accounts receivables 462,075 462,075 694,187 997,955 1,266,046 1,121,943
2.Reserves 2,796,116 2,796,116 2,932,790 4,359,059 4,013,799 4,754,453
ii)Revenue Reserve (360,272) (360,272) (223,598) 1,202,671 855,919 1,595,114
of which: un-appropriated profit(loss) / retained earnings (364,974) (364,974) (228,300) 1,197,969 851,217 1,590,412
3.Surplus on revaluation of fixed assets 474 474 13,724 20,580 19,594 19,594
2.Subordinated loans / Sponsor's loans 120,000 120,000 120,000 385,187 385,187 120,000
3.Current portion of non-current liabilities 1,456,685 1,456,685 1,970,534 640,975 430,598 830,584
4.Other current liabilities 1,367,660 1,367,660 2,052,833 586,901 469,666 515,965
F.Operations:
1.Sales 11,719,850 11,719,850 16,595,202 23,123,399 17,700,292 25,468,528
i)Local sales (Net) 9,594,616 9,594,616 14,505,765 20,776,638 15,120,432 22,700,247
2.Cost of sales 11,472,197 11,472,197 15,336,601 21,395,836 16,754,434 23,239,505
3.Gross profit / (loss) (F1-F2) 247,653 247,653 1,258,601 1,727,563 945,858 2,229,023
4.General, administrative and other expenses 550,748 550,748 497,108 1,131,171 565,104 831,754
5.Other income / (loss) 242,654 242,654 231,031 2,134,109 417,818 438,917
6.EBIT (F3-F4+F5) (60,441) (60,441) 992,524 2,730,501 798,572 1,836,186
8.Profit / (loss) before taxation (F6-F7) (895,582) (895,582) 288,694 2,224,426 (170,039) 1,121,325
9.Tax expenses (5,771) (5,771) 248,500 788,641 205,023 373,069
10.Profit / (loss) after tax (F8-F9) (889,811) (889,811) 40,194 1,435,785 (375,062) 748,256
1.Net cash flows from operating activities 491,205 491,205 691,974 1,434,120 801,925 2,100,274
2.Net cash flows from investing activities (374,342) (374,342) (446,639) (938,515) (645,654) (1,442,249)
3.Net cash flows from financing activities (118,249) (118,249) (247,206) (496,730) (145,606) (651,182)
H.Miscellaneous
2.Retention in business (F10-F11-F12) (889,811) (889,811) 40,194 1,435,785 (375,062) 748,256
31
Crescent Cotton Mills Ltd. (Thousand Rupees)

Items 2016 2017 2018 2019 2020 2021
1.Capital work in progress 197,737 477,128 4,716 390 270 65,064
B.Current Assets (B1+B2+B3+B4+B5+B6) 778,377 838,797 1,114,145 1,249,573 1,522,195 1,927,858
i)Raw material 131,645 99,505 211,920 357,022 292,986 295,438
2.Reserves 383,046 469,328 397,216 329,798 343,991 1,141,299
1.Long term borrowings 0 225,787 178,252 130,719 195,399 203,744
5.Other non-current liabilities 0 0 0 0 0 8,147
F.Operations:
1.Sales 3,453,569 3,984,008 6,094,091 7,393,034 5,517,184 5,405,943
i)Local sales (Net) 2,400,718 3,719,661 5,539,017 7,124,774 5,151,792 4,771,520
2.Cost of sales 3,325,337 3,856,798 5,850,287 7,104,456 5,151,826 4,680,320
6.EBIT (F3-F4+F5) (73,036) 86,895 85,889 93,437 151,655 993,647
9.Tax expenses 2,537 51,791 44,611 65,430 28,336 83,391
10.Profit / (loss) after tax (F8-F9) (107,980) 5,240 (14,684) (56,264) 19,049 823,258
12.Bonus shares / stock dividends 0 12,827 13,596 0 0 0
1.Net cash flows from operating activities (20,363) 18,526 115,489 (124,957) (121,447) 543,295
3.Net cash flows from financing activities 116,074 230,775 76,975 94,229 215,787 (387,907)
H.Miscellaneous
P1. Net Profit margin / Net profit to sales (F10 as % of F1) -3.13 0.13 -0.24 -0.76 0.35 15.23
P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)} -2.51 0.11 -0.28 -0.95 0.28 11.72
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} -3.14 0.14 -0.39 -1.34 0.41 16.12
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) -5.05 0.25 -0.65 -2.48 0.84 36.33
32
Crescent Fibers Ltd. (Thousand Rupees)

Items 2016 2017 2018 2019 2020 2021
1.Capital work in progress 0 23,765 13,698 0 0 8,872
5.Long term investments 1,988 918 1,728,568 1,733,464 1,736,356 1,752,934
i)Raw material 147,083 251,628 430,337 537,034 595,938 194,939
C.Shareholders' Equity (C1+C2+C3) 935,209 1,055,100 3,068,060 3,150,481 3,262,031 3,723,849
2.Reserves 811,030 930,921 950,055 1,032,476 1,144,026 1,603,389
ii)Revenue Reserve 788,404 801,056 868,985 982,180 1,090,949 1,545,188
of which: un-appropriated profit(loss) / retained earnings 788,404 801,056 868,985 982,180 1,090,949 1,545,188
3.Surplus on revaluation of fixed assets 0 0 1,993,826 1,993,826 1,993,826 1,996,281
1.Trade credit & other accounts payables 476,175 527,340 702,325 949,902 1,185,456 885,225
of which: i) Trade credits 161,185 127,905 159,983 264,299 0 235,112
F.Operations:
1.Sales 3,501,765 3,887,437 4,439,239 5,289,441 5,023,570 6,091,013
i)Local sales (Net) 3,501,765 3,887,437 4,439,239 5,289,441 5,023,570 6,091,013
2.Cost of sales 3,317,253 3,711,107 4,155,531 4,879,000 4,624,193 5,246,901
6.EBIT (F3-F4+F5) 107,856 121,657 173,766 287,088 294,905 708,062
9.Tax expenses (662) 13,158 24,882 49,374 41,596 136,914
11.Cash dividends 12,418 0 0 0 0 18,627
1.Net cash flows from operating activities (74,691) (94,495) (26,791) 148,978 (48,841) 574,512
2.Net cash flows from investing activities (7,814) (180,475) 54,323 (73,837) (140,772) (12,335)
3.Net cash flows from financing activities 114,141 160,402 7,522 (46,854) 209,222 (493,125)
H.Miscellaneous
33
D.M. Textile Mills Ltd. (Thousand Rupees)

Items 2016 2017 2018 2019 2020 2021
2.Operating fixed assets at cost 1,015,180 940,439 901,794 470,584 303,060 304,407
5.Long term investments 0 6,136 6,517 341,061 360,659 353,301
4.Short term loans and advances 306 183 51 15 1,285 4,580
2.Reserves (61,484) (61,826) (75,583) (80,858) (67,036) (17,829)
1.Long term borrowings 8,137 5,131 1,766 0 0 0
3.Current portion of non-current liabilities 3,185 3,664 4,023 2,425 659 0
F.Operations:
1.Sales 198 0 0 0 0 1,698
i)Local sales (Net) 198 0 0 0 0 1,698
2.Cost of sales 206 0 0 0 0 1,726
3.Gross profit / (loss) (F1-F2) (8) 0 0 0 0 (28)
6.EBIT (F3-F4+F5) (84,994) (8,688) (17,496) (3,258) 19,060 (8,817)
7.Financial expenses 1,948 894 675 418 213 175
of which: (i) Interest expenses 1,916 700 444 235 34 0
8.Profit / (loss) before taxation (F6-F7) (86,942) (9,582) (18,171) (3,676) 18,847 (8,992)
9.Tax expenses (28,113) (6,807) (2,308) 3,665 5,339 4,674
10.Profit / (loss) after tax (F8-F9) (58,829) (2,775) (15,863) (7,341) 13,508 (13,666)
1.Net cash flows from operating activities (20,547) (7,252) (1,438) 5,736 22,814 (42,458)
2.Net cash flows from investing activities 22,022 5,904 7,110 5,487 550 37,420
3.Net cash flows from financing activities (1,650) 1,307 (5,710) (10,451) (5,805) (1,424)
H.Miscellaneous
2.Retention in business (F10-F11-F12) (58,829) (2,775) (15,863) (7,341) 13,508 (13,666)
P1. Net Profit margin / Net profit to sales (F10 as % of F1) -29,711.62 - - - - -804.83
P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)} -7.93 -0.39 -2.33 -1.11 2.02 -2.07
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} -10.44 -0.50 -2.97 -1.40 2.55 -2.57
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) -19.27 -0.91 -5.20 -2.40 4.43 -4.48
34
D.S. Industries Ltd. (Thousand Rupees)

Items 2016 2017 2018 2019 2020 2021
1.Cash & bank balance 982 1,099 2,339 1,805 734 802
i)Raw material 4,887 19,672 40,251 4,560 5,742 4,139
2.Reserves (724,847) (780,092) (843,218) (869,224) (889,170) (892,048)
i)Capital Reserve 63,018 (82,900) (82,900) (82,900) (82,900) (82,900)
1.Long term borrowings 0 0 82,745 0 103,976 96,776
5.Other non-current liabilities 5,770 0 19,779 0 8,116 17,064
3.Current portion of non-current liabilities 151,189 128,140 13,000 0 6,000 14,372
4.Other current liabilities 227 10,011 12,174 15,873 2,104 338
F.Operations:
1.Sales 635,026 823,970 717,846 581,735 117,733 133,970
i)Local sales (Net) 635,026 823,970 717,846 581,735 117,733 133,970
2.Cost of sales 694,771 879,569 733,451 612,634 115,417 128,717
i)Cost of material 354,820 542,606 424,816 343,161 43,775 57,659
3.Gross profit / (loss) (F1-F2) (59,745) (55,599) (15,605) (30,899) 2,316 5,253
6.EBIT (F3-F4+F5) (31,681) 85,050 (34,161) (117,105) (10,072) (20,033)
9.Tax expenses (49,669) 4,023 31,945 (53,015) 6,936 (21,804)
10.Profit / (loss) after tax (F8-F9) 16,530 77,093 (75,783) (81,531) (33,482) (9,680)
1.Net cash flows from operating activities (69,240) (47,763) (62,718) (111,729) (1,988) 3,919
2.Net cash flows from investing activities 0 48 (91) 109,904 16,071 1,294
H.Miscellaneous
2.Retention in business (F10-F11-F12) 16,530 77,093 (75,783) (81,531) (33,482) (9,680)
P1. Net Profit margin / Net profit to sales (F10 as % of F1) 2.60 9.36 -10.56 -14.02 -28.44 -7.23
P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)} 2.51 10.77 -10.93 -13.57 -6.86 -2.06
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} 74.26 41.50 -32.35 -39.39 -16.76 -5.43
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) 0.28 0.92 -0.91 -0.97 -0.40 -0.12
35
Dar Es Salaam Textile Mills Ltd. (Thousand Rupees)

Items 2016 2017 2018 2019 2020 2021
2.Operating fixed assets at cost 1,493,377 1,492,411 0 0 0 0
3.Operating fixed assets after deducting accumulated depreciation 664,780 611,549 0 0 0 0
5.Long term investments 0 0 0 0 322,131 341,891
1.Cash & bank balance 559 301 18,874 283 296 1,693
4.Short term loans and advances 806 806 128 1,382 592 687
C.Shareholders' Equity (C1+C2+C3) 108,956 75,430 (100,035) (118,264) (155,992) (137,570)
2.Reserves (363,720) (373,948) (180,035) (198,264) (242,655) (224,233)
i)Capital Reserve 0 47,540 75,882 95,522 100,869 98,179
3.Surplus on revaluation of fixed assets 392,676 369,378 0 0 6,663 6,663
D.Non-Current Liabilities (D1+D2+D3+D4+D5) 29,904 6,863 0 0 0 14,310
1.Long term borrowings 0 0 0 0 0 14,310
5.Other non-current liabilities 29,904 6,863 0 0 0 0
F.Operations:
1.Sales 0 0 0 0 0 0
2.Cost of sales 57,089 51,717 0 0 0 0
3.Gross profit / (loss) (F1-F2) (57,089) (51,717) 0 0 0 0
6.EBIT (F3-F4+F5) (52,277) (56,610) (163,504) (4,909) (47,090) 26,280
7.Financial expenses 29,247 23,733 264 25 6 788
of which: (i) Interest expenses 29,247 23,474 0 0 0 0
8.Profit / (loss) before taxation (F6-F7) (81,524) (80,343) (163,768) (4,934) (47,096) 25,492
9.Tax expenses (25,740) 723 13,379 0 2,641 4,380
10.Profit / (loss) after tax (F8-F9) (55,784) (81,066) (177,147) (4,934) (49,737) 21,112
1.Net cash flows from operating activities (30) (14,973) (35,866) (13,768) (4,908) (5,190)
2.Net cash flows from investing activities 0 450 34,523 638 0 9,777
3.Net cash flows from financing activities 0 14,235 19,931 (5,460) 4,920 (3,190)
H.Miscellaneous
1.Total capital employed (C+D) 138,860 82,293 (100,035) (118,264) (155,992) (123,260)
2.Retention in business (F10-F11-F12) (55,784) (81,066) (177,147) (4,934) (49,737) 21,112
3.Depreciation for the year 58,254 52,772 41,671 0 0 0
P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)} -7.22 -11.45 -31.38 -1.15 -13.07 5.75
P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current 5.57 7.68 -45.89 -3.93 -2.77 -2.50
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} -40.19 -87.93 1,439.93 4.52 36.27 -14.38
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) -6.97 -10.13 -22.14 -0.62 -6.22 2.64
36
Data Textiles Ltd. (Thousand Rupees)

Items 2016 2017 2018 2019 2020 2021
A.Non-Current Assets (A1+A3+A4+A5+A6) 345 295 254 219 190 164
3.Operating fixed assets after deducting accumulated depreciation 345 295 254 219 190 164
6.Other non-current assets 0 0 0 0 0 0
4.Short term loans and advances 0 0 0 0 0 0
C.Shareholders' Equity (C1+C2+C3) (44,301) (44,808) (49,741) (52,271) (54,812) (56,656)
2.Reserves (143,397) (143,904) (148,837) (151,367) (153,908) (155,752)
of which: i) Trade credits 0 0 0 0 0 0
F.Operations:
1.Sales 0 0 0 0 0 0
2.Cost of sales 0 0 0 0 0 0
3.Gross profit / (loss) (F1-F2) 0 0 0 0 0 0
4.General, administrative and other expenses 320 507 4,935 2,530 2,541 1,843
ii)Administrative and other expenses 320 507 4,935 2,530 2,541 1,843
5.Other income / (loss) 0 0 0 0 0 0
6.EBIT (F3-F4+F5) (320) (507) (4,935) (2,530) (2,541) (1,843)
8.Profit / (loss) before taxation (F6-F7) (320) (507) (4,935) (2,530) (2,541) (1,843)
9.Tax expenses 0 0 0 0 0 0
10.Profit / (loss) after tax (F8-F9) (320) (507) (4,935) (2,530) (2,541) (1,843)
1.Net cash flows from operating activities 0 0 0 0 0 0
2.Net cash flows from investing activities 0 0 0 0 0 0
H.Miscellaneous
1.Total capital employed (C+D) (5,078) (5,586) (10,519) (13,049) (15,590) (17,434)
2.Retention in business (F10-F11-F12) (320) (507) (4,935) (2,530) (2,541) (1,843)
3.Depreciation for the year 85 49 41 35 29 25
4.Salaries, wages and employee benefits 0 0 1,847 1,725 1,455 928
37
Dewan Farooque Spinning Mills Ltd. (Thousand Rupees)

Items 2016 2017 2018 2019 2020 2021
1.Capital work in progress 36,740 0 20,478 0 0 3,000
2.Inventories; of which 118,637 185,838 28,189 361 361 361
i)Raw material 4,004 31,701 27,742 0 0 0
ii)Work in progress 8,337 19,235 0 0 0 0
iii)Finished goods 106,296 134,902 447 361 361 361
C.Shareholders' Equity (C1+C2+C3) 1,084,029 1,508,725 1,139,734 936,849 739,921 2,002,677
2.Reserves (419,950) (643,645) (964,608) (1,123,518) (1,274,238) (1,345,217)
ii)Revenue Reserve (419,950) (643,645) (964,608) (1,123,518) (1,274,238) (1,345,217)
of which: un-appropriated profit(loss) / retained earnings (419,950) (643,645) (964,608) (1,123,518) (1,274,238) (1,345,217)
3.Surplus on revaluation of fixed assets 526,472 1,174,863 1,126,835 1,082,860 1,036,652 2,370,387
1.Long term borrowings 99,374 0 0 197,378 0 0
2.Subordinated loans / Sponsor's loans 154,728 168,250 182,233 0 0 0
4.Employees benefit obligations 0 0 3,756 7,959 10,499 15,641
E.Current Liabilities (E1+E2+E3+E4) 805,473 1,054,713 1,000,204 978,877 1,259,456 1,274,972
F.Operations:
1.Sales 865,287 952,278 769,189 482,918 431,984 602,428
i)Local sales (Net) 865,287 952,278 769,189 482,918 431,984 602,428
2.Cost of sales 1,010,548 1,072,353 1,016,272 593,035 502,402 627,214
i)Cost of material 501,536 686,625 332,454 31,865 0 0
5.Other income / (loss) 1,430 1,869 2,642 238 0 0
6.EBIT (F3-F4+F5) (216,496) (173,726) (331,453) (158,959) (101,791) (82,342)
9.Tax expenses (37,971) 12,317 (14,687) (14,918) (12,394) (6,427)
1.Net cash flows from operating activities (175,262) (27,261) 116,594 92,659 41,537 61,661
3.Net cash flows from financing activities 0 0 0 0 (15,000) 0
H.Miscellaneous
1.Total capital employed (C+D) 1,468,627 1,929,008 1,545,559 1,333,739 923,100 2,335,478
38
Dewan Khalid Textile Mills Ltd. (Thousand Rupees)

Items 2016 2017 2018 2019 2020 2021
6.Other non-current assets 26,449 2,891 2,891 2,891 2,840 0
1.Cash & bank balance 2,263 1,817 1,525 2,031 933 995
i)Raw material 31,841 32,431 32,431 32,431 32,431 32,431
ii)Work in progress 1,190 0 0 0 0 0
4.Short term loans and advances 6,763 1,816 428 424 413 70
Total Assets (A+B) / Equity & Liabilities (C+D+E) 799,987 1,087,099 885,438 804,479 738,554 652,754
C.Shareholders' Equity (C1+C2+C3) (1,527) 193,894 14,452 (56,729) (131,018) (176,893)
2.Reserves (301,845) (421,465) (561,845) (598,597) (638,468) (654,144)
i)Capital Reserve 30,000 0 0 0 0 0
2.Subordinated loans / Sponsor's loans 40,162 43,642 47,268 51,197 0 0
F.Operations:
1.Sales 348,858 36,120 0 0 0 0
i)Local sales (Net) 348,858 36,120 0 0 0 0
2.Cost of sales 533,265 134,872 93,676 81,501 69,680 61,214
i)Cost of material 224,927 11,903 0 0 0 0
i)Selling & distribution expenses 3,338 1,989 0 0 0 0
5.Other income / (loss) 0 221 0 17,074 14,475 45,490
6.EBIT (F3-F4+F5) (233,461) (122,746) (197,142) (74,878) (65,681) (47,684)
9.Tax expenses 34,389 (14,809) (26,308) (16,090) (14,057) (12,335)
11.Cash dividends 0 0 0 0 67,275 0
1.Net cash flows from operating activities (17,200) (28,921) 2,557 3,071 1,441 832
2.Net cash flows from investing activities (2,610) 23,865 (265) 0 0 0
3.Net cash flows from financing activities 25,847 (2,748) (2,585) (2,564) (2,539) (770)
H.Miscellaneous
1.Total capital employed (C+D) 175,343 435,953 227,963 139,656 112 (58,098)
P1. Net Profit margin / Net profit to sales (F10 as % of F1) -81.02 -341.60 - - - -
P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current 5.82 9.81 9.47 -39.97 -8.22 -4.52
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} -168.76 -128.28 -177.63 360.22 79.14 29.80
39
Dewan Mushtaq Textile Mills Ltd. (Thousand Rupees)

Items 2016 2017 2018 2019 2020 2021
i)Raw material 27,762 27,705 26,714 26,714 26,714 27,284
Total Assets (A+B) / Equity & Liabilities (C+D+E) 855,378 1,181,045 1,036,975 955,259 881,791 813,336
2.Reserves (117,555) (258,265) (379,425) (458,671) (539,938) (572,420)
F.Operations:
1.Sales 737,421 14,010 0 0 0 0
i)Local sales (Net) 737,421 14,010 0 0 0 0
2.Cost of sales 812,277 113,538 79,706 69,712 59,881 52,472
5.Other income / (loss) 0 0 0 0 0 19,865
6.EBIT (F3-F4+F5) (154,997) (134,195) (144,052) (82,691) (72,290) (44,585)
9.Tax expenses 4,577 (6,910) (21,716) (10,422) (9,290) (8,297)
11.Cash dividends 0 0 0 0 80,927 0
2.Net cash flows from investing activities (65) 25,288 0 0 0 0
H.Miscellaneous
P1. Net Profit margin / Net profit to sales (F10 as % of F1) -25.46 -1,116.38 - - - -
40
Dewan Textile Mills Ltd. (Thousand Rupees)

Items 2016 2017 2018 2019 2020 2021
B.Current Assets (B1+B2+B3+B4+B5+B6) 1,854,612 1,382,235 1,116,488 630,486 479,863 262,567
2.Inventories; of which 1,121,836 806,907 706,044 256,311 256,310 196,772
i)Raw material 996,171 683,291 582,428 157,909 157,908 157,909
C.Shareholders' Equity (C1+C2+C3) (960,145) (1,332,988) (1,927,222) (2,794,511) (3,401,288) (3,906,360)
2.Reserves (2,001,750) (2,687,660) (3,228,889) (4,049,247) (4,608,829) (5,072,352)
D.Non-Current Liabilities (D1+D2+D3+D4+D5) 2,008,152 1,637,261 369,673 310,388 289,806 289,508
1.Long term borrowings 1,720,243 1,265,799 21,097 16,101 0 0
4.Other current liabilities 431,915 611,710 795,091 1,081,815 1,440,225 1,669,849
F.Operations:
1.Sales 333,620 85,443 0 132,472 0 76,817
i)Local sales (Net) 333,620 85,443 0 132,472 0 76,817
2.Cost of sales 705,977 414,575 193,454 569,734 152,473 191,117
i)Cost of material 191,892 219,113 0 399,303 0 0
5.Other income / (loss) 0 364 652 39,996 0 0
6.EBIT (F3-F4+F5) (667,289) (554,839) (422,863) (575,560) (231,785) (272,118)
9.Tax expenses (17,908) (22,395) (26,038) (20,324) (19,277) (15,819)
1.Net cash flows from operating activities 24,418 (61,481) 6,507 41,987 (882) 5,876
2.Net cash flows from investing activities (46,688) 65,543 835 1,200 0 0
H.Miscellaneous
1.Total capital employed (C+D) 1,048,007 304,273 (1,557,549) (2,484,123) (3,111,482) (3,616,852)
P1. Net Profit margin / Net profit to sales (F10 as % of F1) -255.58 -863.33 - -659.89 - -657.50
41
Din Textile Mills Ltd. (Thousand Rupees)

Items 2016 2017 2018 2019 2020 2021
i)Raw material 847,762 1,729,203 2,678,780 2,797,919 2,140,232 3,119,810
3.Trade Debt / accounts receivables 799,369 708,664 1,230,753 1,532,234 2,235,985 3,289,302
6.Other current assets 949,387 1,297,912 944,300 1,165,658 810,281 723,630
2.Reserves 1,523,471 1,433,752 1,576,594 1,871,574 2,585,213 4,151,820
1.Long term borrowings 741,209 855,591 1,946,434 2,247,306 3,495,521 6,003,056
5.Other non-current liabilities 0 16,535 80,273 29,620 36,316 146,133
of which: i) Trade credits 160,435 185,361 185,361 286,474 1,592,209 437,896
2.Short term borrowings 942,852 1,807,129 1,078,886 2,228,256 1,974,513 498,470
3.Current portion of non-current liabilities 447,430 421,255 336,016 474,258 67,475 1,100,956
F.Operations:
1.Sales 7,602,604 7,421,792 9,479,190 11,560,482 12,482,831 17,641,435
i)Local sales (Net) 5,206,181 5,412,530 7,477,139 9,058,669 8,977,123 11,955,157
2.Cost of sales 6,942,947 6,944,651 8,671,900 10,243,242 11,189,622 14,528,487
3.Gross profit / (loss) (F1-F2) 659,657 477,141 807,290 1,317,240 1,293,209 3,112,948
5.Other income / (loss) 46 1,791 118 495 6,949 77,233
6.EBIT (F3-F4+F5) 460,633 283,500 584,041 1,049,293 992,475 2,637,745
9.Tax expenses 140,609 64,786 86,450 56,093 141,087 374,095
10.Profit / (loss) after tax (F8-F9) 60,519 (63,297) 144,888 362,448 36,635 1,562,922
11.Cash dividends 28,027 0 0 72,871 0 0
1.Net cash flows from operating activities 347,286 (387,956) 690,836 (762,702) 1,038,174 1,791,677
2.Net cash flows from investing activities (290,638) (586,003) (982,739) (838,292) (2,320,203) (4,041,225)
3.Net cash flows from financing activities 574 88,206 1,005,605 439,114 1,820,810 3,541,017
H.Miscellaneous
2.Retention in business (F10-F11-F12) 32,492 (63,297) 144,888 289,578 36,635 1,562,922
P1. Net Profit margin / Net profit to sales (F10 as % of F1) 0.80 -0.85 1.53 3.14 0.29 8.86
P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)} 1.08 -0.98 1.78 3.72 0.32 10.40
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} 3.49 -3.72 8.38 18.29 1.39 40.15
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) 2.70 -2.82 6.46 12.43 0.70 29.79
42
Elahi Cotton Mills Ltd. (Thousand Rupees)

Items 2016 2017 2018 2019 2020 2021
i)Raw material 2,310 4,145 9,089 7,558 6,690 5,955
2.Reserves (73,963) (76,678) (69,463) (66,292) (58,480) (52,048)
of which: i) Trade credits 1,546 127 95 129 41 0
4.Other current liabilities 248 264 9,814 6,878 268 268
F.Operations:
1.Sales 283,618 320,825 395,284 503,030 436,156 508,766
i)Local sales (Net) 283,618 320,825 395,284 503,030 436,156 508,766
2.Cost of sales 279,077 318,490 383,658 489,140 415,323 487,867
5.Other income / (loss) 88 1,274 2,389 752 682 1,417
6.EBIT (F3-F4+F5) (2,204) (1,982) 7,701 6,397 12,084 11,847
8.Profit / (loss) before taxation (F6-F7) (2,212) (1,988) 7,699 6,394 12,032 11,845
9.Tax expenses 1,815 2,351 3,760 5,678 5,628 6,530
10.Profit / (loss) after tax (F8-F9) (4,027) (4,339) 3,939 716 6,404 5,315
1.Net cash flows from operating activities 735 2,437 836 11,718 15,343 (4,802)
2.Net cash flows from investing activities (1,081) 130 1,474 (1,360) (346) (5,338)
3.Net cash flows from financing activities 675 550 (850) (1,900) (2,630) (5,894)
H.Miscellaneous
2.Retention in business (F10-F11-F12) (4,027) (4,339) 3,939 66 6,404 5,315
43
Ellcot Spinning Mills Ltd. (Thousand Rupees)

Items 2016 2017 2018 2019 2020 2021
1.Capital work in progress 0 5,478 136 0 6,574 235,490
4.Intangible assets 6,097 4,857 3,617 0 0 0
2.Inventories; of which 738,171 850,295 1,821,068 1,510,388 1,743,158 1,455,151
i)Raw material 527,425 751,263 1,700,658 1,402,455 1,567,381 1,353,210
5.Short term investments 119,964 546,042 451,034 0 353,114 720,768
2.Reserves 1,308,982 1,339,524 1,439,770 1,524,933 1,645,631 2,442,570
i)Capital Reserve 8,212 (2,744) 5,979 (54,966) (101,905) (32,772)
2.Short term borrowings 452,834 922,678 2,227,456 1,441,743 819,226 34,985
F.Operations:
1.Sales 4,227,910 4,868,596 5,563,119 6,346,642 6,152,929 7,715,509
i)Local sales (Net) 3,334,050 4,627,935 4,432,214 5,246,813 5,277,343 6,555,932
ii)Export sales (Net) 893,860 240,661 1,130,905 1,099,829 875,586 1,159,577
2.Cost of sales 3,982,624 4,551,646 5,156,474 5,705,888 5,395,257 6,316,372
6.EBIT (F3-F4+F5) 110,353 178,853 247,172 452,055 550,716 1,131,854
9.Tax expenses (11,675) 43,342 1,494 (37,280) 135,489 202,630
11.Cash dividends 38,325 38,325 65,700 65,700 76,650 109,500
1.Net cash flows from operating activities (199,443) (18,833) (1,092,085) 1,082,015 546,557 1,159,904
2.Net cash flows from investing activities (238,483) (510,600) (1,499,962) (134,415) (50,638) (918,474)
3.Net cash flows from financing activities 465,446 369,176 2,593,029 (836,849) (598,489) (231,685)
H.Miscellaneous
44
Faisal Spinning Mills Ltd. (Thousand Rupees)

Items 2016 2017 2018 2019 2020 2021
1.Capital work in progress 78 242,440 19,809 23,677 3,055,669 359,777
i)Raw material 1,432,763 1,420,366 1,942,387 3,346,841 4,987,922 4,265,804
3.Trade Debt / accounts receivables 497,572 395,872 1,035,167 991,417 823,685 1,369,520
6.Other current assets 619,112 681,023 610,752 693,881 1,232,409 1,046,993
2.Reserves 3,690,302 4,071,012 4,475,086 5,180,827 5,357,554 7,713,261
2.Subordinated loans / Sponsor's loans 0 0 0 0 479,337 940,281
E.Current Liabilities (E1+E2+E3+E4) 1,640,896 902,956 1,496,651 2,467,436 5,006,663 3,699,052
1.Trade credit & other accounts payables 751,075 554,470 599,666 742,759 960,417 1,400,126
2.Short term borrowings 752,995 164,040 645,652 1,430,911 3,876,009 1,878,178
F.Operations:
1.Sales 9,281,955 10,563,663 11,842,981 14,028,566 14,895,550 17,065,186
i)Local sales (Net) 2,593,314 2,303,580 3,481,894 3,710,439 3,165,950 3,462,966
2.Cost of sales 8,605,975 9,516,681 10,534,519 12,144,528 13,485,267 14,576,410
3.Gross profit / (loss) (F1-F2) 675,980 1,046,982 1,308,462 1,884,038 1,410,283 2,488,776
6.EBIT (F3-F4+F5) 321,461 648,880 858,787 1,392,920 937,227 2,851,076
8.Profit / (loss) before taxation (F6-F7) 177,970 494,493 721,426 1,102,372 690,375 2,540,307
9.Tax expenses 8,755 63,500 143,571 183,872 166,496 180,974
11.Cash dividends 50,000 172,500 232,000 185,000 150,000 214,500
1.Net cash flows from operating activities (182,705) 1,025,050 119,711 (176,452) (1,322,521) 2,401,905
3.Net cash flows from financing activities 1,156,495 (330,090) 224,370 561,262 5,019,075 (849,393)
H.Miscellaneous
4.Salaries, wages and employee benefits 546,922 623,907 1,198,607 662,211 755,541 1,020,555
45
Fatima Enterprises Ltd. (Thousand Rupees)

Items 2016 2017 2018 2019 2020 2021
2.Inventories; of which 1,529,743 1,519,115 697,497 687,884 687,884 687,884
i)Raw material 248,205 260,525 173,441 219,288 219,288 219,288
iii)Finished goods 1,058,853 1,128,846 474,037 406,423 406,423 406,423
2.Reserves (416,807) (1,213,523) (1,684,214) (1,996,645) (1,996,645) (1,996,645)
ii)Revenue Reserve (435,455) (1,232,171) (1,702,862) (2,015,293) (2,015,293) (2,015,293)
of which: un-appropriated profit(loss) / retained earnings (435,455) (1,232,171) (1,702,862) (2,015,293) (2,015,293) (2,015,293)
F.Operations:
1.Sales 1,560,007 1,978,089 2,587,468 3,339,775 3,339,775 3,339,775
i)Local sales (Net) 1,558,320 1,576,325 2,090,458 2,846,275 2,846,275 2,846,275
ii)Export sales (Net) 1,687 401,764 497,010 493,500 493,500 493,500
2.Cost of sales 1,764,504 2,239,930 3,525,313 3,274,272 3,274,272 3,274,272
3.Gross profit / (loss) (F1-F2) (204,497) (261,841) (937,845) 65,503 65,503 65,503
5.Other income / (loss) (61,217) (267,992) 63,585 (241,454) (241,454) (241,454)
6.EBIT (F3-F4+F5) (371,876) (655,781) (1,150,518) (345,343) (345,343) (345,343)
8.Profit / (loss) before taxation (F6-F7) (577,934) (845,419) (1,155,290) (352,371) (352,371) (352,371)
9.Tax expenses 0 19,781 31,101 40,735 40,735 40,735
10.Profit / (loss) after tax (F8-F9) (577,934) (865,200) (1,186,391) (393,106) (393,106) (393,106)
1.Net cash flows from operating activities (282,425) (56,083) (14,990) 7,713 7,713 7,713
2.Net cash flows from investing activities (2,831) (20,931) 25,671 2,323 2,323 2,323
3.Net cash flows from financing activities 276,612 90,385 (10,760) (67,428) (67,428) (67,428)
H.Miscellaneous
2.Retention in business (F10-F11-F12) (577,934) (865,200) (1,186,391) (393,106) (393,106) (393,106)
46
Fazal Cloth Mills Ltd. (Thousand Rupees)

Items 2016 2017 2018 2019 2020 2021
i)Raw material 3,325,656 5,163,806 8,052,540 10,778,926 9,441,519 11,553,085
2.Reserves 8,455,465 9,027,261 10,343,488 11,850,262 11,731,654 16,387,791
F.Operations:
1.Sales 23,282,102 30,145,613 33,345,188 40,913,729 39,713,735 52,132,243
i)Local sales (Net) 13,292,918 18,776,454 19,642,160 28,129,934 25,283,233 29,413,421
2.Cost of sales 21,282,338 27,947,566 30,141,180 35,898,945 35,152,501 44,127,253
i)Cost of material 374,436 19,747,844 21,807,598 26,783,560 27,123,777 30,538,970
4.General, administrative and other expenses 776,617 826,171 737,069 846,359 1,359,119 1,461,895
ii)Administrative and other expenses 340,905 319,907 438,450 584,589 976,777 1,090,201
6.EBIT (F3-F4+F5) 1,495,508 1,763,148 2,906,816 4,881,315 3,627,926 7,357,470
of which: (i) Interest expenses 7,188 974,598 1,140,332 1,900,863 2,329,868 1,373,943
8.Profit / (loss) before taxation (F6-F7) 401,179 708,645 1,534,750 2,547,275 683,138 5,562,778
9.Tax expenses 268,089 253,675 258,222 1,005,535 627,358 131,021
10.Profit / (loss) after tax (F8-F9) 133,090 454,970 1,276,528 1,541,740 55,780 5,431,757
11.Cash dividends 150,000 157,500 255,000 315,000 0 900,000
1.Net cash flows from operating activities 1,994,914 (3,414,334) 855,511 2,761,361 4,303,416 8,399,854
2.Net cash flows from investing activities (407,717) (2,091,220) (2,198,269) (3,394,323) (2,548,668) (1,474,290)
3.Net cash flows from financing activities (1,554,736) 5,439,219 1,333,700 698,141 (1,655,375) (7,068,553)
H.Miscellaneous
2.Retention in business (F10-F11-F12) (16,910) 297,470 1,021,528 1,226,740 55,780 4,531,757
3.Depreciation for the year 913,931 912,387 1,021,400 1,158,717 1,239,352 1,436,003
47
Feroze1888 Mills Ltd. (Thousand Rupees)

Items 2016 2017 2018 2019 2020 2021
1.Capital work in progress 854,663 849,492 1,907,307 2,070,731 3,248,220 2,145,165
1.Cash & bank balance 990,908 93,730 203,534 3,267,698 2,247,990 1,625,126
i)Raw material 1,530,681 1,543,479 1,575,528 2,982,549 4,083,618 2,757,422
ii)Work in progress 971,073 1,574,768 1,470,271 2,330,145 2,597,780 3,136,835
iii)Finished goods 545,215 519,463 846,471 1,098,393 1,588,230 2,542,945
5.Short term investments 0 0 0 0 3,787,643 5,598,019
2.Reserves 7,919,218 9,240,859 10,900,264 14,836,432 15,892,787 19,198,605
4.Employees benefit obligations 0 0 0 143,494 200,213 406,436
5.Other non-current liabilities 0 0 0 0 0 1,379,785
2.Short term borrowings 0 500,000 2,550,000 6,490,000 9,640,000 11,750,000
F.Operations:
1.Sales 19,664,897 20,937,331 21,775,447 29,348,438 31,205,677 42,575,465
i)Local sales (Net) 221,695 417,623 561,573 368,980 278,859 525,356
2.Cost of sales 14,089,214 16,063,005 16,950,429 21,600,408 23,698,998 32,509,338
i)Selling & distribution expenses 506,983 1,421,045 1,511,757 2,026,890 1,150,779 3,141,547
ii)Administrative and other expenses 954,990 792,082 1,142,054 1,392,664 2,944,204 1,877,745
5.Other income / (loss) 0 (156,605) 718,671 2,048,510 218,888 300,776
6.EBIT (F3-F4+F5) 4,113,710 2,504,594 2,889,878 6,376,986 3,630,584 5,347,611
9.Tax expenses 221,968 (39,977) 52,052 231,284 346,404 477,993
11.Cash dividends 376,801 1,017,362 1,375,323 2,392,686 881,714 1,292,427
3.Net cash flows from financing activities (1,094,423) (1,060,624) 1,323,264 3,241,026 4,034,663 2,809,771
H.Miscellaneous
3.Depreciation for the year 435,950 547,927 745,112 933,095 1,204,398 1,479,055
48
Gadoon Textile Mills Ltd. (Thousand Rupees)

Items 2016 2017 2018 2019 2020 2021
i)Raw material 4,256,409 4,157,585 6,316,848 6,722,339 10,545,501 8,957,476
iii)Finished goods 641,035 1,280,468 866,680 1,339,663 2,017,698 1,428,476
5.Short term investments 75,734 0 0 0 0 0
2.Reserves 6,253,309 7,086,427 7,933,214 8,929,137 8,804,062 12,329,779
of which: un-appropriated profit(loss) / retained earnings 0 0 0 0 0 0
1.Long term borrowings 0 0 594,338 2,622,363 3,526,689 3,906,240
F.Operations:
1.Sales 21,269,477 23,248,578 27,554,687 31,217,479 28,986,781 41,009,841
i)Local sales (Net) 13,666,007 15,665,623 17,225,136 22,871,633 9,472,888 14,363,390
2.Cost of sales 20,543,285 21,919,785 25,609,797 28,324,756 26,745,495 36,034,261
ii)Administrative and other expenses 292,909 193,915 224,245 375,764 1,186,311 599,874
6.EBIT (F3-F4+F5) 357,012 1,427,539 2,048,328 2,768,530 1,246,797 4,657,161
7.Financial expenses 449,176 342,601 574,682 1,100,073 909,080 631,061
of which: (i) Interest expenses 434,389 315,729 539,961 1,105,030 893,861 596,874
8.Profit / (loss) before taxation (F6-F7) (92,164) 1,084,938 1,473,646 1,668,457 337,717 4,026,100
9.Tax expenses 181,681 277,952 288,350 482,355 292,218 491,999
10.Profit / (loss) after tax (F8-F9) (273,845) 806,986 1,185,296 1,186,102 45,499 3,534,101
11.Cash dividends 0 140,148 434,459 238,252 0 336,355
1.Net cash flows from operating activities 1,271,568 891,770 (890,942) 986,064 (1,883,820) 7,790,137
2.Net cash flows from investing activities (529,849) (197,445) (852,240) (2,503,712) (1,080,487) (853,514)
3.Net cash flows from financing activities (8,963) (77) 271,059 1,826,106 683,156 1,243,635
H.Miscellaneous
2.Retention in business (F10-F11-F12) (273,845) 666,838 750,837 947,850 45,499 3,197,746
3.Depreciation for the year 811,284 743,950 736,284 794,827 1,013,982 983,218
49
Ghazi Fabrics International Ltd. (Thousand Rupees)

Items 2016 2017 2018 2019 2020 2021
i)Raw material 156,085 487,312 78,419 471,108 592,204 340,388
C.Shareholders' Equity (C1+C2+C3) 828,646 870,784 1,056,159 1,190,620 1,135,669 1,450,203
2.Reserves 502,290 544,428 729,803 864,264 809,313 1,123,847
2.Short term borrowings 940,649 1,203,403 983,333 1,255,862 1,037,670 775,971
F.Operations:
1.Sales 4,819,931 4,255,717 3,797,059 5,418,786 4,703,859 6,340,314
i)Local sales (Net) 1,664,189 2,071,716 2,249,628 4,159,107 4,118,247 5,784,982
ii)Export sales (Net) 3,155,742 2,184,001 1,547,431 1,259,679 585,612 555,332
2.Cost of sales 4,647,253 4,174,942 3,571,402 5,033,977 4,566,155 5,790,439
6.EBIT (F3-F4+F5) (85,858) (153,404) 18,328 206,985 (31,851) 346,749
8.Profit / (loss) before taxation (F6-F7) (235,295) (293,544) (101,701) 61,951 (204,907) 251,144
9.Tax expenses 34,121 40,644 73,502 113,395 18,687 54,588
11.Cash dividends 0 0 0 0 0 24,477
1.Net cash flows from operating activities 224,891 (460,539) 155,951 (451,963) 42,817 361,653
H.Miscellaneous
P1. Net Profit margin / Net profit to sales (F10 as % of F1) -5.59 -7.85 -4.61 -0.95 -4.75 3.10
50
Globe Textile Mills Ltd. (Thousand Rupees)

Items 2016 2017 2018 2019 2020 2021
2.Reserves (96,189) (104,995) (106,959) (108,297) (110,566) (111,526)
D.Non-Current Liabilities (D1+D2+D3+D4+D5) 0 0 0 0 0 0
E.Current Liabilities (E1+E2+E3+E4) 5,197 1,476 690 1,005 958 964
1.Trade credit & other accounts payables 1,227 1,476 628 944 958 964
4.Other current liabilities 3,970 0 62 61 0 0
F.Operations:
1.Sales 0 0 0 0 0 0
4.General, administrative and other expenses 23,547 9,987 2,118 1,352 2,008 981
ii)Administrative and other expenses 23,547 9,987 2,118 1,352 1,990 981
6.EBIT (F3-F4+F5) (23,157) (9,405) (1,963) (1,336) (1,994) (960)
8.Profit / (loss) before taxation (F6-F7) (23,158) (9,406) (1,964) (1,338) (2,269) (960)
10.Profit / (loss) after tax (F8-F9) (23,158) (9,406) (1,964) (1,338) (2,269) (960)
1.Net cash flows from operating activities (2,717) (4,240) (1,611) 1 15 20
2.Net cash flows from investing activities 2,683 4,239 0 0 0 0
3.Net cash flows from financing activities 0 0 1,604 0 0 0
H.Miscellaneous
2.Retention in business (F10-F11-F12) (23,158) (9,406) (1,964) (1,338) (2,269) (960)
4.Salaries, wages and employee benefits 1,601 15 0 0 0 0
51
Gulistan Spinning Mills Ltd. (Thousand Rupees)

Items 2016 2017 2018 2019 2020 2021
i)Raw material 77,590 58,192 43,644 43,644 43,644 43,644
iii)Finished goods 403 11,647 8,735 8,735 8,735 8,735
3.Trade Debt / accounts receivables 12,075 9,396 3,549 0 0 0
Total Assets (A+B) / Equity & Liabilities (C+D+E) 1,042,786 990,237 942,320 796,546 752,336 752,336
2.Reserves (1,518,615) (1,829,668) (1,907,887) (1,914,989) (1,959,510) (1,959,510)
D.Non-Current Liabilities (D1+D2+D3+D4+D5) 159,360 1,918,062 1,907,759 1,802,615 1,802,615 1,802,615
1.Long term borrowings 0 1,775,177 1,779,069 1,802,190 1,802,190 1,802,190
of which: i) Trade credits 163,364 0 37,954 0 0 0
2.Short term borrowings 1,145,120 0 0 0 0 0
F.Operations:
1.Sales 3,000 11,700 0 0 0 0
i)Local sales (Net) 3,000 11,700 0 0 0 0
2.Cost of sales 34,715 55,071 43,905 16,960 0 0
i)Cost of material 0 19,397 15,398 2,550 0 0
3.Gross profit / (loss) (F1-F2) (31,715) (43,371) (43,905) (16,960) 0 0
6.EBIT (F3-F4+F5) (23,632) (44,558) (43,020) 60,667 (44,519) (44,519)
of which: (i) Interest expenses 10,288 4,068 54,833 54,873 0 0
9.Tax expenses 3,212 (16,278) (10,565) (10,116) 0 0
1.Net cash flows from operating activities (1,881) (325) (388) (4,089) (12) (12)
2.Net cash flows from investing activities 1,561 1,300 0 2,067 0 0
3.Net cash flows from financing activities 0 (599) (8) 397 0 0
H.Miscellaneous
1.Total capital employed (C+D) (845,890) 592,168 498,076 385,497 340,976 340,976
3.Depreciation for the year 27,565 27,565 24,835 14,502 295 295
P1. Net Profit margin / Net profit to sales (F10 as % of F1) -1,250.50 -280.11 - - - -
52
Gulistan Textile Mills Ltd. (Thousand Rupees)

Items 2016 2017 2018 2019 2020 2021
3.Operating fixed assets after deducting accumulated depreciation 3,485,717 3,409,557 3,335,758 6,313 5,408 5,408
2.Inventories; of which 343,937 237,982 169,325 135,460 0 0
i)Raw material 215,045 153,791 127,239 101,783 0 0
iii)Finished goods 128,892 84,191 42,085 33,676 0 0
2.Reserves (5,917,497) (7,884,616) (8,335,570) (9,695,234) (10,194,161) (10,194,161)
i)Capital Reserve 1,000,549 796,627 796,627 796,627 796,627 796,627
3.Surplus on revaluation of fixed assets 1,264,867 1,256,884 1,248,863 910,659 910,659 910,659
1.Trade credit & other accounts payables 1,274,311 262,179 252,297 63,257 64,941 64,941
of which: i) Trade credits 934,733 934,733 89,629 85 0 0
3.Current portion of non-current liabilities 1,247,869 0 0 0 0 0
4.Other current liabilities 91,204 1,902,708 2,258,107 2,576,947 2,576,947 2,576,947
F.Operations:
1.Sales 7,925 0 0 0 0 0
i)Local sales (Net) 7,925 0 0 0 0 0
2.Cost of sales 156,817 186,990 154,467 90,833 135,460 135,460
6.EBIT (F3-F4+F5) (138,065) (201,015) (150,210) (801,008) (498,915) (498,915)
7.Financial expenses 35 8 355,412 584,184 12 12
of which: (i) Interest expenses 0 0 355,399 355,399 0 0
8.Profit / (loss) before taxation (F6-F7) (138,100) (201,023) (505,622) (1,385,192) (498,927) (498,927)
9.Tax expenses (42,374) (52,539) (37,198) (9,257) 0 0
10.Profit / (loss) after tax (F8-F9) (95,726) (148,484) (468,424) (1,375,935) (498,927) (498,927)
1.Net cash flows from operating activities 524 (14,874) 1 (35,529) 438 438
2.Net cash flows from investing activities 152 16,367 0 0 0 0
3.Net cash flows from financing activities (1,100) (1,630) 0 288 (348) (348)
H.Miscellaneous
1.Total capital employed (C+D) (3,910,775) 1,732,327 1,225,884 (640,532) (1,139,548) (1,139,548)
2.Retention in business (F10-F11-F12) (95,726) (148,484) (468,424) (1,375,935) (498,927) (498,927)
P1. Net Profit margin / Net profit to sales (F10 as % of F1) -1,207.90 - - - - -
53
Gulshan Spinning Mills Ltd. (Thousand Rupees)

Items 2016 2017 2018 2019 2020 2021
i)Raw material 117,679 82,276 61,707 61,707 61,707 61,707
2.Reserves (2,283,061) (3,009,808) (3,169,839) (3,817,950) (3,837,108) (3,837,108)
F.Operations:
1.Sales 85,557 15,333 0 0 0 0
i)Local sales (Net) 85,557 15,333 0 0 0 0
2.Cost of sales 188,976 122,383 93,942 40,951 0 0
3.Gross profit / (loss) (F1-F2) (103,419) (107,050) (93,942) (40,951) 0 0
5.Other income / (loss) (34,345) 75,825 63,674 52,199 26,073 26,073
6.EBIT (F3-F4+F5) (177,656) (72,027) (46,592) (430,092) (19,138) (19,138)
7.Financial expenses 6,969 606 132,546 269,534 20 20
of which: (i) Interest expenses 6,647 58 132,274 132,097 0 0
9.Tax expenses 1,423 (45,898) (2,200) (43,199) 0 0
1.Net cash flows from operating activities 146,136 17,537 (17,088) 0 (2,777) (2,777)
2.Net cash flows from investing activities (73,951) (758) 0 0 (500) (500)
3.Net cash flows from financing activities (66,609) (5,245) (952) 0 3,364 3,364
H.Miscellaneous
1.Total capital employed (C+D) (738,502) 1,875,106 1,674,940 895,676 839,045 839,045
4.Salaries, wages and employee benefits 25,008 17,714 352 300 11,005 11,005
P1. Net Profit margin / Net profit to sales (F10 as % of F1) -217.46 -174.36 - - - -
54
Hafiz Ltd. (Formerly Hafiz Textile Mills Ltd.) (Thousand Rupees)

Items 2016 2017 2018 2019 2020 2021
2.Reserves 414,745 430,435 443,252 465,116 483,997 514,934
i)Capital Reserve 414,745 430,435 443,252 0 0 0
ii)Revenue Reserve 0 0 0 465,116 483,997 514,934
F.Operations:
1.Sales 12,193 0 0 0 0 0
i)Local sales (Net) 12,193 0 0 0 0 0
3.Gross profit / (loss) (F1-F2) 12,193 0 0 0 0 0
6.EBIT (F3-F4+F5) 29,839 22,327 19,085 25,690 23,657 40,141
9.Tax expenses 1,343 2,323 2,109 1,494 2,901 6,829
11.Cash dividends 1,800 1,800 2,100 1,800 2,400 2,400
2.Net cash flows from investing activities (1,055) 0 (490) (1,804) (4,025) (10,196)
H.Miscellaneous
3.Depreciation for the year 763 775 505 381 678 1,026
P1. Net Profit margin / Net profit to sales (F10 as % of F1) 233.13 - - - - -
55
Haji Mohammad Ismail Mills Ltd. (Thousand Rupees)

Items 2016 2017 2018 2019 2020 2021
A.Non-Current Assets (A1+A3+A4+A5+A6) 50 50 50 50 50 50
2.Operating fixed assets at cost 0 0 0 0 0 0
5.Short term investments 15,070 25,378 24,026 12,267 11,915 54
2.Reserves (70,815) (72,641) (82,479) (95,447) (97,193) (102,805)
D.Non-Current Liabilities (D1+D2+D3+D4+D5) 33 0 0 0 0 3,086
E.Current Liabilities (E1+E2+E3+E4) 1,369 149 156 177 194 200
1.Trade credit & other accounts payables 1,369 149 156 177 194 200
4.Other current liabilities 0 0 0 0 0 0
F.Operations:
1.Sales 0 0 0 0 0 0
5.Other income / (loss) 1,547 9,878 (2,025) 351 880 280
6.EBIT (F3-F4+F5) (1,601) 6,810 (5,245) (4,001) (22,071) (2,965)
9.Tax expenses 164 602 891 38 19 0
11.Cash dividends 0 0 0 0 83,825 0
1.Net cash flows from operating activities 22,776 (8,036) (7,941) (961) (1,501) 13,274
H.Miscellaneous
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) -0.15 0.52 -0.51 -0.34 -1.86 -0.25
56
Hala Enterprises Ltd. (Thousand Rupees)

Items 2016 2017 2018 2019 2020 2021
i)Raw material 18,554 20,908 17,576 17,011 19,411 20,641
2.Reserves (49,944) (43,677) (38,438) (96,936) (65,197) (51,077)
1.Long term borrowings 0 0 0 0 7,737 12,834
3.Current portion of non-current liabilities 0 0 0 0 6,583 6,381
4.Other current liabilities 15,132 29,183 26,774 28,031 8,309 892
F.Operations:
1.Sales 208,473 231,101 314,091 385,706 346,417 389,822
i)Local sales (Net) 11,171 14,849 26,504 9,988 10,239 14,720
2.Cost of sales 178,919 189,480 258,777 315,349 276,089 305,984
6.EBIT (F3-F4+F5) 512 11,012 15,968 20,821 17,867 20,855
9.Tax expenses 2,223 2,389 3,120 4,128 3,775 3,511
11.Cash dividends 0 0 0 0 90,974 0
1.Net cash flows from operating activities (4,704) (12,202) 4,290 (11,762) (31,492) (2,695)
2.Net cash flows from investing activities 6,130 5,301 204 (4,052) (411) (14,953)
3.Net cash flows from financing activities (1,137) 7,180 (4,950) 15,711 30,848 18,377
H.Miscellaneous
2.Retention in business (F10-F11-F12) (8,201) 2,120 5,422 7,839 (86,591) 7,044
57
Hamid Textile Mills Ltd. (Thousand Rupees)

Items 2016 2017 2018 2019 2020 2021
6.Other non-current assets 0 1,394 0 0 0 0
1.Cash & bank balance 1,733 781 6,321 348 745 6,788
i)Raw material 14,149 8,798 15,394 18,973 17,074 26,924
iii)Finished goods 20,216 874 3,790 1,203 1,336 8,043
4.Short term loans and advances 3,497 2,216 579 9,378 3,545 2,940
2.Reserves (255,206) (244,516) (231,922) (289,563) (283,835) (288,976)
2.Subordinated loans / Sponsor's loans 41,248 46,694 0 0 0 0
4.Employees benefit obligations 9,903 57 1,147 2,470 3,028 3,436
5.Other non-current liabilities 1,843 0 0 97,690 93,063 96,072
F.Operations:
1.Sales 90,101 171,839 163,850 218,663 259,440 313,982
i)Local sales (Net) 90,101 171,839 163,850 218,663 259,440 313,982
2.Cost of sales 107,787 162,721 163,150 216,778 255,250 309,390
3.Gross profit / (loss) (F1-F2) (17,686) 9,118 700 1,885 4,190 4,592
5.Other income / (loss) 19 1,752 8,882 4,350 0 632
6.EBIT (F3-F4+F5) (27,459) (6,811) (5,859) (12,764) (15,170) (14,842)
9.Tax expenses (19,900) (1,520) 3,442 14,923 (735) 7,719
11.Cash dividends 0 0 0 0 92,901 0
2.Net cash flows from investing activities 0 0 (4,615) 0 0 806
3.Net cash flows from financing activities (4,779) 1,604 429 (12,490) (18,678) (7,805)
H.Miscellaneous
58
Hira Textile Mills Ltd. (Thousand Rupees)

Items 2016 2017 2018 2019 2020 2021
1.Capital work in progress 1,814 3,882 0 0 0 0
5.Long term investments 661,419 762,453 637,901 68,867 0 0
B.Current Assets (B1+B2+B3+B4+B5+B6) 2,255,468 2,627,405 2,257,623 1,164,764 815,828 702,508
2.Inventories; of which 1,556,917 2,017,329 1,725,676 251,675 288,799 402,628
i)Raw material 1,052,850 1,730,931 1,336,536 191,519 194,806 177,830
C.Shareholders' Equity (C1+C2+C3) 2,495,279 2,497,864 1,947,859 (97,439) 68,981 627,839
2.Reserves 1,079,458 1,102,850 574,129 (1,428,275) (1,235,701) (1,396,983)
ii)Revenue Reserve 996,958 1,020,350 491,629 (1,510,775) (1,799,701) (1,960,983)
of which: un-appropriated profit(loss) / retained earnings 996,958 1,020,350 491,629 (1,510,775) (1,799,701) (1,960,983)
3.Surplus on revaluation of fixed assets 550,042 529,235 507,951 465,057 438,903 1,159,043
1.Long term borrowings 466,124 426,043 914,216 908,845 1,141,249 1,188,758
2.Subordinated loans / Sponsor's loans 0 0 213,493 213,493 0 0
2.Short term borrowings 1,683,934 2,056,269 1,448,562 1,345,646 809,279 713,162
F.Operations:
1.Sales 3,523,396 3,361,275 2,171,757 2,645,989 1,463,374 1,473,014
i)Local sales (Net) 789,686 744,266 1,153,436 2,645,989 1,463,374 1,473,014
ii)Export sales (Net) 2,733,710 2,617,009 1,018,321 0 0 0
2.Cost of sales 3,188,731 3,106,262 2,325,426 3,707,501 1,529,789 1,607,207
i)Cost of material 2,304,446 1,830,757 1,598,619 1,792,589 920,963 1,015,856
3.Gross profit / (loss) (F1-F2) 334,665 255,013 (153,669) (1,061,512) (66,415) (134,193)
i)Selling & distribution expenses 36,677 41,175 12,364 2,893 36 39
5.Other income / (loss) 97,280 103,552 (121,643) (537,763) (15,351) 63,776
6.EBIT (F3-F4+F5) 329,880 263,514 (335,528) (1,638,869) (124,847) (106,993)
8.Profit / (loss) before taxation (F6-F7) 101,470 43,958 (540,544) (1,859,805) (291,199) (220,279)
9.Tax expenses 7,862 36,502 6,425 156,037 12,589 (47,716)
10.Profit / (loss) after tax (F8-F9) 93,608 7,456 (546,969) (2,015,842) (303,788) (172,563)
11.Cash dividends 0 0 0 0 606,045 0
H.Miscellaneous
2.Retention in business (F10-F11-F12) 93,608 7,456 (546,969) (2,015,842) (909,833) (172,563)
P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current 2.39 2.30 2.56 4.94 -243.70 10.33
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} 4.24 0.30 -24.61 -217.88 2,134.99 -49.53
59
I.C.C. Industries Ltd.(Formally ICC Textiles Ltd.) (Thousand Rupees)

Items 2016 2017 2018 2019 2020 2021
5.Long term investments 0 620,350 844,020 944,348 962,419 1,012,519
1.Cash & bank balance 11,442 455 1,362 974 754 1,849
2.Inventories; of which 14,552 1,036 734 0 0 0
i)Raw material 1,182 204 0 0 0 0
3.Trade Debt / accounts receivables 9,577 127 0 604 1,440 89
4.Short term loans and advances 3,603 430 735 717 925 1,181
2.Reserves (816,970) (787,599) (741,671) (730,220) (724,273) (759,522)
3.Current portion of non-current liabilities 192,497 65,289 0 0 0 0
F.Operations:
1.Sales 443,604 0 0 0 0 0
i)Local sales (Net) 405,112 0 0 0 0 0
2.Cost of sales 574,238 0 0 0 0 0
3.Gross profit / (loss) (F1-F2) (130,634) 0 0 0 0 0
4.General, administrative and other expenses 85,485 595 39,209 51,089 49,362 36,837
ii)Administrative and other expenses 80,779 595 38,840 51,089 49,362 36,837
6.EBIT (F3-F4+F5) (164,886) 109,767 66,408 74,393 83,634 24,761
8.Profit / (loss) before taxation (F6-F7) (217,597) 88,615 16,770 7,700 4,336 (36,215)
9.Tax expenses (6,533) 2,273 2,948 3,307 5,897 2,710
10.Profit / (loss) after tax (F8-F9) (211,064) 86,342 13,822 4,393 (1,561) (38,925)
11.Cash dividends 0 0 0 0 210,008 0
2.Net cash flows from investing activities 584 124,292 74,506 1,699 2,700 3,883
3.Net cash flows from financing activities 44,830 (29,913) (6,729) 6,184 3,117 (1,142)
H.Miscellaneous
2.Retention in business (F10-F11-F12) (211,064) 86,342 13,822 4,393 (211,569) (38,925)
4.Salaries, wages and employee benefits 121,917 595 24,779 26,088 26,631 23,454
P1. Net Profit margin / Net profit to sales (F10 as % of F1) -47.58 - - - - -
P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)} -20.48 9.24 1.47 0.45 -0.15 -3.73
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} -210.98 140.56 11.08 3.19 -1.09 -30.88
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) - 2.88 0.46 - - -1.30
60
INTERLOOP (Pvt) Ltd. (Thousand Rupees)

Items 2018 2019 2020 2021
A.Non-Current Assets (A1+A3+A4+A5+A6) - 19,169,297 24,352,014 26,607,803
1.Capital work in progress - 1,254,704 739,767 2,543,689
2.Operating fixed assets at cost - 28,237,302 35,091,844 28,237,302
3.Operating fixed assets after deducting accumulated depreciation - 17,644,588 22,772,749 23,649,340
4.Intangible assets - 70,083 175,813 209,623
5.Long term investments - 93,540 500,000 0
6.Other non-current assets - 106,382 163,685 205,151
B.Current Assets (B1+B2+B3+B4+B5+B6) - 21,446,679 20,897,942 34,087,036
1.Cash & bank balance - 1,542,907 161,080 374,442
2.Inventories; of which - 6,297,975 9,048,065 11,276,308
i)Raw material - 3,735,355 5,165,103 6,667,859
ii)Work in progress - 597,562 663,831 1,368,804
iii)Finished goods - 1,965,058 3,219,131 3,239,645
3.Trade Debt / accounts receivables - 8,274,062 7,274,222 15,052,940
4.Short term loans and advances - 1,076,724 493,896 1,034,836
5.Short term investments - 1,207,251 125,044 500,000
6.Other current assets - 3,047,760 3,795,635 5,848,510
Total Assets (A+B) / Equity & Liabilities (C+D+E) - 40,615,976 45,249,956 60,694,839
C.Shareholders' Equity (C1+C2+C3) - 17,515,883 16,265,111 20,514,612
1.Issued, Subscribed & Paid up capital - 8,721,975 8,721,975 8,721,975
i)Ordinary shares - 8,721,975 8,721,975 8,721,975
ii)Preference shares - 0 0 0
2.Reserves - 8,793,908 7,543,136 11,792,637
i)Capital Reserve - 3,791,603 3,791,603 3,791,602
ii)Revenue Reserve - 5,002,305 3,751,533 8,001,035
of which: un-appropriated profit(loss) / retained earnings - 4,949,685 3,672,489 8,001,035
3.Surplus on revaluation of fixed assets - 0 0 0
D.Non-Current Liabilities (D1+D2+D3+D4+D5) - 6,126,639 10,272,462 12,182,948
1.Long term borrowings - 3,628,745 7,112,569 8,366,947
2.Subordinated loans / Sponsor's loans - 0 0 0
3.Debentures/TFCs (bonds payable) - 0 0 0
4.Employees benefit obligations - 2,497,894 3,159,893 3,816,001
5.Other non-current liabilities - 0 0 0
E.Current Liabilities (E1+E2+E3+E4) - 16,973,454 18,712,383 27,997,279
1.Trade credit & other accounts payables - 3,625,644 3,149,157 5,551,641
of which: i) Trade credits - 848,521 911,040 1,909,705
2.Short term borrowings - 11,855,742 14,904,829 19,636,066
3.Current portion of non-current liabilities - 1,247,191 445,163 2,550,820
4.Other current liabilities - 244,877 213,234 258,752
F.Operations:
1.Sales - 37,511,062 36,797,159 54,962,265
i)Local sales (Net) - 3,532,294 2,968,926 4,593,942
ii)Export sales (Net) - 33,978,768 33,828,233 50,368,323
2.Cost of sales - 25,643,715 29,223,185 40,749,985
i)Cost of material - 15,707,302 17,409,016 27,524,473
3.Gross profit / (loss) (F1-F2) - 11,867,347 7,573,974 14,212,280
4.General, administrative and other expenses - 5,537,235 4,901,794 6,355,291
i)Selling & distribution expenses - 2,794,393 2,065,448 2,639,632
ii)Administrative and other expenses - 2,742,842 2,836,346 3,715,659
5.Other income / (loss) - (44,041) (20,963) 162,912
6.EBIT (F3-F4+F5) - 6,286,071 2,651,217 8,019,901
7.Financial expenses - 999,260 1,200,783 1,147,038
of which: (i) Interest expenses - 893,111 1,052,580 1,040,889
8.Profit / (loss) before taxation (F6-F7) - 5,286,811 1,450,434 6,872,863
9.Tax expenses - 226,260 324,507 581,292
10.Profit / (loss) after tax (F8-F9) - 5,060,551 1,125,927 6,291,571
11.Cash dividends - 2,616,593 1,744,395 2,180,494
12.Bonus shares / stock dividends - 0 0 261,659
1.Net cash flows from operating activities - 5,684,013 1,895,834 (707,684)
2.Net cash flows from investing activities - (5,180,155) (7,034,909) (4,618,250)
3.Net cash flows from financing activities - 1,784,365 2,941,037 5,413,852
H.Miscellaneous
1.Total capital employed (C+D) - 23,642,522 26,537,573 32,697,560
2.Retention in business (F10-F11-F12) - 2,443,959 (618,468) 3,849,418
3.Depreciation for the year - 1,653,053 2,034,359 2,279,613
4.Salaries, wages and employee benefits - 7,572,005 26,652,964 12,317,838
P1. Net Profit margin / Net profit to sales (F10 as % of F1) - 13.49 3.06 11.45
P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)}) - 0.92 0.86 1.04
P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)} - 12.46 2.62 11.88
P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current - 2.32 2.54 2.88
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} - 28.89 6.67 34.21
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) - 5.80 1.29 7.21
61
Ideal Spinning Mills Ltd. (Thousand Rupees)

Items 2016 2017 2018 2019 2020 2021
A.Non-Current Assets (A1+A3+A4+A5+A6) 740,244 1,083,169 1,094,708 1,097,542 1,061,545 1,336,130
3.Operating fixed assets after deducting accumulated depreciation 699,190 914,569 1,087,986 1,089,101 1,050,804 1,272,784
4.Intangible assets 0 0 0 0 5,236 4,806
B.Current Assets (B1+B2+B3+B4+B5+B6) 516,494 567,733 705,780 965,143 1,052,815 1,492,735
i)Raw material 121,462 182,377 180,619 302,262 356,151 488,714
C.Shareholders' Equity (C1+C2+C3) 305,368 406,228 505,178 549,205 690,289 1,025,973
2.Reserves 121,002 221,862 305,401 349,428 490,512 690,916
ii)Revenue Reserve 54,505 100,653 (57,608) (13,581) 89,354 289,758
of which: un-appropriated profit(loss) / retained earnings 54,505 (61,147) (57,608) (13,581) 89,354 289,758
5.Other non-current liabilities 0 0 3,278 5,375 3,984 33,796
E.Current Liabilities (E1+E2+E3+E4) 579,177 710,435 888,029 1,152,624 1,099,530 1,474,098
F.Operations:
1.Sales 2,378,758 2,202,691 2,718,918 3,512,935 3,923,725 4,793,145
i)Local sales (Net) 2,256,335 1,978,645 2,269,090 2,625,358 2,884,970 3,394,856
ii)Export sales (Net) 122,423 224,046 449,828 887,577 1,038,755 1,398,289
2.Cost of sales 2,312,767 2,111,282 2,450,575 3,106,728 3,371,776 4,002,325
6.EBIT (F3-F4+F5) (53,838) (34,866) 128,255 216,391 270,766 390,873
9.Tax expenses (44,876) 2,776 18,963 36,924 39,721 94,473
11.Cash dividends 0 0 0 11,904 12,896 17,856
H.Miscellaneous
2.Retention in business (F10-F11-F12) (65,828) (117,338) 5,219 47,211 94,051 184,448
62
Idrees Textile Mills Ltd. (Thousand Rupees)

Items 2016 2017 2018 2019 2020 2021
i)Raw material 323,182 526,294 945,967 1,044,760 1,354,458 941,370
5.Short term investments 36,051 40,551 46,746 0 73,746 97,094
2.Reserves 487,456 615,532 722,603 819,754 765,113 977,366
i)Capital Reserve 0 0 0 44,580 33,586 25,814
of which: un-appropriated profit(loss) / retained earnings 487,456 615,532 722,603 0 0 0
2.Short term borrowings 880,746 1,008,769 1,593,140 1,607,996 1,638,057 1,215,020
F.Operations:
1.Sales 1,586,063 2,215,269 2,881,059 3,471,596 3,239,256 4,002,483
i)Local sales (Net) 1,276,336 1,877,289 2,214,800 2,762,322 2,505,908 3,324,242
2.Cost of sales 1,463,856 1,984,882 2,643,745 3,076,554 2,956,416 3,468,654
6.EBIT (F3-F4+F5) 62,098 205,502 171,923 275,160 161,785 394,295
8.Profit / (loss) before taxation (F6-F7) (35,251) 108,681 58,294 66,126 (78,822) 222,858
9.Tax expenses (23,649) 21,393 (20,111) 33,812 23,760 63,058
10.Profit / (loss) after tax (F8-F9) (11,602) 87,288 78,405 32,314 (102,582) 159,800
11.Cash dividends 0 9,024 0 0 138,970 19,853
12.Bonus shares / stock dividends 0 0 18,048 0 0 0
1.Net cash flows from operating activities (30,272) (40,036) (546,305) 113,415 (74,546) 510,325
3.Net cash flows from financing activities (52,354) (53,872) 31,589 (8,059) 24,868 (11,392)
H.Miscellaneous
P1. Net Profit margin / Net profit to sales (F10 as % of F1) -0.73 3.94 2.72 0.93 -3.17 3.99
P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)} -0.40 2.85 2.28 0.83 -2.45 3.75
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} -0.93 6.49 5.45 2.05 -6.31 8.68
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) -0.64 4.84 4.34 1.63 -5.17 8.05
63
Indus Dyeing & Manufacturing Co. Ltd. (Thousand Rupees)

Items 2016 2017 2018 2019 2020 2021
1.Capital work in progress 145,694 126,675 208,985 403,760 997,740 10,324,790
2.Operating fixed assets at cost 16,978,637 17,414,920 18,337,091 20,091,552 22,789 25,564,540
i)Raw material 4,190,786 4,774,650 5,474,181 6,992,085 7,571,406 8,609,297
iii)Finished goods 808,900 1,034,081 1,025,684 1,228,870 1,521,744 1,777,826
5.Short term investments 678,877 995,656 0 0 0 1,194,475
2.Reserves 10,935,033 11,785,694 13,328,532 15,363,654 15,679,633 19,071,826
4.Employees benefit obligations 305,221 352,439 402,184 482,536 0 341,328
5.Other non-current liabilities 68,327 148,187 161,663 172,703 508,856 1,631,178
F.Operations:
1.Sales 24,900,934 27,573,192 30,630,286 35,372,578 37,170,575 48,883,977
i)Local sales (Net) 6,956,159 8,772,722 7,868,841 12,187,087 9,875,852 11,985,172
2.Cost of sales 22,993,484 24,931,282 27,616,835 31,676,229 33,763,295 42,266,138
5.Other income / (loss) 158,404 125,723 659,361 1,194,892 632,314 1,074,865
6.EBIT (F3-F4+F5) 981,918 1,607,725 2,380,655 3,345,131 2,304,349 5,735,126
8.Profit / (loss) before taxation (F6-F7) 666,821 1,352,727 2,008,520 2,689,111 1,704,786 4,823,317
9.Tax expenses 217,752 317,382 226,823 357,614 385,352 878,822
10.Profit / (loss) after tax (F8-F9) 449,069 1,035,345 1,781,697 2,331,497 1,319,434 3,944,495
11.Cash dividends 90,369 325,327 289,179 451,843 451,843 542,211
1.Net cash flows from operating activities 1,056,382 1,241,805 44,588 1,834,704 4,058,438 1,834,704
2.Net cash flows from investing activities (1,404,498) (937,537) (615,040) (2,381,363) (4,344,922) (2,381,363)
3.Net cash flows from financing activities (604,783) (235,500) 335,243 681,208 1,619,722 681,208
H.Miscellaneous
2.Retention in business (F10-F11-F12) 358,701 710,018 1,492,518 1,879,655 867,592 3,402,284
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) 24.85 57.28 98.58 - 73.00 72.75
64
J.A. Textile Mills Ltd. (Thousand Rupees)

Items 2016 2017 2018 2019 2020 2021
i)Raw material 6,706 26,421 56,870 62,111 29,169 93,665
ii)Work in progress 0 9,648 6,293 10,724 13,685 7,910
iii)Finished goods 72 9,105 26,362 820 5,844 5,223
3.Trade Debt / accounts receivables 374 1,080 6,057 47,623 11,868 5,960
2.Reserves (121,659) (120,649) (83,745) (69,429) (55,874) 38,255
1.Long term borrowings 0 4,000 0 0 0 0
2.Short term borrowings 15,110 0 0 0 0 0
3.Current portion of non-current liabilities 0 11,111 4,000 0 0 0
4.Other current liabilities 22,474 443 443 839 444 2,295
F.Operations:
1.Sales 211,702 602,288 1,141,797 1,098,229 932,149 1,522,471
i)Local sales (Net) 211,702 602,288 1,141,797 1,098,229 932,149 1,522,471
2.Cost of sales 243,261 607,033 1,116,069 1,075,125 914,969 1,399,117
3.Gross profit / (loss) (F1-F2) (31,559) (4,745) 25,728 23,104 17,180 123,354
6.EBIT (F3-F4+F5) (34,910) 12,300 39,718 14,972 20,774 106,555
9.Tax expenses 7,483 9,707 8,732 14,923 13,145 16,400
10.Profit / (loss) after tax (F8-F9) (42,415) 2,574 30,946 (42) 7,548 90,062
2.Net cash flows from investing activities (842) (1,010) (1,816) (2,028) (400) (2,028)
3.Net cash flows from financing activities (578) (9,172) (12,281) 3,277 (748) 3,277
H.Miscellaneous
2.Retention in business (F10-F11-F12) (42,415) 2,574 30,946 (42) 7,548 90,062
P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)} -8.28 0.52 6.03 -0.01 1.37 13.43
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} -25.40 1.22 13.62 -0.02 2.93 24.67
65
J.K. Spinning Mills Ltd. (Thousand Rupees)

Items 2016 2017 2018 2019 2020 2021
i)Raw material 902,388 1,125,876 1,475,677 2,500,649 3,100,733 4,193,527
iii)Finished goods 526,314 360,834 430,234 748,971 1,281,770 1,208,557
1.Issued, Subscribed & Paid up capital 609,033 730,839 730,839 730,839 730,839 1,023,175
i)Ordinary shares 609,033 730,839 730,839 730,839 730,839 1,023,175
2.Reserves 2,244,431 2,357,652 2,659,038 3,526,935 4,694,144 6,140,404
F.Operations:
1.Sales 8,289,147 9,049,707 9,901,857 13,687,117 14,827,225 17,402,936
i)Local sales (Net) 4,656,625 5,375,951 5,855,803 8,479,622 7,151,555 7,072,378
2.Cost of sales 7,638,258 8,292,160 8,855,192 11,772,908 12,328,596 14,070,969
6.EBIT (F3-F4+F5) 183,256 286,149 632,329 1,280,020 1,703,510 2,408,947
8.Profit / (loss) before taxation (F6-F7) 86,772 151,771 429,835 893,536 1,306,892 2,142,406
9.Tax expenses 11,026 69,002 91,907 177,186 164,920 330,726
10.Profit / (loss) after tax (F8-F9) 75,746 82,769 337,928 716,350 1,141,972 1,811,680
11.Cash dividends 30,452 36,542 73,084 146,168 73,084 153,476
2.Net cash flows from investing activities (669,963) (304,129) (1,005,947) (1,177,132) (406,056) (1,279,971)
3.Net cash flows from financing activities 781,640 332,678 962,781 826,766 386,658 381,138
H.Miscellaneous
2.Retention in business (F10-F11-F12) 45,294 46,227 264,844 570,182 1,068,888 1,658,204
4.Salaries, wages and employee benefits 609,849 644,498 727,107 941,019 1,101,993 1,273,036
66
Janana De Malucho Textile Mills Ltd. (Thousand Rupees)

Items 2016 2017 2018 2019 2020 2021
1.Capital work in progress 0 110,171 0 1,784 0 0
B.Current Assets (B1+B2+B3+B4+B5+B6) 869,769 1,285,961 1,542,192 1,244,097 1,633,393 1,604,525
i)Raw material 457,498 769,843 1,063,030 872,748 805,905 1,165,528
2.Reserves 1,001,582 1,012,188 867,193 904,529 873,989 1,108,551
ii)Revenue Reserve 983,129 993,735 848,740 886,076 855,536 1,090,098
of which: un-appropriated profit(loss) / retained earnings 611,599 122,205 (22,790) 514,546 484,006 718,568
2.Short term borrowings 441,436 821,017 1,142,370 799,867 1,085,758 712,133
F.Operations:
1.Sales 2,497,962 2,515,643 2,782,025 3,379,664 2,754,564 5,610,298
i)Local sales (Net) 2,497,962 2,515,643 2,782,025 3,379,664 2,754,564 5,610,298
2.Cost of sales 2,339,861 2,398,262 2,655,003 3,114,893 2,495,305 4,835,246
5.Other income / (loss) 18,456 5,350 (15,715) 2,115 (95,455) (107,046)
6.EBIT (F3-F4+F5) 61,834 21,343 2,223 138,333 66,027 484,657
8.Profit / (loss) before taxation (F6-F7) 14,114 (21,538) (72,151) 41,272 (60,203) 434,368
9.Tax expenses 1,220 (13,094) (9,627) 34,976 33,444 161,264
10.Profit / (loss) after tax (F8-F9) 12,894 (8,444) (62,524) 6,296 (93,647) 273,104
11.Cash dividends 5,981 0 0 0 0 0
1.Net cash flows from operating activities 135,457 (207,966) (242,198) 519,479 (170,154) 910,370
3.Net cash flows from financing activities (181,677) 355,466 253,163 (439,227) 182,067 (437,009)
H.Miscellaneous
2.Retention in business (F10-F11-F12) 6,913 (8,444) (62,524) 6,296 (93,647) 273,104
P1. Net Profit margin / Net profit to sales (F10 as % of F1) 0.52 -0.34 -2.25 0.19 -3.40 4.87
P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)} 0.32 -0.18 -1.26 0.13 -1.92 5.29
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} 0.45 -0.25 -1.88 0.19 -2.86 8.03
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) 2.69 -1.76 -13.07 - -19.57 57.08
67
Jubilee Spinning & Weaving Mills Ltd. (Thousand Rupees)

Items 2016 2017 2018 2019 2020 2021
5.Short term investments 47,748 12,199 8,572 0 0 0
2.Reserves (444,168) (355,936) (327,016) (298,879) (308,984) (308,984)
2.Short term borrowings 0 0 0 0 1,359 1,359
F.Operations:
1.Sales 17,895 24,032 37,150 23,682 7,336 7,336
i)Local sales (Net) 17,895 24,032 37,150 23,682 7,336 7,336
2.Cost of sales 11,044 7,517 12,936 9,307 6,268 6,268
6.EBIT (F3-F4+F5) 13,995 140,727 45,326 33,737 7,166 7,166
9.Tax expenses 8,149 25,350 12,380 4,804 17,568 17,568
10.Profit / (loss) after tax (F8-F9) 5,747 115,352 32,864 28,890 (10,781) (10,781)
11.Cash dividends 0 0 0 0 227,438 227,438
1.Net cash flows from operating activities 51,571 (94,960) (49,962) (40,488) (51,306) (51,306)
2.Net cash flows from investing activities 35,365 95,643 49,723 40,996 45,776 45,776
3.Net cash flows from financing activities (86,442) 0 0 0 1,358 1,358
H.Miscellaneous
2.Retention in business (F10-F11-F12) 5,747 115,352 32,864 28,890 (238,219) (238,219)
3.Depreciation for the year 3,926 107 8 847 1,971 1,971
P1. Net Profit margin / Net profit to sales (F10 as % of F1) 32.12 479.99 88.46 121.99 -146.96 -146.96
P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)} 0.69 15.16 4.16 3.58 -1.30 -1.28
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} 1.02 20.15 5.20 4.36 -1.60 -1.62
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) 0.18 3.55 1.01 0.89 -0.33 -0.33
68
Khalid Siraj Textile Mills Ltd. (Thousand Rupees)

Items 2016 2017 2018 2019 2020 2021
1.Cash & bank balance 812 1,874 684 246 126 596
2.Inventories; of which 6,788 3,236 0 0 0 0
iii)Finished goods 0 3,236 0 0 0 0
3.Trade Debt / accounts receivables 1,094 4,028 820 0 0 39
4.Short term loans and advances 517 3,719 0 0 0 0
C.Shareholders' Equity (C1+C2+C3) 43,883 (14,755) (87,823) (125,663) (145,985) (44,935)
2.Reserves (330,578) (371,899) (429,102) (452,411) (457,438) (427,556)
F.Operations:
1.Sales 17,437 105,226 0 0 0 3,303
i)Local sales (Net) 17,437 105,226 0 0 0 3,303
2.Cost of sales 24,803 145,576 0 0 0 4,362
i)Cost of material 24,803 51,300 0 0 0 0
3.Gross profit / (loss) (F1-F2) (7,366) (40,350) 0 0 0 (1,059)
5.Other income / (loss) 0 0 4,387 0 0 50,814
6.EBIT (F3-F4+F5) (43,291) (60,005) (92,204) (30,125) (26,623) 3,923
9.Tax expenses 6,652 1,600 (16,536) 10,158 (6,301) (11,744)
1.Net cash flows from operating activities 12,486 (8,498) (4,934) (525) (120) (21,826)
2.Net cash flows from investing activities 0 0 0 0 0 48,351
3.Net cash flows from financing activities (12,717) (9,560) 3,744 87 0 (26,055)
H.Miscellaneous
4.Salaries, wages and employee benefits 146 32,739 1,374 116 0 295
P1. Net Profit margin / Net profit to sales (F10 as % of F1) -286.44 -58.58 - - - 474.24
P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current 1,037.38 35.39 -8.69 -3.55 -2.58 -3.91
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} -10,941.07 -423.24 147.74 37.74 14.96 -16.41
69
Khurshid Spinning Mills Ltd. (Thousand Rupees)

Items 2016 2017 2018 2019 2020 2021
1.Capital work in progress 1,768 1,768 1,768 0 5,120 14,084
5.Long term investments 102,179 107,623 110,124 0 0 0
1.Cash & bank balance 162 79 216 1,275 254,531 39,628
2.Inventories; of which 0 0 0 0 0 8,054
iii)Finished goods 0 0 0 0 0 8,054
3.Trade Debt / accounts receivables 0 0 0 0 3,415 70,777
2.Reserves (462,125) (450,680) (442,874) (446,306) (413,292) (366,441)
4.Employees benefit obligations 0 609 637 739 17,918 23,148
1.Trade credit & other accounts payables 111,189 111,577 120,716 550 253,681 173,689
of which: i) Trade credits 0 0 0 0 24,476 67,116
4.Other current liabilities 4,219 7,219 10,669 10,333 0 9,659
F.Operations:
1.Sales 0 0 0 0 626,656 973,065
i)Local sales (Net) 0 0 0 0 626,656 959,569
ii)Export sales (Net) 0 0 0 0 0 13,496
2.Cost of sales 0 0 0 0 566,749 864,864
3.Gross profit / (loss) (F1-F2) 0 0 0 0 59,907 108,201
5.Other income / (loss) 29,988 47,748 37,001 30,000 764 12,362
6.EBIT (F3-F4+F5) (7,356) 13,520 5,801 (328) 39,984 86,888
9.Tax expenses (3,378) (2,202) (1,076) (7,953) 3,000 44,264
10.Profit / (loss) after tax (F8-F9) (20,621) (84) (3,275) (14,455) 17,897 33,212
1.Net cash flows from operating activities 31,032 33,583 35,945 12,704 297,472 (43,255)
2.Net cash flows from investing activities (28) 0 0 0 (15,151) (50,988)
H.Miscellaneous
1.Total capital employed (C+D) 80,149 50,166 27,930 (52,553) (6,916) 19,076
2.Retention in business (F10-F11-F12) (20,621) (84) (3,275) (14,455) 17,897 33,212
3.Depreciation for the year (35,283) 250,947 29,135 27,977 32,456 31,318
4.Salaries, wages and employee benefits 474 555 629 889 233,015 374,402
P1. Net Profit margin / Net profit to sales (F10 as % of F1) - - - - 2.86 3.41
70
Khyber Textile Mills Ltd. (Thousand Rupees)

Items 2016 2017 2018 2019 2020 2021
B.Current Assets (B1+B2+B3+B4+B5+B6) 371 3,345 5,688 8,256 8,989 8,901
2.Inventories; of which 0 0 0 0 7,305 7,647
iii)Finished goods 0 0 0 0 7,305 7,647
6.Other current assets 266 3,069 5,495 8,212 1,477 1,200
Total Assets (A+B) / Equity & Liabilities (C+D+E) 449,018 441,978 433,929 1,007,622 995,152 982,963
2.Reserves (38,261) (34,699) (15,214) (10,659) (892) 19,979
ii)Revenue Reserve (38,519) (34,957) (15,472) (10,917) (1,150) 19,721
of which: un-appropriated profit(loss) / retained earnings (38,519) (34,957) (15,472) (10,917) (1,150) 19,721
1.Trade credit & other accounts payables 40,656 40,495 24,577 24,644 18,448 433
4.Other current liabilities 0 973 1,512 1,590 1,516 1,215
F.Operations:
1.Sales 0 0 1,750 3,516 8,061 9,618
i)Local sales (Net) 0 0 1,750 3,516 8,061 9,618
2.Cost of sales 0 0 2,783 2,420 6,644 7,838
i)Cost of material 0 0 1,343 0 0 0
3.Gross profit / (loss) (F1-F2) 0 0 (1,033) 1,096 1,417 1,780
6.EBIT (F3-F4+F5) (12,277) (9,260) 8,944 (5,415) (3,789) 8,244
8.Profit / (loss) before taxation (F6-F7) (12,277) (9,264) 8,942 (5,417) (3,793) 8,242
9.Tax expenses (4,659) (3,126) (1,765) (1,871) (1,873) (1,898)
10.Profit / (loss) after tax (F8-F9) (7,618) (6,138) 10,707 (3,546) (1,920) 10,140
1.Net cash flows from operating activities 50 (698) (282) 201 1,052 748
2.Net cash flows from investing activities 0 (1,182) 0 0 0 0
3.Net cash flows from financing activities 0 2,050 200 (350) (890) (900)
H.Miscellaneous
2.Retention in business (F10-F11-F12) (7,618) (6,138) 10,707 (3,546) (1,920) 10,140
4.Salaries, wages and employee benefits 811 877 1,880 2,099 2,267 2,160
P1. Net Profit margin / Net profit to sales (F10 as % of F1) - - 611.83 -100.85 -23.82 105.43
P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)} -1.67 -1.38 2.44 -0.49 -0.19 1.03
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} -2.23 -1.83 3.16 -0.57 -0.21 1.11
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) -6.21 -5.00 8.72 -2.89 -1.56 8.26
71
Kohat Textile Mills Ltd. (Thousand Rupees)

Items 2016 2017 2018 2019 2020 2021
4.Intangible assets 3,581 2,767 2,061 1,355 649 0
B.Current Assets (B1+B2+B3+B4+B5+B6) 634,603 860,097 976,398 1,159,022 1,128,655 1,299,791
i)Raw material 165,204 374,481 416,904 630,713 313,511 572,421
iii)Finished goods 115,958 137 31,505 0 52,642 113,334
2.Reserves 133,318 182,992 181,864 259,507 218,766 535,225
3.Surplus on revaluation of fixed assets 465,764 449,723 438,263 1,240,388 1,224,529 1,205,777
D.Non-Current Liabilities (D1+D2+D3+D4+D5) 548,767 378,710 551,689 580,693 784,924 1,019,934
F.Operations:
1.Sales 2,227,640 2,229,999 2,243,619 2,966,457 2,590,719 3,620,143
i)Local sales (Net) 2,227,640 2,229,999 2,243,619 2,966,457 2,590,719 3,620,143
2.Cost of sales 2,095,509 2,049,883 2,028,660 2,656,307 2,377,665 2,875,433
6.EBIT (F3-F4+F5) 51,330 110,975 126,945 202,191 103,774 578,516
9.Tax expenses 1,706 24,488 53,812 19,269 (11,653) 154,463
11.Cash dividends 0 20,800 15,600 20,800 0 20,800
H.Miscellaneous
2.Retention in business (F10-F11-F12) (19,427) 14,132 (5,129) 46,165 (65,228) 291,370
72
Kohinoor Industries Ltd. (Thousand Rupees)

Items 2016 2017 2018 2019 2020 2021
6.Other non-current assets 369 369 369 166 28,077 24,266
2.Reserves (574,772) (562,810) (528,751) (500,976) (413,333) (37,706)
2.Short term borrowings 371,569 359,480 353,683 353,683 353,683 0
F.Operations:
1.Sales 0 0 0 0 0 0
6.EBIT (F3-F4+F5) 79,317 15,063 43,060 30,093 72,186 59,523
9.Tax expenses 6,766 3,124 8,920 2,254 (15,437) 14,893
11.Cash dividends 0 0 0 0 22,727 0
2.Net cash flows from investing activities 0 0 0 0 0 (79)
3.Net cash flows from financing activities (18,662) (12,089) (5,597) 0 0 (21,429)
H.Miscellaneous
73
Kohinoor Mills Ltd. (Thousand Rupees)

Items 2016 2017 2018 2019 2020 2021
i)Raw material 197,119 188,007 312,039 664,433 542,225 1,021,049
3.Trade Debt / accounts receivables 465,442 642,492 1,359,171 2,133,326 545,599 952,762
2.Reserves 358,240 511,178 722,414 1,409,892 1,656,292 1,964,365
ii)Revenue Reserve 105,310 260,251 463,186 1,163,724 1,414,330 1,718,333
of which: un-appropriated profit(loss) / retained earnings (952,717) (797,776) (538,839) 222,792 626,131 930,134
1.Long term borrowings 735,287 566,531 714,981 535,965 571,232 1,007,983
1.Trade credit & other accounts payables 849,017 943,202 1,431,614 1,927,442 2,074,583 2,883,470
of which: i) Trade credits 570,788 694,325 1,054,780 1,463,101 1,303,025 1,947,907
F.Operations:
1.Sales 8,551,092 10,656,445 10,855,746 13,952,176 11,997,808 13,241,029
i)Local sales (Net) 1,387,912 2,239,775 2,417,087 3,078,893 2,378,164 3,599,724
2.Cost of sales 7,158,065 9,211,160 9,552,735 11,938,614 10,131,060 11,521,196
4.General, administrative and other expenses 784,224 1,003,765 886,943 1,196,350 1,136,644 1,199,946
6.EBIT (F3-F4+F5) 653,557 507,608 559,391 1,247,147 835,838 808,235
9.Tax expenses 83,960 99,807 23,491 134,451 120,595 199,016
11.Cash dividends 0 56,002 61,093 152,733 0 0
1.Net cash flows from operating activities 82,849 215,154 (48,010) (134,571) 1,750,881 (90,104)
3.Net cash flows from financing activities 6,322 (4,886) 780,903 643,284 (1,004,910) 1,306,680
H.Miscellaneous
74
Kohinoor Spinning Mills Ltd. (Thousand Rupees)

Items 2016 2017 2018 2019 2020 2021
B.Current Assets (B1+B2+B3+B4+B5+B6) 1,409,723 1,259,213 1,157,290 1,121,796 1,133,274 979,246
i)Raw material 636,838 651,795 688,015 709,257 718,853 719,369
C.Shareholders' Equity (C1+C2+C3) 389,750 (293,099) (106,473) (477,241) (722,763) (1,092,270)
1.Issued, Subscribed & Paid up capital 650,000 650,000 1,078,571 1,078,571 1,078,571 1,078,571
i)Ordinary shares 650,000 650,000 1,078,571 1,078,571 1,078,571 1,078,571
2.Reserves (260,250) (943,099) (1,185,044) (1,555,812) (1,801,334) (2,170,841)
ii)Revenue Reserve (260,250) (943,099) (1,185,044) (1,719,651) (1,964,693) (2,334,029)
of which: un-appropriated profit(loss) / retained earnings (260,250) 920,376 (1,135,556) (1,707,038) (1,952,080) (2,321,416)
F.Operations:
1.Sales 4,139,298 2,063,046 3,070,194 4,260,539 1,662,982 2,807,075
i)Local sales (Net) 2,998,838 2,053,247 3,070,194 4,260,539 1,662,982 2,807,075
ii)Export sales (Net) 1,140,460 9,799 0 0 0 0
2.Cost of sales 4,158,348 2,443,291 3,235,487 4,258,906 1,797,828 3,020,461
5.Other income / (loss) 7,623 4,192 2,707 10 287 2,785
6.EBIT (F3-F4+F5) (216,823) (472,087) (285,877) (131,859) (211,759) (317,720)
9.Tax expenses 41,393 49,728 (37,197) 32,907 24,945 42,106
3.Net cash flows from financing activities (202,244) 262,953 62,013 29,373 32,200 70,461
H.Miscellaneous
1.Total capital employed (C+D) 1,483,479 992,044 447,513 57,502 (169,590) (471,996)
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} -75.65 -1,411.77 207.53 116.29 40.84 40.70
75
Kohinoor Textile Mills Ltd. (Thousand Rupees)

Items 2016 2017 2018 2019 2020 2021
4.Intangible assets 9,305 11,974 0 0 0 0
i)Raw material 1,095,355 841,118 1,430,755 2,276,186 2,674,822 2,201,332
iii)Finished goods 487,964 592,500 546,211 739,447 1,688,765 985,835
2.Reserves 6,336,788 7,276,792 8,984,618 10,130,807 11,135,082 13,292,819
1.Long term borrowings 787,397 1,295,884 1,335,099 1,535,299 2,860,987 3,173,974
of which: i) Trade credits 573,404 734,594 859,849 914,956 1,187,371 1,065,125
F.Operations:
1.Sales 16,088,302 17,404,708 17,833,540 21,220,135 21,844,810 29,955,525
i)Local sales (Net) 7,853,941 9,542,256 11,285,473 14,218,715 12,608,174 17,917,610
2.Cost of sales 13,048,866 14,823,393 15,355,788 17,659,063 17,854,630 23,822,897
i)Selling & distribution expenses 574,226 538,294 495,766 561,181 821,609 1,218,390
5.Other income / (loss) 1,067,529 1,725,445 1,183,527 608,755 293,511 178,692
6.EBIT (F3-F4+F5) 2,965,535 3,170,104 2,516,291 2,692,046 2,681,070 4,061,498
9.Tax expenses 495,963 550,732 489,769 530,291 350,158 641,380
11.Cash dividends 1,270,598 988,243 673,417 598,593 598,593 598,593
12.Bonus shares / stock dividends 423,533 0 0 0 0 0
1.Net cash flows from operating activities 1,002,347 1,171,639 394,884 2,493,699 (390,215) 2,898,473
2.Net cash flows from investing activities (247,653) (196,570) (2,202,943) (572,930) (4,481,124) (1,616,862)
3.Net cash flows from financing activities (640,497) (1,049,146) 1,815,029 (1,866,308) 4,841,586 (1,218,338)
H.Miscellaneous
2.Retention in business (F10-F11-F12) 438,084 1,363,536 990,905 1,152,051 929,450 2,157,736
76
Landmark Spinning Industries Ltd. (Thousand Rupees)

Items 2016 2017 2018 2019 2020 2021
B.Current Assets (B1+B2+B3+B4+B5+B6) 70 54 16 31 56 449
6.Other current assets 39 39 0 0 0 0
2.Reserves (142,287) (172,849) (249,571) (256,780) (270,729) (276,665)
E.Current Liabilities (E1+E2+E3+E4) 261 452 203 420 4,912 623
1.Trade credit & other accounts payables 261 452 203 420 4,234 69
F.Operations:
1.Sales 0 0 0 0 0 0
2.Cost of sales 23,223 22,437 1,916 92 0 0
3.Gross profit / (loss) (F1-F2) (23,223) (22,437) (1,916) (92) 0 0
6.EBIT (F3-F4+F5) (24,518) (26,187) (4,625) (18,650) (20,014) (18,185)
7.Financial expenses 12,757 14,054 51,900 3 1 1
9.Tax expenses (3,009) (2,626) 0 (3,433) (3,090) (3,553)
H.Miscellaneous
3.Depreciation for the year 23,229 20,917 0 16,601 17,869 16,082
4.Salaries, wages and employee benefits 736 3,200 1,856 1,024 564 564
77
Mahmood Textile Mills Ltd. (Thousand Rupees)

Items 2016 2017 2018 2019 2020 2021
i)Raw material 1,894,667 2,691,892 3,610,904 6,625,649 5,680,317 6,629,382
iii)Finished goods 565,714 545,355 491,163 788,449 1,198,226 974,872
4.Short term loans and advances 632,943 724,540 1,258,404 513,393 183,371 266,005
5.Short term investments 1,515,060 2,610,301 2,233,763 1,370,406 725,341 310,891
6.Other current assets 494,417 772,853 1,246,293 1,238,576 1,551,477 1,348,131
2.Reserves 4,315,673 4,632,879 4,704,171 5,417,178 5,603,623 7,097,138
3.Surplus on revaluation of fixed assets 0 0 0 2,916,720 2,791,356 2,653,329
5.Other non-current liabilities 0 0 0 80,610 104,497 387,835
1.Trade credit & other accounts payables 895,956 1,135,986 1,295,290 1,441,644 1,760,984 1,771,221
F.Operations:
1.Sales 13,663,708 15,747,947 18,154,144 24,386,740 24,465,188 27,934,498
i)Local sales (Net) 2,282,678 2,669,262 2,998,747 3,912,345 2,662,669 5,335,079
2.Cost of sales 12,566,324 14,742,034 16,873,903 21,812,854 22,351,655 24,121,442
4.General, administrative and other expenses 893,247 780,420 1,108,323 1,682,546 1,059,336 1,473,604
ii)Administrative and other expenses 521,560 410,210 635,012 1,183,682 502,319 770,330
6.EBIT (F3-F4+F5) 418,991 938,537 1,017,549 2,588,014 1,828,949 3,133,079
7.Financial expenses 416,356 471,384 742,766 1,525,678 1,526,765 1,257,783
of which: (i) Interest expenses 361,543 391,129 660,400 1,361,258 1,280,992 1,160,453
9.Tax expenses 58,794 149,947 62,573 311,829 230,551 534,692
10.Profit / (loss) after tax (F8-F9) (56,159) 317,206 212,210 750,507 71,633 1,340,604
11.Cash dividends 0 135,000 37,500 0 0 187,500
12.Bonus shares / stock dividends 0 0 0 37,500 0 0
1.Net cash flows from operating activities 917,362 (1,162,431) (630,668) 283,031 1,165,979 2,745,220
2.Net cash flows from investing activities 28,073 (1,508,532) (2,322,891) (1,613,408) 672,032 (1,132,761)
3.Net cash flows from financing activities (935,595) 2,659,347 2,972,562 1,322,613 (1,817,563) (1,559,900)
H.Miscellaneous
4.Salaries, wages and employee benefits 933,611 1,074,819 1,182,287 2,540,157 1,488,698 1,786,690
78
Maqbool Textile Mills Ltd. (Thousand Rupees)

Items 2016 2017 2018 2019 2020 2021
1.Capital work in progress 555 34,945 390 32,110 597 566,456
2.Inventories; of which 787,451 674,239 606,947 994,565 1,381,200 627,919
i)Raw material 449,004 410,825 468,106 878,874 921,527 415,781
2.Reserves 294,788 362,868 443,898 538,169 593,179 840,101
i)Capital Reserve 0 0 0 0 0 65,280
2.Subordinated loans / Sponsor's loans 56,364 46,581 51,460 64,092 55,083 0
F.Operations:
1.Sales 4,280,590 4,863,139 5,598,969 6,234,762 5,841,689 7,351,741
i)Local sales (Net) 2,738,737 3,023,096 3,187,611 4,920,744 4,670,654 6,380,106
ii)Export sales (Net) 1,541,853 1,840,043 2,411,358 1,314,018 1,171,035 971,635
2.Cost of sales 4,053,313 4,531,258 5,200,445 5,717,727 5,221,667 6,630,773
6.EBIT (F3-F4+F5) 65,015 166,524 236,860 331,868 394,170 458,619
9.Tax expenses 29,025 37,048 54,816 87,346 105,837 116,257
11.Cash dividends 0 0 21,000 29,400 0 32,256
3.Net cash flows from financing activities 322,250 (91,327) 232,738 177,554 585,500 (12,673)
H.Miscellaneous
79
Masood Textile Mills Ltd. (Thousand Rupees)

Items 2016 2017 2018 2019 2020 2021
1.Cash & bank balance 1,226,653 902,816 620,380 380,463 1,173,014 530,931
i)Raw material 1,715,467 2,559,226 1,783,689 2,257,744 2,896,819 4,549,503
5.Short term investments 0 0 0 100,000 203,218 108,771
ii)Preference shares 348,333 311,666 311,666 311,666 311,666 311,666
2.Reserves 5,875,555 7,460,699 8,448,974 9,610,839 5,375,947 7,471,063
i)Capital Reserve 528,333 1,503,333 1,503,333 1,503,333 1,503,333 3,003,333
3.Surplus on revaluation of fixed assets 900,234 900,234 900,234 900,234 2,447,552 2,447,552
4.Employees benefit obligations 566,816 609,886 724,353 770,256 964,354 1,078,919
3.Current portion of non-current liabilities 788,853 686,368 1,469,563 1,669,188 630,857 2,733,292
F.Operations:
1.Sales 23,183,485 23,393,876 30,842,159 34,211,379 28,668,642 37,089,359
i)Local sales (Net) 1,332,026 1,618,243 2,781,585 4,457,557 5,722,844 4,304,100
2.Cost of sales 19,971,238 20,008,592 26,990,855 30,417,532 27,302,890 31,782,449
ii)Administrative and other expenses 521,160 491,397 657,473 746,323 1,689,069 1,167,464
5.Other income / (loss) 341,212 218,041 1,070,524 2,353,372 420,371 443,433
6.EBIT (F3-F4+F5) 1,636,287 1,633,861 2,200,974 2,951,218 (2,052,364) 2,319,999
8.Profit / (loss) before taxation (F6-F7) 917,719 993,188 1,304,579 1,748,106 (3,751,650) 1,038,187
9.Tax expenses 188,501 106,187 191,531 415,698 368,629 397,652
10.Profit / (loss) after tax (F8-F9) 729,218 887,001 1,113,048 1,332,408 (4,120,279) 640,535
11.Cash dividends 417,267 172,667 148,000 172,667 0 0
1.Net cash flows from operating activities 1,209,721 (1,911,891) (1,289,806) (382,110) (526,685) (165,817)
2.Net cash flows from investing activities 315,400 (2,158,384) (2,346,201) (2,011,609) (1,892,733) (819,031)
3.Net cash flows from financing activities (835,247) 3,746,438 3,353,570 2,153,802 3,211,969 342,765
H.Miscellaneous
2.Retention in business (F10-F11-F12) 311,951 714,334 965,048 1,159,741 (4,120,279) 640,535
P1. Net Profit margin / Net profit to sales (F10 as % of F1) 3.15 3.79 3.61 3.89 -14.37 1.73
P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)} 3.19 3.57 3.77 3.84 -11.12 1.66
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} 9.86 10.39 11.31 12.21 -40.58 6.50
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) 7.69 8.99 11.28 13.50 -41.76 6.49
80
Mian Textile Industries Ltd. (Thousand Rupees)

Items 2016 2017 2018 2019 2020 2021
2.Operating fixed assets at cost 358,289 19,055 19,262 6,404 6,407 0
3.Operating fixed assets after deducting accumulated depreciation 293,509 5,035 5,776 3,267 2,635 0
5.Long term investments 99,021 0 0 0 0 13,515
6.Other non-current assets 3,648 782 771 679 679 37
3.Trade Debt / accounts receivables 3,647 346 569 1,917 1,702 0
4.Short term loans and advances 597 426 2,986 3 0 0
C.Shareholders' Equity (C1+C2+C3) (151,478) (103,494) (60,005) 33,797 19,183 13,693
2.Reserves (598,421) (533,107) (514,292) (187,255) (201,869) (207,359)
2.Subordinated loans / Sponsor's loans 96,564 38,564 38,564 0 0 25,000
5.Other non-current liabilities 1,111 0 0 0 0 0
of which: i) Trade credits 9,476 3,971 1,320 637 1,264 31
2.Short term borrowings 270,930 359,707 339,043 34,935 590 1,948
4.Other current liabilities 133,941 44,677 652 27 0 0
F.Operations:
1.Sales 0 0 0 0 0 0
6.EBIT (F3-F4+F5) 90,329 42,116 43,580 (15,820) (14,611) (5,488)
7.Financial expenses 8,774 1,428 59 9 3 2
8.Profit / (loss) before taxation (F6-F7) 81,555 40,688 43,521 (15,829) (14,614) (5,490)
9.Tax expenses 0 (2,170) 33 26 0 0
10.Profit / (loss) after tax (F8-F9) 81,555 42,858 43,488 (15,855) (14,614) (5,490)
2.Net cash flows from investing activities 11,699 19,576 13,394 411,323 (3) (11,745)
3.Net cash flows from financing activities (8,305) (5,172) 3,148 (342,672) (34,344) 26,358
H.Miscellaneous
1.Total capital employed (C+D) (29,345) (61,596) (18,414) 37,837 23,422 38,693
2.Retention in business (F10-F11-F12) 81,555 42,858 43,488 (15,855) (14,614) (5,490)
P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)} 18.62 11.01 12.58 -7.63 -25.69 -14.86
P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current -2.28 -3.05 -4.23 -15.86 2.15 2.25
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} -42.42 -33.62 -53.20 120.99 -55.17 -33.40
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) 3.69 1.94 1.97 -0.72 -0.66 -0.25
81
Mubarak Textile Mills Ltd. (Thousand Rupees)

Items 2016 2017 2018 2019 2020 2021
5.Long term investments 0 0 0 0 0 132,773
6.Other non-current assets 954 954 1,414 1,414 1,770 1,770
3.Trade Debt / accounts receivables 9,211 9,284 8,568 9,185 9,853 129
C.Shareholders' Equity (C1+C2+C3) (34,160) 87,326 83,211 82,663 82,884 219,706
2.Reserves (95,857) (96,785) (98,397) (96,570) (94,095) (85,475)
2.Short term borrowings 28,278 27,645 0 0 0 0
F.Operations:
1.Sales 0 0 0 0 0 0
6.EBIT (F3-F4+F5) 2,655 1,528 (1,266) 949 1,888 8,452
of which: (i) Interest expenses 2,461 2,095 1,824 0 0 0
8.Profit / (loss) before taxation (F6-F7) 193 (570) (3,092) 946 1,887 8,451
9.Tax expenses 946 1,225 1,150 1,658 1,704 1,831
10.Profit / (loss) after tax (F8-F9) (753) (1,795) (4,242) (712) 183 6,620
1.Net cash flows from operating activities 279 653 (140) (711) 812 (378)
2.Net cash flows from investing activities 0 0 (460) 0 (356) 0
3.Net cash flows from financing activities 250 0 28,188 1,000 0 300
H.Miscellaneous
1.Total capital employed (C+D) (22,311) 99,876 124,075 124,666 125,221 262,888
2.Retention in business (F10-F11-F12) (753) (1,795) (4,242) (712) 183 6,620
3.Depreciation for the year 984 2,141 3,264 3,089 2,925 2,771
P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current -1.20 3.78 1.87 1.89 1.88 1.41
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} 2.23 -6.75 -4.97 -0.86 0.22 4.38
82
Nadeem Textile Mills Ltd. (Thousand Rupees)

Items 2016 2017 2018 2019 2020 2021
2.Inventories; of which 682,155 825,607 1,231,609 886,461 1,785,459 1,041,106
i)Raw material 399,860 493,840 903,768 457,023 854,159 451,695
5.Short term investments 675 0 57,273 114,769 59,971 82,439
2.Reserves 306,541 415,543 534,886 715,956 828,173 1,458,932
of which: un-appropriated profit(loss) / retained earnings 182,831 202,021 357,289 538,359 530,976 1,184,735
5.Other non-current liabilities 34,775 20,102 0 24,189 42,194 76,746
F.Operations:
1.Sales 4,800,851 5,230,013 6,441,230 7,186,097 6,792,767 9,420,602
i)Local sales (Net) 2,663,841 2,804,902 3,048,415 3,100,377 3,266,126 4,881,437
2.Cost of sales 4,695,876 4,923,088 5,877,270 6,431,415 6,179,618 8,166,932
5.Other income / (loss) (10,432) 2,131 3,370 16,146 15,305 26,439
6.EBIT (F3-F4+F5) (43,094) 144,105 345,503 569,445 407,634 1,019,469
9.Tax expenses 29,741 17,368 18,543 122,531 87,977 119,306
11.Cash dividends 0 5,467 61,478 40,345 0 64,536
1.Net cash flows from operating activities (266,650) (687) (197,738) 229,140 (475,951) 902,698
3.Net cash flows from financing activities 20,573 89,531 33,904 (71,365) 287,490 130,685
H.Miscellaneous
83
Nagina Cotton Mills Ltd. (Thousand Rupees)

Items 2016 2017 2018 2019 2020 2021
i)Raw material 621,474 616,597 1,104,008 1,022,302 2,418,355 1,215,035
3.Trade Debt / accounts receivables 329,873 454,983 953,738 1,636,329 554,977 732,937
5.Short term investments 119,964 534,699 446,870 440,510 387,700 1,039,967
2.Reserves 1,530,733 1,569,209 1,679,874 1,836,913 1,693,495 2,381,397
of which: un-appropriated profit(loss) / retained earnings 1,276,288 1,331,149 0 1,637,447 1,553,860 2,155,925
1.Trade credit & other accounts payables 428,036 585,974 763,784 992,448 1,049,390 1,085,584
2.Short term borrowings 111,653 310,457 1,361,934 1,443,682 1,549,952 149,816
F.Operations:
1.Sales 4,267,869 5,242,033 5,878,554 6,932,310 7,070,172 7,184,635
i)Local sales (Net) 1,253,271 3,314,589 2,824,414 3,453,713 3,368,778 5,928,837
2.Cost of sales 4,116,388 4,888,739 5,364,408 6,099,883 6,476,351 5,765,307
6.EBIT (F3-F4+F5) 1,976 175,288 340,819 574,525 378,087 1,144,401
9.Tax expenses 28,523 32,457 65,354 52,507 92,645 245,378
11.Cash dividends 18,700 56,100 74,800 93,500 0 187,000
1.Net cash flows from operating activities (425,676) 118,088 (483,726) 36,293 (126,632) 2,239,339
2.Net cash flows from investing activities 258,794 (653,604) 85,750 (784,058) (1,070,013) (590,013)
3.Net cash flows from financing activities 222,366 390,136 182,409 (302,878) 1,824,159 (939,283)
H.Miscellaneous
84
Nazir Cotton Mills Ltd. (Thousand Rupees)

Items 2016 2017 2018 2019 2020 2021
5.Long term investments 4,988 2,195 1,538 388 9,588 3,838
6.Other non-current assets 0 0 0 3,990 14,602 6,389
C.Shareholders' Equity (C1+C2+C3) 30,050 (25,896) (39,401) 144,086 149,410 146,417
2.Reserves (365,268) (373,341) (382,973) (386,633) (364,402) (353,240)
i)Capital Reserve 1,105 (1,688) (2,345) (3,495) 5,704 (45)
1.Trade credit & other accounts payables 11,352 11,861 832 1,656 831 772
2.Short term borrowings 0 104,066 196,383 205,303 208,163 206,897
4.Other current liabilities 10,591 9,249 20,272 9,977 0 71
F.Operations:
1.Sales 0 0 0 1,300 2,449 12,677
i)Local sales (Net) 0 0 0 1,300 2,449 12,677
2.Cost of sales 0 0 0 1,945 4,538 14,568
3.Gross profit / (loss) (F1-F2) 0 0 0 (645) (2,089) (1,891)
6.EBIT (F3-F4+F5) 114,116 (20,113) (15,390) (7,130) (9,441) 324
8.Profit / (loss) before taxation (F6-F7) 114,113 (20,118) (15,395) (7,150) (9,450) 321
9.Tax expenses 0 0 37 1,171 (2,204) (2,434)
10.Profit / (loss) after tax (F8-F9) 114,113 (20,118) (15,432) (8,321) (7,246) 2,755
1.Net cash flows from operating activities (24,050) 10,914 (5,553) (8,892) (9,381) (10,192)
2.Net cash flows from investing activities 120,842 1,643 657 (3,990) 9,170 36,252
3.Net cash flows from financing activities (92,515) (8,091) 128 8,920 2,860 234
H.Miscellaneous
1.Total capital employed (C+D) 234,395 86,306 (21,970) 179,561 179,453 173,835
2.Retention in business (F10-F11-F12) 114,113 (20,118) (15,432) (8,321) (7,246) 2,755
P1. Net Profit margin / Net profit to sales (F10 as % of F1) - - - -640.08 -295.88 21.73
P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)} 46.40 -8.60 -7.58 -2.81 -1.85 0.72
P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current -9.20 112.62 -6.23 5.66 2.67 2.60
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) 4.96 -0.87 -0.67 -0.36 -0.32 0.12
85
Nishat (Chunian) Ltd. (Thousand Rupees)

Items 2016 2017 2018 2019 2020 2021
i)Raw material 5,566,728 6,831,007 8,313,291 12,103,342 14,641,331 12,570,214
ii)Work in progress 664,745 681,950 902,207 1,059,308 1,189,529 2,106,836
2.Reserves 8,584,981 9,605,759 11,308,233 12,936,222 11,236,208 16,594,946
of which: i) Trade credits 976,714 518,174 881,574 1,073,410 1,990,087 1,646,862
3.Current portion of non-current liabilities 1,581,910 1,348,981 1,416,993 1,093,799 512,310 2,792,064
F.Operations:
1.Sales 25,799,122 29,815,994 35,560,396 39,337,641 35,666,860 49,283,753
i)Local sales (Net) 6,168,630 11,901,037 14,773,407 19,708,670 16,807,987 22,910,923
2.Cost of sales 23,343,604 26,916,201 31,289,053 34,450,128 31,462,474 40,314,607
5.Other income / (loss) 1,190,718 1,122,401 1,131,882 2,454,440 454,010 864,015
6.EBIT (F3-F4+F5) 2,642,648 2,873,373 4,143,471 5,845,942 3,370,052 8,020,197
of which: (i) Interest expenses 931,104 1,006,336 1,249,037 2,063,392 2,566,287 1,584,532
8.Profit / (loss) before taxation (F6-F7) 1,613,018 1,778,650 2,760,106 3,668,366 709,196 6,273,162
9.Tax expenses 284,244 157,318 397,022 500,775 443,827 674,306
10.Profit / (loss) after tax (F8-F9) 1,328,774 1,621,332 2,363,084 3,167,591 265,369 5,598,856
11.Cash dividends 600,554 660,609 960,886 960,886 240,119 1,200,595
1.Net cash flows from operating activities (479,208) (649,757) (2,288,611) 197,793 1,582,303 3,668,689
2.Net cash flows from investing activities (374,500) (3,865,053) 666,819 (597,348) (2,717,247) (1,906,725)
3.Net cash flows from financing activities (67,092) 4,510,692 1,653,688 340,839 1,161,100 (1,536,797)
H.Miscellaneous
3.Depreciation for the year 791,830 824,514 1,002,051 927,071 911,829 1,159,938
86
Nishat Mills Ltd. (Thousand Rupees)

Items 2016 2017 2018 2019 2020 2021
1.Capital work in progress 1,656,161 4,286,546 2,154,016 517,320 2,457,861 6,212,913
1.Cash & bank balance 2,115,168 43,945 104,827 576,625 128,241 5,272,345
i)Raw material 5,312,509 7,433,874 6,991,589 11,135,516 12,821,768 9,283,755
5.Short term investments 2,065,217 2,535,973 2,581,520 0 0 0
2.Reserves 78,639,156 85,246,797 72,197,146 63,099,271 67,911,861 82,231,780
3.Current portion of non-current liabilities 1,980,768 2,093,024 2,144,900 1,784,470 703,032 4,206,123
4.Other current liabilities 1,358,720 186,022 191,124 328,343 316,824 293,999
F.Operations:
1.Sales 47,999,179 49,247,657 53,729,124 63,499,029 60,904,096 71,431,010
i)Local sales (Net) 11,909,384 11,520,714 14,692,802 15,512,916 15,358,869 24,837,854
2.Cost of sales 41,759,788 43,867,819 48,178,678 55,842,428 53,627,970 62,113,155
6.EBIT (F3-F4+F5) 6,771,259 5,935,414 5,950,951 8,565,214 5,981,696 8,299,681
7.Financial expenses 1,046,221 915,072 993,824 1,668,166 1,502,412 1,229,179
of which: (i) Interest expenses 794,838 673,206 735,960 1,390,602 1,227,122 896,545
9.Tax expenses 802,000 758,000 860,000 1,038,000 973,000 1,148,032
11.Cash dividends 1,758,000 1,758,000 1,670,100 1,406,400 1,406,400 1,406,400
1.Net cash flows from operating activities 4,704,482 (1,378,557) 2,153,808 905,102 1,560,005 5,722,435
2.Net cash flows from investing activities 735,980 (3,893,286) 1,851,315 (3,957,796) (4,828,502) (3,378,461)
3.Net cash flows from financing activities (3,377,513) 3,200,620 (3,944,241) 3,524,492 2,820,113 2,800,130
H.Miscellaneous
87
Olympia Mills Limited (Formerly Olympia Spinning & Weavin (Thousand Rupees)
Items 2016 2017 2018 2019 2020 2021
5.Long term investments 0 0 677,873 660,585 645,027 631,024
2.Inventories; of which 0 9,358 0 0 0 4,436
i)Raw material 0 2,775 0 0 0 1,675
ii)Work in progress 0 1,395 0 0 0 355
iii)Finished goods 0 5,188 0 0 0 2,406
4.Short term loans and advances 13,540 1,884 511 104 276 2,913
C.Shareholders' Equity (C1+C2+C3) (469,065) (573,780) (440,236) (389,281) 6,841 14,795
2.Reserves (1,210,965) (1,219,701) (1,085,474) (1,034,519) (638,397) (630,443)
ii)Revenue Reserve (1,210,965) (1,219,701) (1,085,474) (1,034,519) (963,397) (955,443)
of which: un-appropriated profit(loss) / retained earnings (1,214,545) (1,223,281) (1,089,054) (1,038,099) (966,977) (959,023)
F.Operations:
1.Sales 0 97,410 120,033 0 0 206,705
i)Local sales (Net) 0 97,410 120,033 0 0 206,705
2.Cost of sales 38,603 91,336 82,921 0 0 218,067
i)Cost of material 0 32,487 19,542 0 0 84,334
3.Gross profit / (loss) (F1-F2) (38,603) 6,074 37,112 0 0 (11,362)
6.EBIT (F3-F4+F5) (62,077) 77,408 157,711 76,385 94,989 33,684
of which: (i) Interest expenses 585 1,569 14,316 12,707 9,040 11,522
9.Tax expenses 650 7,807 9,820 11,655 14,778 14,365
2.Net cash flows from investing activities 0 (22,396) (22,296) 2,900 325 3,878
3.Net cash flows from financing activities (13,519) 16,924 16,925 (32,840) (35,068) (36,676)
H.Miscellaneous
P1. Net Profit margin / Net profit to sales (F10 as % of F1) - -11.92 111.26 - - 3.77
P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current -3.53 -1.74 -1.70 -1.98 -4.14 73.70
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} 15.92 2.23 -26.34 -12.54 -37.20 72.05
88
Paramount Spinning Mills Ltd. (Thousand Rupees)

Items 2016 2017 2018 2019 2020 2021
2.Operating fixed assets at cost 2,533,118 2,533,118 2,530,900 2,436,429 0 0
6.Other non-current assets 3,535 7,078 7,078 0 0 0
i)Raw material 67,850 62,520 45,659 45,659 85,496 85,496
4.Short term loans and advances 14,001 14,090 14,569 0 0 0
2.Reserves (2,716,222) (3,256,482) (3,377,403) (3,557,276) (3,715,901) (3,715,901)
2.Short term borrowings 2,104,968 3,212,986 3,199,126 587,381 586,680 586,680
F.Operations:
1.Sales 60,496 0 0 0 0 0
i)Local sales (Net) 60,496 0 0 0 0 0
2.Cost of sales 164,200 45,037 56,450 0 0 0
i)Cost of material 42,360 0 16,460 0 0 0
3.Gross profit / (loss) (F1-F2) (103,704) (45,037) (56,450) 0 0 0
6.EBIT (F3-F4+F5) (138,582) (52,876) (48,883) (97,353) (158,608) (158,608)
7.Financial expenses 15,113 757 95,957 140,517 16 16
of which: (i) Interest expenses 15,111 740 95,948 71,924 0 0
9.Tax expenses 26,211 (6,923) (14,106) (52,346) 0 0
1.Net cash flows from operating activities (89,187) (49,355) 7,823 (3,255) 1,540 1,540
2.Net cash flows from investing activities 5,680 0 1,543 761 0 0
3.Net cash flows from financing activities 74,147 49,293 (11,979) (412) 701 701
H.Miscellaneous
1.Total capital employed (C+D) (1,302,588) (1,980,477) (2,128,202) (2,484,883) (2,644,542) (2,644,542)
P1. Net Profit margin / Net profit to sales (F10 as % of F1) -297.38 - - - - -
89
Premium Textile Mills Ltd. (Thousand Rupees)

Items 2016 2017 2018 2019 2020 2021
2.Inventories; of which 888,091 1,372,121 1,452,977 2,500,821 3,193,303 3,665,536
i)Raw material 614,939 909,264 1,215,760 2,062,101 2,560,662 3,213,563
3.Trade Debt / accounts receivables 674,335 1,154,831 1,137,761 1,656,744 1,792,050 2,199,212
2.Reserves 1,384,023 1,485,034 1,754,147 2,063,626 1,985,419 3,307,989
5.Other non-current liabilities 19,006 8,137 (10,143) 236,778 289,395 936,695
F.Operations:
1.Sales 4,814,022 5,413,151 6,431,373 8,492,199 8,771,414 11,484,467
i)Local sales (Net) 224,565 520,360 638,148 567,085 229,482 297,974
2.Cost of sales 4,394,522 4,864,806 5,714,213 7,288,305 7,546,977 9,030,180
5.Other income / (loss) (5,982) 3,093 35,419 75,143 (63,553) 143,107
6.EBIT (F3-F4+F5) 258,266 373,228 528,767 928,757 838,254 2,101,366
9.Tax expenses (16,167) 31,326 (17,712) 69,684 88,715 117,674
11.Cash dividends 61,630 77,038 138,668 138,668 49,304 308,150
1.Net cash flows from operating activities 392,050 (490,299) 611,786 (697,248) (54,359) 988,801
3.Net cash flows from financing activities 150,646 (70,855) 590,574 75,518 758,269 2,724,097
H.Miscellaneous
90
Prosperity Weaving Mills Ltd. (Thousand Rupees)

Items 2016 2017 2018 2019 2020 2021
1.Capital work in progress 31,985 25,141 0 4,981 39,825 52,838
4.Intangible assets 5,495 4,616 3,438 2,259 1,080 0
i)Raw material 118,364 128,812 203,365 348,723 197,670 402,690
2.Reserves 716,574 727,812 760,712 866,948 892,807 1,459,038
i)Capital Reserve 17,181 8,533 22,396 (34,196) (70,603) (14,137)
5.Other non-current liabilities 20,833 22,739 0 5,928 4,180 61,430
E.Current Liabilities (E1+E2+E3+E4) 762,426 1,607,141 1,666,521 1,786,966 1,040,697 952,016
F.Operations:
1.Sales 5,211,429 5,820,163 6,212,431 7,112,276 6,018,541 8,150,567
i)Local sales (Net) 2,580,935 3,708,398 4,618,607 5,339,714 4,503,760 5,025,918
2.Cost of sales 4,851,776 5,516,985 5,856,880 6,405,493 5,488,984 6,981,441
6.EBIT (F3-F4+F5) 183,708 160,419 199,137 500,686 366,815 903,575
9.Tax expenses 32,390 2,298 0 109,144 93,213 172,962
11.Cash dividends 32,340 36,960 36,960 73,920 0 184,800
2.Net cash flows from investing activities (75,456) (1,120,794) (60,377) (202,239) (123,401) (196,347)
3.Net cash flows from financing activities 76,673 1,184,861 319,284 (112,666) (246,767) (66,279)
H.Miscellaneous
91
Quetta Textile Mills Ltd. (Thousand Rupees)

Items 2016 2017 2018 2019 2020 2021
4.Intangible assets 0 0 2,699 2,130 1,562 994
2.Inventories; of which 2,545,850 1,117,749 550,913 494,495 1,352,089 2,191,423
i)Raw material 1,194,469 530,887 146,049 99,671 310,972 834,702
C.Shareholders' Equity (C1+C2+C3) 1,983,343 709,880 1,199,512 827,839 100,698 (269,983)
2.Reserves 391,548 (827,213) (1,281,058) (1,590,151) (2,257,840) (2,571,451)
D.Non-Current Liabilities (D1+D2+D3+D4+D5) 2,214,720 1,886,520 1,171,915 503,213 492,918 879,554
3.Debentures/TFCs (bonds payable) 343,368 190,678 37,851 0 0 0
1.Trade credit & other accounts payables 1,223,013 834,834 752,841 856,749 2,220,717 3,300,284
F.Operations:
1.Sales 5,280,153 5,280,635 3,795,456 4,248,480 3,616,535 4,982,224
i)Local sales (Net) 3,702,379 4,880,502 3,564,882 4,102,170 3,523,494 4,827,406
2.Cost of sales 6,439,718 6,292,163 4,279,300 4,514,120 4,198,855 5,151,705
3.Gross profit / (loss) (F1-F2) (1,159,565) (1,011,528) (483,844) (265,640) (582,320) (169,481)
5.Other income / (loss) 3,166 350 28,390 9,099 13,706 20,559
6.EBIT (F3-F4+F5) (1,313,256) (1,111,100) (548,575) (336,012) (679,125) (263,890)
8.Profit / (loss) before taxation (F6-F7) (1,724,815) (1,433,351) (881,672) (520,922) (737,351) (300,026)
9.Tax expenses (9,380) (3,200) (312,639) (152,018) (23,281) 68,278
10.Profit / (loss) after tax (F8-F9) (1,715,435) (1,430,151) (569,033) (368,904) (714,070) (368,304)
3.Net cash flows from financing activities (442,031) (109,746) (118,319) 6,296 (38,408) (13,891)
H.Miscellaneous
1.Total capital employed (C+D) 4,198,063 2,596,400 2,371,427 1,331,052 593,616 609,571
2.Retention in business (F10-F11-F12) (1,715,435) (1,430,151) (569,033) (368,904) (714,070) (368,304)
P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current 3.60 6.24 8.02 7.54 16.91 -101.17
92
Redco Textiles Ltd. (Thousand Rupees)

Items 2016 2017 2018 2019 2020 2021
A.Non-Current Assets (A1+A3+A4+A5+A6) 1,086,410 1,051,737 816,979 789,141 955,902 1,417,931
1.Capital work in progress 0 0 0 2,192 0 22,272
3.Operating fixed assets after deducting accumulated depreciation 1,081,183 1,045,847 811,081 781,063 950,028 1,385,592
1.Cash & bank balance 3,259 14,528 695 43,508 33,403 15,212
i)Raw material 116,736 118,827 289 64 173 526
ii)Work in progress 39,648 23,781 0 1,326 1,472 1,341
iii)Finished goods 164,526 158,053 78 8,671 55,106 46,080
C.Shareholders' Equity (C1+C2+C3) 551,245 369,994 (24,008) (22,730) 72,937 215,444
2.Reserves (164,989) (340,252) (825,338) (821,285) (722,984) (668,130)
1.Long term borrowings 38,462 7,692 0 0 12,049 6,916
2.Short term borrowings 829,013 1,011,540 951,359 993,089 979,178 1,271,933
F.Operations:
1.Sales 1,742,092 1,816,846 441,264 251,367 355,476 495,470
i)Local sales (Net) 1,736,982 1,816,846 441,264 251,367 344,393 495,470
ii)Export sales (Net) 5,110 0 0 0 11,083 0
2.Cost of sales 1,756,847 1,922,637 634,120 206,023 304,037 458,667
i)Cost of material 1,200,523 1,324,080 289,208 61,811 12,301 3,851
3.Gross profit / (loss) (F1-F2) (14,755) (105,791) (192,856) 45,344 51,439 36,803
i)Selling & distribution expenses 7,284 8,135 4,793 322 281 201
6.EBIT (F3-F4+F5) (44,117) (137,013) (497,424) 5,305 25,676 50,454
7.Financial expenses 23,647 20,064 5,939 1,397 127 2,064
8.Profit / (loss) before taxation (F6-F7) (67,764) (157,077) (503,363) 3,908 25,549 48,390
9.Tax expenses 14,708 19,969 17,065 2,966 4,596 (7,052)
10.Profit / (loss) after tax (F8-F9) (82,472) (177,046) (520,428) 942 20,953 55,442
3.Net cash flows from financing activities 20,908 151,758 (90,951) 34,038 78,060 295,103
H.Miscellaneous
1.Total capital employed (C+D) 602,306 388,026 (18,444) (17,697) 96,926 235,363
2.Retention in business (F10-F11-F12) (82,472) (177,046) (520,428) 942 20,953 55,442
P1. Net Profit margin / Net profit to sales (F10 as % of F1) -4.73 -9.74 -117.94 0.37 5.89 11.19
P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current 2.84 3.65 7.78 -44.57 46.47 10.47
93
Reliance Cotton Spinning Mills Ltd. (Thousand Rupees)

Items 2016 2017 2018 2019 2020 2021
i)Raw material 485,878 598,737 953,597 1,450,853 2,062,436 2,252,367
2.Reserves 1,860,322 2,052,333 2,322,673 2,695,615 2,963,497 4,332,091
i)Capital Reserve 122,553 136,368 0 0 (49,361) (8,509)
of which: un-appropriated profit(loss) / retained earnings 1,607,769 1,785,965 0 0 0 0
D.Non-Current Liabilities (D1+D2+D3+D4+D5) 189,238 220,150 354,715 678,986 1,006,836 1,188,536
2.Short term borrowings 1,140,247 1,004,828 1,427,713 1,960,038 2,518,887 814,941
3.Current portion of non-current liabilities 0 0 7,319 12,193 19,354 183,656
F.Operations:
1.Sales 3,221,146 3,570,713 4,398,017 5,379,009 5,986,720 7,681,902
i)Local sales (Net) 600,113 767,435 880,477 1,046,512 1,186,325 1,491,135
2.Cost of sales 2,886,731 3,176,601 3,764,560 4,331,642 5,058,822 5,923,177
6.EBIT (F3-F4+F5) 281,036 324,850 493,082 1,002,463 802,022 1,627,434
9.Tax expenses 48,501 24,797 38,923 33,565 68,435 101,756
11.Cash dividends 51,460 15,438 66,898 82,336 0 51,460
1.Net cash flows from operating activities 294,730 287,157 (373,483) (244,326) (623,482) 1,781,040
3.Net cash flows from financing activities (176,731) (119,069) 541,036 898,653 872,521 (1,471,205)
H.Miscellaneous
94
Reliance Weaving Mills Ltd. (Thousand Rupees)

Items 2016 2017 2018 2019 2020 2021
i)Raw material 1,510,244 1,756,403 2,085,899 4,081,657 1,451,254 3,160,391
iii)Finished goods 601,016 1,011,020 843,240 1,548,035 2,929,403 1,513,304
4.Short term loans and advances 392,010 308,054 263,590 401,679 974,612 1,151,545
6.Other current assets 766,993 869,351 1,027,634 846,928 929,850 1,308,698
2.Reserves 1,831,154 1,916,970 2,144,197 2,632,990 2,619,318 4,053,389
i)Capital Reserve 41,081 41,081 101,763 91,626 86,878 (86,371)
of which: i) Trade credits 563,292 404,674 525,156 1,286,044 963,123 979,792
F.Operations:
1.Sales 10,049,389 11,341,734 13,913,860 16,605,159 17,275,166 24,030,100
i)Local sales (Net) 4,978,788 6,671,934 7,081,582 10,593,096 3,698,157 8,326,101
2.Cost of sales 9,162,497 10,357,639 12,568,217 14,822,654 15,214,366 20,520,175
6.EBIT (F3-F4+F5) 637,416 705,504 1,063,654 1,622,778 1,314,230 2,936,901
7.Financial expenses 530,199 537,721 622,203 991,464 1,166,615 917,653
9.Tax expenses 104,025 66,566 130,872 128,509 86,345 286,441
11.Cash dividends 15,405 46,216 69,325 107,838 0 231,082
1.Net cash flows from operating activities 213,419 (379,013) (568,184) (1,267,720) 1,153,062 207,968
3.Net cash flows from financing activities (195,899) 912,942 749,701 2,149,480 (780,844) 873,888
H.Miscellaneous
4.Salaries, wages and employee benefits 767,759 818,131 934,717 1,038,150 1,156,832 1,301,311
95
Ruby Textile Mills Ltd. (Thousand Rupees)

Items 2016 2017 2018 2019 2020 2021
1.Capital work in progress 0 0 0 0 40,408 40,408
1.Cash & bank balance 1,640 1,754 1,340 680 483 769
i)Raw material 354,518 376,095 324,449 2,174 40,451 78,938
iii)Finished goods 6,035 5,009 5,584 880 1,645 434
2.Reserves (101,843) (195,867) (230,558) (225,320) (171,956) (190,381)
5.Other non-current liabilities 0 82,018 22,284 33,886 7,994 958
3.Current portion of non-current liabilities 74,586 141,646 4,167 808 0 0
F.Operations:
1.Sales 292,888 400,356 325,009 719,481 275,027 184,862
i)Local sales (Net) 251,580 400,356 325,009 719,481 275,027 184,862
2.Cost of sales 418,265 511,561 414,948 821,113 392,427 262,684
5.Other income / (loss) 851 1,739 156,913 103,325 109,545 24,983
6.EBIT (F3-F4+F5) (146,283) (126,447) 38,460 (16,867) (26,688) (64,910)
9.Tax expenses 18,616 3,587 318 388 (4,878) 10,983
2.Net cash flows from investing activities (1,280) (263) (2,673) 1,338 (41,085) (265)
H.Miscellaneous
96
Saif Textile Mills Ltd. (Thousand Rupees)

Items 2016 2017 2018 2019 2020 2021
i)Raw material 924,633 1,180,215 1,049,151 1,618,917 1,405,049 1,331,542
2.Reserves 1,256,400 1,315,277 1,363,164 2,194,494 1,505,204 2,075,448
of which: un-appropriated profit(loss) / retained earnings 990,419 1,049,296 1,097,183 1,928,513 1,239,273 1,809,617
F.Operations:
1.Sales 6,697,773 7,586,301 7,852,240 8,975,842 7,651,433 10,646,677
i)Local sales (Net) 5,956,775 6,926,152 7,188,518 8,301,982 7,028,940 10,075,483
2.Cost of sales 6,075,785 6,823,288 6,997,222 7,938,029 7,014,015 8,755,026
5.Other income / (loss) 9,155 39,262 (67,427) 849,149 15,463 40,556
6.EBIT (F3-F4+F5) 278,378 421,397 435,035 1,514,899 231,692 1,357,751
9.Tax expenses 3,542 83,575 4,014 89,116 47,748 164,507
11.Cash dividends 0 26,413 19,810 26,413 0 0
1.Net cash flows from operating activities 191,205 (172,628) 872,082 389,495 65,016 1,250,898
3.Net cash flows from financing activities 279,236 376,123 (278,473) 297,341 451,443 (1,034,432)
H.Miscellaneous
2.Retention in business (F10-F11-F12) (49,132) (3,468) 26,058 803,906 (671,610) 526,877
97
Sally Textile Mills Ltd. (Thousand Rupees)

Items 2016 2017 2018 2019 2020 2021
A.Non-Current Assets (A1+A3+A4+A5+A6) 1,041,827 996,093 957,173 911,243 872,477 834,725
B.Current Assets (B1+B2+B3+B4+B5+B6) 1,214,974 1,243,424 838,379 804,807 804,943 804,812
i)Raw material 772,968 807,678 459,551 456,545 456,546 456,546
4.Short term loans and advances 0 0 6,934 19,021 23,480 23,530
C.Shareholders' Equity (C1+C2+C3) 6,661 (25,614) (426,264) (742,041) (996,625) (1,124,893)
2.Reserves (328,509) (343,634) (740,979) (1,052,407) (1,302,874) (1,427,242)
ii)Revenue Reserve (328,509) (343,634) (740,979) (1,052,407) (1,302,874) (1,427,242)
of which: un-appropriated profit(loss) / retained earnings (328,509) (343,634) (740,979) (1,052,407) (1,302,874) (1,427,242)
F.Operations:
1.Sales 2,192,217 1,647,561 1,912,528 111,745 0 0
i)Local sales (Net) 1,458,621 1,647,561 1,912,528 111,745 0 0
2.Cost of sales 2,389,386 1,556,629 2,154,985 266,727 39,880 36,806
i)Cost of material 1,516,994 947,540 1,485,542 75,710 0 0
3.Gross profit / (loss) (F1-F2) (197,169) 90,932 (242,457) (154,982) (39,880) (36,806)
5.Other income / (loss) 147,825 36,227 14,714 (26,765) (56,365) (63,015)
6.EBIT (F3-F4+F5) (115,142) 72,505 (289,723) (210,997) (110,505) (110,134)
9.Tax expenses 34,376 10,363 25,161 (12,802) (7,287) (10,424)
2.Net cash flows from investing activities (72,465) (480) (4,851) 9,325 0 3,000
H.Miscellaneous
1.Total capital employed (C+D) 536,131 781,900 417,269 40,957 (152,587) (218,431)
P1. Net Profit margin / Net profit to sales (F10 as % of F1) -11.09 -1.26 -20.81 -282.59 - -
P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current 12.16 -237.24 -8.93 -3.01 -1.95 -1.56
98
Salman Noman Enterprises Ltd. (Thousand Rupees)

Items 2016 2017 2018 2019 2020 2021
1.Cash & bank balance 11,994 14,345 252 253 253 252
i)Raw material 168,078 122,098 90,013 90,013 90,013 90,013
iii)Finished goods 50,448 21,812 0 0 0 0
Total Assets (A+B) / Equity & Liabilities (C+D+E) 1,173,767 1,039,252 903,448 871,345 840,908 812,045
C.Shareholders' Equity (C1+C2+C3) 32,862 (116,069) (287,500) (319,704) (350,449) (379,620)
2.Reserves (363,512) (499,445) (658,705) (678,903) (698,242) (717,081)
E.Current Liabilities (E1+E2+E3+E4) 807,552 929,051 989,334 998,955 1,000,093 1,000,401
F.Operations:
1.Sales 1,129,821 597,280 277,111 0 0 0
i)Local sales (Net) 1,129,821 597,280 277,111 0 0 0
2.Cost of sales 1,301,901 692,634 390,556 0 0 0
3.Gross profit / (loss) (F1-F2) (172,080) (95,354) (113,445) 0 0 0
6.EBIT (F3-F4+F5) (197,142) (117,175) (124,322) (32,204) (30,745) (29,171)
9.Tax expenses (61,810) (7,822) 2,773 0 0 0
1.Net cash flows from operating activities (13,191) 50,426 (12,626) 0 (208) (208)
2.Net cash flows from investing activities (5,925) (12,027) 0 0 0 0
3.Net cash flows from financing activities 29,319 (36,048) (1,467) 0 208 208
H.Miscellaneous
4.Salaries, wages and employee benefits 139,111 12,596 40,316 0 0 0
P1. Net Profit margin / Net profit to sales (F10 as % of F1) -16.24 -25.63 -61.86 - - -
P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current 9.48 -26.60 -4.81 -2.92 -2.56 -2.26
99
Samin Textiles Ltd. (Thousand Rupees)

Items 2016 2017 2018 2019 2020 2021
A.Non-Current Assets (A1+A3+A4+A5+A6) 964,603 896,493 5,620 0 0 0
2.Operating fixed assets at cost 1,783,743 1,789,130 30,926 0 0 0
3.Operating fixed assets after deducting accumulated depreciation 948,922 882,072 5,620 0 0 0
5.Long term investments 1,000 0 0 0 0 0
6.Other non-current assets 14,212 14,421 0 0 0 0
1.Cash & bank balance 26,116 5,058 3,349 5,725 2,484 58
2.Inventories; of which 413,733 272,970 20,635 0 0 0
i)Raw material 46,148 21,732 4,091 0 0 0
iii)Finished goods 364,734 249,908 14,924 0 0 0
Total Assets (A+B) / Equity & Liabilities (C+D+E) 1,656,946 1,386,083 914,266 120,279 104,154 83,408
C.Shareholders' Equity (C1+C2+C3) 674,431 432,325 (180,505) (74,196) (61,353) 42,669
2.Reserves 51,256 (174,745) (1,013,882) (341,476) (328,633) (224,611)
ii)Revenue Reserve 0 (215,745) (1,099,370) (399,748) (401,652) (420,346)
of which: un-appropriated profit(loss) / retained earnings 0 (215,745) (1,099,370) (399,748) (401,652) (420,346)
D.Non-Current Liabilities (D1+D2+D3+D4+D5) 204,750 122,279 54,072 0 0 0
4.Employees benefit obligations 1,563 1,287 1,287 0 0 0
5.Other non-current liabilities 0 0 42,373 0 0 0
E.Current Liabilities (E1+E2+E3+E4) 777,765 831,479 1,040,699 194,475 165,507 40,739
4.Other current liabilities 34,933 55,638 91,843 2,907 6,721 0
F.Operations:
1.Sales 1,272,231 973,654 395,667 44,753 0 0
i)Local sales (Net) 937,141 897,100 395,667 44,753 0 0
ii)Export sales (Net) 335,090 76,554 0 0 0 0
2.Cost of sales 1,212,969 1,103,923 758,404 81,026 0 0
3.Gross profit / (loss) (F1-F2) 59,262 (130,269) (362,737) (36,273) 0 0
6.EBIT (F3-F4+F5) (17,557) (204,558) (819,342) 148,224 11,523 (12,917)
8.Profit / (loss) before taxation (F6-F7) (102,951) (273,078) (891,194) 99,675 (1,903) (18,695)
9.Tax expenses (7,443) 10,027 6,924 8,523 0 0
10.Profit / (loss) after tax (F8-F9) (95,508) (283,105) (898,118) 91,152 (1,903) (18,695)
1.Net cash flows from operating activities (239,106) 44,273 (97,947) (59,030) 1,647 (24,200)
2.Net cash flows from investing activities 584,110 (5,701) 7,568 875,461 390 11,455
H.Miscellaneous
1.Total capital employed (C+D) 879,181 554,604 (126,433) (74,196) (61,353) 42,669
2.Retention in business (F10-F11-F12) (95,508) (283,105) (898,118) 91,152 (1,903) (18,695)
3.Depreciation for the year 72,597 72,359 65,688 0 0 0
P1. Net Profit margin / Net profit to sales (F10 as % of F1) -7.51 -29.08 -226.99 203.68 - -
P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)} -5.14 -18.61 -78.09 17.62 -1.70 -19.93
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) -3.57 -10.59 -33.60 3.41 -0.07 -0.70
100
Sana Industries Ltd. (Thousand Rupees)

Items 2016 2017 2018 2019 2020 2021
1.Capital work in progress 0 838 5,197 499 2,554 3,275
B.Current Assets (B1+B2+B3+B4+B5+B6) 591,569 564,821 639,132 834,308 803,799 1,272,319
i)Raw material 80,673 48,244 68,364 144,040 68,567 151,776
2.Reserves 295,870 234,131 279,060 356,611 335,456 459,575
4.Employees benefit obligations 10,421 0 986 23,250 35,538 5,516
E.Current Liabilities (E1+E2+E3+E4) 582,671 724,910 749,782 834,958 798,964 1,091,010
F.Operations:
1.Sales 1,791,118 1,728,182 2,028,803 2,402,535 1,775,174 2,717,396
i)Local sales (Net) 1,791,118 1,728,182 2,028,803 2,402,535 1,775,174 2,717,396
2.Cost of sales 1,613,750 1,674,974 1,850,974 2,092,849 1,598,841 2,369,495
i)Cost of material 1,034,386 1,055,550 1,056,269 1,242,100 908,312 1,139,274
6.EBIT (F3-F4+F5) 123,895 (7,383) 120,034 216,454 90,208 220,221
8.Profit / (loss) before taxation (F6-F7) 83,554 (51,174) 64,684 139,116 (6,094) 140,732
9.Tax expenses 18,821 (14,947) 53,658 31,098 (9,060) 63,367
10.Profit / (loss) after tax (F8-F9) 64,733 (36,227) 11,026 108,018 2,966 77,365
11.Cash dividends 30,078 0 17,187 21,484 0 27,500
3.Net cash flows from financing activities 18,541 131,794 (6,429) (77,462) (72,749) 214,097
H.Miscellaneous
2.Retention in business (F10-F11-F12) 34,655 (36,227) (6,161) 86,534 2,966 38,865
101
Sapphire Fibres Ltd. (Thousand Rupees)

Items 2016 2017 2018 2019 2020 2021
i)Raw material 2,200,237 2,825,931 3,714,436 4,690,568 5,475,340 8,623,821
2.Reserves 15,167,540 16,858,133 16,086,649 15,090,332 15,681,512 18,708,760
i)Capital Reserve 145,740 145,740 145,740 145,740 1,245,949 1,994,741
of which: i) Trade credits 502,519 557,052 459,322 660,671 491,836 1,231,738
4.Other current liabilities 180,318 400,866 377,772 770,726 1,039,615 1,093,241
F.Operations:
1.Sales 12,478,390 14,465,759 17,828,047 21,750,250 22,491,619 27,531,203
i)Local sales (Net) 2,440,357 3,052,783 2,988,941 4,005,903 3,628,921 5,188,255
2.Cost of sales 11,388,672 13,491,724 16,002,642 18,885,554 19,667,570 23,590,601
3.Gross profit / (loss) (F1-F2) 1,089,718 974,035 1,825,405 2,864,696 2,824,049 3,940,602
5.Other income / (loss) 1,633,722 1,855,690 1,419,921 530,368 1,445,360 1,246,894
6.EBIT (F3-F4+F5) 1,926,437 1,935,934 2,181,491 2,278,327 2,974,491 3,636,644
7.Financial expenses 424,439 536,737 732,877 1,262,473 1,463,422 962,850
9.Tax expenses 100,268 260,123 303,543 256,657 385,746 400,229
10.Profit / (loss) after tax (F8-F9) 1,401,730 1,139,074 1,145,071 759,197 1,125,323 2,273,565
11.Cash dividends 275,625 127,969 236,250 157,500 0 206,719
1.Net cash flows from operating activities (1,003,220) (825,573) (1,724,236) (1,555,332) 1,644,260 (1,296,489)
2.Net cash flows from investing activities (3,306,852) (849,659) (935,377) (691,184) (444,937) (681,992)
3.Net cash flows from financing activities 4,279,089 1,605,528 2,652,152 2,299,181 (1,207,178) 1,974,616
H.Miscellaneous
2.Retention in business (F10-F11-F12) 1,126,105 1,011,105 908,821 601,697 1,125,323 2,066,846
102
Sapphire Textile Mills Ltd. (Thousand Rupees)

Items 2016 2017 2018 2019 2020 2021
i)Raw material 3,261,497 4,071,351 4,142,129 5,401,521 6,303,541 9,815,551
5.Short term investments 0 4,048,907 4,103,069 4,030,718 2,956,225 3,487,400
2.Reserves 14,703,150 16,793,924 15,821,424 16,181,249 16,259,650 20,801,688
i)Capital Reserve 14,703,150 16,793,924 826,772 (1,043,541) (1,616,426) (158,567)
ii)Revenue Reserve 0 0 14,994,652 17,224,790 17,876,076 20,960,255
of which: un-appropriated profit(loss) / retained earnings 0 0 13,664,652 15,894,790 16,546,076 19,630,255
3.Current portion of non-current liabilities 2,085,912 563,256 1,139,457 2,001,251 736,990 3,284,258
F.Operations:
1.Sales 23,110,564 25,583,975 28,896,327 34,252,752 34,030,186 38,470,987
i)Local sales (Net) 6,071,027 7,692,431 7,590,987 4,631,923 4,883,527 4,998,741
2.Cost of sales 20,547,990 22,906,157 25,360,087 28,847,019 29,195,495 32,120,873
i)Selling & distribution expenses 860,297 925,753 1,011,944 1,084,078 1,049,687 1,232,187
5.Other income / (loss) 1,378,442 2,917,232 1,348,444 1,485,021 721,187 1,097,563
6.EBIT (F3-F4+F5) 2,609,779 3,944,310 3,340,232 5,031,435 3,866,062 5,341,903
7.Financial expenses 873,059 968,946 1,391,491 2,085,427 2,556,977 1,582,533
9.Tax expenses 288,506 253,617 353,682 386,569 129,996 496,434
11.Cash dividends 281,163 281,163 321,330 522,161 0 325,347
1.Net cash flows from operating activities 157,469 234,757 1,185,815 1,791,240 19,379 19,990
2.Net cash flows from investing activities (2,702,564) (8,030,658) (1,155,157) (2,185,422) (700,693) (1,813,611)
3.Net cash flows from financing activities 2,595,434 7,767,562 (47,015) 436,333 610,464 1,835,412
H.Miscellaneous
3.Depreciation for the year 877,418 1,028,141 1,096,630 1,158,239 1,258,978 1,288,925
103
Saritow Spinning Mills Ltd. (Thousand Rupees)

Items 2016 2017 2018 2019 2020 2021
B.Current Assets (B1+B2+B3+B4+B5+B6) 679,836 836,950 849,842 974,227 1,189,330 873,904
i)Raw material 287,572 445,799 378,548 448,302 595,102 313,131
2.Reserves 184,926 198,640 213,181 264,534 204,589 379,256
E.Current Liabilities (E1+E2+E3+E4) 708,223 924,313 867,120 966,040 1,153,237 845,421
F.Operations:
1.Sales 2,470,387 2,934,545 2,993,265 3,494,805 2,812,843 3,653,463
i)Local sales (Net) 2,470,387 2,934,545 2,993,265 3,494,805 2,812,843 3,653,463
2.Cost of sales 2,428,688 2,771,782 2,814,863 3,236,392 2,689,905 3,273,671
6.EBIT (F3-F4+F5) (18,491) 100,519 123,091 190,204 63,890 301,081
9.Tax expenses (22,280) 14,253 28,892 42,270 18,913 57,292
1.Net cash flows from operating activities (39,952) (113,156) 141,620 146,578 (296,377) 564,032
3.Net cash flows from financing activities 87,608 139,211 (85,766) (22,952) 198,748 (410,302)
H.Miscellaneous
104
Service Fabrics Ltd. (Thousand Rupees)

Items 2016 2017 2018 2019 2020 2021
B.Current Assets (B1+B2+B3+B4+B5+B6) 235 415 1,439 809 258 202
1.Cash & bank balance 199 374 1,397 770 221 202
2.Reserves (349,195) (354,746) (357,283) (358,584) (360,749) (391,875)
1.Long term borrowings 166,114 166,114 162,114 162,114 162,114 0
of which: i) Trade credits 0 0 0 4,750 4,750 4,750
F.Operations:
1.Sales 0 0 0 0 0 0
6.EBIT (F3-F4+F5) (6,932) (2,401) (2,536) (1,301) (2,166) (31,125)
9.Tax expenses 113 0 0 0 0 0
11.Cash dividends 3,151 0 0 0 0 0
2.Net cash flows from investing activities (14,723) 0 0 0 0 0
3.Net cash flows from financing activities 22,758 1,838 3,546 541 964 17,997
H.Miscellaneous
4.Salaries, wages and employee benefits 588 971 250 390 237 600
105
Service Industries Textiles Ltd. (Thousand Rupees)

Items 2016 2017 2018 2019 2020 2021
i)Raw material 13,638 20,979 59,377 52,579 48,102 41,896
iii)Finished goods 56,938 2,009 2,203 652 2,553 3,339
3.Trade Debt / accounts receivables 61 0 1,002 270 1,270 1,944
4.Short term loans and advances 0 0 490 730 651 7,608
2.Reserves (69,406) (52,427) (34,791) 7,578 (2,467) (59,416)
i)Capital Reserve 0 0 150,000 150,000 150,000 0
F.Operations:
1.Sales 483,006 801,430 854,392 979,881 921,250 1,230,010
i)Local sales (Net) 483,006 801,430 854,392 979,881 921,250 1,230,010
2.Cost of sales 467,970 757,515 806,929 894,627 862,104 1,099,764
i)Selling & distribution expenses 814 657 780 5,790 6,362 8,376
6.EBIT (F3-F4+F5) (9,287) 15,918 18,855 49,789 5,768 85,745
9.Tax expenses 4,737 (676) 2,413 5,644 23,211 21,191
11.Cash dividends 0 0 0 4,449 0 103,407
H.Miscellaneous
106
Shadab Textile Mills Ltd. (Thousand Rupees)

Items 2016 2017 2018 2019 2020 2021
1.Capital work in progress 0 0 0 0 35,520 66,359
i)Raw material 106,781 97,889 137,142 105,685 162,609 309,662
5.Short term investments 0 0 0 0 236,000 0
2.Reserves 363,327 369,146 386,259 459,354 688,604 1,236,545
F.Operations:
1.Sales 1,861,576 2,042,324 2,271,534 2,813,430 2,290,540 3,305,217
i)Local sales (Net) 1,861,576 2,042,324 2,271,534 2,813,430 2,290,540 3,305,217
2.Cost of sales 1,760,578 1,956,368 2,172,226 2,614,441 2,160,400 2,922,424
6.EBIT (F3-F4+F5) 55,983 33,880 42,016 118,831 73,980 272,118
9.Tax expenses 9,762 5,154 9,730 30,603 22,486 68,849
11.Cash dividends 13,122 7,590 4,950 15,600 8,300 8,300
1.Net cash flows from operating activities 93,337 11,326 14,947 128,002 (186,628) 121,921
2.Net cash flows from investing activities (25,997) (6,943) 3,465 (17,961) (98,993) (1,178,224)
3.Net cash flows from financing activities (58,745) (17,993) (21,003) (84,793) 501,538 827,527
H.Miscellaneous
107
Shadman Cotton Mills Ltd. (Thousand Rupees)

Items 2016 2017 2018 2019 2020 2021
1.Capital work in progress 0 6,502 0 0 1,498 0
2.Operating fixed assets at cost 2,382,508 2,379,780 1,205,387 1,161,734 1,166,627 982,964
3.Operating fixed assets after deducting accumulated depreciation 1,221,421 1,169,100 1,129,500 1,060,980 932,745 923,544
1.Cash & bank balance 1,322 576 2,505 24,115 27,406 1,039
i)Raw material 26,026 9,859 12,775 4,415 4,415 11,933
ii)Work in progress 6,286 101 5,551 531 0 44,608
2.Reserves (171,449) (230,133) (354,895) (182,615) (176,280) (227,074)
F.Operations:
1.Sales 709,839 412,549 546,927 431,006 111,554 110,032
i)Local sales (Net) 647,731 349,255 493,765 388,854 107,985 5,366
2.Cost of sales 842,819 481,531 596,270 413,356 136,659 165,587
i)Selling & distribution expenses 7,595 4,569 5,098 3,195 421 6,445
6.EBIT (F3-F4+F5) (175,447) (96,855) (101,144) 18,051 10,918 (52,739)
8.Profit / (loss) before taxation (F6-F7) (175,816) (97,609) (101,687) 17,774 10,520 (52,865)
9.Tax expenses (36,088) (14,183) 45,345 5,132 9,511 3,892
10.Profit / (loss) after tax (F8-F9) (139,728) (83,426) (147,032) 12,642 1,009 (56,757)
2.Net cash flows from investing activities (1,761) (6,785) 18,277 49,206 (17,314) 8,207
3.Net cash flows from financing activities 69,439 (35,761) (14,341) 25,829 (14,784) 51,013
H.Miscellaneous
2.Retention in business (F10-F11-F12) (139,728) (83,426) (147,032) 12,642 1,009 (56,757)
P1. Net Profit margin / Net profit to sales (F10 as % of F1) -19.68 -20.22 -26.88 2.93 0.90 -51.58
P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)} -8.15 -5.38 -10.78 0.98 0.08 -4.57
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} -24.09 -18.13 -37.29 2.91 0.20 -11.99
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) -7.92 -4.73 -8.34 0.72 0.06 -3.22
108
Shahtaj Textile Ltd. (Thousand Rupees)

Items 2016 2017 2018 2019 2020 2021
3.Operating fixed assets after deducting accumulated depreciation 786,770 1,004,835 1,078,610 1,077,895 931,659 1,406,598
2.Inventories; of which 355,915 420,201 507,909 529,343 690,701 1,016,558
i)Raw material 110,849 125,803 165,654 207,659 227,682 550,984
5.Short term investments 7,425 7,592 0 0 0 0
2.Reserves 793,853 853,589 875,593 1,045,151 1,037,350 1,228,449
F.Operations:
1.Sales 3,155,887 3,498,781 3,925,325 4,787,646 4,365,769 4,937,494
i)Local sales (Net) 800,714 1,213,345 1,641,341 1,994,767 1,607,396 2,038,784
2.Cost of sales 2,830,758 3,170,421 3,629,507 4,338,888 3,944,486 4,387,229
6.EBIT (F3-F4+F5) 159,625 156,556 141,135 338,732 193,317 334,952
9.Tax expenses 17,654 11,988 16,497 63,342 40,525 70,581
11.Cash dividends 43,470 48,300 26,565 96,600 38,640 0
1.Net cash flows from operating activities 136,837 23,002 (221,735) 14,729 562,752 152,383
3.Net cash flows from financing activities (117,010) 308,440 (199,475) 28,930 59,691 81,673
H.Miscellaneous
109
Shahzad Textile Mills Ltd. (Thousand Rupees)

Items 2016 2017 2018 2019 2020 2021
1.Capital work in progress 0 75,158 0 452,959 11,836 0
i)Raw material 281,094 389,942 553,612 400,022 425,586 510,174
5.Short term investments 1,184 821 8,440 47,416 14,875 25,213
2.Reserves 1,029,324 1,088,787 1,149,804 1,286,783 1,396,312 1,730,238
F.Operations:
1.Sales 3,692,132 4,511,169 5,464,278 6,105,230 4,315,237 6,927,057
i)Local sales (Net) 2,713,898 3,657,722 4,350,429 5,169,860 4,171,036 6,141,827
ii)Export sales (Net) 978,234 853,447 1,113,849 935,370 144,201 785,230
2.Cost of sales 3,507,377 4,268,172 5,196,692 5,579,332 3,993,183 6,197,657
6.EBIT (F3-F4+F5) 53,791 99,950 154,284 246,785 140,810 512,558
9.Tax expenses 34,990 29,316 28,984 57,867 16,966 133,106
11.Cash dividends 0 17,971 17,971 26,957 0 0
2.Net cash flows from investing activities 0 (197,897) (25,013) (502,901) (160,985) (119,638)
H.Miscellaneous
110
Shams Textile Mills Ltd. (Thousand Rupees)

Items 2016 2017 2018 2019 2020 2021
1.Capital work in progress 49,429 51,279 2,750 2,114 0 10,570
B.Current Assets (B1+B2+B3+B4+B5+B6) 1,016,169 921,751 849,772 844,456 870,108 1,766,313
i)Raw material 106,320 48,483 185,122 105,411 172,538 247,130
2.Reserves 555,048 505,551 594,668 590,028 447,216 809,194
5.Other non-current liabilities 6,426 8,522 21,163 12,526 0 3,648
F.Operations:
1.Sales 2,802,613 3,315,682 4,685,847 5,291,753 4,175,298 7,122,421
i)Local sales (Net) 1,746,829 2,634,458 3,467,856 4,447,257 3,414,027 6,644,412
ii)Export sales (Net) 1,055,784 681,224 1,217,991 844,496 761,271 478,009
2.Cost of sales 2,749,993 3,198,776 4,409,798 5,057,572 4,080,438 6,393,472
6.EBIT (F3-F4+F5) (43,989) 26,719 203,406 140,035 (36,311) 536,793
9.Tax expenses 26,869 32,390 63,526 53,724 46,337 104,967
10.Profit / (loss) after tax (F8-F9) (111,098) (50,392) 101,184 43,386 (140,206) 361,499
11.Cash dividends 0 0 20,304 9,072 0 17,280
1.Net cash flows from operating activities (388,587) 143,869 271,536 261,750 (162,128) (155,452)
3.Net cash flows from financing activities 428,917 (139,083) (244,975) (236,409) 172,883 208,212
H.Miscellaneous
111
Sunrays Textile Mills Ltd. (Thousand Rupees)

Items 2016 2017 2018 2019 2020 2021
1.Capital work in progress 0 0 2,584 1,139 28,751 0
i)Raw material 722,669 1,017,349 1,992,345 1,418,965 1,659,066 1,514,885
3.Trade Debt / accounts receivables 189,476 304,386 1,364,392 1,886,385 342,661 1,186,277
5.Short term investments 1,030,913 1,007,808 118,867 112,844 409,227 835,014
2.Reserves 1,980,577 2,077,532 2,357,904 2,793,148 3,018,546 3,931,524
1.Long term borrowings 0 0 494,501 827,705 927,141 854,634
5.Other non-current liabilities 18,493 36,618 33,641 0 108,681 70,669
E.Current Liabilities (E1+E2+E3+E4) 999,157 1,500,405 2,398,481 1,948,356 416,746 547,933
F.Operations:
1.Sales 3,858,477 4,257,729 4,952,171 6,085,258 6,476,171 8,640,883
i)Local sales (Net) 1,172,199 1,562,068 706,137 850,833 1,080,985 1,248,296
2.Cost of sales 3,628,143 3,885,950 4,315,188 5,130,703 5,567,431 7,059,086
6.EBIT (F3-F4+F5) 89,397 214,335 391,883 694,790 715,211 1,303,160
9.Tax expenses 39,689 47,064 (2,976) 3,201 86,267 88,879
11.Cash dividends 34,500 62,100 62,100 172,500 207,000 414,000
1.Net cash flows from operating activities 388,704 (331,048) (1,698,249) 723,019 2,021,779 551,916
2.Net cash flows from investing activities 1,008,519 (75,987) 416,278 (441,340) (358,877) (359,400)
3.Net cash flows from financing activities 617,269 400,507 1,308,222 (269,411) (1,703,774) (104,382)
H.Miscellaneous
112
Suraj Cotton Mills Ltd. (Thousand Rupees)

Items 2016 2017 2018 2019 2020 2021
1.Capital work in progress 121,384 2,508,148 163,195 21,540 71,076 901,477
i)Raw material 988,336 586,763 1,851,773 2,236,861 2,182,402 2,161,987
iii)Finished goods 0 702,089 682,551 684,544 1,346,739 850,503
5.Short term investments 2,136,361 1,909,120 1,052,384 134,342 1,318,597 3,211,269
2.Reserves 4,591,284 4,990,344 5,301,318 5,701,265 6,249,900 8,864,618
i)Capital Reserve 158,129 209,506 70,976 (211,964) (200,568) 38,985
2.Short term borrowings 357,536 379,394 993,116 698,968 1,278,365 429,454
4.Other current liabilities 17,576 0 3,293 51,106 45,323 32,680
F.Operations:
1.Sales 7,712,885 8,313,438 11,095,688 13,973,634 12,882,572 17,374,800
i)Local sales (Net) 6,635,490 7,478,403 10,647,322 13,598,803 12,657,124 17,100,014
2.Cost of sales 7,041,161 7,784,454 10,181,955 12,378,649 11,561,798 13,927,861
6.EBIT (F3-F4+F5) 554,605 559,251 576,632 1,254,442 1,040,764 3,251,265
9.Tax expenses 67,297 (22,598) (139,455) 211,317 131,652 527,562
11.Cash dividends 131,769 86,968 127,552 183,357 146,685 403,384
12.Bonus shares / stock dividends 26,354 28,989 47,832 0 36,671 40,338
1.Net cash flows from operating activities (124,368) (89,486) (788,753) 1,313,394 618,688 3,419,448
2.Net cash flows from investing activities (142,926) (2,150,405) (355,569) (418,710) (1,012,956) (2,883,184)
3.Net cash flows from financing activities 393,822 2,059,483 1,167,473 (525,573) 167,469 (460,428)
H.Miscellaneous
4.Salaries, wages and employee benefits 1,015,079 794,851 828,686 990,018 1,097,271 1,320,082
113
Tata Textile Mills Ltd. (Thousand Rupees)

Items 2016 2017 2018 2019 2020 2021
4.Intangible assets 1,956 472 1,004 1,080 6,878 5,275
i)Raw material 514,636 791,265 861,045 1,661,510 1,446,104 1,571,738
3.Trade Debt / accounts receivables 312,584 408,950 777,983 615,002 1,009,596 862,345
2.Reserves 1,287,262 1,400,246 1,723,170 1,820,630 1,594,696 2,527,934
D.Non-Current Liabilities (D1+D2+D3+D4+D5) 324,034 470,063 829,963 933,436 1,134,665 998,817
F.Operations:
1.Sales 4,906,547 5,014,434 6,041,556 6,727,419 6,729,650 8,962,076
i)Local sales (Net) 1,442,626 2,426,243 1,916,444 2,503,885 2,175,669 3,107,063
2.Cost of sales 4,678,633 4,673,998 5,407,032 6,101,937 6,232,089 7,456,476
6.EBIT (F3-F4+F5) (52,643) 185,089 471,832 388,910 115,426 1,161,238
9.Tax expenses 34,051 41,330 75,330 75,426 48,518 84,568
11.Cash dividends 0 17,325 17,325 8,662 0 0
1.Net cash flows from operating activities 496,938 (544,907) 345,032 (534,384) (184,103) 1,526,799
3.Net cash flows from financing activities (459,646) 87,070 53,333 817,232 (506,531) 470,920
H.Miscellaneous
114
The Crescent Textile Mills Ltd. (Thousand Rupees)

Items 2016 2017 2018 2019 2020 2021
i)Raw material 584,701 479,595 950,283 575,072 879,795 1,401,442
6.Other current assets 1,349,061 1,510,006 1,678,247 631,692 1,396,916 1,473,426
2.Reserves 3,751,934 5,480,186 4,002,813 3,539,278 3,678,938 4,913,828
i)Capital Reserve 1,204,270 2,919,558 1,426,143 723,980 873,607 1,591,830
of which: un-appropriated profit(loss) / retained earnings 744,021 756,985 773,027 1,011,655 1,001,688 1,518,355
D.Non-Current Liabilities (D1+D2+D3+D4+D5) 503,397 1,063,514 845,071 1,120,213 1,120,213 1,010,480
1.Long term borrowings 445,371 1,063,253 845,071 1,120,213 1,120,213 964,336
5.Other non-current liabilities 58,026 261 0 0 0 46,144
F.Operations:
1.Sales 10,578,809 10,872,762 11,314,259 13,946,144 13,264,005 17,817,252
i)Local sales (Net) 3,649,240 4,003,707 5,375,577 5,625,858 5,303,699 7,022,029
2.Cost of sales 9,238,638 9,900,768 10,214,002 12,308,973 11,714,594 15,363,861
4.General, administrative and other expenses 942,815 953,647 777,225 1,064,863 1,008,799 1,322,421
6.EBIT (F3-F4+F5) 706,681 367,956 647,878 902,590 657,392 1,262,406
9.Tax expenses 96,132 (32,199) 1,720 157,251 142,927 294,527
11.Cash dividends 100,400 0 0 48,000 0 0
3.Net cash flows from financing activities 1,017,905 1,048,119 475,881 (189,172) 63,862 498,552
H.Miscellaneous
115
Towellers Ltd. (Thousand Rupees)

Items 2016 2017 2018 2019 2020 2021
1.Capital work in progress 0 21,952 0 23,856 6,233 767,624
2.Operating fixed assets at cost 0 1,204,179 1,451,906 1,264,575 1,748,599 143,444
3.Operating fixed assets after deducting accumulated depreciation 1,024,075 967,198 1,264,375 1,207,400 1,657,528 1,041,725
4.Intangible assets 0 0 0 0 0 1,177
i)Raw material 85,542 86,722 127,215 186,296 189,000 427,723
2.Reserves 190,538 321,128 585,396 1,034,004 1,317,202 1,928,578
i)Capital Reserve 190,538 321,128 0 0 0 0
ii)Revenue Reserve 0 0 585,396 1,034,004 1,317,202 1,928,578
2.Short term borrowings 0 3,958 1,458 0 0 0
F.Operations:
1.Sales 2,700,457 2,686,140 2,605,809 3,848,285 3,772,254 5,220,747
i)Local sales (Net) (50,621) 6,060 12,030 20,767 12,335 57,491
2.Cost of sales 2,241,467 2,319,246 2,217,211 2,985,218 3,071,384 4,109,212
6.EBIT (F3-F4+F5) 175,701 94,120 284,807 457,559 321,304 619,651
of which: (i) Interest expenses 0 361 253 662 1,711 532
9.Tax expenses 23,912 26,028 26,000 48,393 39,021 57,751
3.Net cash flows from financing activities (103,675) (48,854) (14,748) (1,458) 0 0
H.Miscellaneous
116
Yousaf Weaving Mills Ltd. (Thousand Rupees)

Items 2016 2017 2018 2019 2020 2021
i)Raw material 38,605 11,942 6,686 5,925 1,146 0
5.Short term investments 0 0 0 7,500 0 0
Total Assets (A+B) / Equity & Liabilities (C+D+E) 947,048 836,374 982,798 1,056,393 985,723 1,153,896
2.Reserves (1,012,798) (634,022) (1,301,537) (1,183,986) (1,417,852) (1,334,117)
i)Capital Reserve 0 500,000 0 191,631 37,640 106,600
3.Surplus on revaluation of fixed assets 0 0 203,833 203,833 203,833 385,563
F.Operations:
1.Sales 1,309,076 1,482,551 1,947,147 1,325,506 415,495 723,253
i)Local sales (Net) 1,309,076 1,482,551 1,947,147 1,325,506 415,495 723,253
2.Cost of sales 1,436,238 1,484,469 2,002,675 1,317,244 447,000 639,115
3.Gross profit / (loss) (F1-F2) (127,162) (1,918) (55,528) 8,262 (31,505) 84,138
5.Other income / (loss) 2,150 1,493 0 5 3,777 1,833
6.EBIT (F3-F4+F5) (350,206) (55,080) (117,302) (52,629) (68,999) 30,200
7.Financial expenses 56,942 50,910 48,147 11,310 178 2,108
of which: (i) Interest expenses 50,883 49,686 47,543 11,060 102 0
9.Tax expenses 2,717 16,556 (469) 10,353 6,303 10,913
1.Net cash flows from operating activities (89,090) (119,044) (2,388) 82,126 (16,284) (62,493)
2.Net cash flows from investing activities 44,669 (3,925) (11,061) (114,431) (20,589) (4,896)
H.Miscellaneous
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} 100.58 28.94 76.43 53.47 38.30 -9.48
117
Zahidjee Textile Mills Ltd. (Thousand Rupees)

Items 2016 2017 2018 2019 2020 2021
i)Raw material 765,703 1,441,536 2,679,386 2,264,423 2,189,260 2,509,189
3.Trade Debt / accounts receivables 632,490 6,873 971,774 1,231,080 1,729,035 2,000,830
6.Other current assets 395,767 1,183,085 577,769 613,591 417,721 853,983
2.Reserves 1,578,251 1,646,077 1,935,361 2,771,706 3,395,636 4,833,890
of which: un-appropriated profit(loss) / retained earnings 0 0 0 2,105,447 2,729,377 4,167,631
F.Operations:
1.Sales 6,699,199 7,968,111 10,329,177 13,444,689 13,902,387 16,614,520
i)Local sales (Net) 4,740,322 6,200,190 8,214,825 11,077,472 11,020,652 10,322,908
2.Cost of sales 6,040,223 7,159,538 9,295,014 11,982,986 12,225,562 14,233,293
6.EBIT (F3-F4+F5) 461,232 621,329 798,857 1,132,972 1,322,966 2,001,656
9.Tax expenses 13,097 197,259 249,036 (37,255) 276,354 161,876
11.Cash dividends 0 0 66,997 162,708 0 0
12.Bonus shares / stock dividends 165,733 911,529 0 0 0 0
1.Net cash flows from operating activities 342,766 (262,811) (629,335) 1,105,745 1,041,775 1,730,047
2.Net cash flows from investing activities (1,115,407) (137,410) (933,965) (450,968) (1,034,025) (1,941,671)
3.Net cash flows from financing activities 830,990 391,628 1,531,212 (596,096) (27,368) 532,774
H.Miscellaneous
2.Retention in business (F10-F11-F12) 142,332 (694,371) 258,931 618,950 717,283 1,557,109
118
Zahur Cotton Mills Ltd. (Thousand Rupees)

Items 2016 2017 2018 2019 2020 2021
A.Non-Current Assets (A1+A3+A4+A5+A6) - - 76,394 73,923 71,452 71,452
1.Capital work in progress - - 0 0 0 0
2.Operating fixed assets at cost - - 132,787 132,787 132,787 132,787
3.Operating fixed assets after deducting accumulated depreciation - - 76,326 73,855 71,384 71,384
4.Intangible assets - - 0 0 0 0
5.Long term investments - - 0 0 0 0
6.Other non-current assets - - 68 68 68 68
B.Current Assets (B1+B2+B3+B4+B5+B6) - - 2,116 3,236 802 802
1.Cash & bank balance - - 1,993 3,236 801 801
2.Inventories; of which - - 0 0 0 0
i)Raw material - - 0 0 0 0
ii)Work in progress - - 0 0 0 0
iii)Finished goods - - 0 0 0 0
3.Trade Debt / accounts receivables - - 0 0 0 0
4.Short term loans and advances - - 0 0 0 0
5.Short term investments - - 0 0 0 0
6.Other current assets - - 123 0 1 1
Total Assets (A+B) / Equity & Liabilities (C+D+E) - - 78,510 77,159 72,254 72,254
C.Shareholders' Equity (C1+C2+C3) - - (55,752) (57,561) (62,927) (62,927)
1.Issued, Subscribed & Paid up capital - - 98,600 98,600 98,600 98,600
i)Ordinary shares - - 98,600 98,600 98,600 98,600
ii)Preference shares - - 0 0 0 0
2.Reserves - - (202,486) (203,336) (207,742) (207,742)
i)Capital Reserve - - 20,066 20,066 20,066 20,066
ii)Revenue Reserve - - (222,552) (223,402) (227,808) (227,808)
of which: un-appropriated profit(loss) / retained earnings - - (222,552) (223,402) (227,808) (227,808)
3.Surplus on revaluation of fixed assets - - 48,134 47,175 46,215 46,215
D.Non-Current Liabilities (D1+D2+D3+D4+D5) - - 12,445 12,053 11,661 11,661
1.Long term borrowings - - 0 0 0 0
2.Subordinated loans / Sponsor's loans - - 0 0 0 0
3.Debentures/TFCs (bonds payable) - - 0 0 0 0
4.Employees benefit obligations - - 0 0 0 0
5.Other non-current liabilities - - 12,445 12,053 11,661 11,661
E.Current Liabilities (E1+E2+E3+E4) - - 121,817 122,667 123,520 123,520
1.Trade credit & other accounts payables - - 6,303 7,522 8,936 8,936
of which: i) Trade credits - - 1,060 1,800 2,538 2,538
2.Short term borrowings - - 115,514 114,849 114,584 114,584
3.Current portion of non-current liabilities - - 0 0 0 0
4.Other current liabilities - - 0 296 0 0
F.Operations:
1.Sales - - 0 0 0 0
i)Local sales (Net) - - 0 0 0 0
ii)Export sales (Net) - - 0 0 0 0
2.Cost of sales - - 0 0 0 0
i)Cost of material - - 0 0 0 0
3.Gross profit / (loss) (F1-F2) - - 0 0 0 0
4.General, administrative and other expenses - - 5,024 7,357 5,767 5,767
i)Selling & distribution expenses - - 0 0 0 0
ii)Administrative and other expenses - - 5,024 7,357 5,767 5,767
5.Other income / (loss) - - 3,126 6,569 10 10
6.EBIT (F3-F4+F5) - - (1,898) (788) (5,757) (5,757)
7.Financial expenses - - 0 3 1 1
of which: (i) Interest expenses - - 0 0 0 0
8.Profit / (loss) before taxation (F6-F7) - - (1,898) (791) (5,758) (5,758)
9.Tax expenses - - 317 1,018 (392) (392)
10.Profit / (loss) after tax (F8-F9) - - (2,215) (1,809) (5,366) (5,366)
11.Cash dividends - - 0 0 0 0
12.Bonus shares / stock dividends - - 0 0 0 0
1.Net cash flows from operating activities - - (699) 1,908 (2,170) (2,170)
2.Net cash flows from investing activities - - 0 0 0 0
3.Net cash flows from financing activities - - (660) (665) (265) (265)
H.Miscellaneous
1.Total capital employed (C+D) - - (43,307) (45,508) (51,266) (51,266)
2.Retention in business (F10-F11-F12) - - (2,215) (1,809) (5,366) (5,366)
3.Depreciation for the year - - 2,455 2,470 2,470 2,470
4.Salaries, wages and employee benefits - - 204 231 240 240
P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)}) - - 0.00 0.00 0.00 0.00
P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)} - - -2.82 -2.32 -7.18 -7.43
P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current - - -1.41 -0.32 -1.24 -1.15
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} - - 3.97 0.75 8.91 8.53
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) - - -0.22 -0.18 -0.54 -0.54
119
Zephyr Textiles Ltd. (Thousand Rupees)

Items 2016 2017 2018 2019 2020 2021
i)Raw material 163,005 152,611 171,084 171,084 89,163 289,810
5.Short term investments 0 1,680 735 735 63,076 3,966
2.Reserves 369,712 468,969 595,211 595,211 716,442 1,035,675
2.Short term borrowings 710,417 981,619 1,158,697 1,158,697 1,320,186 1,268,832
F.Operations:
1.Sales 3,932,856 3,749,393 4,252,317 4,252,317 4,326,055 6,128,888
i)Local sales (Net) 2,532,478 2,406,314 2,515,470 2,515,470 2,338,749 3,074,945
2.Cost of sales 3,535,642 3,319,300 3,786,846 3,786,846 3,924,323 5,321,342
6.EBIT (F3-F4+F5) 258,662 211,581 287,169 287,169 198,012 472,961
9.Tax expenses 25,294 20,830 26,038 26,038 21,320 58,892
11.Cash dividends 0 0 29,714 29,714 0 29,714
3.Net cash flows from financing activities (12,195) 230,340 (34,651) (34,651) 5,966 28,584
H.Miscellaneous
120
Made-up textile articles - Overall (Thousand Rupees)

Items 2016 2017 2018 2019 2020 2021
2.Operating fixed assets at cost 551,795 25,744,649 27,596,405 31,552,082 36,722,851 42,193,258
5.Long term investments 75,600 35,183 78,806 76,220 4,683,478 4,685,979
6.Other non-current assets 184,581 241,660 253,469 445,114 2,788,571 3,733,421
i)Raw material 2,556,181 3,133,697 6,357,895 8,701,138 8,654,771 10,088,217
4.Short term loans and advances 810,335 961,631 1,309,627 1,563,692 1,464,171 3,905,365
2.Reserves 5,992,750 7,617,146 9,478,306 11,774,565 12,701,310 17,408,537
of which: un-appropriated profit(loss) / retained earnings 676,009 857,567 2,239,491 10,103,021 9,503,048 14,346,397
F.Operations:
1.Sales 34,622,221 42,530,310 48,414,740 59,171,952 57,641,470 90,235,867
i)Local sales (Net) 13,057,115 14,375,237 17,382,007 25,441,188 20,428,663 32,913,972
2.Cost of sales 26,800,955 34,794,876 38,090,199 47,043,393 47,780,520 72,544,905
6.EBIT (F3-F4+F5) 2,388,797 1,784,457 3,477,202 5,542,769 2,575,516 8,682,477
of which: (i) Interest expenses 824,409 745,131 854,416 322,456 1,736,494 2,087,845
8.Profit / (loss) before taxation (F6-F7) 1,451,853 879,061 2,447,146 4,019,514 452,179 6,291,037
9.Tax expenses 218,130 20,414 269,948 405,676 426,415 1,052,957
10.Profit / (loss) after tax (F8-F9) 1,233,723 858,647 2,177,198 3,613,838 25,764 5,238,080
11.Cash dividends 897,689 369,150 939,614 896,076 1,074,324 432,632
12.Bonus shares / stock dividends 0 0 0 712,991 855,589 855,589
1.Net cash flows from operating activities (2,033,096) 2,081,734 (1,140,250) 151,119 226,546 298,542
3.Net cash flows from financing activities 2,390,096 4,216,010 241,097 908,883 2,239,837 6,416,005
H.Miscellaneous
2.Retention in business (F10-F11-F12) 336,034 489,497 1,237,584 2,004,771 (1,904,149) 3,949,859
121
Aruj Industries (Formerly Aruj Garment Accessories Ltd.) (Thousand Rupees)

Items 2016 2017 2018 2019 2020 2021
i)Raw material 206,968 171,510 246,101 164,839 183,198 113,150
Total Assets (A+B) / Equity & Liabilities (C+D+E) 780,375 1,057,080 1,217,874 1,328,872 1,248,385 1,252,024
2.Reserves 198,346 229,348 258,332 276,417 286,343 300,655
F.Operations:
1.Sales 1,251,873 1,380,753 1,162,366 1,433,016 1,171,355 1,391,626
i)Local sales (Net) 441,610 531,568 570,689 785,072 488,053 723,715
2.Cost of sales 1,111,630 1,221,130 1,053,087 1,318,727 1,021,509 1,250,507
i)Cost of material 72,196 71,489 51,021 1,010,552 749,777 971,193
5.Other income / (loss) 1,467 0 0 5,011 4,175 954
6.EBIT (F3-F4+F5) 73,829 64,516 45,424 59,713 78,345 69,804
9.Tax expenses 13,151 13,003 4,709 1,932 12,556 21,280
11.Cash dividends 0 12,654 0 0 0 0
1.Net cash flows from operating activities 19,945 (37,118) 14,355 35,293 (41,921) 51,020
3.Net cash flows from financing activities (1,550) 152,234 85,812 (12,814) 64,664 (796)
H.Miscellaneous
122
Fateh Sports Wear Ltd. (Thousand Rupees)

Items 2016 2017 2018 2019 2020 2021
i)Raw material 6,134 6,134 6,134 6,134 0 0
3.Trade Debt / accounts receivables 1,938 1,934 0 0 336,500 315,087
C.Shareholders' Equity (C1+C2+C3) (251,719) (252,966) (256,125) (274,870) 358,415 334,468
2.Reserves (271,719) (272,966) (276,125) (294,870) 338,415 314,468
F.Operations:
1.Sales 0 0 0 0 0 0
5.Other income / (loss) 682 6 0 0 655,206 (21,788)
6.EBIT (F3-F4+F5) (1,246) (1,245) (3,157) (18,745) 635,668 (41,326)
8.Profit / (loss) before taxation (F6-F7) (1,248) (1,246) (3,158) (18,745) 635,190 (41,329)
9.Tax expenses 0 0 0 0 1,906 0
10.Profit / (loss) after tax (F8-F9) (1,248) (1,246) (3,158) (18,745) 633,284 (41,329)
1.Net cash flows from operating activities (437) (1,027) (315) (1,309) 158,266 (2,535)
2.Net cash flows from investing activities 0 0 0 65 0 (28,328)
3.Net cash flows from financing activities 423 889 314 1,261 (128,318) 4,845
H.Miscellaneous
1.Total capital employed (C+D) (251,719) (252,966) (256,125) (274,870) 358,415 334,468
2.Retention in business (F10-F11-F12) (1,248) (1,246) (3,158) (18,745) 633,284 (41,329)
P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)} -2.91 -3.05 -8.17 -65.82 317.38 -11.18
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} 0.50 0.49 1.24 7.06 1,516.03 -11.93
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) -0.62 -0.62 -1.58 -9.37 316.64 -20.66
123
Gul Ahmed Textile Mills Ltd. (Thousand Rupees)

Items 2016 2017 2018 2019 2020 2021
2.Operating fixed assets at cost 0 25,105,235 26,824,514 30,701,132 35,862,459 41,342,080
5.Long term investments 0 0 55,794 58,450 4,669,000 4,669,000
i)Raw material 2,337,553 2,951,013 6,089,797 8,503,455 8,441,959 9,949,009
2.Reserves 6,010,215 7,630,703 9,458,376 11,768,258 12,049,513 16,769,376
F.Operations:
1.Sales 33,187,676 40,980,061 46,859,143 57,287,837 55,932,658 88,356,151
i)Local sales (Net) 12,532,266 13,792,327 16,620,158 24,581,725 19,709,827 31,935,839
2.Cost of sales 25,521,668 33,400,582 36,702,692 45,305,673 46,272,841 70,846,671
6.EBIT (F3-F4+F5) 2,301,201 1,715,310 3,411,301 5,481,860 1,831,335 8,629,721
8.Profit / (loss) before taxation (F6-F7) 1,385,358 835,853 2,421,688 4,008,453 (222,938) 6,291,135
9.Tax expenses 203,119 5,764 261,307 399,233 402,824 1,025,006
10.Profit / (loss) after tax (F8-F9) 1,182,239 830,089 2,160,381 3,609,220 (625,762) 5,266,129
11.Cash dividends 891,239 356,496 891,239 891,239 1,069,487 427,795
12.Bonus shares / stock dividends 0 0 0 712,991 855,589 855,589
1.Net cash flows from operating activities (2,062,952) 2,105,108 (1,100,223) 160,090 110,320 213,833
3.Net cash flows from financing activities 2,406,516 4,097,179 99,578 875,103 2,295,394 6,422,100
H.Miscellaneous
2.Retention in business (F10-F11-F12) 291,000 473,594 1,269,142 2,004,990 (2,550,838) 3,982,745
124
International Knitwear Ltd. (Thousand Rupees)

Items 2016 2017 2018 2019 2020 2021
1.Capital work in progress 2,599 0 0 0 0 3,264
1.Cash & bank balance 2,962 336 1,662 2,683 885 578
i)Raw material 5,526 5,040 15,863 26,710 29,614 26,058
2.Reserves 55,908 30,061 37,723 24,760 27,039 24,038
i)Capital Reserve 0 25,701 19,959 (3,689) (982) 905
of which: un-appropriated profit(loss) / retained earnings 17,864 0 0 0 28,021 23,133
D.Non-Current Liabilities (D1+D2+D3+D4+D5) 1,678 0 0 2,049 1,652 6,693
1.Long term borrowings 1,678 0 0 2,049 1,652 1,156
3.Current portion of non-current liabilities 646 0 0 402 420 11,545
F.Operations:
1.Sales 182,672 169,496 393,231 451,099 537,457 488,090
i)Local sales (Net) 83,239 51,342 191,160 74,391 230,783 254,418
2.Cost of sales 167,657 173,164 334,420 418,993 486,170 447,727
3.Gross profit / (loss) (F1-F2) 15,015 (3,668) 58,811 32,106 51,287 40,363
ii)Administrative and other expenses 958 132 1,285 1,093 1,250 390
6.EBIT (F3-F4+F5) 15,013 5,876 23,634 19,941 30,168 24,278
8.Profit / (loss) before taxation (F6-F7) 12,924 (11) 17,338 14,749 16,864 6,621
9.Tax expenses 1,860 1,647 3,932 4,511 9,129 6,671
10.Profit / (loss) after tax (F8-F9) 11,064 (1,658) 13,406 10,238 7,735 (50)
11.Cash dividends 6,450 0 48,375 4,838 4,838 4,838
1.Net cash flows from operating activities 10,348 14,771 (54,067) (42,955) (119) 36,224
2.Net cash flows from investing activities (3,865) 22,824 0 1,358 (9,862) (25,653)
3.Net cash flows from financing activities (15,293) (34,292) 55,393 45,333 8,097 (10,144)
H.Miscellaneous
2.Retention in business (F10-F11-F12) 4,614 (1,658) (34,969) 5,401 2,898 (4,888)
P1. Net Profit margin / Net profit to sales (F10 as % of F1) 6.06 -0.98 3.41 2.27 1.44 -0.01
P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)} 7.42 -0.81 5.76 4.02 2.62 -0.02
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} 10.47 -1.34 10.26 8.00 6.31 -0.04
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) 1.72 -0.17 1.39 1.06 0.80 -0.01
125
Other textiles n.e.s. - Overall (Thousand Rupees)

Items 2016 2017 2018 2019 2020 2021
1.Capital work in progress 3,251,941 6,871,111 1,537,491 6,392,317 311,518 912,379
i)Raw material 3,675,842 4,917,304 6,947,464 8,569,215 8,918,913 4,220,011
4.Short term loans and advances 1,183,075 1,490,590 2,025,791 2,366,145 1,466,882 971,926
2.Reserves 27,695,818 27,950,589 30,200,488 30,629,281 31,630,000 23,264,504
2.Subordinated loans / Sponsor's loans 0 0 0 0 0 236,149
3.Current portion of non-current liabilities 2,044,435 2,402,515 1,352,040 1,237,687 280,768 926,100
F.Operations:
1.Sales 42,740,294 49,663,715 67,205,616 84,323,910 61,119,634 54,883,525
i)Local sales (Net) 42,717,964 49,618,596 67,183,450 84,314,549 61,076,855 54,827,783
2.Cost of sales 41,798,834 46,752,081 61,453,633 79,004,143 58,059,487 51,088,626
5.Other income / (loss) 2,991,717 7,292,395 737,208 283,394 2,846,060 4,110,296
6.EBIT (F3-F4+F5) 2,378,181 8,438,238 4,326,946 3,135,752 3,844,595 5,909,008
of which: (i) Interest expenses 1,174,289 967,546 720,023 1,180,104 2,326,257 1,995,645
9.Tax expenses 494,624 (666,629) 914,758 1,151,721 531,055 1,028,277
10.Profit / (loss) after tax (F8-F9) 695,964 8,120,313 2,639,783 786,091 927,082 2,861,263
11.Cash dividends 103,572 474,688 568,673 401,455 34,069 636,744
12.Bonus shares / stock dividends 0 21,466 0 0 0 84,060
1.Net cash flows from operating activities 2,190,791 (1,844,503) 5,690,313 2,876,903 (581,066) 2,535,447
2.Net cash flows from investing activities (2,320,353) (2,028,357) 2,448,778 (5,884,526) (9,714,792) (648,307)
3.Net cash flows from financing activities (235,451) 3,813,911 (8,558,242) 3,712,829 10,315,574 (1,882,540)
H.Miscellaneous
2.Retention in business (F10-F11-F12) 592,393 7,624,160 2,071,110 384,636 893,014 2,140,459
126
Al-Abid Silk Mills Ltd. (Thousand Rupees)

Items 2016 2017 2018 2019 2020 2021
A.Non-Current Assets (A1+A3+A4+A5+A6) 3,998,734 3,660,656 1,944,036 1,772,426 1,209,485 981,716
2.Operating fixed assets at cost 5,770,486 3,882,742 3,557,874 3,557,874 504,262 1,189,394
3.Operating fixed assets after deducting accumulated depreciation 3,979,987 3,641,969 1,925,349 1,752,025 1,189,394 961,605
2.Inventories; of which 16,371 14,552 12,733 10,914 9,095 0
i)Raw material 16,371 14,552 12,733 10,914 9,095 0
2.Reserves (6,253,086) (6,371,588) (6,269,593) (6,328,083) (3,758,997) (3,104,136)
4.Employees benefit obligations 0 0 0 0 0 8,425
F.Operations:
1.Sales 0 0 0 0 0 0
2.Cost of sales 713,509 332,115 214,460 131,048 103,495 86,131
5.Other income / (loss) 73,393 38,728 212,791 43,638 2,677,838 748,734
6.EBIT (F3-F4+F5) (684,554) (325,351) (32,463) (125,585) 2,492,827 606,927
7.Financial expenses 93 4 5 12 6 1,486
8.Profit / (loss) before taxation (F6-F7) (684,647) (325,355) (32,468) (125,597) 2,492,821 605,441
9.Tax expenses (881) 17,091 (20,353) 360 30 183
10.Profit / (loss) after tax (F8-F9) (683,766) (342,446) (12,115) (125,957) 2,492,791 605,258
2.Net cash flows from investing activities 3,959 60 0 51,527 740,181 344,928
H.Miscellaneous
2.Retention in business (F10-F11-F12) (683,766) (342,446) (12,115) (125,957) 2,492,791 605,258
127
Bannu Woollen Mills Ltd. (Thousand Rupees)

Items 2016 2017 2018 2019 2020 2021
5.Long term investments 1,171,800 763,171 1,096,338 1,097,756 1,093,058 1,151,362
i)Raw material 171,664 211,868 184,568 124,525 148,684 110,401
2.Reserves 930,537 674,580 942,012 915,358 882,390 959,890
of which: un-appropriated profit(loss) / retained earnings 78,037 (209,920) 18,512 241,858 203,825 286,390
5.Other non-current liabilities 81,953 0 68,048 54,034 52,036 50,806
3.Current portion of non-current liabilities 2,500 0 0 0 3,850 3,627
F.Operations:
1.Sales 749,408 793,305 838,619 684,911 328,713 699,135
i)Local sales (Net) 749,408 793,305 838,619 684,911 328,713 699,135
2.Cost of sales 510,606 531,292 565,785 517,942 220,703 509,252
5.Other income / (loss) 28,708 (836) 343,163 2,266 (59,237) 74,346
6.EBIT (F3-F4+F5) 108,069 98,074 464,474 18,965 (61,371) 126,287
8.Profit / (loss) before taxation (F6-F7) 102,562 93,971 446,922 (22,794) (122,436) 91,481
9.Tax expenses 27,938 26,246 139,142 (5,711) (13,789) 4,228
10.Profit / (loss) after tax (F8-F9) 74,624 67,725 307,780 (17,083) (108,647) 87,253
11.Cash dividends 47,532 47,532 23,766 0 0 0
1.Net cash flows from operating activities 194,937 (145,656) (53,305) (69,708) 18,814 105,763
3.Net cash flows from financing activities (93,244) 89,802 49,186 79,248 (24,571) (90,719)
H.Miscellaneous
2.Retention in business (F10-F11-F12) 27,093 20,194 284,014 (17,083) (108,647) 87,253
P1. Net Profit margin / Net profit to sales (F10 as % of F1) 9.96 8.54 36.70 -2.49 -33.05 12.48
P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)} 2.94 2.28 9.40 -0.52 -3.23 2.52
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) 7.85 7.12 32.38 -1.80 -11.43 9.18
128
Crescent Jute Products Ltd. (Thousand Rupees)

Items 2016 2017 2018 2019 2020 2021
1.Cash & bank balance 43,248 12,344 385 314 113 66
2.Reserves (557,671) (621,420) (672,873) (504,200) (524,102) (468,275)
F.Operations:
1.Sales 0 0 0 0 0 0
5.Other income / (loss) 1,803 4,473 217 38,144 209 81,317
6.EBIT (F3-F4+F5) (27,248) (46,143) (35,688) (10,568) (17,224) 70,000
9.Tax expenses 4 3 9 1 1 11,631
1.Net cash flows from operating activities 39,758 13,365 (20,949) (167,857) (46,871) (8,592)
2.Net cash flows from investing activities 1,663 1,730 (10) 153,364 66,803 167
3.Net cash flows from financing activities 0 (46,000) 9,000 14,422 (20,132) 8,378
H.Miscellaneous
129
Ibrahim Fibres Ltd. (Thousand Rupees)

Items 2016 2017 2018 2019 2020 2021
5.Long term investments 13,762,491 0 0 0 0 12,594,269
i)Raw material 2,352,520 3,558,118 5,163,731 6,884,939 7,022,348 2,743,076
4.Short term loans and advances 1,034,924 1,385,970 1,944,760 2,318,621 1,426,328 847,418
2.Reserves 33,132,590 34,140,883 35,851,484 36,368,776 34,760,093 24,240,876
1.Long term borrowings 5,616,667 4,420,833 0 1,500,000 10,000,000 9,925,000
5.Other non-current liabilities 1,466,987 469,807 1,191,145 1,440,891 1,195,473 1,432,434
3.Current portion of non-current liabilities 1,683,333 2,058,333 933,333 0 0 450,000
4.Other current liabilities 384,444 438,928 51,703 993,071 1,251,976 111,299
F.Operations:
1.Sales 34,709,815 39,910,715 53,886,574 66,237,950 47,078,366 37,273,570
i)Local sales (Net) 34,698,413 39,871,230 53,866,986 66,230,349 47,035,587 37,263,383
2.Cost of sales 33,729,899 37,485,489 49,390,634 62,390,924 45,127,106 36,435,923
3.Gross profit / (loss) (F1-F2) 979,916 2,425,226 4,495,940 3,847,026 1,951,260 837,647
4.General, administrative and other expenses 916,061 1,064,420 1,227,850 1,258,022 1,174,660 876,858
5.Other income / (loss) 2,755,245 7,157,002 41,441 67,563 30,659 3,000,516
6.EBIT (F3-F4+F5) 2,819,100 8,517,808 3,309,531 2,656,567 807,259 2,961,305
7.Financial expenses 897,125 693,390 386,786 612,097 1,658,075 1,601,283
8.Profit / (loss) before taxation (F6-F7) 1,921,975 7,824,418 2,922,745 2,044,470 (850,816) 1,360,022
9.Tax expenses 386,698 (655,211) 816,055 1,045,977 444,667 557,234
10.Profit / (loss) after tax (F8-F9) 1,535,277 8,479,629 2,106,690 998,493 (1,295,483) 802,788
11.Cash dividends 0 310,507 465,761 310,507 0 0
1.Net cash flows from operating activities 1,851,459 (1,893,520) 4,864,088 2,443,286 245,638 527,944
2.Net cash flows from investing activities (1,569,018) (1,892,162) 3,766,059 (5,566,616) (10,389,681) (380,663)
3.Net cash flows from financing activities (343,155) 3,780,767 (8,681,864) 3,113,677 10,125,278 (69,119)
H.Miscellaneous
2.Retention in business (F10-F11-F12) 1,535,277 8,169,122 1,640,930 687,986 (1,295,483) 802,788
130
Image Pakistan Limited (Formerly Tri-Star Polyester Limited (Thousand Rupees)

Items 2016 2017 2018 2019 2020 2021
2.Operating fixed assets at cost 805,237 807,958 1,093,657 1,111,037 1,125,064 1,245,714
i)Raw material 410 3,357 157,618 214,723 252,144 244,733
Total Assets (A+B) / Equity & Liabilities (C+D+E) 578,704 727,060 1,407,956 1,415,289 1,602,956 2,070,759
2.Reserves 33,706 72,393 105,562 79,259 117,693 293,928
F.Operations:
1.Sales 20,077 200,182 322,044 386,812 403,177 1,001,849
i)Local sales (Net) 20,077 200,182 322,044 386,812 403,177 963,565
2.Cost of sales 18,445 118,060 138,918 188,102 188,454 559,805
4.General, administrative and other expenses 520 7,994 85,728 127,376 151,582 251,026
i)Selling & distribution expenses 37 115 26,805 67,830 80,439 166,304
ii)Administrative and other expenses 483 7,879 58,923 59,546 71,143 84,722
5.Other income / (loss) 0 1,356 (813) 11,758 56 79
6.EBIT (F3-F4+F5) 1,112 75,484 96,585 83,092 63,197 191,097
7.Financial expenses 6,142 52 17,869 24,111 24,647 35,660
of which: (i) Interest expenses 0 43 8,407 20,917 22,558 27,773
9.Tax expenses 5,227 (2,414) 917 6,309 16,144 40,337
11.Cash dividends 0 0 45,078 56,879 0 426,594
12.Bonus shares / stock dividends 0 21,466 0 0 0 0
3.Net cash flows from financing activities 1,740 (2,925) 349,225 (29,482) 37,826 56,674
H.Miscellaneous
1.Total capital employed (C+D) 556,681 679,479 1,308,752 1,223,633 1,285,776 1,515,408
2.Retention in business (F10-F11-F12) (10,257) 56,380 32,721 (4,207) 22,406 (311,494)
4.Salaries, wages and employee benefits 951 17,606 47,538 90,359 125,441 159,893
131
Pakistan Synthetics Ltd. (Thousand Rupees)

Items 2016 2017 2018 2019 2020 2021
i)Raw material 852,980 719,745 844,174 951,774 616,220 656,254
iii)Finished goods 81,086 1,160,819 1,339,800 681,170 424,189 559,129
2.Reserves 679,257 661,511 775,273 635,614 761,653 1,504,279
of which: i) Trade credits 515,638 875,589 1,263,568 906,761 971,256 1,375,688
2.Short term borrowings 960,873 819,177 729,709 2,432,290 1,793,868 989,919
3.Current portion of non-current liabilities 137,089 143,339 194,280 1,011,806 87,706 224,182
F.Operations:
1.Sales 1,661,248 2,911,967 5,252,627 7,024,935 6,587,155 7,250,594
i)Local sales (Net) 1,655,610 2,911,967 5,250,049 7,024,935 6,587,155 7,243,323
ii)Export sales (Net) 5,638 0 2,578 0 0 7,271
2.Cost of sales 1,206,571 2,642,741 4,682,668 6,353,221 6,126,504 5,798,751
6.EBIT (F3-F4+F5) 336,023 159,987 288,645 178,342 289,994 1,244,901
8.Profit / (loss) before taxation (F6-F7) 221,688 17,001 83,442 (150,436) (99,309) 1,055,437
9.Tax expenses 20,070 (66,502) (67,054) (26,274) (66) 307,071
11.Cash dividends 56,040 0 0 0 0 210,150
1.Net cash flows from operating activities 253,761 355,009 870,641 (187,913) 416,209 1,012,599
3.Net cash flows from financing activities 132,359 36,684 (283,531) 603,429 (471,694) (389,542)
H.Miscellaneous
132
Rupali Polyester Ltd. (Thousand Rupees)

Items 2016 2017 2018 2019 2020 2021
2.Inventories; of which 531,456 725,481 824,593 873,093 1,042,770 1,365,309
i)Raw material 237,946 381,086 534,377 258,223 780,209 398,244
2.Reserves 398,726 277,333 341,886 359,557 372,861 826,130
of which: un-appropriated profit(loss) / retained earnings (1,336,889) (1,458,282) (1,393,729) (1,393,729) (1,362,754) 0
1.Trade credit & other accounts payables 874,772 869,221 690,140 1,345,791 671,156 1,354,397
of which: i) Trade credits 751,131 776,767 588,082 1,174,450 124,663 1,147,267
F.Operations:
1.Sales 4,890,041 5,025,401 6,044,111 9,053,741 5,914,249 7,554,429
i)Local sales (Net) 4,890,041 5,025,401 6,044,111 9,053,741 5,914,249 7,554,429
2.Cost of sales 4,969,175 4,887,698 5,680,917 8,562,629 5,520,731 6,710,396
3.Gross profit / (loss) (F1-F2) (79,134) 137,703 363,194 491,112 393,518 844,033
6.EBIT (F3-F4+F5) (135,807) (9,384) 234,688 342,663 341,768 685,122
9.Tax expenses 62,559 (2,981) 51,268 119,327 75,291 92,824
11.Cash dividends 0 0 34,069 34,069 34,069 0
1.Net cash flows from operating activities (155,747) (157,657) 55,925 906,402 (955,936) 989,276
3.Net cash flows from financing activities 22,213 (62,319) (31,508) (60,893) 1,190,472 (1,247,885)
H.Miscellaneous
2.Retention in business (F10-F11-F12) (333,478) (120,083) 30,485 20,906 (559) 453,212
133
S.G. Allied Businesses Ltd. (Formerly: S.G. Fibers Ltd.) (Thousand Rupees)
Items 2016 2017 2018 2019 2020 2021
A.Non-Current Assets (A1+A3+A4+A5+A6) 585,031 569,972 551,317 531,985 1,124,595 1,139,144
1.Capital work in progress 0 10,465 11,271 11,601 0 23,717
2.Operating fixed assets at cost 857,938 633,324 633,324 626,093 1,240,126 1,240,126
3.Operating fixed assets after deducting accumulated depreciation 584,935 469,454 458,989 447,423 1,053,091 1,045,351
2.Inventories; of which 0 0 0 0 0 2,695
i)Raw material 0 0 0 0 0 2,695
2.Reserves (422,613) (428,877) (421,190) (425,368) (421,474) (429,181)
4.Employees benefit obligations 0 5,364 5,364 5,364 5,364 6,789
F.Operations:
1.Sales 0 575 4,168 4,624 5,245 16,903
i)Local sales (Net) 0 575 4,168 4,624 5,245 16,903
2.Cost of sales 4,374 368 532 395 2,650 3,407
3.Gross profit / (loss) (F1-F2) (4,374) 207 3,636 4,229 2,595 13,496
ii)Administrative and other expenses 0 0 0 0 0 0
6.EBIT (F3-F4+F5) (23,654) (21,636) (6,135) (7,835) 2,784 (944)
7.Financial expenses 18 6 3 9,971 3,982 36
of which: (i) Interest expenses 0 0 0 9,963 0 0
8.Profit / (loss) before taxation (F6-F7) (23,672) (21,642) (6,138) (17,806) (1,198) (980)
9.Tax expenses (9,072) (827) (541) (1,500) 4,950 10,942
2.Net cash flows from investing activities 18,025 17,307 (806) (330) (15,266) (23,906)
3.Net cash flows from financing activities (20,500) (925) (15,366) (6,104) 0 8,125
H.Miscellaneous
P1. Net Profit margin / Net profit to sales (F10 as % of F1) - -3,620.00 -134.29 -352.64 -117.22 -70.53
134
Suhail Jute Mills Ltd. (Thousand Rupees)

Items 2016 2017 2018 2019 2020 2021
3.Operating fixed assets after deducting accumulated depreciation 816,430 1,345,997 1,372,317 1,367,774 1,363,441 1,397,075
i)Raw material 824 824 824 824 824 824
5.Short term investments 0 3,347 3,524 3,752 0 0
2.Reserves (347,422) (530,891) (570,907) (607,880) (649,458) (693,435)
F.Operations:
1.Sales 0 0 0 0 0 0
5.Other income / (loss) 4,345 390 352 1,176 0 10
6.EBIT (F3-F4+F5) (45,610) (49,701) (32,786) (34,006) (38,230) (39,675)
of which: (i) Interest expenses 0 0 0 0 0 7,446
2.Net cash flows from investing activities (1,870) 469 128 128 3,852 10
H.Miscellaneous
135
The National Silk & Rayon Mills Ltd. (Thousand Rupees)

Items 2016 2017 2018 2019 2020 2021
1.Capital work in progress 26,246 0 0 27,036 27,169 0
i)Raw material 43,127 27,754 49,439 123,293 89,389 63,784
iii)Finished goods 3,386 809 1,166 1,057 811 1,021
4.Short term loans and advances 34,056 33,292 7,844 1,222 715 7,288
2.Reserves 73,184 89,556 118,834 136,248 89,341 134,428
F.Operations:
1.Sales 709,705 821,570 857,473 930,937 802,729 1,087,045
i)Local sales (Net) 704,415 815,936 857,473 929,177 802,729 1,087,045
ii)Export sales (Net) 5,290 5,634 0 1,760 0 0
2.Cost of sales 646,255 754,318 779,719 859,882 769,844 984,961
6.EBIT (F3-F4+F5) 38,907 38,312 40,095 34,117 (36,409) 63,988
8.Profit / (loss) before taxation (F6-F7) 32,804 33,857 36,256 30,646 (43,080) 56,493
9.Tax expenses (1,796) 17,484 (4,685) 13,232 3,827 3,827
10.Profit / (loss) after tax (F8-F9) 34,600 16,373 40,941 17,414 (46,907) 52,666
11.Cash dividends 0 116,649 0 0 0 0
3.Net cash flows from financing activities 31,290 (20,103) 5,221 (23,743) 29,766 7,865
H.Miscellaneous
2.Retention in business (F10-F11-F12) 34,600 (100,276) 40,941 17,414 (46,907) 52,666
136
Sugar
The size of assets of sugar sector increased by 1.95 percent to reach at Rs 239.70 billion during
FY21. Total liabilities slightly decreased by 0.89 percent and reached Rs 134.89 billion during
FY21. The gross profit of the sector increased by Rs 3.64 billion or 14.26 percent on the back of
12.44 percent growth in Sales during period under review. Further, sector’s profit before and after
taxation increased by Rs 3.75 billion and Rs 4.10 billion respectively during FY21.
Assets
Non-current assets of the sector stood at Rs 159.19 billion in FY21 as compared to Rs 146.48 billion
in FY21, reflecting an increase of 8.68 percent. Operating fixed assets (after deducting accumulated
depreciation) increased by Rs 9.35 billion, showing a YoY growth of 7.30 percent during FY21.
Growth and Composition of Current Assets Growth and Composition of Non-Current Assets
2020 2021 Growth (RHS) 2020 2021 Growth (RHS)
35 80 160 60
49.33
30 57.28 60 140 50
25 23.53 40 120 40
20 100
billion Rs
20 28.09
billion Rs
30
percent
percent
0 80
15 -20.01 -24.34 20
-20 60
10 -34.86 -40 10
40 7.30
-72.42 1.74
5 -60 20 -1.82 0
0 -80 - -10
Intangible
investments
Capital work
current assets
fixed assets
investments
Cash & Bank
Other Current
loans & adv
Inventories
Trade Debt /
Short term
Long term
Short term
Operating
in progress
after…
Other non-
Assets
Balances
acc rec
assets
Current assets decreased by Rs 8.12 billion (YoY decline of 9.16 percent) during FY21 over FY20.
The short term investments and inventories showed a YoY growth during FY21 while remaining
components of current assets exhibited a decline in growth. Cash and bank balances decreased
significantly from Rs 10.74 billion in FY20 to Rs 2.96 billion in FY21. Inventories increased to Rs
32.67 billion in FY21 from Rs 20.77 billion in FY20, posted a YoY growth of 57.28 percent.
Shareholders’ Equity & Liabilities Shareholders Equity

Total shareholders’ equity increased to Rs 2020 2021 Growth(RHS)
104.81 billion during FY21 from Rs 99.02
60 8.31 10
percent. Reserves increased by Rs. 3.90 billion 50.8 6.96
8
(8.31 percent) during FY21 owing primarily to 50 46.9
44.0 6
41.1
an increase in Revenue reserves by Rs 3.51 4
billion Rs
40
percent
billion. 2
30 0
Total liabilities decreased by 0.89 percent -2
20 -4
during FY21, as non-current liabilities 11.0 10.1
-6
decreased by 10.77 percent. Further break up 10
-8.77 -8
of non-current liabilities shows that long-term 0 -10
borrowing decreased by 17.35 percent in FY21 Issue and Paidup Reserves Surplus on Rev
Capital of FA
over FY20.
137
Looking at current liabilities, trade credit & other accounts payables showing a YoY decline of
15.76 percent during FY21 over FY20. Short term borrowing showed an increase of Rs 3.96 billion
(11.42 percent) in FY21.
Current Liabilities Non-Current Liabilities

2020 2021 Growth (RHS) 2020 2021 Growth
35 10
45 40
30 4.13 6.73
40 3.22 5
29.53 30
35 30.00 25
30 20 0.00 0
billion Rs
billion Rs
percent
percent
25 11.42 20
10 -5
20
15
15 0
-10
10 10
-15.76 -11.18 -10
5 -17.35 -15
5
non-current…
0 -20
accounts…
Trade credits
Borrowings
Trade Credit
Other current
Short term
0 -20
of which: i)
portion of
Sponsor's…
liabilities
Current
& other
Debentures/
Subordinate
obligations
Other non-
Employees
(bonds…
borrowings
Long term
liabilities
d loans /
current
benefit
TFCs
Sugar sector sales increased from Rs 217.64
Profitability/Efficiency Ratios
billion in FY20 to Rs 244.71 billion in
2020 2021
FY21. Major increase came from 16.02
8
percent increase in local sales, which 6.8
reached to Rs 217.60 billion in FY21while 7 6.3
export sales dropped by 9.88 percent. 6
percent
Besides, cost of sales increased by 12.19 5

percent during FY21. As a result, Gross 4 2.3 2.9
profit was 14.26 percent higher in FY21 2.8 2.9
3 2.5 2.4
than in FY20. Further, General, 1.0
2 1.3 1.2
administrative & other expenses as well as 0.9
other income increased by 32.51 percent 1
and 44.52 percent respectively during FY21 0

margin
Financial
leverage
turnover
on equity
per share
Profit
earnings
on Assets
as compared to previous year. Profit before

Net
Return
Asset
Basic
Return
taxation increased to Rs 9.28 billion in

FY21 from Rs 5.53 billion in FY20 whereas
profit after tax increased to Rs 6.95 billion in FY21 from Rs 2.86 billion in FY20.
Net profit margin increased significantly from 1.31 in FY20 to 2.84 in FY21. Return on assets
(ROA) and return on equity(ROE) increased from 1.18 to 2.93 and 2.94 to 6.82 respectively in
FY21 as compared to previous year.
138
Sugar - Overall (Thousand Rupees)

Items 2016 2017 2018 2019 2020 2021
4.Intangible assets 1,082,053 1,106,528 1,110,642 647,464 632,894 621,353
i)Raw material 1,637,609 4,257,337 4,974,025 2,996,461 3,509,987 7,661,066
2.Reserves 28,873,231 35,176,934 36,774,342 42,761,840 46,877,807 50,775,222
2.Subordinated loans / Sponsor's loans 1,401,644 1,549,170 1,495,014 2,242,199 967,710 1,007,719
4.Employees benefit obligations 747,294 789,426 943,794 1,093,258 1,318,404 1,407,144
F.Operations:
1.Sales 173,269,570 179,796,622 185,447,163 213,952,956 217,643,053 244,710,278
i)Local sales (Net) 153,926,104 148,161,556 122,032,475 169,782,783 187,557,251 217,596,373
2.Cost of sales 154,474,939 164,736,168 171,658,648 186,925,387 192,115,359 215,541,451
6.EBIT (F3-F4+F5) 12,928,383 9,740,987 11,201,993 20,302,343 16,948,288 18,209,364
9.Tax expenses 831,627 632,161 1,004,657 1,081,995 2,668,556 2,321,250
11.Cash dividends 3,512,285 1,881,425 1,955,212 2,842,673 2,123,341 2,098,968
12.Bonus shares / stock dividends 0 61,827 48,047 207,024 23,299 48,944
1.Net cash flows from operating activities 21,076,715 (22,776,583) (3,835,784) 39,806,024 28,314,488 7,662,906
3.Net cash flows from financing activities (12,790,968) 28,928,207 10,470,082 (26,285,260) (15,596,937) (4,099,631)
H.Miscellaneous
2.Retention in business (F10-F11-F12) 2,429,887 246,970 (240,752) 3,906,608 711,604 4,806,977
139
Abdullah Shah Ghazi Sugar Mills Ltd.(Al-Asif Sugar Mills Ltd (Thousand Rupees)
Items 2016 2017 2018 2019 2020 2021
1.Capital work in progress 1,251,443 46,917 54,272 60,688 60,688 60,688
1.Cash & bank balance 2,814 9,997 4,770 5,074 1,521 984
iii)Finished goods 216,216 0 84,360 51,270 0 0
3.Trade Debt / accounts receivables 2,280 0 0 0 0 0
C.Shareholders' Equity (C1+C2+C3) (92,364) (29,399) (344,755) 576,851 368,033 146,206
2.Reserves (1,430,699) (1,345,597) (1,639,771) (1,666,909) (1,799,638) (1,949,619)
5.Other non-current liabilities 237,732 0 0 190,986 104,860 152,530
F.Operations:
1.Sales 430,564 298,566 118,723 153,110 58,427 0
i)Local sales (Net) 430,564 298,566 118,723 153,110 58,427 0
2.Cost of sales 754,224 401,310 363,033 327,372 260,827 200,934
i)Selling & distribution expenses 1,230 980 1,140 928 0 0
6.EBIT (F3-F4+F5) (349,338) (126,915) (264,616) (195,826) (216,865) (139,590)
9.Tax expenses (25,405) (230,160) 8,759 (204,615) (85,445) 47,538
1.Net cash flows from operating activities 43,534 61,683 3,927 7,782 (2,032) (58,124)
2.Net cash flows from investing activities (4,337) (47,455) (7,464) (6,478) (493) 0
3.Net cash flows from financing activities (46,555) (7,045) (1,691) (1,000) (1,028) 57,589
H.Miscellaneous
1.Total capital employed (C+D) 291,872 104,958 (210,386) 902,236 606,015 622,178
P1. Net Profit margin / Net profit to sales (F10 as % of F1) -89.24 18.42 -271.73 -35.28 -358.22 -
P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current 9.76 -48.53 -15.13 29.67 8.35 14.55
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} -113.05 -90.31 172.45 -46.55 -44.30 -86.40
140
Adam Sugar Mills Ltd. (Thousand Rupees)

Items 2016 2017 2018 2019 2020 2021
6.Other non-current assets 32 32 32 32 122 4,311
B.Current Assets (B1+B2+B3+B4+B5+B6) 756,492 2,483,040 1,883,599 1,317,136 917,601 1,232,562
2.Inventories; of which 82,056 1,830,849 1,244,945 928,869 204,914 278,834
2.Reserves 649,511 586,339 520,606 275,169 708,884 932,875
of which: un-appropriated profit(loss) / retained earnings 276,601 213,429 138,958 (106,478) 317,374 541,364
D.Non-Current Liabilities (D1+D2+D3+D4+D5) 176,495 226,172 412,294 1,019,959 982,742 1,008,891
1.Trade credit & other accounts payables 268,473 1,052,621 828,886 734,091 521,803 361,866
F.Operations:
1.Sales 3,261,247 1,849,979 3,762,794 2,314,623 3,553,991 2,880,598
i)Local sales (Net) 2,279,017 1,438,592 2,879,020 2,314,623 3,475,932 2,880,598
ii)Export sales (Net) 982,230 411,387 883,774 0 78,059 0
2.Cost of sales 2,948,835 1,787,403 3,658,075 2,295,798 2,846,000 2,470,296
6.EBIT (F3-F4+F5) 245,604 110,585 105,952 (87,013) 601,387 278,054
8.Profit / (loss) before taxation (F6-F7) 168,520 (5,733) (2,595) (315,480) 415,761 174,819
9.Tax expenses 44,061 (2,745) 28,144 (61,421) 97,204 (20,855)
10.Profit / (loss) after tax (F8-F9) 124,459 (2,988) (30,739) (254,059) 318,557 195,674
11.Cash dividends 60,519 0 0 0 69,164 34,582
3.Net cash flows from financing activities (370,859) 994,612 169,025 (103,435) (620,327) 203,717
H.Miscellaneous
2.Retention in business (F10-F11-F12) 63,941 (2,988) (30,739) (254,059) 249,393 161,092
P1. Net Profit margin / Net profit to sales (F10 as % of F1) 3.82 -0.16 -0.82 -10.98 8.96 6.79
P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)} 5.14 -0.09 -0.79 -5.02 5.18 3.28
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} 10.76 -0.25 -2.74 -11.54 9.15 5.28
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) 7.20 -0.17 -1.78 -14.69 18.42 11.32
141
Al-Abbas Sugar Mills Ltd. (Thousand Rupees)

Items 2016 2017 2018 2019 2020 2021
1.Capital work in progress 0 0 19,858 179,597 0 0
i)Raw material 219,108 606,160 592,542 266,193 266,193 774,781
iii)Finished goods 482,335 1,344,650 1,293,635 1,063,520 798,259 1,535,134
4.Short term loans and advances 77,910 512,820 326,027 1,438,652 627,076 1,761,378
5.Short term investments 235,500 600 600 1,029,586 1,769,074 1,052,507
2.Reserves 2,161,485 2,334,735 3,420,351 3,053,628 3,221,027 3,196,905
i)Capital Reserve 25,293 225,421 170,801 (90,223) (823) (64,322)
of which: i) Trade credits 362,346 375,800 799,538 1,034,798 1,001,739 976,185
2.Short term borrowings 15,637 1,788,526 702,090 1,623,237 1,200,000 2,087,881
F.Operations:
1.Sales 5,793,851 5,327,415 7,494,077 7,164,862 8,153,544 7,378,402
i)Local sales (Net) 3,532,591 2,622,210 635,427 2,884,637 3,726,589 3,050,940
2.Cost of sales 5,030,190 4,755,694 5,429,330 5,399,707 6,048,271 6,196,389
6.EBIT (F3-F4+F5) 609,960 319,337 1,434,760 1,265,169 1,423,220 919,403
8.Profit / (loss) before taxation (F6-F7) 524,570 206,948 1,370,679 1,201,227 1,370,241 834,723
9.Tax expenses 66,687 63,972 76,899 89,249 125,894 82,794
10.Profit / (loss) after tax (F8-F9) 457,883 142,976 1,293,780 1,111,978 1,244,347 751,929
11.Cash dividends 329,884 173,623 920,202 868,115 868,115 173,623
1.Net cash flows from operating activities 899,014 (1,565,881) 1,328,177 1,282,544 2,610,396 (1,428,161)
2.Net cash flows from investing activities 139 (86,857) (16,437) (990,189) (689,884) 791,174
3.Net cash flows from financing activities (882,528) 1,617,956 (1,223,316) (280,231) (1,508,951) 162,068
H.Miscellaneous
2.Retention in business (F10-F11-F12) 127,999 (30,647) 373,578 243,863 376,232 578,306
142
Al-Noor Sugar Mills Ltd. (Thousand Rupees)

Items 2016 2017 2018 2019 2020 2021
i)Raw material 300,993 293,821 306,870 386,587 385,658 635,570
iii)Finished goods 1,646,842 3,596,450 1,864,499 1,758,560 776,628 1,213,058
6.Other current assets 378,066 506,111 1,312,005 964,986 923,929 896,092
2.Reserves 1,395,588 1,336,842 1,268,994 1,497,153 1,703,095 1,913,458
i)Capital Reserve (2,038) (2,110) (2,714) (2,655) (2,714) (2,596)
1.Trade credit & other accounts payables 861,248 630,920 1,388,378 1,113,557 1,355,959 946,429
of which: i) Trade credits 384,205 350,634 1,061,535 739,312 424,042 427,844
2.Short term borrowings 691,100 3,189,720 1,931,335 1,529,219 402,138 1,364,840
F.Operations:
1.Sales 8,103,145 6,895,714 9,080,899 9,340,031 10,906,700 10,791,880
i)Local sales (Net) 7,443,037 5,476,025 4,276,039 8,171,175 8,881,136 10,070,303
ii)Export sales (Net) 660,108 1,419,689 4,804,860 1,168,856 2,025,564 721,577
2.Cost of sales 7,139,365 6,190,599 9,733,468 8,172,919 9,214,432 9,087,207
3.Gross profit / (loss) (F1-F2) 963,780 705,115 (652,569) 1,167,112 1,692,268 1,704,673
5.Other income / (loss) 37,997 21,010 1,444,958 485,052 139,144 61,893
6.EBIT (F3-F4+F5) 506,335 200,977 66,535 952,695 984,712 840,579
8.Profit / (loss) before taxation (F6-F7) 226,150 (126,833) (243,346) 456,886 429,886 451,118
9.Tax expenses 56,070 (96,514) (122,512) 267,552 227,423 240,228
10.Profit / (loss) after tax (F8-F9) 170,080 (30,319) (120,834) 189,334 202,463 210,890
11.Cash dividends 81,895 0 30,711 61,421 61,421 102,369
2.Net cash flows from investing activities (693,820) (531,055) (310,096) 172,559 (386,227) (191,715)
H.Miscellaneous
P1. Net Profit margin / Net profit to sales (F10 as % of F1) 2.10 -0.44 -1.33 2.03 1.86 1.95
P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)} 2.40 -0.37 -1.27 2.03 2.25 2.37
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} 6.38 -1.14 -4.31 6.17 6.32 6.30
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) 8.31 -1.48 -5.90 9.25 9.89 10.30
143
Baba Farid Sugar Mills Ltd. (Thousand Rupees)

Items 2016 2017 2018 2019 2020 2021
2.Inventories; of which 381,078 533,035 51,732 0 256,974 4,336
ii)Work in progress 13,323 30,440 33,866 0 4,882 4,301
iii)Finished goods 367,755 502,595 17,865 0 252,091 35
C.Shareholders' Equity (C1+C2+C3) 656,315 693,579 329,756 (345,370) 1,351,371 1,793,441
2.Reserves (1,217,959) (1,146,927) (1,480,647) (2,418,741) (676,392) (191,921)
i)Capital Reserve 0 0 0 0 1,982,700 2,302,700
of which: un-appropriated profit(loss) / retained earnings (1,217,959) (1,146,927) (1,480,647) (2,418,741) 0 0
D.Non-Current Liabilities (D1+D2+D3+D4+D5) 847,836 1,013,489 888,234 2,564,357 1,277,189 684,088
2.Subordinated loans / Sponsor's loans 500,000 500,000 500,000 1,211,500 0 0
4.Employees benefit obligations 2,051 3,052 3,662 89 2,762 7,706
E.Current Liabilities (E1+E2+E3+E4) 1,780,774 1,777,059 2,084,144 900,442 1,100,006 1,003,022
2.Short term borrowings 1,213,445 1,219,402 1,180,424 104,067 148,830 34,721
3.Current portion of non-current liabilities 54,408 125,000 125,000 100,000 505 303,912
F.Operations:
1.Sales 1,264,121 1,932,149 1,311,229 121,607 1,783,548 3,864,161
i)Local sales (Net) 1,264,121 1,932,149 1,311,229 121,607 1,783,548 3,864,161
2.Cost of sales 1,124,993 1,737,483 1,475,058 478,699 1,754,710 3,613,467
i)Cost of material 1,186,136 1,832,288 888,875 122,253 1,621,497 2,932,017
3.Gross profit / (loss) (F1-F2) 139,128 194,666 (163,829) (357,092) 28,838 250,694
i)Selling & distribution expenses 3,005 4,224 2,284 472 8,082 14,524
5.Other income / (loss) 30,629 0 0 22,997 37,564 138,317
6.EBIT (F3-F4+F5) 129,203 151,512 (208,517) (451,434) (83,768) 281,702
8.Profit / (loss) before taxation (F6-F7) 3,238 23,957 (378,292) (627,627) (276,940) 166,419
9.Tax expenses (9,248) (5,581) (4,226) 55,000 9,138 44,202
10.Profit / (loss) after tax (F8-F9) 12,486 29,538 (374,066) (682,627) (286,078) 122,217
1.Net cash flows from operating activities (183,279) (155,447) 193,487 (398,170) (219,766) 59,590
3.Net cash flows from financing activities 357,223 289,193 (75,805) 502,085 649,778 (96,549)
H.Miscellaneous
2.Retention in business (F10-F11-F12) 12,486 29,538 (374,066) (682,627) (286,078) 122,217
P1. Net Profit margin / Net profit to sales (F10 as % of F1) 0.99 1.53 -28.53 -561.34 -16.04 3.16
P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)} 0.42 0.87 -11.02 -21.26 -8.36 3.39
P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current 6.64 5.01 6.63 -411.27 6.81 2.29
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} 2.80 4.38 -73.11 8,743.78 -56.87 7.77
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) 1.32 3.13 -39.58 -72.24 -30.27 12.93
144
Chashma Sugar Mills Ltd. (Thousand Rupees)

Items 2016 2017 2018 2019 2020 2021
i)Raw material 0 0 0 0 0 1,171,407
iii)Finished goods 563,318 1,345,586 2,234,855 1,715,684 1,230,375 169,689
4.Short term loans and advances 280,408 270,937 331,743 1,392,880 1,619,493 885,455
6.Other current assets 865,807 876,865 1,187,787 808,658 1,101,058 1,081,182
2.Reserves 1,023,075 1,173,585 1,499,533 2,321,085 3,180,561 3,659,184
5.Other non-current liabilities 789,159 723,106 1,147,169 1,050,320 1,331,924 1,676,134
F.Operations:
1.Sales 11,206,209 11,332,390 10,275,004 12,420,711 15,929,690 16,037,086
i)Local sales (Net) 10,126,568 9,831,665 7,768,678 9,770,652 12,293,675 11,653,627
2.Cost of sales 10,100,778 10,224,316 9,004,826 10,183,656 13,019,259 13,912,324
5.Other income / (loss) 132,760 16,966 125,470 44,009 63,875 (16,551)
6.EBIT (F3-F4+F5) 716,714 625,256 764,878 1,386,048 1,646,572 993,685
9.Tax expenses (82,299) 40,147 59,541 57,852 (3,444) 26,967
11.Cash dividends 129,114 43,038 43,038 143,460 143,460 143,460
1.Net cash flows from operating activities 3,246,563 137,450 232,349 2,028,182 2,642,898 2,139,339
3.Net cash flows from financing activities (2,795,049) (1,145,554) (1,337,983) (818,326) (273,103) (285,148)
H.Miscellaneous
145
Dewan Sugar Mills Ltd. (Thousand Rupees)

Items 2016 2017 2018 2019 2020 2021
1.Capital work in progress 135,078 148,716 150,171 188,598 172,715 0
2.Inventories; of which 242,821 1,871,974 1,467,637 273,051 1,033,518 1,336,763
i)Raw material 115,925 309,421 142,633 44,640 570,948 549,246
C.Shareholders' Equity (C1+C2+C3) 667,664 (69,232) 1,077,858 534,264 (352,062) 586,289
2.Reserves (1,309,209) (1,954,506) (2,528,757) (2,848,217) (3,548,267) (4,161,662)
of which: un-appropriated profit(loss) / retained earnings 0 (2,144,506) (2,718,757) (3,038,217) (3,738,267) (4,351,662)
D.Non-Current Liabilities (D1+D2+D3+D4+D5) 1,948,470 1,482,361 1,423,940 1,222,215 892,082 1,544,051
1.Long term borrowings 1,206,524 718,878 145,630 1,770 0 0
of which: i) Trade credits 763,272 2,567,200 2,302,716 1,343,482 2,104,133 2,378,035
F.Operations:
1.Sales 2,567,628 2,984,804 4,738,180 5,707,989 3,824,785 5,958,696
i)Local sales (Net) 1,398,155 1,524,879 2,588,188 2,597,693 1,665,891 2,741,176
2.Cost of sales 3,170,516 3,464,925 5,002,555 5,760,835 4,465,761 6,497,211
5.Other income / (loss) 70,096 3,203 2,495 5,829 (28,300) (9,148)
6.EBIT (F3-F4+F5) (700,586) (694,570) (582,904) (506,024) (884,646) (763,555)
9.Tax expenses (76,117) (17,404) (30,180) (13,543) (34,684) (7,223)
3.Net cash flows from financing activities 127,702 (13,026) 285 (4,646) (8,817) (3,048)
H.Miscellaneous
146
Faran Sugar Mills Ltd. (Thousand Rupees)

Items 2016 2017 2018 2019 2020 2021
5.Long term investments 773,952 968,421 1,177,435 1,279,384 1,141,756 1,086,732
2.Inventories; of which 677,018 2,003,774 1,295,299 1,070,394 384,561 1,046,274
5.Short term investments 0 0 48,904 0 1,516 1,370
2.Reserves 1,654,262 1,345,246 1,787,431 2,070,061 1,874,394 1,505,332
2.Short term borrowings 0 2,089,000 1,933,313 1,522,460 1,393,966 2,330,000
F.Operations:
1.Sales 6,484,885 4,435,671 6,291,202 4,619,072 5,751,429 4,860,285
i)Local sales (Net) 6,484,885 3,527,596 2,850,267 4,126,784 5,129,364 4,860,285
ii)Export sales (Net) 0 908,075 3,440,935 492,288 622,065 0
2.Cost of sales 5,844,854 4,533,389 5,742,988 4,336,087 5,482,886 4,819,903
6.EBIT (F3-F4+F5) 646,688 (37,801) 780,487 831,609 149,525 (130,623)
8.Profit / (loss) before taxation (F6-F7) 608,593 (178,608) 624,388 521,230 (151,799) (390,411)
9.Tax expenses 125,930 5,438 182,017 140,784 19,518 (19,753)
10.Profit / (loss) after tax (F8-F9) 482,663 (184,046) 442,371 380,446 (171,317) (370,658)
11.Cash dividends 125,035 0 93,776 25,007 0 0
1.Net cash flows from operating activities 1,269,549 (2,063,792) 306,719 948,929 (163,927) (1,412,223)
3.Net cash flows from financing activities (544,913) 1,828,151 (33,193) (497,253) (147,860) 1,714,995
H.Miscellaneous
2.Retention in business (F10-F11-F12) 357,628 (184,046) 348,595 355,439 (171,317) (370,658)
P1. Net Profit margin / Net profit to sales (F10 as % of F1) 7.44 -4.15 7.03 8.24 -2.98 -7.63
P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)} 11.37 -4.07 8.10 6.67 -3.36 -7.22
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} 27.98 -10.52 24.35 17.46 -7.71 -19.11
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) 19.30 -7.36 17.69 15.21 -6.85 -14.82
147
Habib Rice Products Limited (Formerly Habib ADM Ltd.) (Thousand Rupees)
Items 2016 2017 2018 2019 2020 2021
i)Raw material 70,660 143,677 164,389 148,642 159,107 140,163
2.Reserves 549,380 548,030 566,913 640,162 714,681 764,699
of which: un-appropriated profit(loss) / retained earnings 489,380 0 0 0 0 0
5.Other non-current liabilities 7,878 2,930 0 0 0 76,240
F.Operations:
1.Sales 1,041,050 1,138,211 1,430,162 1,562,700 1,699,067 1,772,259
i)Local sales (Net) 802,476 874,935 1,244,466 1,092,088 1,485,207 1,475,006
2.Cost of sales 881,495 965,630 1,222,417 1,258,187 1,321,456 1,348,614
6.EBIT (F3-F4+F5) 18,561 45,316 61,659 140,908 212,601 261,820
of which: (i) Interest expenses 5 0 0 0 2,111 550
9.Tax expenses (15,706) 5,334 (8,347) 14,727 34,145 1,722
11.Cash dividends 40,000 50,000 50,000 100,000 120,000 200,000
H.Miscellaneous
148
Habib Sugar Mills Ltd. (Thousand Rupees)

Items 2016 2017 2018 2019 2020 2021
1.Cash & bank balance 3,575,276 924,306 767,781 2,464,979 4,071,821 268,863
2.Inventories; of which 401,847 1,673,612 2,764,095 1,840,405 876,021 1,894,571
i)Raw material 165,519 251,406 443,865 225,311 187,879 375,140
5.Short term investments 0 0 0 0 0 3,542,585
2.Reserves 5,781,437 6,233,237 7,347,677 7,313,051 7,872,962 8,510,094
of which: un-appropriated profit(loss) / retained earnings 827,753 559,797 896,988 1,195,655 714,092 1,115,111
F.Operations:
1.Sales 8,517,094 7,134,930 7,758,520 9,873,134 10,138,211 9,912,679
i)Local sales (Net) 6,208,967 4,327,554 3,836,062 6,272,207 6,769,191 6,036,477
2.Cost of sales 7,499,710 6,544,790 6,484,368 8,381,862 9,038,874 8,552,280
6.EBIT (F3-F4+F5) 1,033,188 470,912 899,075 1,201,725 530,292 1,104,589
7.Financial expenses 62,226 (26,407) (53,630) (134,211) (274,003) (95,147)
of which: (i) Interest expenses 47,302 (41,391) (70,131) 0 0 0
9.Tax expenses 146,000 (60,000) 57,624 140,009 110,000 210,000
10.Profit / (loss) after tax (F8-F9) 824,962 557,319 895,081 1,195,927 694,295 989,736
11.Cash dividends 412,500 262,500 412,500 412,500 412,500 450,000
1.Net cash flows from operating activities 1,475,186 (1,683,215) 284,786 2,249,254 2,324,984 227,728
2.Net cash flows from investing activities 2,170,335 (563,745) (186,936) (153,778) (303,835) (3,622,413)
H.Miscellaneous
149
Haseeb Waqas Sugar Mills Ltd. (Thousand Rupees)

Items 2016 2017 2018 2019 2020 2021
2.Inventories; of which 5,506 0 0 0 0 0
4.Short term loans and advances 0 0 0 43,808 20,638 7,449
C.Shareholders' Equity (C1+C2+C3) 249,326 (134,263) (597,829) (922,841) (1,284,865) (1,593,470)
2.Reserves (1,758,210) (2,061,302) (2,448,853) (2,702,062) (2,996,243) (3,240,731)
D.Non-Current Liabilities (D1+D2+D3+D4+D5) 2,183,545 1,862,979 1,286,275 1,052,118 595,026 564,480
1.Long term borrowings 1,370,430 1,050,739 549,373 408,000 0 0
4.Other current liabilities 263,394 285,114 398,010 614,697 845,061 1,012,761
F.Operations:
1.Sales 879,366 847,275 250,773 0 0 0
i)Local sales (Net) 879,366 847,275 250,773 0 0 0
2.Cost of sales 1,445,254 1,242,883 590,988 187,476 168,406 160,043
i)Cost of material 1,057,132 850,352 304,047 0 0 0
5.Other income / (loss) 588 628 1,080 653 0 0
6.EBIT (F3-F4+F5) (609,482) (455,761) (396,700) (210,609) (180,649) (171,620)
9.Tax expenses (87,790) (5,642) (53,524) (90,310) (48,892) (30,523)
1.Net cash flows from operating activities (111,824) (72,314) (120,990) (1,005) 946 (194)
2.Net cash flows from investing activities (236,963) (136,839) 11,559 700 0 0
3.Net cash flows from financing activities 351,048 203,893 108,877 (53) (979) 211
H.Miscellaneous
1.Total capital employed (C+D) 2,432,871 1,728,716 688,446 129,277 (689,839) (1,028,990)
150
Husein Sugar Mills Ltd. (Thousand Rupees)

Items 2016 2017 2018 2019 2020 2021
2.Reserves 29,436 411,642 505,323 761,114 473,129 610,108
ii)Revenue Reserve (601,339) (341,669) (246,489) 102,945 (137,888) (50,192)
of which: un-appropriated profit(loss) / retained earnings (770,789) (511,119) (415,939) 102,945 (137,888) (50,192)
2.Short term borrowings 508,947 511,502 1,580,875 411,382 1,407,999 1,871,707
3.Current portion of non-current liabilities 0 5,875 0 74,911 123,749 331,882
F.Operations:
1.Sales 3,144,147 3,856,538 2,755,736 3,715,573 2,954,630 6,148,523
i)Local sales (Net) 2,761,936 3,086,123 2,637,698 2,745,451 2,951,401 6,148,523
ii)Export sales (Net) 382,211 770,415 118,038 970,122 3,229 0
2.Cost of sales 2,898,595 3,371,219 2,496,642 3,475,490 2,662,525 5,672,475
6.EBIT (F3-F4+F5) 159,827 316,072 174,691 534,536 165,146 383,431
9.Tax expenses (17,407) 27,262 (2,375) 19,642 77,265 44,864
11.Cash dividends 0 0 0 10,800 0 0
1.Net cash flows from operating activities (244,951) 73,386 (850,753) 1,069,838 (743,703) (32,841)
3.Net cash flows from financing activities 278,313 108,698 1,065,597 (800,561) 1,429,495 691,403
H.Miscellaneous
151
JDW Sugar Mills Ltd. (Thousand Rupees)

Items 2016 2017 2018 2019 2020 2021
4.Intangible assets 1,078,099 1,076,016 1,073,948 616,849 614,796 612,748
i)Raw material 181,773 530,172 1,333,717 549,823 316,448 264,747
ii)Work in progress 0 13,762 0 0 0 0
2.Reserves 9,337,061 9,661,426 8,712,543 10,173,847 11,143,351 15,748,293
5.Other non-current liabilities 1,869,361 1,743,972 1,679,776 639,478 1,070,136 115,763
F.Operations:
1.Sales 45,361,035 51,631,302 44,530,694 60,946,402 59,441,254 65,255,756
i)Local sales (Net) 43,886,873 47,483,421 34,369,425 53,776,500 59,282,154 65,255,756
ii)Export sales (Net) 1,474,162 4,147,881 10,161,269 7,169,902 159,100 0
2.Cost of sales 37,216,340 46,526,885 41,622,508 53,882,043 50,915,640 53,729,964
6.EBIT (F3-F4+F5) 5,537,151 4,169,863 2,177,876 5,330,586 6,786,242 7,282,892
8.Profit / (loss) before taxation (F6-F7) 3,566,098 2,213,226 (544,142) 1,200,073 2,854,729 4,760,746
9.Tax expenses 624,848 384,944 216,046 (269,149) 1,296,320 141,925
10.Profit / (loss) after tax (F8-F9) 2,941,250 1,828,282 (760,188) 1,469,222 1,558,409 4,618,821
11.Cash dividends 1,195,534 777,097 0 597,767 0 597,767
1.Net cash flows from operating activities 9,747,743 (2,715,608) (11,348,111) 20,799,759 10,274,666 10,180,998
2.Net cash flows from investing activities (2,246,294) (3,457,302) (2,084,494) (1,549,080) (466,108) (602,245)
3.Net cash flows from financing activities (6,425,837) 5,269,746 11,214,268 (18,121,330) (8,981,676) (7,449,123)
H.Miscellaneous
2.Retention in business (F10-F11-F12) 1,745,716 1,051,185 (760,188) 871,455 1,558,409 4,021,054
152
Jauharabad Sugar Mills Limtied (Thousand Rupees)

Items 2016 2017 2018 2019 2020 2021
B.Current Assets (B1+B2+B3+B4+B5+B6) 441,667 837,502 1,448,769 1,084,691 748,310 607,257
3.Trade Debt / accounts receivables 0 1,366 327,299 270,266 1,346 573
2.Reserves 1,173,118 985,543 1,126,619 1,257,216 1,465,519 1,576,962
i)Capital Reserve 1,150,815 911,251 1,039,286 983,080 984,231 982,500
of which: un-appropriated profit(loss) / retained earnings (39,696) 74,292 87,333 274,136 481,288 594,462
E.Current Liabilities (E1+E2+E3+E4) 214,364 829,394 1,435,214 1,080,800 677,845 584,398
2.Short term borrowings 0 408,121 1,114,463 409,061 198,321 190,166
F.Operations:
1.Sales 2,096,363 2,581,987 2,195,040 3,441,483 3,502,837 4,924,089
i)Local sales (Net) 1,141,231 2,371,282 1,944,702 2,870,532 3,502,837 4,924,089
ii)Export sales (Net) 955,132 210,705 250,338 570,951 0 0
2.Cost of sales 1,888,218 2,281,868 2,149,334 2,787,754 2,898,771 4,345,578
6.EBIT (F3-F4+F5) 135,662 188,933 174,028 462,948 427,569 387,844
9.Tax expenses (23,961) 32,636 30,851 74,552 (16,937) 66,538
11.Cash dividends 10,910 24,731 0 34,129 34,129 34,128
12.Bonus shares / stock dividends 0 61,827 0 68,257 0 0
1.Net cash flows from operating activities 41,991 (113,982) (756,922) 957,815 597,801 126,805
3.Net cash flows from financing activities 49,722 517,625 314,690 (127,966) (38,774) (138,424)
H.Miscellaneous
153
Khairpur Sugar Mills Ltd. (Thousand Rupees)

Items 2016 2017 2018 2019 2020 2021
4.Intangible assets 0 0 6,307 6,307 6,307 5,992
6.Other non-current assets 262 34,643 1,557 3,979 3,979 3,232
ii)Work in progress 914 1,226 926 985 1,333 851
2.Reserves (257,707) (224,767) (208,130) 148,329 140,698 153,776
ii)Revenue Reserve (257,707) (224,767) (208,130) 148,329 140,698 153,776
D.Non-Current Liabilities (D1+D2+D3+D4+D5) 1,098,299 1,030,037 1,118,127 810,519 901,971 1,234,779
1.Long term borrowings 971,856 945,091 1,018,602 681,629 832,571 950,547
1.Trade credit & other accounts payables 559,404 1,072,169 1,479,815 751,210 433,690 551,634
F.Operations:
1.Sales 4,146,495 2,933,180 4,237,317 4,252,277 4,290,858 4,589,427
i)Local sales (Net) 4,146,495 2,933,180 3,265,039 4,056,362 4,290,858 4,589,427
ii)Export sales (Net) 0 0 972,278 195,915 0 0
2.Cost of sales 3,819,753 2,739,274 4,195,459 3,856,845 3,781,737 3,890,843
i)Cost of material 3,231,098 3,917,665 3,395,701 3,164,754 3,014,075 400,398
6.EBIT (F3-F4+F5) 175,062 58,497 271,311 194,664 341,759 471,839
8.Profit / (loss) before taxation (F6-F7) 42,636 (110,740) 91,960 (85,123) 5,358 178,739
9.Tax expenses (14,134) (17,248) 88,286 (21,120) 39,330 96,202
10.Profit / (loss) after tax (F8-F9) 56,770 (93,492) 3,674 (64,003) (33,972) 82,537
1.Net cash flows from operating activities 206,814 (1,063,217) 496,805 (142,680) 92,780 (179,354)
3.Net cash flows from financing activities (196,852) 1,284,521 (415,961) 447,197 (11,168) 440,302
H.Miscellaneous
2.Retention in business (F10-F11-F12) 56,770 (93,492) 3,674 (64,003) (33,972) 82,537
P1. Net Profit margin / Net profit to sales (F10 as % of F1) 1.37 -3.19 0.09 -1.51 -0.79 1.80
P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)} 2.69 -3.37 0.10 -1.66 -0.89 1.86
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} 35.90 -49.80 1.80 -10.52 -3.49 6.55
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) 3.54 -5.84 0.23 -4.00 -2.12 5.15
154
Mehran Sugar Mills Ltd. (Thousand Rupees)

Items 2016 2017 2018 2019 2020 2021
6.Other non-current assets 853 1,113 872 862 358,951 257,092
2.Inventories; of which 412,036 1,205,457 1,167,157 1,060,596 60,781 561,564
iii)Finished goods 409,333 1,202,938 1,165,877 1,058,007 56,949 555,971
5.Short term investments 1,105,801 830,319 1,258,744 995,383 1,108,083 1,317,093
2.Reserves 2,003,103 1,897,942 2,289,009 2,009,702 2,141,532 2,006,554
i)Capital Reserve 0 0 131,004 (174,447) 76,282 57,553
1.Long term borrowings 326,058 480,434 763,621 756,423 1,155,077 953,196
1.Trade credit & other accounts payables 1,113,134 1,088,931 695,154 676,957 454,312 471,459
2.Short term borrowings 0 1,117,040 1,966,893 1,750,706 297,982 1,063,921
F.Operations:
1.Sales 7,113,226 5,500,836 4,790,789 5,311,773 6,424,676 6,063,538
i)Local sales (Net) 7,113,226 3,814,975 1,977,672 4,856,768 6,265,324 6,063,538
ii)Export sales (Net) 0 1,685,861 2,813,117 455,005 159,352 0
2.Cost of sales 6,370,347 5,232,832 4,201,109 4,491,461 5,959,540 5,426,675
6.EBIT (F3-F4+F5) 766,633 395,221 642,132 896,921 504,965 282,438
9.Tax expenses 126,200 66,870 16,825 108,313 115,620 41,703
10.Profit / (loss) after tax (F8-F9) 541,807 131,677 412,898 403,834 47,026 (23,816)
11.Cash dividends 208,203 88,086 96,094 135,740 58,247 73,391
12.Bonus shares / stock dividends 0 0 48,047 101,299 23,299 48,927
1.Net cash flows from operating activities 993,358 (1,078,012) (647,400) 1,149,387 440,524 (341,219)
2.Net cash flows from investing activities (634,825) 16,976 (515,775) (167,928) 276,152 (447,704)
3.Net cash flows from financing activities (369,649) 1,055,358 1,150,368 (324,429) (1,379,519) 23,692
H.Miscellaneous
P1. Net Profit margin / Net profit to sales (F10 as % of F1) 7.62 2.39 8.62 7.60 0.73 -0.39
P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)} 11.52 2.57 6.58 5.85 0.77 -0.43
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) 16.91 4.11 12.89 9.97 1.01 -0.49
155
Mirpurkhas Sugar Mills Ltd. (Thousand Rupees)

Items 2016 2017 2018 2019 2020 2021
5.Short term investments 1,308,325 986,301 0 1,710 421,952 159,103
6.Other current assets 682,459 760,648 1,008,404 642,901 691,662 1,126,176
2.Reserves 2,262,222 1,568,715 1,311,052 1,045,158 1,866,661 2,246,775
i)Capital Reserve 0 1,049,165 718,258 163,072 1,112,576 998,020
ii)Revenue Reserve 2,262,222 519,550 592,794 882,086 754,085 1,248,755
F.Operations:
1.Sales 3,762,892 2,802,150 4,170,397 3,728,986 4,637,141 3,861,442
i)Local sales (Net) 3,762,892 1,632,753 1,342,256 3,465,321 4,592,711 3,861,442
2.Cost of sales 3,434,737 2,849,191 3,788,510 3,121,032 4,332,418 3,578,666
6.EBIT (F3-F4+F5) 358,762 (64,777) 322,024 822,027 318,143 461,483
8.Profit / (loss) before taxation (F6-F7) 225,560 (294,198) 111,649 417,669 (48,005) 215,773
9.Tax expenses 75,491 (22,883) 38,405 110,481 67,728 75,453
10.Profit / (loss) after tax (F8-F9) 150,069 (271,315) 73,244 307,188 (115,733) 140,320
11.Cash dividends 61,341 0 0 0 0 0
1.Net cash flows from operating activities 374,186 (2,115,465) 840,379 882,009 603,979 (247,864)
2.Net cash flows from investing activities (379,821) (133,105) 102,213 105,853 99,472 (662,148)
3.Net cash flows from financing activities (29,488) 2,250,160 (946,904) (963,778) (710,678) 910,188
H.Miscellaneous
2.Retention in business (F10-F11-F12) 88,728 (271,315) 73,244 294,920 (115,733) 140,320
P1. Net Profit margin / Net profit to sales (F10 as % of F1) 3.99 -9.68 1.76 8.24 -2.50 3.63
P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)} 3.16 -4.29 1.05 4.99 -1.90 1.99
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} 5.79 -9.96 3.08 14.51 -4.79 4.62
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) 12.23 -22.12 5.97 25.04 -8.58 10.40
156
Noon Sugar Mills Ltd. (Thousand Rupees)

Items 2016 2017 2018 2019 2020 2021
i)Raw material 1,502 47,707 95,765 78,364 0 35,452
2.Reserves 300,649 426,758 576,876 763,666 967,835 1,162,482
F.Operations:
1.Sales 2,588,546 4,835,588 6,273,476 5,671,219 6,138,166 9,189,680
i)Local sales (Net) 2,254,315 3,997,111 4,433,702 3,653,299 4,530,073 6,565,898
ii)Export sales (Net) 334,231 838,477 1,839,774 2,017,920 1,608,093 2,623,782
2.Cost of sales 2,353,460 4,263,805 5,562,171 4,805,768 5,178,147 8,183,388
6.EBIT (F3-F4+F5) 138,357 394,668 521,839 612,852 657,817 643,409
9.Tax expenses 11,660 45,680 59,399 47,015 66,308 123,057
11.Cash dividends 16,518 0 42,946 49,553 57,811 57,811
1.Net cash flows from operating activities 64,332 (1,317,078) 374,683 676,016 792,484 714,010
3.Net cash flows from financing activities 66,548 1,826,627 (290,804) (382,437) (601,887) (311,304)
H.Miscellaneous
157
Sakrand Sugar Mills Ltd. (Thousand Rupees)

Items 2016 2017 2018 2019 2020 2021
5.Long term investments 158,715 178,590 0 0 0 0
2.Inventories; of which 0 3,374 518,655 49,192 79,304 51,301
iii)Finished goods 0 0 117,758 21 0 0
3.Trade Debt / accounts receivables 0 160,287 94 845,561 356,733 179,047
5.Short term investments 0 86,000 30,000 0 0 0
2.Reserves (979,857) (731,522) (473,381) (294,616) (865,706) (1,199,525)
ii)Revenue Reserve (1,045,624) (824,289) (566,148) (387,383) (958,473) (1,292,292)
of which: un-appropriated profit(loss) / retained earnings (1,045,624) (824,289) (566,148) (387,383) (958,473) (1,292,292)
D.Non-Current Liabilities (D1+D2+D3+D4+D5) 494,572 1,067,525 1,376,669 1,260,388 922,709 84,756
E.Current Liabilities (E1+E2+E3+E4) 1,534,624 1,035,821 801,792 1,118,726 1,661,965 2,525,674
1.Trade credit & other accounts payables 1,200,762 1,008,130 618,993 837,179 1,071,771 1,262,534
F.Operations:
1.Sales 1,528,012 2,347,921 1,821,745 3,387,534 1,966,828 1,614,526
i)Local sales (Net) 1,528,012 2,347,921 1,576,536 3,387,534 1,966,828 1,614,526
ii)Export sales (Net) 0 0 245,209 0 0 0
2.Cost of sales 1,703,121 2,343,397 1,318,198 2,877,233 2,425,503 1,662,016
3.Gross profit / (loss) (F1-F2) (175,109) 4,524 503,547 510,301 (458,675) (47,490)
5.Other income / (loss) 18,379 351,466 139,351 437 92 (13)
6.EBIT (F3-F4+F5) (426,443) 259,031 494,278 382,317 (579,824) (371,064)
8.Profit / (loss) before taxation (F6-F7) (458,800) 223,947 388,077 223,350 (741,936) (492,441)
9.Tax expenses (232,255) 26,687 119,845 66,701 (142,690) (132,934)
11.Cash dividends 0 0 89,232 0 0 0
1.Net cash flows from operating activities 546 (230,833) (403,980) 231,434 94,378 89,363
3.Net cash flows from financing activities (8,333) 485,033 312,032 (82,135) (54,317) (4)
H.Miscellaneous
P1. Net Profit margin / Net profit to sales (F10 as % of F1) -14.83 8.40 14.72 4.62 -30.47 -22.27
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) -10.16 4.42 6.01 3.51 -13.43 -8.06
158
Sanghar Sugar Mills Ltd. (Thousand Rupees)

Items 2016 2017 2018 2019 2020 2021
B.Current Assets (B1+B2+B3+B4+B5+B6) 915,207 1,302,916 1,131,843 815,755 606,939 1,220,197
2.Inventories; of which 606,067 1,095,532 790,044 604,943 249,959 778,811
ii)Work in progress 1,788 787 1,374 1,357 1,585 727
iii)Finished goods 604,279 1,094,745 788,670 603,586 248,374 778,084
2.Reserves 347,806 74,487 111,367 67,276 3,397 24,683
3.Surplus on revaluation of fixed assets 396,171 375,218 1,099,872 1,037,118 985,251 936,702
2.Short term borrowings 644,680 1,293,557 1,021,483 797,350 389,019 770,819
F.Operations:
1.Sales 2,832,657 2,583,232 3,405,535 2,770,439 2,938,182 2,855,344
i)Local sales (Net) 2,832,657 2,583,232 3,043,809 2,574,874 2,938,182 2,855,344
ii)Export sales (Net) 0 0 361,726 195,565 0 0
2.Cost of sales 2,681,075 2,653,892 3,307,015 2,638,661 2,782,021 2,827,140
i)Selling & distribution expenses 522 796 41,879 12,698 710 766
6.EBIT (F3-F4+F5) 59,919 (165,398) 146,802 24,059 54,600 95,046
8.Profit / (loss) before taxation (F6-F7) 11,060 (259,678) 24,868 (148,608) (98,846) (16,094)
9.Tax expenses (2,893) 27,426 5,442 (49,753) 19,909 13,732
10.Profit / (loss) after tax (F8-F9) 13,953 (287,104) 19,426 (98,855) (118,755) (29,826)
11.Cash dividends 7,168 0 0 0 0 0
1.Net cash flows from operating activities (21,685) (566,933) 573,884 445,179 381,985 (258,199)
H.Miscellaneous
2.Retention in business (F10-F11-F12) 6,785 (287,104) 19,426 (98,855) (118,755) (29,842)
P1. Net Profit margin / Net profit to sales (F10 as % of F1) 0.49 -11.11 0.57 -3.57 -4.04 -1.04
P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)} 0.65 -10.42 0.54 -2.56 -3.40 -0.83
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} 1.62 -40.08 2.04 -7.74 -10.18 -2.73
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) 1.17 -24.03 1.63 -8.28 -9.94 -2.50
159
Shahmurad Sugar Mills Ltd. (Thousand Rupees)

Items 2016 2017 2018 2019 2020 2021
i)Raw material 131,354 565,121 1,020,559 571,241 473,232 1,954,857
4.Short term loans and advances 119,958 483,153 662,935 1,586,334 1,467,802 155,596
5.Short term investments 0 0 0 200,714 2,103,781 376
2.Reserves 937,213 920,125 1,539,574 2,690,419 3,178,204 3,141,065
ii)Revenue Reserve 939,026 922,010 1,542,075 2,692,860 3,180,705 3,143,446
3.Surplus on revaluation of fixed assets 568,724 546,707 1,582,959 1,476,197 1,389,650 1,309,151
D.Non-Current Liabilities (D1+D2+D3+D4+D5) 810,804 1,542,234 1,659,686 1,340,813 1,180,824 965,379
1.Long term borrowings 756,942 1,542,234 1,659,686 1,340,813 1,163,612 895,100
5.Other non-current liabilities 53,862 0 0 0 17,212 70,279
1.Trade credit & other accounts payables 562,567 325,217 1,012,970 1,106,764 1,328,710 798,875
F.Operations:
1.Sales 5,909,743 5,055,682 7,220,127 9,497,552 11,143,607 9,934,493
i)Local sales (Net) 3,891,476 1,420,731 1,100,189 2,597,003 3,698,629 3,909,798
2.Cost of sales 5,239,364 4,471,788 6,982,335 7,487,357 9,551,967 9,172,383
3.Gross profit / (loss) (F1-F2) 670,379 583,894 237,792 2,010,195 1,591,640 762,110
6.EBIT (F3-F4+F5) 342,915 128,324 783,188 1,704,879 1,275,612 665,058
8.Profit / (loss) before taxation (F6-F7) 170,136 (74,397) 548,249 1,354,532 931,588 298,439
9.Tax expenses 44,988 (81,665) (53,009) 148,986 171,273 162,773
10.Profit / (loss) after tax (F8-F9) 125,148 7,268 601,258 1,205,546 760,315 135,666
11.Cash dividends 50,685 10,559 147,831 359,018 253,424 126,712
1.Net cash flows from operating activities (30,013) (89,199) 1,176,918 1,215,766 2,735,503 (1,291,981)
3.Net cash flows from financing activities 25,224 712,432 140,745 (458,649) (599,192) (573,443)
H.Miscellaneous
160
Shahtaj Sugar Mills Ltd. (Thousand Rupees)

Items 2016 2017 2018 2019 2020 2021
B.Current Assets (B1+B2+B3+B4+B5+B6) 660,264 1,379,615 1,034,114 990,072 883,834 1,562,226
C.Shareholders' Equity (C1+C2+C3) 1,182,175 1,264,173 797,907 2,459,828 2,435,745 2,644,853
2.Reserves 1,062,064 1,144,062 677,796 833,606 809,523 1,018,631
ii)Revenue Reserve 1,034,530 1,116,528 650,262 686,072 631,989 841,097
of which: un-appropriated profit(loss) / retained earnings 108,530 160,528 (365,738) (329,968) (384,011) (174,902)
3.Surplus on revaluation of fixed assets 0 0 0 1,506,111 1,506,111 1,506,111
D.Non-Current Liabilities (D1+D2+D3+D4+D5) 53,454 875,568 1,174,751 1,097,268 1,279,694 983,886
1.Long term borrowings 25,000 771,742 1,133,248 1,065,860 1,236,074 918,198
5.Other non-current liabilities 0 71,588 9,748 0 11,192 32,941
2.Short term borrowings 224,666 696,911 595,003 485,353 471,172 1,169,653
F.Operations:
1.Sales 4,707,035 5,807,237 4,878,366 4,609,540 4,539,679 6,314,278
i)Local sales (Net) 4,707,035 5,807,237 4,878,366 4,609,540 4,539,679 6,314,278
2.Cost of sales 4,180,351 5,147,313 5,009,896 4,189,472 4,151,015 5,503,573
3.Gross profit / (loss) (F1-F2) 526,684 659,924 (131,530) 420,068 388,664 810,705
6.EBIT (F3-F4+F5) 327,493 396,532 (355,404) 217,599 151,284 578,668
9.Tax expenses 100,494 179,049 (2,362) 54,746 70,950 109,429
10.Profit / (loss) after tax (F8-F9) 179,456 142,912 (408,845) 33,243 (58,451) 204,827
11.Cash dividends 60,056 0 0 0 0 60,056
1.Net cash flows from operating activities 593,754 (312,413) 155,704 89,766 159,771 (627,187)
3.Net cash flows from financing activities (372,738) 1,134,176 278,612 96,600 19,219 615,203
H.Miscellaneous
2.Retention in business (F10-F11-F12) 119,401 142,912 (408,845) 33,243 (58,451) 144,772
P1. Net Profit margin / Net profit to sales (F10 as % of F1) 3.81 2.46 -8.38 0.72 -1.29 3.24
P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)} 10.41 6.11 -13.30 0.85 -1.23 3.98
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} 16.42 11.68 -39.65 2.04 -2.39 8.06
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) 14.94 11.90 -34.04 2.77 -4.87 17.05
161
Shakarganj Limited (Thousand Rupees)

Items 2016 2017 2018 2019 2020 2021
5.Long term investments 954,356 1,084,476 1,938,565 2,131,209 1,679,003 1,737,573
B.Current Assets (B1+B2+B3+B4+B5+B6) 814,003 1,599,932 1,485,414 992,065 1,246,767 1,177,334
i)Raw material 136,245 338,471 29,820 2,652 41,789 21,548
2.Reserves (1,119,900) 166,858 607,468 351,612 (479,284) (1,495,421)
i)Capital Reserve 57,205 47,055 0 0 0 0
ii)Revenue Reserve (1,177,105) 119,803 607,468 351,612 (479,284) (1,495,421)
5.Other non-current liabilities 815,854 766,219 1,129,461 1,209,949 925,415 2,864,476
of which: i) Trade credits 1,033,362 879,003 688,998 1,074,294 1,186,288 834,130
F.Operations:
1.Sales 4,373,219 11,360,157 7,404,243 6,256,738 6,409,384 9,161,763
i)Local sales (Net) 3,859,794 9,233,252 4,635,910 4,389,571 5,831,922 7,835,459
ii)Export sales (Net) 513,425 2,126,905 2,768,333 1,867,167 577,462 1,326,304
2.Cost of sales 4,668,941 10,704,342 7,047,093 6,283,349 7,081,059 9,751,929
3.Gross profit / (loss) (F1-F2) (295,722) 655,815 357,150 (26,611) (671,675) (590,166)
6.EBIT (F3-F4+F5) 151,091 519,844 358,625 (443,436) (831,856) (796,992)
8.Profit / (loss) before taxation (F6-F7) (31,663) 350,012 158,161 (774,470) (1,170,655) (1,072,017)
9.Tax expenses (13,770) 139,193 172,169 (46,059) (173,072) 315,893
10.Profit / (loss) after tax (F8-F9) (17,893) 210,819 (14,008) (728,411) (997,583) (1,387,910)
11.Cash dividends 640,310 156,250 0 0 0 0
1.Net cash flows from operating activities 211,854 (1,589,749) (62,720) 685,075 285,242 113,848
2.Net cash flows from investing activities 417,687 43,337 (293,859) (34,541) (56,406) 412,498
3.Net cash flows from financing activities (2,139,357) 1,533,027 379,595 (595,103) (304,439) (532,540)
H.Miscellaneous
2.Retention in business (F10-F11-F12) (658,203) 54,569 (14,008) (728,411) (997,583) (1,387,910)
P1. Net Profit margin / Net profit to sales (F10 as % of F1) -0.41 1.86 -0.19 -11.64 -15.56 -15.15
162
Sindh Abadgar'S Sugar Mills Ltd. (Thousand Rupees)

Items 2016 2017 2018 2019 2020 2021
1.Capital work in progress 22,820 54,178 15,900 68,543 64,303 0
B.Current Assets (B1+B2+B3+B4+B5+B6) 594,957 1,558,721 646,227 891,378 919,262 1,503,777
2.Inventories; of which 32,963 1,012,996 9,292 460,551 59,809 1,017,211
iii)Finished goods 25,048 1,001,645 0 456,810 54,742 1,009,536
3.Trade Debt / accounts receivables 27,343 105,621 252,395 0 435,254 93,696
C.Shareholders' Equity (C1+C2+C3) 1,149,521 748,930 1,544,757 1,577,731 1,401,909 2,208,349
2.Reserves 130,021 (167,499) (35,742) 115,974 46,687 262,927
E.Current Liabilities (E1+E2+E3+E4) 441,368 1,557,779 492,647 803,450 847,268 1,422,716
2.Short term borrowings 0 878,678 0 338,349 209,355 908,565
F.Operations:
1.Sales 3,160,907 2,015,772 4,216,372 2,211,305 3,025,752 2,253,713
i)Local sales (Net) 3,160,907 902,244 2,582,898 1,949,460 2,949,851 2,253,713
2.Cost of sales 3,015,525 2,274,930 3,867,186 1,876,976 2,940,402 2,093,327
6.EBIT (F3-F4+F5) 94,280 (319,715) 241,605 239,656 (1,166) 57,179
8.Profit / (loss) before taxation (F6-F7) 1,314 (454,852) 125,472 41,192 (166,149) (104,747)
9.Tax expenses 26,351 (54,262) 57,261 (8,462) (753) (24,591)
10.Profit / (loss) after tax (F8-F9) (25,037) (400,590) 68,211 49,654 (165,396) (80,156)
11.Cash dividends 0 0 16,680 10,425 0 0
1.Net cash flows from operating activities (124,703) (1,056,736) 1,098,358 54,985 219,339 (767,367)
3.Net cash flows from financing activities 170,000 219,958 (69,792) (343,850) 31,379 460,615
H.Miscellaneous
2.Retention in business (F10-F11-F12) (25,037) (400,590) 51,531 39,229 (165,396) (80,156)
P1. Net Profit margin / Net profit to sales (F10 as % of F1) -0.79 -19.87 1.62 2.25 -5.47 -3.56
P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)} -1.04 -13.13 1.96 1.43 -4.85 -1.99
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} -2.84 -42.20 5.95 3.18 -11.10 -4.44
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) -2.40 -38.43 6.54 4.76 -15.87 -7.69
163
Tandlianwala Sugar Mills Ltd. (Thousand Rupees)

Items 2016 2017 2018 2019 2020 2021
i)Raw material 44,359 873,609 546,093 425,236 1,108,733 1,738,155
2.Reserves 4,552,757 5,002,941 5,776,191 8,820,015 8,669,171 9,384,514
5.Other non-current liabilities 1,765,549 562,481 41,581 0 0 823
of which: i) Trade credits 483,271 1,045,716 916,944 854,154 632,316 504,969
F.Operations:
1.Sales 18,675,054 13,903,985 17,522,464 27,295,875 21,271,885 27,114,404
i)Local sales (Net) 14,001,212 9,560,717 10,491,180 21,646,915 18,017,490 27,114,404
ii)Export sales (Net) 4,673,842 4,343,268 7,031,284 5,648,960 3,254,395 0
2.Cost of sales 16,258,134 11,769,616 14,665,516 23,142,769 19,430,945 23,995,409
6.EBIT (F3-F4+F5) 1,794,280 1,349,438 1,941,144 3,179,845 1,075,269 2,275,118
9.Tax expenses 35,670 (9,634) 41,566 234,276 292,666 320,993
10.Profit / (loss) after tax (F8-F9) 897,966 470,760 807,645 1,445,923 (281,725) 712,245
1.Net cash flows from operating activities 2,305,378 (3,545,632) 3,620,223 3,503,381 559,200 (1,789,968)
2.Net cash flows from investing activities (840,448) (2,596,525) (2,119,526) (1,137,648) (662,904) (537,321)
3.Net cash flows from financing activities (1,553,615) 6,702,922 (2,045,394) (2,272,090) 211,175 2,145,352
H.Miscellaneous
2.Retention in business (F10-F11-F12) 897,966 470,760 807,645 1,445,923 (281,725) 712,245
164
The Premier Sugar Mills & Distillery Co. Ltd. (Thousand Rupees)
Items 2016 2017 2018 2019 2020 2021
1.Capital work in progress 0 0 0 105,566 0 0
3.Operating fixed assets after deducting accumulated depreciation 927,819 1,014,332 921,214 837,371 1,403,441 1,278,751
3.Trade Debt / accounts receivables 28,855 2,061 178,054 0 16,883 156,955
C.Shareholders' Equity (C1+C2+C3) 1,203,899 1,181,014 992,816 993,464 1,324,441 1,120,574
2.Reserves 640,273 535,738 389,720 436,402 429,765 291,069
E.Current Liabilities (E1+E2+E3+E4) 526,642 1,181,032 1,180,276 899,011 513,084 702,298
F.Operations:
1.Sales 1,470,677 892,219 1,262,508 1,072,460 938,404 548,875
i)Local sales (Net) 1,470,677 892,219 1,262,508 1,072,460 709,974 233,224
ii)Export sales (Net) 0 0 0 0 228,430 315,651
2.Cost of sales 1,614,636 1,013,798 1,329,872 931,724 942,163 761,851
i)Cost of material 894,215 1,175,200 734,366 661,088 454,898 425,768
6.EBIT (F3-F4+F5) (132,666) (93,672) (80,988) 150,059 47,148 (179,672)
9.Tax expenses (45,737) (24,753) 29,222 30,686 279 (5,593)
10.Profit / (loss) after tax (F8-F9) (149,793) (147,178) (195,735) 184 (48,749) (202,250)
11.Cash dividends 7,500 0 0 0 0 0
1.Net cash flows from operating activities 311,731 (394,981) (13,870) 418,767 208,856 (279,295)
2.Net cash flows from investing activities 51,316 79,110 42,264 (54,879) 82,458 336,346
H.Miscellaneous
2.Retention in business (F10-F11-F12) (157,293) (147,178) (195,735) 184 (48,749) (202,250)
P1. Net Profit margin / Net profit to sales (F10 as % of F1) -10.19 -16.50 -15.50 0.02 -5.19 -36.85
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} -11.72 -12.34 -18.01 0.02 -4.21 -16.54
165
The Thal Industries Corporation Ltd. (Thousand Rupees)

Items 2016 2017 2018 2019 2020 2021
4.Intangible assets 0 20,597 14,980 9,362 3,745 1
2.Inventories; of which 1,508,712 2,797,126 2,937,537 1,542,450 983,869 613,466
iii)Finished goods 1,503,091 2,792,910 2,930,758 1,537,727 971,474 608,278
3.Trade Debt / accounts receivables 625,127 404,821 1,270,683 903,640 679,686 759,580
6.Other current assets 919,816 1,207,284 1,005,649 1,228,772 1,150,996 1,117,913
2.Reserves 1,739,689 2,183,501 1,735,325 2,073,592 3,322,172 4,903,715
1.Long term borrowings 892,159 1,129,445 1,375,184 1,271,871 869,012 541,478
2.Short term borrowings 2,143,221 2,555,849 3,552,334 2,322,965 730,825 218,083
F.Operations:
1.Sales 10,673,418 14,918,562 14,104,443 14,359,613 16,220,378 21,424,381
i)Local sales (Net) 10,380,635 14,800,542 12,585,365 12,480,269 16,220,378 21,424,381
ii)Export sales (Net) 292,783 118,020 1,519,078 1,879,344 0 0
2.Cost of sales 9,331,263 13,075,580 13,735,161 12,621,318 13,460,624 18,087,566
3.Gross profit / (loss) (F1-F2) 1,342,155 1,842,982 369,282 1,738,295 2,759,754 3,336,815
6.EBIT (F3-F4+F5) 987,924 1,287,130 333,308 1,270,658 2,373,199 2,498,243
8.Profit / (loss) before taxation (F6-F7) 666,550 941,522 (153,140) 542,576 1,597,274 2,027,013
9.Tax expenses 6,368 233,126 7,311 200,276 333,503 396,709
10.Profit / (loss) after tax (F8-F9) 660,182 708,396 (160,451) 342,300 1,263,771 1,630,304
11.Cash dividends 75,116 283,338 0 22,535 45,070 45,070
1.Net cash flows from operating activities 390,070 400,654 125,669 2,253,962 2,858,956 1,803,140
2.Net cash flows from investing activities (948,282) (1,000,861) (941,872) (815,194) (440,843) (952,902)
3.Net cash flows from financing activities 583,909 618,276 912,456 (1,446,111) (2,115,010) (918,737)
H.Miscellaneous
2.Retention in business (F10-F11-F12) 585,066 425,058 (160,451) 319,765 1,218,701 1,585,234
166
Food
Assets of food sector improved with
Shareholder's Equity
YoY growth of 21.92 percent, reached
FY20 FY21 Growth(RHS)
to Rs 305.98 billion during FY21. 60 60
Shareholders’ equity increased by 32.74
50 49.67 50
percent over the previous year, stood at
Rs 107.26 billion in FY21. Total 40 40
percent
billion Rs
31.99
liabilities of the sector grew by 16.78 25.53
30 30
percent during FY21 to reach Rs 198.73 21.97
20 20
billion. Sales of the sector recorded
25.75 percent higher amount in FY21 10 10
than in FY20, reached at Rs 457.92 0 0
appropriated
SRFA
I & PC
Reserves
billion. Better operational performance
Un-
P/L
resulted in higher Profit before and
profit after taxation, posted an increase
of 62.52 percent and 74.04 percent respectively during current year over previous year.
Assets
Non-current assets of the sector reached to Rs 135.12 billion in FY21 with an increase of Rs 9.38
billion over FY20. Analysis of non-current assets reveals that operating fixed assets (after
deducting accumulated depreciation) depicted a YoY growth of 12.31 percent during FY21.
Capital work in progress however declined by 18.49 percent, dropped to Rs 12.55 billion in
FY21.
Current Assets Non-Current Assets
FY20 FY21 FY20 FY21
80 73.70 120 109.07
70 97.11
100
60 55.47
80
50
billion Rs
billion Rs
40 60
29.61
30 23.43
40
20 13.5716.43
15.40 12.55
20
10 3.11 5.34 1.48 1.09 5.00 5.50
0 0
Cash/bank Inventories Trade debt Short term Capital work Oper. fixed Intangible Long term
balance loans and in progress assets minus assets investments
advances accc. Dep
Current assets posted a significant YoY growth during FY21, reached to Rs 170.86 billion in
FY21. Short-term investment recorded significant growth of 168.43 percent during FY21 over
FY20 whereas Inventories posted a growth of 32.87 percent. Besides, Trade debt and cash &
bank balances respectively showed 26.38 percent and 21.02 percent YoY growth during FY21.
Shareholders’ Equity
Total shareholders’ equity touched Rs 107.26 billion in FY21 from Rs 80.80 billion in FY20
showing a YoY growth of 32.74 percent. Issued & paid-up capital grew significantly (49.67
167
percent) during FY21. Reserves grew by 21.97 percent during FY21 primarily on the back of
26.18 percent growth in revenue reserves in FY21. Besides, Surplus on revaluation of fixed assets
showed a YoY growth of 25.53 percent during FY21.
Liabilities
Total liabilities increased from Rs 170.17 billion in FY20 to Rs 198.73 billion in FY21 reflecting
a YoY growth of 16.78 percent during FY21. While the non–current liabilities witnessed a YoY
decline of 4.76 percent, the current liabilities posted a YoY growth of 26.12 percent during FY21.
Trade credit & other accounts payable increased by Rs 12.72 billion, touched Rs 78.23 billion in
FY21. Short-term borrowing increased from Rs 36.41 billion in FY20 to Rs 48.25 billion in FY21
posted a significant YoY growth of 32.52 percent.

FY20 FY21 Growth(RHS) FY20 FY21 Growth(RHS)
160 60 45 6
53.89 40 4.92
140
50 3.64 4
120 35
2
40 30
billion Rs
100
billion Rs
percent
25 0.00 0
32.52
percent
80 30
26.12 20 -2
60 22.43 15
19.42 20 -4
40 10
10 5 -6
20 -6.90
0 0 0 -8
borrowings
Sponsor's loans
Employees
obligations
Other non-
Long term
liabilities
Current Borrowings Other current Subordinated
current
benefit
liabilities liabilities loans /

Overall sales of sector witnessed a
significant rise (Rs 93.77 billion) during Ratio Analysis
FY21, which was 25.75 percent higher 40 60%
than sales in FY20. Besides, cost of sales 35 50%
0.5
increased by Rs 74.68 billion during 30 35.2
0.4 0.4 40%
FY21, stood at Rs 355.45 billion. As a 25
result, gross profit reached to Rs 102.47 30%
20 25.1
billion, showing a YoY growth of 22.90 15
20%
percent during FY21. While the financial 10 0.1
10%
expenses decreased, the tax expenses 11.9
5 0%
5.2 7.2 1.5 1.6 8.0 3.1 3.0-0.1
increased during FY21. Consequently, 0 -10%
Profit before and profit after taxation Net profit Asset turnover Return on Financial Return on
increased by 62.52 percent and 74.04 margin assets leverage equity
percent respectively during FY21 when FY20 FY21 Growth (RHS)

compared with FY20.
Resultantly, net profit margin ratio increased from 5.23 in FY20 to 7.23 in FY21. Besides, both
Return on assets (ROA) and return on equity (ROE) witnessed an improvement during FY21,
jumped up to 11.90 percent and 35.23 respectively from 8.00 percent and 25.05 percent in FY20.
168
Food - Overall (Thousand Rupees)

Items 2016 2017 2018 2019 2020 2021
4.Intangible assets 241,654 797,650 1,006,135 1,780,724 1,484,045 1,087,416
i)Raw material 21,033,377 25,025,351 33,532,123 33,904,397 35,305,961 50,275,059
2.Reserves 50,840,772 35,834,675 40,772,602 38,258,504 42,107,714 51,358,019
F.Operations:
1.Sales 253,374,193 266,878,277 294,201,855 325,150,635 364,150,472 457,917,955
i)Local sales (Net) 240,461,881 255,625,022 275,658,927 302,389,540 332,335,431 418,225,277
2.Cost of sales 177,356,127 187,842,768 214,531,949 249,293,743 280,771,268 355,447,017
6.EBIT (F3-F4+F5) 33,982,993 34,399,153 33,379,720 30,197,838 36,435,096 51,037,414
9.Tax expenses 9,267,331 9,500,461 8,769,898 9,028,602 8,119,277 11,003,000
11.Cash dividends 17,980,313 7,730,841 8,580,029 21,755,087 18,001,922 33,863,611
12.Bonus shares / stock dividends 617,902 0 215,985 233,000 657,933 841,292
H.Miscellaneous
2.Retention in business (F10-F11-F12) 3,518,175 14,100,648 11,093,516 (9,453,582) 374,693 (1,576,909)
169
Al-Shaheer Corporation (Thousand Rupees)

Items 2016 2017 2018 2019 2020 2021
i)Raw material 118,697 91,867 83,980 73,816 99,191 192,884
ii)Work in progress 0 0 0 0 34,543 42,487
2.Reserves 2,416,019 2,199,732 2,144,750 2,363,999 2,542,031 2,641,279
ii)Revenue Reserve 693,516 668,120 616,436 849,204 1,027,424 1,126,849
F.Operations:
1.Sales 6,895,580 6,396,642 5,373,148 4,188,673 3,912,006 5,367,507
i)Local sales (Net) 2,040,146 6,396,642 5,373,148 4,188,673 3,912,006 5,367,507
ii)Export sales (Net) 4,855,434 0 0 0 0 0
2.Cost of sales 5,067,517 4,869,940 4,151,927 2,951,079 2,629,815 4,049,971
4.General, administrative and other expenses 1,508,928 1,483,527 1,313,049 1,067,340 910,386 1,025,101
i)Selling & distribution expenses 0 39,926 69,617 32,366 1,649 21,473
ii)Administrative and other expenses 1,508,928 1,443,601 1,243,432 1,034,974 908,737 1,003,628
5.Other income / (loss) 69,638 18,492 115,527 227,822 78,150 562
6.EBIT (F3-F4+F5) 388,773 61,667 23,699 398,076 449,955 292,997
9.Tax expenses (22,638) 12,535 22,376 41,840 (20,310) (1,081)
12.Bonus shares / stock dividends 617,902 0 0 0 0 0
2.Net cash flows from investing activities (1,711,576) (653,188) (768,784) (420,819) 102,010 (637,092)
H.Miscellaneous
170
At-Tahur Limited (Thousand Rupees)

Items 2017 2018 2019 2020 2021
A.Non-Current Assets (A1+A3+A4+A5+A6) - 1,642,607 2,235,909 2,661,606 3,191,013
1.Capital work in progress - 230,979 79,427 7,400 77,069
2.Operating fixed assets at cost - 3,181,040 3,851,171 4,120,753 4,532,828
3.Operating fixed assets after deducting accumulated depreciation - 629,874 965,855 999,930 1,312,073
4.Intangible assets - 0 0 0 0
5.Long term investments - 0 0 0 0
6.Other non-current assets - 781,754 1,190,627 1,654,276 1,801,871
B.Current Assets (B1+B2+B3+B4+B5+B6) - 854,093 687,544 584,713 748,610
1.Cash & bank balance - 464,915 274,087 73,240 114,232
2.Inventories; of which - 84,734 126,280 188,231 343,240
i)Raw material - 1,195 253 7,566 16,571
ii)Work in progress - 80,603 132,283 173,383 312,232
iii)Finished goods - 2,936 5,134 7,283 14,436
3.Trade Debt / accounts receivables - 74,527 73,773 84,280 98,465
4.Short term loans and advances - 69,737 49,496 67,794 43,200
5.Short term investments - 0 0 4,619 0
6.Other current assets - 160,180 163,908 166,549 149,473
Total Assets (A+B) / Equity & Liabilities (C+D+E) - 2,496,700 2,923,453 3,246,319 3,939,623
C.Shareholders' Equity (C1+C2+C3) - 1,850,864 2,404,020 2,404,967 2,660,351
1.Issued, Subscribed & Paid up capital - 1,100,000 1,466,670 1,613,337 1,774,671
i)Ordinary shares - 1,100,000 1,466,670 1,613,337 1,774,671
ii)Preference shares - 0 0 0 0
2.Reserves - 750,864 937,350 791,630 885,680
i)Capital Reserve - 419,200 356,139 209,472 48,138
ii)Revenue Reserve - 331,664 581,211 582,158 837,542
of which: un-appropriated profit(loss) / retained earnings - 331,664 581,211 582,158 837,542
3.Surplus on revaluation of fixed assets - 0 0 0 0
D.Non-Current Liabilities (D1+D2+D3+D4+D5) - 229,594 144,575 198,930 517,380
1.Long term borrowings - 201,516 95,172 133,799 417,668
2.Subordinated loans / Sponsor's loans - 0 0 0 0
3.Debentures/TFCs (bonds payable) - 0 0 0 0
4.Employees benefit obligations - 28,078 49,403 65,131 87,923
5.Other non-current liabilities - 0 0 0 11,789
E.Current Liabilities (E1+E2+E3+E4) - 416,242 374,858 642,422 761,892
1.Trade credit & other accounts payables - 161,198 159,398 274,422 395,971
of which: i) Trade credits - 91,038 77,931 174,624 245,448
2.Short term borrowings - 127,548 150,000 301,836 275,353
3.Current portion of non-current liabilities - 110,308 62,594 55,653 77,741
4.Other current liabilities - 17,188 2,866 10,511 12,827
F.Operations:
1.Sales - 1,909,399 2,699,811 3,107,325 4,461,012
i)Local sales (Net) - 1,909,399 2,699,811 3,107,325 4,461,012
ii)Export sales (Net) - 0 0 0 0
2.Cost of sales - 1,358,974 1,908,918 2,307,192 3,346,504
i)Cost of material - 1,073,669 1,567,143 1,883,275 2,827,455
3.Gross profit / (loss) (F1-F2) - 550,425 790,893 800,133 1,114,508
4.General, administrative and other expenses - 413,311 539,932 635,500 701,522
i)Selling & distribution expenses - 187,048 237,602 264,883 280,416
ii)Administrative and other expenses - 226,263 302,330 370,617 421,106
5.Other income / (loss) - 32,647 20,715 7,622 8,550
6.EBIT (F3-F4+F5) - 169,761 271,676 172,255 421,536
7.Financial expenses - 9,209 22,465 53,652 58,097
of which: (i) Interest expenses - 8,521 21,548 52,345 56,402
8.Profit / (loss) before taxation (F6-F7) - 160,552 249,211 118,603 363,439
9.Tax expenses - (17,128) (20,888) 63,719 101,169
10.Profit / (loss) after tax (F8-F9) - 177,680 270,099 54,884 262,270
11.Cash dividends - 0 146,667 59,693 65,663
12.Bonus shares / stock dividends - 0 54,267 161,334 177,467
1.Net cash flows from operating activities - 85,110 (81,415) 11,212 277,494
2.Net cash flows from investing activities - (397,941) (253,007) (330,062) (491,033)
3.Net cash flows from financing activities - 712,356 143,592 118,003 254,530
H.Miscellaneous
1.Total capital employed (C+D) - 2,080,458 2,548,595 2,603,897 3,177,731
2.Retention in business (F10-F11-F12) - 177,680 69,165 (166,143) 19,140
3.Depreciation for the year - 38,784 65,720 62,685 72,753
4.Salaries, wages and employee benefits - 166,680 237,294 266,465 318,602
P1. Net Profit margin / Net profit to sales (F10 as % of F1) - 9.31 10.00 1.77 5.88
P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)}) - 0.76 1.00 1.01 1.24
P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)} - 7.12 9.97 1.78 7.30
P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current - 1.35 1.27 1.28 1.42
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} - 9.60 12.70 2.28 10.36
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) - 1.62 1.84 0.34 1.48
171
Bunnys Limited (Thousand Rupees)

Items 2016 2017 2018 2019 2020 2021
A.Non-Current Assets (A1+A3+A4+A5+A6) - - 1,802,216 1,863,615 1,975,069 2,498,572
1.Capital work in progress - - 89,405 89,405 143,332 525,252
2.Operating fixed assets at cost - - 2,193,054 2,330,596 2,451,876 2,518,981
3.Operating fixed assets after deducting accumulated depreciation - - 1,636,070 1,697,237 1,754,335 1,894,424
4.Intangible assets - - 70,302 70,276 70,255 70,239
6.Other non-current assets - - 6,439 6,697 7,147 8,657
B.Current Assets (B1+B2+B3+B4+B5+B6) - - 555,999 640,875 701,805 922,970
1.Cash & bank balance - - 4,935 15,581 427 28,789
2.Inventories; of which - - 241,751 265,661 273,735 362,986
i)Raw material - - 163,563 199,632 266,870 346,022
ii)Work in progress - - 2,147 1,713 1,616 1,576
iii)Finished goods - - 76,041 64,316 5,248 15,389
3.Trade Debt / accounts receivables - - 211,276 246,307 270,068 342,331
4.Short term loans and advances - - 81,716 0 4,519 9,276
6.Other current assets - - 16,321 113,326 153,056 179,588
Total Assets (A+B) / Equity & Liabilities (C+D+E) - - 2,358,215 2,504,490 2,676,874 3,421,542
C.Shareholders' Equity (C1+C2+C3) - - 1,416,749 1,476,042 1,601,650 1,772,203
2.Reserves - - 902,862 962,155 1,087,763 1,104,150
i)Capital Reserve - - 461,850 49,714 49,714 49,714
ii)Revenue Reserve - - 441,012 912,441 1,038,049 1,054,436
of which: un-appropriated profit(loss) / retained earnings - - 441,012 912,441 1,038,049 1,054,436
3.Surplus on revaluation of fixed assets - - 0 0 0 0
1.Long term borrowings - - 226,716 307,523 334,819 599,648
4.Employees benefit obligations - - 0 0 0 0
3.Current portion of non-current liabilities - - 82,595 117,765 174,236 213,563
4.Other current liabilities - - 11,392 40,999 45,741 72,037
F.Operations:
1.Sales - - 2,314,220 2,314,220 2,791,858 3,570,045
i)Local sales (Net) - - 2,314,220 2,314,220 2,791,858 3,570,045
2.Cost of sales - - 1,640,311 2,627,641 2,025,109 2,627,641
i)Cost of material - - 1,091,406 1,224,801 1,306,601 1,844,587
3.Gross profit / (loss) (F1-F2) - - 673,909 (313,421) 766,749 942,404
i)Selling & distribution expenses - - 281,918 310,634 328,531 399,676
5.Other income / (loss) - - 854 407 6,611 24,383
6.EBIT (F3-F4+F5) - - 219,230 (788,382) 273,117 341,157
7.Financial expenses - - 63,550 64,819 93,548 84,042
of which: (i) Interest expenses - - 58,394 61,446 87,811 78,524
8.Profit / (loss) before taxation (F6-F7) - - 155,680 (853,201) 179,569 257,115
9.Tax expenses - - 17,516 36,324 51,765 79,163
10.Profit / (loss) after tax (F8-F9) - - 138,164 (889,525) 127,804 177,952
11.Cash dividends - - 51,389 0 51,389 51,389
1.Net cash flows from operating activities - - 123,447 87,801 104,115 137,183
2.Net cash flows from investing activities - - (144,329) (123,774) (183,302) (597,584)
3.Net cash flows from financing activities - - 8,839 65,420 93,824 299,658
H.Miscellaneous
1.Total capital employed (C+D) - - 1,832,121 1,996,038 2,175,650 2,637,919
2.Retention in business (F10-F11-F12) - - 86,775 (889,525) 76,415 126,563
4.Salaries, wages and employee benefits - - 321,735 358,162 386,599 413,935
P1. Net Profit margin / Net profit to sales (F10 as % of F1) - - 5.97 -38.44 4.58 4.98
P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)} - - 5.86 -36.59 4.93 5.84
P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current - - 1.66 1.68 1.68 1.81
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} - - 9.75 -61.50 8.31 10.55
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) - - 2.69 -17.31 2.49 2.66
172
Clover Pakistan Ltd. (Thousand Rupees)

Items 2016 2017 2018 2019 2020 2021
A.Non-Current Assets (A1+A3+A4+A5+A6) 51 10 518 590,973 432,817 22,666
2.Operating fixed assets at cost 1,067 0 508 45,181 52,862 55,629
3.Operating fixed assets after deducting accumulated depreciation 31 0 508 21,455 22,139 16,883
4.Intangible assets 0 0 0 549,186 386,259 224
2.Inventories; of which 0 0 0 77,824 335,526 142,021
3.Trade Debt / accounts receivables 0 0 103,836 199,247 68,360 43,272
5.Short term investments 101,067 123,711 0 12,619 7,780 0
Total Assets (A+B) / Equity & Liabilities (C+D+E) 189,549 179,119 308,067 1,136,060 967,314 305,805
2.Reserves 89,604 80,101 103,575 778,221 560,717 (44,282)
i)Capital Reserve 89,604 0 0 515,055 452,769 452,769
ii)Revenue Reserve 0 80,101 103,575 263,166 107,948 (497,051)
D.Non-Current Liabilities (D1+D2+D3+D4+D5) 0 0 0 9,209 9,918 0
4.Employees benefit obligations 0 0 0 9,209 9,918 0
1.Trade credit & other accounts payables 5,596 507 58,659 92,237 79,450 34,488
of which: i) Trade credits 5 204 57,868 90,042 73,561 19,880
F.Operations:
1.Sales 11,013 600 157,241 1,243,965 394,428 374,437
i)Local sales (Net) 11,013 600 157,241 1,243,965 394,428 374,437
2.Cost of sales 11,692 487 125,658 766,377 309,444 398,503
i)Cost of material 0 0 0 754,969 273,020 368,279
3.Gross profit / (loss) (F1-F2) (679) 113 31,583 477,588 84,984 (24,066)
i)Selling & distribution expenses 1,835 166 164 26,465 62,386 63,681
6.EBIT (F3-F4+F5) 22,758 3,514 34,438 336,812 (149,696) (565,624)
7.Financial expenses 386 86 1,115 2,051 3,046 1,499
8.Profit / (loss) before taxation (F6-F7) 22,372 3,428 33,323 334,761 (152,742) (567,123)
9.Tax expenses 7,949 3,097 9,668 59,331 2,476 37,876
10.Profit / (loss) after tax (F8-F9) 14,423 331 23,655 275,430 (155,218) (604,999)
11.Cash dividends 551,942 0 0 74,744 0 0
12.Bonus shares / stock dividends 0 0 0 0 77,858 77,858
1.Net cash flows from operating activities 12,731 (1,841) (53,006) 11,308 (36,382) (4,808)
2.Net cash flows from investing activities 580,732 82,175 27,665 (24,255) 2,220 7,411
3.Net cash flows from financing activities (563,523) (10,375) (6) (22,533) (2,390) (2,320)
H.Miscellaneous
1.Total capital employed (C+D) 183,953 174,450 197,924 1,036,575 882,066 267,149
2.Retention in business (F10-F11-F12) (537,519) 331 23,655 200,687 (233,076) (682,857)
3.Depreciation for the year 62 11 0 8,441 6,997 8,065
4.Salaries, wages and employee benefits 2,723 903 600 83,562 90,491 85,959
173
Fauji Foods Ltd. (Formerly Noon Pakistan) (Thousand Rupees)

Items 2016 2017 2018 2019 2020 2021
1.Capital work in progress 1,116,324 184,778 1,067,982 241,054 223,380 223,134
6.Other non-current assets 629,486 1,062,192 1,572,482 6,606 6,606 6,606
1.Cash & bank balance 333,540 1,195,302 98,221 114,134 888,888 1,873,907
2.Inventories; of which 684,806 1,021,156 1,380,401 1,443,223 543,983 707,587
i)Raw material 436,759 871,564 1,093,055 1,050,589 214,935 293,088
C.Shareholders' Equity (C1+C2+C3) 2,241,540 4,945,390 2,142,476 (3,677,786) (3,989,009) 3,525,519
2.Reserves 480,166 (1,797,650) (4,565,974) (10,271,276) (13,265,669) (14,541,006)
1.Trade credit & other accounts payables 1,290,331 790,781 1,255,265 1,166,742 873,500 995,324
of which: i) Trade credits 1,008,175 438,319 0 777,093 443,910 453,078
3.Current portion of non-current liabilities 36,098 38,583 403,632 1,745,609 117,788 112,261
F.Operations:
1.Sales 3,370,507 7,000,955 8,094,123 5,744,872 7,373,162 8,586,396
i)Local sales (Net) 3,370,507 7,000,955 8,094,123 5,744,872 7,373,162 8,586,396
2.Cost of sales 3,265,001 6,805,830 7,711,020 6,423,699 7,310,900 7,665,360
3.Gross profit / (loss) (F1-F2) 105,506 195,125 383,103 (678,827) 62,262 921,036
i)Selling & distribution expenses 1,216,258 2,335,149 2,475,995 1,309,605 854,143 1,019,059
6.EBIT (F3-F4+F5) (1,367,003) (2,617,941) (2,637,592) (2,554,862) (1,291,528) (381,439)
8.Profit / (loss) before taxation (F6-F7) (1,517,940) (3,016,287) (3,312,389) (4,253,029) (3,043,795) (1,536,490)
9.Tax expenses (551,020) (728,024) (463,150) 1,535,909 14,316 (283,547)
10.Profit / (loss) after tax (F8-F9) (966,920) (2,288,263) (2,849,239) (5,788,938) (3,058,111) (1,252,943)
1.Net cash flows from operating activities (1,573,454) (3,597,667) (2,539,892) (1,960,936) (321,559) (393,997)
2.Net cash flows from investing activities (3,826,197) (1,050,585) (1,456,341) (739,335) (67,252) 105,945
3.Net cash flows from financing activities 4,168,840 6,159,323 (292,430) 2,215,323 4,659,344 1,214,413
H.Miscellaneous
1.Total capital employed (C+D) 2,404,281 9,554,058 6,709,583 (637,262) 2,392,685 9,718,112
2.Retention in business (F10-F11-F12) (966,920) (2,288,263) (2,849,239) (5,788,938) (3,058,111) (1,252,943)
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} -75.05 -63.68 -80.40 754.11 79.78 540.66
174
Frieslandcampina Engro Pakistan Limited (Formerly Engro F (Thousand Rupees)

Items 2016 2017 2018 2019 2020 2021
i)Raw material 2,668,770 2,173,157 2,076,103 2,686,256 2,316,776 2,371,710
2.Reserves 9,484,558 2,055,063 1,675,099 718,704 881,683 2,661,283
i)Capital Reserve 1,225,378 1,082,547 945,438 848,386 819,368 908,447
ii)Revenue Reserve 8,259,180 972,516 729,661 (129,682) 62,315 1,752,836
of which: un-appropriated profit(loss) / retained earnings 8,259,180 972,516 729,661 (129,682) 62,315 1,923,746
5.Other non-current liabilities 1,605,824 1,287,314 616,413 0 118,452 0
2.Short term borrowings 65,120 1,204,201 2,076,516 1,816,150 0 463,007
3.Current portion of non-current liabilities 1,696,510 651,956 121,506 1,035,692 1,518,668 2,867,737
F.Operations:
1.Sales 44,346,031 34,653,486 32,439,451 38,857,336 44,155,023 52,094,197
i)Local sales (Net) 44,346,031 34,653,486 32,439,451 38,857,336 44,155,023 52,094,197
2.Cost of sales 34,307,066 29,017,336 27,285,392 33,687,049 38,202,175 43,256,759
ii)Administrative and other expenses 1,253,242 973,969 1,065,546 1,492,727 1,331,553 1,637,442
6.EBIT (F3-F4+F5) 3,865,824 1,087,474 505,020 121,219 1,506,520 3,441,763
8.Profit / (loss) before taxation (F6-F7) 3,517,786 562,977 (170,320) (1,100,355) 267,680 2,580,389
9.Tax expenses 1,131,074 183,680 (234,103) (145,490) 90,754 776,311
10.Profit / (loss) after tax (F8-F9) 2,386,712 379,297 63,783 (954,865) 176,926 1,804,078
11.Cash dividends 7,665,961 306,638 0 0 0 0
2.Net cash flows from investing activities (1,188,097) (900,654) (1,112,823) (838,382) (1,315,731) (883,911)
3.Net cash flows from financing activities (3,175,878) (5,393,274) (958,105) (458,058) 1,702,718 (1,485,923)
H.Miscellaneous
2.Retention in business (F10-F11-F12) (5,279,249) 72,659 63,783 (954,865) 176,926 1,804,078
P1. Net Profit margin / Net profit to sales (F10 as % of F1) 5.38 1.09 0.20 -2.46 0.40 3.46
P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)} 9.36 1.62 0.28 -4.12 0.76 7.15
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} 14.89 2.82 0.67 -10.77 2.09 19.12
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) 3.11 0.49 0.08 -1.25 0.23 -
175
Ismail Industries Ltd. (Thousand Rupees)

Items 2016 2017 2018 2019 2020 2021
1.Capital work in progress 1,522,178 2,108,054 198,660 638,034 5,843,053 998,980
i)Raw material 4,305,955 3,464,182 3,507,004 3,461,085 3,494,910 4,772,442
5.Short term investments 37,448 0 0 0 200,000 318,382
2.Reserves 5,732,903 5,844,732 6,756,197 6,631,603 8,785,150 9,802,405
i)Capital Reserve 2,250,998 1,666,903 1,376,742 821,237 2,626,679 2,505,430
5.Other non-current liabilities 674,517 1,037,472 1,199,724 1,274,088 1,632,596 1,857,846
of which: i) Trade credits 1,345,421 660,543 1,015,599 1,395,260 2,256,405 1,886,613
F.Operations:
1.Sales 17,007,971 19,604,861 23,906,218 30,187,005 33,424,762 37,524,841
i)Local sales (Net) 17,007,971 18,723,015 22,591,224 28,367,696 28,925,892 30,866,522
ii)Export sales (Net) 0 881,846 1,314,994 1,819,309 4,498,870 6,658,319
2.Cost of sales 13,898,515 15,883,601 18,544,995 23,881,825 26,592,383 30,354,452
6.EBIT (F3-F4+F5) 2,090,844 2,286,397 2,422,443 2,024,578 2,025,962 2,578,310
9.Tax expenses 290,595 477,208 425,822 436,942 390,739 437,286
10.Profit / (loss) after tax (F8-F9) 1,001,867 1,137,918 1,378,524 631,300 423,693 1,414,881
11.Cash dividends 328,385 175,463 287,122 191,414 26,543 26,543
3.Net cash flows from financing activities 264,768 1,248,090 (1,572,066) (503,955) 5,015,730 961,196
H.Miscellaneous
2.Retention in business (F10-F11-F12) 673,482 962,455 1,091,402 439,886 164,901 1,156,089
3.Depreciation for the year 710,428 781,988 1,048,095 987,514 1,337,301 1,764,024
176
Matco Foods Limited (Thousand Rupees)

Items 2017 2018 2019 2020 2021
1.Capital work in progress - 5,422 6,258 61,980 264,263
3.Operating fixed assets after deducting accumulated depreciation - 2,163,163 2,697,321 4,876,056 4,643,668
4.Intangible assets - 0 0 0 0
5.Long term investments - 31,084 31,083 55,583 55,583
6.Other non-current assets - 13,049 9,939 172,518 187,855
B.Current Assets (B1+B2+B3+B4+B5+B6) - 6,835,696 6,830,363 8,670,147 8,701,828
2.Inventories; of which - 5,138,981 5,204,979 6,642,524 7,171,280
i)Raw material - 4,265,985 4,337,664 5,520,495 5,645,622
ii)Work in progress - 0 0 0 0
iii)Finished goods - 872,997 867,315 1,122,029 1,525,658
3.Trade Debt / accounts receivables - 674,464 941,093 1,334,501 1,041,124
5.Short term investments - 500 255 1,463 1,579
6.Other current assets - 114,940 250,270 275,949 279,225
2.Reserves - 2,416,164 2,837,822 2,921,847 2,967,612
i)Capital Reserve - 739,367 680,467 680,467 680,467
ii)Revenue Reserve - 1,676,797 2,157,355 2,241,380 2,287,145
of which: un-appropriated profit(loss) / retained earnings - 1,676,797 2,157,355 2,241,380 2,287,145
3.Surplus on revaluation of fixed assets - 546,782 445,145 2,622,193 2,459,500
D.Non-Current Liabilities (D1+D2+D3+D4+D5) - 420,108 457,028 725,379 842,009
1.Long term borrowings - 275,841 309,955 517,425 619,542
4.Employees benefit obligations - 59,423 76,715 105,602 132,805
5.Other non-current liabilities - 84,844 70,358 102,352 89,662
E.Current Liabilities (E1+E2+E3+E4) - 4,499,637 4,610,962 6,342,857 6,360,069
1.Trade credit & other accounts payables - 225,928 248,078 1,015,172 519,888
of which: i) Trade credits - 158,896 154,254 962,036 459,356
2.Short term borrowings - 4,106,664 4,197,893 5,167,876 5,533,005
3.Current portion of non-current liabilities - 96,256 99,804 82,977 204,897
F.Operations:
1.Sales - 6,722,731 7,863,053 11,289,962 10,556,621
i)Local sales (Net) - 1,770,372 2,580,267 2,398,444 2,307,915
ii)Export sales (Net) - 4,952,359 5,282,786 8,891,518 8,248,706
2.Cost of sales - 5,862,040 6,948,543 10,273,972 9,909,428
i)Cost of material - 5,560,105 6,231,711 9,555,614 9,168,013
3.Gross profit / (loss) (F1-F2) - 860,691 914,510 1,015,990 647,193
i)Selling & distribution expenses - 153,476 167,111 207,021 185,997
6.EBIT (F3-F4+F5) - 577,493 735,998 588,797 292,386
8.Profit / (loss) before taxation (F6-F7) - 337,789 460,495 238,509 19,555
9.Tax expenses - 29,496 46,658 86,581 80,420
10.Profit / (loss) after tax (F8-F9) - 308,293 413,837 151,928 (60,865)
11.Cash dividends - 81,600 85,680 55,080 55,080
12.Bonus shares / stock dividends - 58,286 0 0 0
1.Net cash flows from operating activities - 123,418 (163,932) (422,187) (554,264)
2.Net cash flows from investing activities - (184,168) (593,945) (333,476) (166,077)
3.Net cash flows from financing activities - 772,197 12,891 975,536 529,194
H.Miscellaneous
2.Retention in business (F10-F11-F12) - 168,406 328,157 96,848 (115,945)
P1. Net Profit margin / Net profit to sales (F10 as % of F1) - 4.59 5.26 1.35 -0.58
P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)} - 3.41 4.44 1.30 -0.44
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} - 7.47 9.58 2.69 -0.91
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) - 2.64 3.38 1.24 -0.50
177
Mitchell's Fruit Farms Ltd. (Thousand Rupees)

Items 2016 2017 2018 2019 2020 2021
i)Raw material 112,258 161,317 167,849 136,986 132,183 199,024
2.Reserves 462,172 422,739 130,550 47,695 (4,440) 607,668
ii)Revenue Reserve 452,836 413,403 121,214 38,059 (14,076) (1,667)
E.Current Liabilities (E1+E2+E3+E4) 725,058 901,641 1,164,279 1,082,926 1,172,079 745,855
of which: i) Trade credits 66,585 167,453 0 134,627 224,476 110,058
3.Current portion of non-current liabilities 106,667 64,000 21,333 0 0 31,351
F.Operations:
1.Sales 1,679,462 1,894,406 1,628,008 1,987,552 2,112,493 2,210,620
i)Local sales (Net) 1,414,402 1,592,373 1,426,353 1,688,726 1,764,427 1,838,667
2.Cost of sales 1,286,380 1,445,303 1,375,119 1,375,119 1,670,070 1,721,280
6.EBIT (F3-F4+F5) 45,014 31,076 (268,175) 204,798 47,016 67,427
8.Profit / (loss) before taxation (F6-F7) 2,094 (11,111) (317,419) 126,498 (27,256) 41,796
9.Tax expenses 14,202 19,772 (24,800) 28,482 28,189 31,329
1.Net cash flows from operating activities (4,732) (14,974) (147,501) 47,249 84,352 (235,165)
3.Net cash flows from financing activities (62,126) (42,820) 107,333 (21,333) 50,000 745,000
H.Miscellaneous
2.Retention in business (F10-F11-F12) (12,108) (30,883) (292,619) 98,016 (55,445) 10,467
178
Murree Brewery Co. Ltd. (Thousand Rupees)

Items 2016 2017 2018 2019 2020 2021
i)Raw material 908,169 929,404 791,133 1,039,986 1,153,133 1,243,687
2.Reserves 5,548,410 5,819,558 6,322,951 6,912,212 6,815,857 7,456,293
F.Operations:
1.Sales 6,657,314 7,139,601 9,058,672 9,983,292 8,996,909 11,687,289
i)Local sales (Net) 6,657,314 7,139,601 9,058,672 9,983,292 8,996,909 11,678,507
2.Cost of sales 4,413,950 4,972,774 6,189,422 7,236,021 6,695,444 8,710,319
4.General, administrative and other expenses 895,394 1,026,123 1,303,715 1,453,156 1,650,272 1,612,933
6.EBIT (F3-F4+F5) 1,568,718 1,367,633 1,848,002 1,679,879 1,066,036 1,697,371
9.Tax expenses 435,013 430,136 531,507 439,888 356,244 376,387
10.Profit / (loss) after tax (F8-F9) 1,131,682 920,807 1,296,361 1,222,938 681,728 1,291,472
11.Cash dividends 461,060 461,060 691,590 829,908 691,590 829,908
1.Net cash flows from operating activities 530,973 1,055,120 1,558,961 745,327 1,000,406 1,539,578
H.Miscellaneous
179
National Foods Ltd. (Thousand Rupees)

Items 2016 2017 2018 2019 2020 2021
6.Other non-current assets 30,979 34,217 41,409 40,846 807,755 1,213,980
1.Cash & bank balance 249,667 364,022 376,794 876,244 1,250,547 3,042,473
i)Raw material 1,743,973 1,322,749 1,068,050 1,324,875 1,678,874 2,582,671
6.Other current assets 50,546 216,633 298,966 374,642 399,728 1,616,027
2.Reserves 2,025,722 2,873,371 3,486,198 4,408,321 5,317,547 6,340,979
1.Long term borrowings 0 376,181 233,729 966,761 1,835,123 1,841,180
2.Short term borrowings 1,311,326 1,549,528 2,204,869 1,901,632 554,404 2,861,444
F.Operations:
1.Sales 13,569,350 16,781,813 21,591,559 24,253,797 28,713,146 34,588,433
i)Local sales (Net) 12,134,234 13,394,469 14,624,535 14,834,243 16,993,458 20,191,461
2.Cost of sales 9,073,765 11,382,955 14,887,820 17,269,476 20,345,845 24,836,018
6.EBIT (F3-F4+F5) 1,216,564 1,423,773 1,369,136 2,006,402 2,650,837 2,945,756
9.Tax expenses 338,277 345,666 146,374 352,381 657,625 656,314
10.Profit / (loss) after tax (F8-F9) 797,190 973,290 1,027,034 1,370,515 1,650,524 1,974,674
11.Cash dividends 284,919 440,329 388,526 497,313 745,969 932,461
12.Bonus shares / stock dividends 0 0 103,607 124,328 186,492 233,115
1.Net cash flows from operating activities 490,125 1,425,435 1,310,528 1,922,845 2,991,535 2,526,450
2.Net cash flows from investing activities (312,308) (1,556,075) (1,676,323) (1,106,638) (918,544) (1,859,531)
H.Miscellaneous
180
Nestle Pakistan Ltd. (Thousand Rupees)

Items 2016 2017 2018 2019 2020 2021
1.Cash & bank balance 353,167 1,333,984 745,694 318,753 789,055 743,920
i)Raw material 7,049,391 11,181,630 15,282,519 14,334,466 11,859,305 13,034,850
3.Trade Debt / accounts receivables 564,460 781,116 3,116,948 2,164,888 1,930,333 923,484
2.Reserves 8,358,556 4,180,844 3,566,728 2,802,470 3,736,946 4,949,776
3.Current portion of non-current liabilities 0 116,343 420,285 3,395,084 3,734,310 130,869
4.Other current liabilities 1,748,471 433,943 489,893 658,290 2,603,176 4,886,779
F.Operations:
1.Sales 112,392,654 122,214,698 120,701,038 115,962,473 118,781,274 133,295,472
i)Local sales (Net) 107,527,903 117,133,640 118,384,676 113,799,346 116,784,138 131,453,215
2.Cost of sales 72,609,392 77,458,749 81,887,248 82,613,501 84,016,549 92,803,347
6.EBIT (F3-F4+F5) 17,978,925 22,084,135 18,822,730 13,903,405 15,396,109 19,793,828
7.Financial expenses 959,005 1,095,630 1,855,789 3,187,695 2,805,015 1,840,228
9.Tax expenses 5,172,947 6,346,723 5,355,382 3,361,243 3,706,499 5,185,499
11.Cash dividends 1,927,358 1,451,187 1,124,670 689,314 8,797,822 12,924,636
H.Miscellaneous
2.Retention in business (F10-F11-F12) 9,919,615 13,190,595 10,486,889 6,665,153 86,773 (156,535)
181
Organic Meat Co Pvt Ltd (Thousand Rupees)

Items 2020 2021
A.Non-Current Assets (A1+A3+A4+A5+A6) - 1,827,069
1.Capital work in progress - 297,010
2.Operating fixed assets at cost - 2,301,124
3.Operating fixed assets after deducting accumulated depreciation - 1,529,709
4.Intangible assets - 350
5.Long term investments - 0
6.Other non-current assets - 0
B.Current Assets (B1+B2+B3+B4+B5+B6) - 1,816,248
1.Cash & bank balance - 124,625
2.Inventories; of which - 188,265
i)Raw material - 92,757
ii)Work in progress - 0
iii)Finished goods - 95,507
3.Trade Debt / accounts receivables - 911,677
4.Short term loans and advances - 336,291
5.Short term investments - 0
6.Other current assets - 255,390
Total Assets (A+B) / Equity & Liabilities (C+D+E) - 3,643,317
C.Shareholders' Equity (C1+C2+C3) - 2,743,533
1.Issued, Subscribed & Paid up capital - 1,118,178
i)Ordinary shares - 1,118,178
ii)Preference shares - 0
2.Reserves - 1,151,324
i)Capital Reserve - 377,152
ii)Revenue Reserve - 774,172
of which: un-appropriated profit(loss) / retained earnings - 774,172
3.Surplus on revaluation of fixed assets - 474,031
D.Non-Current Liabilities (D1+D2+D3+D4+D5) - 29,653
1.Long term borrowings - 29,653
2.Subordinated loans / Sponsor's loans - 0
3.Debentures/TFCs (bonds payable) - 0
4.Employees benefit obligations - 0
5.Other non-current liabilities - 0
E.Current Liabilities (E1+E2+E3+E4) - 870,130
1.Trade credit & other accounts payables - 88,666
of which: i) Trade credits - 28,106
2.Short term borrowings - 702,153
3.Current portion of non-current liabilities - 8,472
4.Other current liabilities - 70,839
F.Operations:
1.Sales - 3,927,824
i)Local sales (Net) - 231,256
ii)Export sales (Net) - 3,696,568
2.Cost of sales - 3,278,196
i)Cost of material - 2,945,987
3.Gross profit / (loss) (F1-F2) - 649,628
4.General, administrative and other expenses - 244,554
i)Selling & distribution expenses - 161,551
ii)Administrative and other expenses - 83,003
5.Other income / (loss) - 24,803
6.EBIT (F3-F4+F5) - 429,877
7.Financial expenses - 89,376
of which: (i) Interest expenses - 49,059
8.Profit / (loss) before taxation (F6-F7) - 340,501
9.Tax expenses - 37,028
10.Profit / (loss) after tax (F8-F9) - 303,473
11.Cash dividends - 0
12.Bonus shares / stock dividends - 111,818
1.Net cash flows from operating activities - (38,104)
2.Net cash flows from investing activities - (533,668)
3.Net cash flows from financing activities - 634,262
H.Miscellaneous
1.Total capital employed (C+D) - 2,773,186
2.Retention in business (F10-F11-F12) - 191,655
3.Depreciation for the year - 125,347
4.Salaries, wages and employee benefits - 109,958
P1. Net Profit margin / Net profit to sales (F10 as % of F1) - 7.73
P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)}) - 1.08
P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)} - 8.33
P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current - 1.33
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} - 11.06
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) - 2.71
182
Punjab Oil Mills Ltd. (Thousand Rupees)

Items 2016 2017 2018 2019 2020 2021
4.Intangible assets 0 0 0 11,503 4,930 12,336
i)Raw material 125,043 165,668 183,202 172,544 181,194 184,147
2.Reserves 600,693 679,390 706,938 798,077 872,446 858,693
F.Operations:
1.Sales 4,210,608 4,441,221 4,950,808 5,504,226 5,268,462 5,981,842
i)Local sales (Net) 4,181,417 4,410,080 4,915,219 5,504,226 5,268,462 5,870,881
ii)Export sales (Net) 29,191 31,141 35,589 0 0 110,961
2.Cost of sales 3,409,614 3,746,167 4,211,145 4,696,000 4,479,364 5,282,625
6.EBIT (F3-F4+F5) 324,132 211,093 182,466 244,437 228,485 84,380
9.Tax expenses 115,590 64,419 105,133 121,104 122,620 83,160
11.Cash dividends 70,079 53,907 36,118 40,430 0 0
1.Net cash flows from operating activities 85,221 (100,943) 28,838 37,930 (38,001) 16,768
H.Miscellaneous
1.Total capital employed (C+D) 961,730 1,228,811 1,252,685 1,342,313 1,431,863 1,408,364
2.Retention in business (F10-F11-F12) 135,741 89,870 33,037 66,947 84,180 (16,962)
183
Quice Food Industries Ltd. (Thousand Rupees)

Items 2016 2017 2018 2019 2020 2021
i)Raw material 96,490 181,907 221,213 221,099 214,091 225,465
2.Reserves (329,546) (366,538) (415,669) (448,877) (485,286) (511,977)
3.Current portion of non-current liabilities 0 0 0 1,228 1,228 0
F.Operations:
1.Sales 231,402 153,492 127,472 116,775 186,688 237,675
i)Local sales (Net) 231,402 153,492 114,518 109,601 138,081 159,975
ii)Export sales (Net) 0 0 12,954 7,174 48,607 77,700
2.Cost of sales 151,872 128,445 118,691 105,321 173,755 217,527
6.EBIT (F3-F4+F5) (2,460) (38,070) (41,009) (42,811) (37,040) (25,550)
9.Tax expenses 1,317 1,520 (1,075) 8,061 2,196 3,692
1.Net cash flows from operating activities (78,419) 61,480 8,281 (81,888) 36,635 7,329
2.Net cash flows from investing activities 76,099 (65,085) (7,027) 34,118 (28,980) (11,361)
3.Net cash flows from financing activities 0 0 0 56,600 (11,150) (1,066)
H.Miscellaneous
184
Rafhan Maize Products Co. Ltd. (Thousand Rupees)

Items 2016 2017 2018 2019 2020 2021
i)Raw material 2,410,945 3,146,501 1,847,745 1,416,757 2,678,422 8,152,674
5.Short term investments 0 0 0 0 2,588,394 986,159
2.Reserves 12,941,136 12,209,815 13,051,915 14,511,814 16,038,617 15,787,523
2.Short term borrowings 0 0 0 5,211 0 756,233
F.Operations:
1.Sales 25,297,585 26,018,104 29,564,160 35,260,665 35,873,330 42,609,634
i)Local sales (Net) 24,003,114 24,632,573 27,823,778 32,767,090 33,365,017 39,314,607
2.Cost of sales 18,345,146 18,592,634 21,374,866 26,288,635 26,091,010 32,291,293
ii)Administrative and other expenses 844,316 913,253 938,933 1,119,706 1,210,519 1,407,336
6.EBIT (F3-F4+F5) 5,725,210 6,066,630 6,811,046 7,749,726 8,519,267 8,986,737
9.Tax expenses 1,827,944 1,658,758 2,013,519 2,282,903 2,378,670 2,683,411
11.Cash dividends 4,341,108 3,463,650 3,925,470 4,618,200 5,080,020 5,541,840
H.Miscellaneous
2.Retention in business (F10-F11-F12) (461,677) 928,607 846,235 825,366 1,014,211 715,483
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) 420.02 475.54 516.62 589.36 659.81 -
185
S.S. Oil Mills Ltd. (Thousand Rupees)

Items 2016 2017 2018 2019 2020 2021
i)Raw material 107,720 346,088 314,861 537,080 757,611 629,746
2.Reserves 386,250 427,329 454,105 484,565 555,882 909,801
E.Current Liabilities (E1+E2+E3+E4) 727,933 1,070,407 882,182 1,366,840 1,942,835 1,804,649
1.Trade credit & other accounts payables 0 53,661 42,881 58,389 78,568 164,797
of which: i) Trade credits 0 28,442 28,425 42,211 46,379 65,643
F.Operations:
1.Sales 1,421,340 2,674,123 3,479,732 3,890,162 5,011,834 8,037,744
i)Local sales (Net) 1,421,340 2,674,123 3,479,732 3,890,162 5,011,834 7,895,522
2.Cost of sales 1,319,820 2,543,101 3,318,028 3,660,642 4,693,181 7,397,083
5.Other income / (loss) 1,751 404 436 705 1,687 (33,789)
6.EBIT (F3-F4+F5) 71,099 89,516 122,632 183,785 271,956 560,037
9.Tax expenses 5,222 17,313 21,223 30,545 51,613 129,906
11.Cash dividends 5,658 8,488 5,658 5,658 0 0
3.Net cash flows from financing activities 73,148 347,820 (166,235) 452,668 561,823 (186,936)
H.Miscellaneous
186
Shezan International Ltd. (Thousand Rupees)

Items 2016 2017 2018 2019 2020 2021
i)Raw material 449,222 429,175 600,441 507,693 93,461 165,881
ii)Work in progress 0 0 0 0 752,966 682,888
2.Reserves 1,754,505 1,942,845 2,229,617 2,145,734 1,861,807 1,986,172
3.Current portion of non-current liabilities 120,000 90,000 0 105,720 244,965 427,023
F.Operations:
1.Sales 6,816,540 7,159,015 7,503,273 7,704,097 7,313,042 6,584,452
i)Local sales (Net) 6,648,251 6,974,713 7,323,489 7,452,163 6,945,200 6,051,316
2.Cost of sales 4,931,776 5,083,750 5,405,841 6,172,758 6,213,833 5,186,645
i)Selling & distribution expenses 1,249,860 1,230,186 1,050,436 939,875 799,910 768,107
5.Other income / (loss) 51,859 38,321 51,480 91,264 59,501 (40,159)
6.EBIT (F3-F4+F5) 255,654 398,362 528,420 220,129 (95,684) 305,225
9.Tax expenses 9,190 102,625 94,439 38,860 (66,886) 57,926
11.Cash dividends 71,874 107,811 119,790 48,315 0 48,315
12.Bonus shares / stock dividends 0 0 7,986 0 0 8,785
1.Net cash flows from operating activities 345,158 382,245 656,594 550,164 (144,943) 26,221
3.Net cash flows from financing activities (177,369) (191,522) (197,156) 410,296 312,818 (22,472)
H.Miscellaneous
187
Unilever Pakistan Foods Ltd. (Thousand Rupees)

Items 2016 2017 2018 2019 2020 2021
1.Capital work in progress 132,536 88,010 1,055,384 455,748 201,546 673,920
1.Cash & bank balance 694,779 347,558 1,114,816 724,556 929,895 3,297,755
2.Inventories; of which 958,171 1,007,742 963,034 902,351 999,124 1,327,888
i)Raw material 499,985 560,142 566,266 555,907 593,057 807,832
C.Shareholders' Equity (C1+C2+C3) 1,804,918 181,470 1,892,563 2,304,197 2,747,694 2,969,566
2.Reserves 1,743,342 119,894 1,828,864 2,240,498 2,683,995 2,905,867
i)Capital Reserve 25,258 25,258 1,297,127 1,297,127 1,297,127 1,297,127
ii)Revenue Reserve 1,718,084 94,636 531,737 943,371 1,386,868 1,608,740
of which: un-appropriated profit(loss) / retained earnings 1,717,946 94,498 531,599 943,233 1,386,730 1,608,602
2.Short term borrowings 0 583,741 938,994 35,217 0 0
F.Operations:
1.Sales 9,466,836 10,745,260 11,898,430 13,291,424 15,572,747 19,820,946
i)Local sales (Net) 9,466,836 10,745,260 11,898,430 13,291,424 15,572,747 19,820,946
2.Cost of sales 5,264,621 5,911,696 6,549,353 7,861,105 8,894,178 10,904,750
6.EBIT (F3-F4+F5) 1,802,228 1,946,726 2,543,175 2,942,876 4,077,508 5,501,987
9.Tax expenses 491,669 565,033 761,418 354,862 217,546 253,359
11.Cash dividends 2,271,970 1,262,308 1,783,572 2,458,781 2,493,816 5,165,989
2.Net cash flows from investing activities (182,195) (77,091) (1,042,445) (1,064,794) (264,533) (504,685)
3.Net cash flows from financing activities (1,152,012) (2,737,580) (251,118) (2,061,636) (3,403,137) (3,445,342)
H.Miscellaneous
1.Total capital employed (C+D) 2,020,612 394,600 2,067,098 2,608,877 3,158,518 3,561,244
2.Retention in business (F10-F11-F12) (995,881) 93,365 (49,115) (5,843) 1,343,596 3,488
188
Unity Foods Limited (Thousand Rupees)

Items 2017 2018 2019 2020 2021
1.Capital work in progress - 123,186 778,526 597,263 2,054,575
3.Operating fixed assets after deducting accumulated depreciation - 1,398,635 2,302,995 2,733,662 5,704,554
4.Intangible assets - 5,704 8,654 10,913 9,321
5.Long term investments - 0 0 366,542 827,640
6.Other non-current assets - 23,744 4,072 107,958 213,822
B.Current Assets (B1+B2+B3+B4+B5+B6) - 3,015,914 7,371,379 15,127,051 33,728,462
2.Inventories; of which - 1,479,257 3,201,230 5,048,540 10,752,535
i)Raw material - 1,297,959 1,847,709 4,043,887 9,317,986
ii)Work in progress - 141,530 132,383 54,250 94,938
iii)Finished goods - 39,768 1,221,138 950,402 1,339,611
3.Trade Debt / accounts receivables - 1,148,211 3,063,574 7,765,667 12,290,844
5.Short term investments - 0 0 0 6,858,985
6.Other current assets - 273,715 1,059,275 2,084,745 3,415,740
2.Reserves - 83,418 253,967 409,191 3,438,779
i)Capital Reserve - 0 0 0 0
ii)Revenue Reserve - 83,418 253,967 409,191 3,438,779
of which: un-appropriated profit(loss) / retained earnings - 83,418 253,967 409,191 3,438,779
D.Non-Current Liabilities (D1+D2+D3+D4+D5) - 0 0 216,652 346,729
1.Long term borrowings - 0 0 210,678 271,102
4.Employees benefit obligations - 0 0 0 0
5.Other non-current liabilities - 0 0 5,974 75,627
E.Current Liabilities (E1+E2+E3+E4) - 2,793,265 4,771,159 12,877,046 28,812,366
1.Trade credit & other accounts payables - 1,744,791 1,983,667 8,838,122 13,631,498
of which: i) Trade credits - 1,656,995 1,775,348 8,753,133 12,653,600
2.Short term borrowings - 1,038,924 2,747,238 3,892,256 14,693,556
3.Current portion of non-current liabilities - 0 0 78,926 297,910
F.Operations:
1.Sales - 2,782,172 14,097,237 29,872,021 66,400,968
i)Local sales (Net) - 1,960,347 13,072,427 28,437,020 66,090,893
ii)Export sales (Net) - 821,825 1,024,810 1,435,001 310,075
2.Cost of sales - 2,534,099 12,820,034 27,847,049 61,209,316
i)Cost of material - 0 10,064,701 26,043,271 60,274,683
3.Gross profit / (loss) (F1-F2) - 248,073 1,277,203 2,024,972 5,191,652
4.General, administrative and other expenses - 132,510 715,424 1,298,282 1,238,920
i)Selling & distribution expenses - 55,590 356,514 690,610 1,035,077
6.EBIT (F3-F4+F5) - 149,637 562,929 735,224 4,269,253
8.Profit / (loss) before taxation (F6-F7) - 97,797 274,721 194,551 3,389,131
9.Tax expenses - (23,719) 19,647 (15,079) 277,392
10.Profit / (loss) after tax (F8-F9) - 121,516 255,074 209,630 3,111,739
11.Cash dividends - 84,525 12,068,661 0 8,221,788
12.Bonus shares / stock dividends - 0 54,405 0 0
1.Net cash flows from operating activities - (1,130,273) (3,718,397) 594,091 594,091
2.Net cash flows from investing activities - (1,550,443) (1,625,306) (1,226,653) (1,226,653)
3.Net cash flows from financing activities - 2,588,924 5,282,206 681,969 681,969
H.Miscellaneous
2.Retention in business (F10-F11-F12) - 36,991 (11,867,992) 209,630 (5,110,049)
4.Salaries, wages and employee benefits - 63,327 276,595 566,784 1,029,289
189
Chemical, Chemical Products & Pharmaceuticals
The balance sheet size of the Chemical, Chemical Products and Pharmaceutical sector increased by Rs
181.12 billion, touched Rs 1,271.67 billion during FY21. Shareholders’ equity improved by 16.18
percent during current year, stood at Rs 519.98 billion in the FY21. Sales of the sector grew massively
(30.36 percent) during FY21, reached to Rs 1,034.20 billion during FY21 from Rs 793.37 billion during
FY20. Besides, profit before tax and profit after tax increased during the period under review. Profit
before tax increased by Rs 70.83 billion (54.82 percent) whereas profit after tax increased by Rs 49.77
billion (53.00 percent) during FY21 over FY20.
Assets
Non-Current Assets (having 51.16 percent share in total assets) stood at Rs 650.56 billion during FY21,
witnessed an increase of Rs 52.48 billion during FY21. Operating fixed assets (after deducting
accumulated depreciation) increased by Rs 30.67 billion during FY21, reached to Rs 434.83 billion.
Long-term investments increased to Rs 130.71 billion during FY21, recorded an increase of 13.01
percent.
Current assets during the year FY21 increased by Rs 128.65 billion, reached to Rs 621.11 billion, mainly
due to higher short-term investments, which increased by Rs 25.93 billion. Besides, Cash & bank balance
rose by Rs 22.31 billion while Inventories grew by 39.47 percent during FY21. Short-term loans and
advances recorded an expansion of 21.60 percent, reached at Rs 22.29 billion in FY21 from Rs 18.33
billion in FY20. Trade debt increased by Rs 19.00 billion (36.67 percent) during FY21.

Shareholders’ equity increased to Rs 519.98 billion in FY21 from Rs 447.55 billion, showing a growth of
16.18 percent. Issued, subscribed & paid-up Capital and reserves remained significant factors, contributed
23.12 percent and 68.41 percent shares respectively in overall shareholders equity during FY21. Overall
reserves jumped up to Rs 355.71 billion in FY21, posted an increase of Rs 64.01 billion, mainly in the
form of revenue reserves.
190
Non-Current Liabilities decreased from Rs 228.43 billion to Rs 221.17 billion during current year mainly
due to contraction in other non-current liabilities. The long-term borrowings however increased to Rs
109.49 billion in FY21, posting a growth of 20.33 percent. The current liabilities on the other hand increased
in FY21, touched Rs 530.53 billion from Rs 414.57 billion in FY20. Trade credits remained the significant
component (with 52.40 percent share) of current liabilities, showed an increase of Rs 76.03 billion (37.65
percent) during FY21. Besides, Short term borrowings increased to Rs 121.96 billion during FY21, showing
expansion of 17.50 percent.

Sales of the sector reached to Rs 1,034.20
billion during FY21 from Rs 793.37 billion
corresponding year. Besides, Cost of Sales
though increased by Rs 154.49 billion,
witnessed a comparatively lower growth,
resulted in enhanced gross profit of the sector
by Rs 86.34 billion. General, Administrative &
other expenses increased by Rs 17.22 billion in
FY21 as compared to FY20. Fortunately,
financial expenses of the sector reduced by
24.63 percent, dropped to Rs 20.03 billion in
FY21 from Rs. 26.58 billion in FY20, resulted
in a growth in profit before tax, which jumped
up to Rs 200.04 billion during FY21, registered
a growth of 54.82 percent. Though the tax
expenses were slightly on higher side, the profit after tax posted a massive YoY growth of 53.00 percent
during FY21, reached to Rs 143.7 billion in FY21 from Rs 93.9 billion in FY20.
The performance indicators of the sector (earnings, profitability, efficiency, etc.) improved during FY21.
Specifically, Net Profit Margin (NPM) increased from 11.84 to 13.89, Return on assets (ROA) moved up
from 8.87 to 12.16, and return on equity (ROE) improved from 22.26 to Rs 29.70 during FY21.
191
Chemicals, Chemical Products and Pharma. - Overall (Thousand Rupees)

Items 2016 2017 2018 2019 2020 2021
i)Raw material 22,858,093 29,172,688 38,292,910 44,536,425 50,508,566 77,670,288
Total Assets (A+B) / Equity & Liabilities (C+D+E) 719,631,878 759,974,943 884,193,115 1,027,742,393 1,090,549,245 1,271,673,901
2.Reserves 167,388,188 184,324,963 218,119,215 237,298,441 291,702,240 355,708,990
2.Subordinated loans / Sponsor's loans 0 12,888 33,492 363,134 363,134 270,719
3.Debentures/TFCs (bonds payable) 12,397,844 8,321,653 4,200,000 4,795,833 2,695,834 379,167
F.Operations:
1.Sales 519,785,743 589,547,705 732,979,211 829,259,574 793,371,986 1,034,201,086
i)Local sales (Net) 514,719,925 576,215,227 718,685,786 815,534,120 782,140,575 1,014,322,529
2.Cost of sales 394,904,920 445,592,234 538,941,762 621,398,762 579,041,352 733,530,319
6.EBIT (F3-F4+F5) 92,546,303 95,668,791 126,975,759 139,631,558 155,789,358 220,071,163
9.Tax expenses 22,752,076 23,979,448 31,319,896 36,801,119 35,303,915 56,361,591
11.Cash dividends 41,016,430 43,680,740 49,730,059 50,354,005 54,653,859 80,062,119
H.Miscellaneous
192
AGP Limited (Thousand Rupees)

Items 2018 2019 2020 2021
A.Non-Current Assets (A1+A3+A4+A5+A6) 7,095,214 7,385,133 7,615,215 8,631,494
1.Capital work in progress 79,444 130,492 344,143 248,283
2.Operating fixed assets at cost 1,885,847 2,215,140 2,326,754 2,838,680
3.Operating fixed assets after deducting accumulated depreciation 1,605,590 1,846,072 1,858,858 2,235,591
4.Intangible assets 5,398,256 5,395,055 5,397,875 5,403,460
5.Long term investments 0 0 0 729,531
6.Other non-current assets 11,924 13,514 14,339 14,629
B.Current Assets (B1+B2+B3+B4+B5+B6) 1,868,176 2,216,487 2,575,451 2,567,147
1.Cash & bank balance 24,423 117,154 369,780 328,858
2.Inventories; of which 797,017 1,013,401 1,184,441 1,095,909
i)Raw material 463,692 549,832 568,212 611,436
ii)Work in progress 37,858 50,985 54,298 82,865
iii)Finished goods 295,467 412,583 561,931 401,608
3.Trade Debt / accounts receivables 483,439 522,535 705,290 788,387
4.Short term loans and advances 66,915 33,863 30,016 63,515
5.Short term investments 0 0 0 200,000
6.Other current assets 496,382 529,534 285,924 90,478
Total Assets (A+B) / Equity & Liabilities (C+D+E) 8,963,390 9,601,620 10,190,666 11,198,641
C.Shareholders' Equity (C1+C2+C3) 6,367,625 7,462,899 8,210,326 9,495,251
1.Issued, Subscribed & Paid up capital 2,800,000 2,800,000 2,800,000 2,800,000
i)Ordinary shares 2,800,000 2,800,000 2,800,000 2,800,000
ii)Preference shares 0 0 0 0
2.Reserves 3,567,625 4,662,899 5,410,326 6,695,251
i)Capital Reserve 0 0 0 0
ii)Revenue Reserve 3,567,625 4,662,899 5,410,326 6,695,251
of which: un-appropriated profit(loss) / retained earnings 3,567,625 4,662,899 5,410,326 6,695,251
3.Surplus on revaluation of fixed assets 0 0 0 0
D.Non-Current Liabilities (D1+D2+D3+D4+D5) 1,251,152 787,985 472,222 151,012
1.Long term borrowings 1,192,366 717,065 399,732 52,985
2.Subordinated loans / Sponsor's loans 0 0 0 0
3.Debentures/TFCs (bonds payable) 0 0 0 0
4.Employees benefit obligations 0 0 0 0
5.Other non-current liabilities 58,786 70,920 72,490 98,027
E.Current Liabilities (E1+E2+E3+E4) 1,344,613 1,350,736 1,508,118 1,552,378
1.Trade credit & other accounts payables 660,428 845,557 837,209 1,063,826
of which: i) Trade credits 345,956 464,112 464,351 558,203
2.Short term borrowings 144,977 0 0 3,989
3.Current portion of non-current liabilities 489,600 490,961 665,338 480,849
4.Other current liabilities 49,608 14,218 5,571 3,714
F.Operations:
1.Sales 5,382,055 6,253,239 6,946,355 7,420,458
i)Local sales (Net) 5,333,151 5,900,484 6,208,131 6,861,538
ii)Export sales (Net) 48,904 352,755 738,224 558,920
2.Cost of sales 2,341,406 2,594,117 3,085,723 3,303,198
i)Cost of material 1,282,506 1,622,284 1,836,384 1,859,823
3.Gross profit / (loss) (F1-F2) 3,040,649 3,659,122 3,860,632 4,117,260
4.General, administrative and other expenses 1,432,054 1,618,745 1,813,748 2,162,664
i)Selling & distribution expenses 1,153,352 1,293,946 1,403,883 1,614,736
ii)Administrative and other expenses 278,702 324,799 409,865 547,928
5.Other income / (loss) 16,964 11,264 31,588 46,120
6.EBIT (F3-F4+F5) 1,625,559 2,051,641 2,078,472 2,000,716
7.Financial expenses 199,937 226,858 151,792 89,303
of which: (i) Interest expenses 194,130 218,314 144,012 81,709
8.Profit / (loss) before taxation (F6-F7) 1,425,622 1,824,783 1,926,680 1,911,413
9.Tax expenses 218,932 378,395 339,253 346,488
10.Profit / (loss) after tax (F8-F9) 1,206,690 1,446,388 1,587,427 1,564,925
11.Cash dividends 350,000 910,000 560,000 700,000
12.Bonus shares / stock dividends 0 0 0 0
1.Net cash flows from operating activities 966,877 1,506,897 1,599,099 2,149,051
2.Net cash flows from investing activities (318,384) (415,162) (360,127) (1,156,434)
3.Net cash flows from financing activities (799,351) (854,027) 986,346 (833,539)
H.Miscellaneous
1.Total capital employed (C+D) 7,618,777 8,250,884 8,682,548 9,646,263
2.Retention in business (F10-F11-F12) 856,690 536,388 1,027,427 864,925
3.Depreciation for the year 102,848 125,937 137,420 163,633
4.Salaries, wages and employee benefits 1,001,412 1,169,349 1,395,283 1,630,383
P1. Net Profit margin / Net profit to sales (F10 as % of F1) 22.42 23.13 22.85 21.09
P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)}) 0.60 0.67 0.70 0.69
P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)} 13.46 15.58 16.04 14.63
P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current 1.41 1.34 1.26 1.21
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} 18.95 20.92 20.26 17.68
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) 4.31 5.17 5.67 5.59
193
Abbott Laboratories (Pakistan) Ltd. (Thousand Rupees)

Items 2016 2017 2018 2019 2020 2021
1.Capital work in progress 803,393 740,239 1,192,083 1,268,799 911,993 1,725,705
1.Cash & bank balance 7,944,429 8,571,721 5,678,136 2,757,519 988,881 819,347
i)Raw material 1,962,457 1,915,370 2,162,746 3,026,509 2,816,482 3,036,799
3.Trade Debt / accounts receivables 880,297 914,972 1,143,015 903,829 935,468 1,216,257
5.Short term investments 0 0 0 0 6,506,404 7,841,030
2.Reserves 13,614,237 13,376,832 12,256,008 12,393,390 14,611,249 16,375,635
4.Employees benefit obligations 0 0 0 0 1,464,964 1,466,048
F.Operations:
1.Sales 23,387,915 26,088,233 29,719,279 30,155,875 35,283,377 42,569,856
i)Local sales (Net) 21,979,029 24,547,200 28,000,684 27,725,809 33,522,318 40,512,322
2.Cost of sales 14,020,416 15,999,247 19,917,837 21,628,135 23,437,221 26,494,583
i)Cost of material 7,885,582 8,828,102 10,910,414 12,344,764 12,010,591 0
ii)Administrative and other expenses 936,361 1,070,416 1,397,200 1,254,422 1,350,537 1,739,891
6.EBIT (F3-F4+F5) 5,593,900 5,852,005 4,359,375 2,563,831 6,320,464 8,498,844
of which: (i) Interest expenses 0 0 6,199 43,185 70,390 0
9.Tax expenses 1,565,349 1,636,713 1,649,436 1,210,856 1,708,310 2,443,422
11.Cash dividends 3,916,012 3,916,012 1,958,006 734,252 3,916,012 0
1.Net cash flows from operating activities 3,119,545 5,764,509 2,937,218 (160,128) 8,147,958 7,823,060
2.Net cash flows from investing activities (558,237) (1,222,232) (1,928,955) (1,588,010) (956,779) (3,435,744)
H.Miscellaneous
3.Depreciation for the year 522,357 601,485 727,118 881,746 964,742 1,109,501
194
Agritech Ltd. (Thousand Rupees)

Items 2016 2017 2018 2019 2020 2021
i)Raw material 73,886 49,386 72,621 54,776 95,748 149,270
3.Trade Debt / accounts receivables 51,016 16,531 34,865 0 490 88,592
C.Shareholders' Equity (C1+C2+C3) 4,406,667 (72,561) (3,295,199) 12,329,435 6,440,664 3,755,793
ii)Preference shares 1,593,343 1,593,343 1,593,343 1,593,343 0 0
2.Reserves (10,191,286) (14,438,678) (17,507,570) (17,934,049) (21,621,116) (23,604,277)
1.Long term borrowings 1,183,233 597,546 0 2,241,503 1,740,316 1,157,874
3.Debentures/TFCs (bonds payable) 3,997,844 2,021,653 0 0 0 0
F.Operations:
1.Sales 8,238,583 3,551,519 4,533,316 12,174,419 5,699,723 10,100,923
i)Local sales (Net) 8,238,583 3,446,188 4,533,316 12,174,419 5,699,723 10,100,923
ii)Export sales (Net) 0 105,331 0 0 0 0
2.Cost of sales 6,987,338 4,781,882 4,841,635 10,643,276 6,872,442 9,691,405
3.Gross profit / (loss) (F1-F2) 1,251,245 (1,230,363) (308,319) 1,531,143 (1,172,719) 409,518
6.EBIT (F3-F4+F5) 452,040 (1,751,126) (1,057,086) 2,329,411 (1,541,384) (212,481)
8.Profit / (loss) before taxation (F6-F7) (1,726,440) (4,051,607) (3,639,608) (971,011) (4,486,518) (3,017,753)
9.Tax expenses 582,485 432,076 (295,936) (318,234) (189,618) (336,517)
10.Profit / (loss) after tax (F8-F9) (2,308,925) (4,483,683) (3,343,672) (652,777) (4,296,900) (2,681,236)
H.Miscellaneous
1.Total capital employed (C+D) 13,208,007 6,554,746 220,481 23,748,160 18,666,392 14,943,108
2.Retention in business (F10-F11-F12) (2,308,925) (4,483,683) (3,343,672) (652,777) (4,296,900) (2,681,236)
P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current 8.57 21.92 -27.70 12.77 7.26 13.18
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} -40.84 -206.90 198.57 -14.45 -45.78 -52.59
195
Archroma Pakistan Ltd. (Formerly Clariant Pakistan Ltd) (Thousand Rupees)

Items 2016 2017 2018 2019 2020 2021
i)Raw material 989,137 1,187,285 1,524,421 1,644,739 1,932,820 1,826,808
iii)Finished goods 603,140 865,099 1,001,719 1,302,701 1,057,237 568,609
4.Short term loans and advances 10,722 8,661 3,416 448 700 2,930
2.Reserves 5,046,233 4,676,467 4,464,033 4,776,258 4,162,681 5,506,412
of which: un-appropriated profit(loss) / retained earnings 1,798,233 1,868,467 1,496,033 1,680,258 924,681 2,368,412
F.Operations:
1.Sales 11,350,227 12,242,715 14,290,088 17,353,050 15,038,941 19,872,237
i)Local sales (Net) 11,349,123 12,241,069 14,287,546 17,353,050 12,198,967 16,033,152
ii)Export sales (Net) 1,104 1,646 2,542 0 2,839,974 3,839,085
2.Cost of sales 7,680,189 8,377,749 9,771,812 12,006,899 10,834,222 13,692,930
i)Selling & distribution expenses 762,766 841,291 1,480,214 1,744,329 1,569,555 1,973,388
5.Other income / (loss) 53,907 21,464 (36,370) (127,428) 12,734 57,928
6.EBIT (F3-F4+F5) 2,448,711 2,375,867 2,373,918 2,830,289 1,975,737 3,461,052
9.Tax expenses 600,361 618,911 407,704 427,639 367,227 880,025
11.Cash dividends 1,023,537 1,705,895 1,364,716 1,535,306 1,023,537 3,070,611
3.Net cash flows from financing activities (1,307,002) (1,562,060) (1,328,220) (219,990) (1,243,212) (2,004,907)
H.Miscellaneous
2.Retention in business (F10-F11-F12) 696,494 (84,422) 171,559 187,075 145,729 (761,245)
4.Salaries, wages and employee benefits 968,005 1,066,359 994,673 1,023,386 1,028,921 1,018,901
196
Bawany Air Products Ltd. (Thousand Rupees)

Items 2016 2017 2018 2019 2020 2021
2.Inventories; of which 896 705 1,295 326 50 0
i)Raw material 351 343 343 50 50 0
C.Shareholders' Equity (C1+C2+C3) 79,299 64,340 52,051 37,896 15,222 (2,916)
2.Reserves (17,021) (47,387) (58,859) (72,248) (158,810) (77,941)
3.Surplus on revaluation of fixed assets 21,295 36,702 35,885 35,119 99,007 0
F.Operations:
1.Sales 94,437 82,702 89,088 51,910 12,796 0
i)Local sales (Net) 94,437 82,702 89,088 51,910 12,796 0
2.Cost of sales 89,324 80,462 84,696 51,527 16,145 0
3.Gross profit / (loss) (F1-F2) 5,113 2,240 4,392 383 (3,349) 0
i)Selling & distribution expenses 4,324 4,311 3,529 3,141 1,493 0
6.EBIT (F3-F4+F5) (15,217) (17,264) (14,412) (19,021) (84,594) (16,877)
7.Financial expenses 2,444 1,872 935 796 636 1,261
of which: (i) Interest expenses 2,387 1,836 907 785 634 1,250
9.Tax expenses 3 (3,107) (2,707) (5,350) 1,957 0
2.Net cash flows from investing activities 2,486 1,088 4 3,501 0 23,183
H.Miscellaneous
P1. Net Profit margin / Net profit to sales (F10 as % of F1) -18.70 -19.38 -14.19 -27.87 -681.36 -
197
Berger Paints Pakistan Ltd. (Thousand Rupees)

Items 2016 2017 2018 2019 2020 2021
i)Raw material 435,994 574,709 622,425 568,231 582,772 701,896
2.Reserves 671,151 754,599 864,227 934,336 1,041,323 1,206,449
5.Other non-current liabilities 5,545 0 7,163 0 8,910 1,155
1.Trade credit & other accounts payables 1,327,000 1,466,896 1,342,753 1,225,162 961,012 1,593,946
2.Short term borrowings 865,307 950,508 1,137,989 1,204,747 1,051,551 847,505
F.Operations:
1.Sales 5,262,149 5,318,753 5,701,402 5,304,887 4,306,249 5,659,620
i)Local sales (Net) 5,114,196 5,184,169 5,538,818 5,169,667 4,202,297 5,573,159
2.Cost of sales 3,674,236 3,778,417 4,441,266 4,141,189 3,393,259 4,517,265
3.Gross profit / (loss) (F1-F2) 1,587,913 1,540,336 1,260,136 1,163,698 912,990 1,142,355
4.General, administrative and other expenses 1,301,713 1,243,051 1,044,120 917,224 686,166 811,788
i)Selling & distribution expenses 961,709 1,044,023 821,585 701,811 500,765 552,916
6.EBIT (F3-F4+F5) 417,793 342,478 244,488 272,115 302,241 416,094
9.Tax expenses 141,874 67,843 48,500 9,839 44,116 101,750
11.Cash dividends 81,839 81,839 22,733 20,460 20,460 81,839
1.Net cash flows from operating activities 406,763 10,054 27,066 (29,917) 19,016 433,986
H.Miscellaneous
198
Biafo Industries Ltd. (Thousand Rupees)

Items 2016 2017 2018 2019 2020 2021
1.Capital work in progress 0 0 1,519 30,266 0 115,754
i)Raw material 103,329 103,404 125,590 236,784 344,929 355,110
2.Reserves 452,035 422,429 472,997 429,984 421,956 458,056
F.Operations:
1.Sales 1,447,883 1,199,632 1,689,356 1,409,578 1,586,550 1,472,765
i)Local sales (Net) 1,291,498 939,679 1,234,819 1,035,526 1,229,685 1,035,966
2.Cost of sales 772,383 641,341 841,706 800,814 1,022,846 908,809
6.EBIT (F3-F4+F5) 541,593 432,177 686,428 523,486 376,130 382,434
9.Tax expenses 122,114 86,646 130,820 100,349 58,656 74,588
11.Cash dividends 390,000 319,000 462,000 330,000 435,600 153,331
2.Net cash flows from investing activities (57,767) 11,061 (13,444) (89,733) 244,103 (113,617)
H.Miscellaneous
2.Retention in business (F10-F11-F12) 8,435 (42,423) 26,610 (22,908) (259,425) 62,376
199
Buxly Paints Ltd. (Thousand Rupees)

Items 2016 2017 2018 2019 2020 2021
i)Raw material 519 551 3,059 3,742 1,142 3,742
ii)Work in progress 757 895 8,817 420 3,060 420
4.Short term loans and advances 742 15,942 15,886 15,434 10,600 984
5.Short term investments 0 7,217 7,217 7,217 150 150
2.Reserves (84) 8,392 2,997 (12,698) (12,646) (9,881)
ii)Revenue Reserve (84) 8,392 2,997 (12,698) (12,646) (9,881)
of which: un-appropriated profit(loss) / retained earnings (6,077) 2,399 (2,996) (18,691) (18,639) (15,874)
D.Non-Current Liabilities (D1+D2+D3+D4+D5) 0 0 0 0 1,385 1,046
F.Operations:
1.Sales 209,733 269,224 314,298 256,670 275,216 354,573
i)Local sales (Net) 209,733 269,224 314,298 256,670 275,216 354,573
2.Cost of sales 164,372 204,528 266,145 225,710 222,117 296,629
6.EBIT (F3-F4+F5) 7,633 13,422 2,813 (6,603) 11,237 15,840
7.Financial expenses 352 1,571 4,278 5,884 7,057 7,756
8.Profit / (loss) before taxation (F6-F7) 7,281 11,851 (1,465) (12,487) 4,180 8,084
9.Tax expenses 2,146 3,375 3,929 3,208 4,128 5,319
10.Profit / (loss) after tax (F8-F9) 5,135 8,476 (5,394) (15,695) 52 2,765
1.Net cash flows from operating activities 6,862 1,044 (19,841) (2,740) (582) (21,106)
2.Net cash flows from investing activities (2,451) 682 (571) 775 7,731 986
3.Net cash flows from financing activities 0 (166) 3,359 19,110 (14,574) 29,295
H.Miscellaneous
2.Retention in business (F10-F11-F12) 5,135 8,476 (5,394) (15,695) 52 2,765
P1. Net Profit margin / Net profit to sales (F10 as % of F1) 2.45 3.15 -1.72 -6.11 0.02 0.78
P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)} 2.96 4.33 -2.01 -4.86 0.02 0.76
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} 7.11 10.73 -4.67 -11.22 0.04 2.07
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) 3.57 5.89 -3.75 -10.90 0.04 1.92
200
Colgate-Palmolive (Pakistan) Ltd. (Thousand Rupees)

Items 2016 2017 2018 2019 2020 2021
1.Capital work in progress 107,932 265,826 887,261 778,836 1,375,804 2,597,752
1.Cash & bank balance 1,122,602 989,140 1,528,039 1,214,300 2,339,835 2,121,764
i)Raw material 1,830,712 1,961,803 2,846,080 3,330,768 4,057,034 5,182,299
ii)Work in progress 261,086 297,372 311,269 478,627 1,353,206 314,797
6.Other current assets 750,431 482,146 1,037,131 1,861,580 1,829,937 783,677
2.Reserves 10,190,522 11,270,334 12,824,699 14,297,003 16,675,463 19,379,621
3.Surplus on revaluation of fixed assets 7,296 4,043 5 (4,217) 259 0
4.Employees benefit obligations 2,683 0 0 90,112 47,293 87,139
F.Operations:
1.Sales 25,817,969 29,336,725 32,340,933 36,961,042 43,530,322 50,563,022
i)Local sales (Net) 25,817,969 29,336,725 32,340,933 36,961,042 43,530,322 50,563,022
2.Cost of sales 16,502,405 18,344,900 20,850,970 26,490,454 30,912,914 35,715,642
ii)Administrative and other expenses 662,377 789,614 867,900 948,721 1,306,204 1,289,899
5.Other income / (loss) 416,927 459,509 467,233 613,160 1,000,208 855,784
6.EBIT (F3-F4+F5) 4,199,467 4,858,001 4,697,252 5,002,686 6,807,580 8,080,848
of which: (i) Interest expenses 0 0 0 0 53,750 56,997
9.Tax expenses 1,357,102 1,577,045 1,410,957 1,453,387 1,846,951 2,285,924
11.Cash dividends 1,438,647 1,678,422 1,678,422 2,100,425 2,647,111 3,101,725
12.Bonus shares / stock dividends 0 0 95,910 0 57,546 63,301
2.Net cash flows from investing activities (2,459,926) 1,457,761 (627,746) (2,652,153) 288,743 (6,123,234)
H.Miscellaneous
201
Data Agro Ltd. (Thousand Rupees)

Items 2016 2017 2018 2019 2020 2021
i)Raw material 5,728 24,471 17,547 23,679 28,704 44,134
2.Reserves (17,471) (4,263) 2,011 (10,082) 29,304 41,446
ii)Revenue Reserve (17,471) (4,263) 2,011 (10,082) 29,304 41,446
2.Short term borrowings 26,378 24,379 24,379 27,879 0 15,000
F.Operations:
1.Sales 83,232 122,376 130,598 148,444 146,878 191,625
i)Local sales (Net) 83,232 122,376 130,598 148,444 146,878 191,625
2.Cost of sales 61,565 95,118 103,293 117,718 113,685 152,558
5.Other income / (loss) 3,938 78 898 293 941 291
6.EBIT (F3-F4+F5) 4,918 5,807 7,785 7,321 9,583 13,425
7.Financial expenses 853 741 907 1,018 1,136 1,151
9.Tax expenses 8,654 2,728 3,767 21,883 2,610 4,232
10.Profit / (loss) after tax (F8-F9) (4,589) 2,338 3,111 (15,580) 5,837 8,042
1.Net cash flows from operating activities 1,982 2,097 3,901 (5,001) 13,254 (18,342)
2.Net cash flows from investing activities 3,977 (3,502) 141 (1,941) (2,331) (3,768)
3.Net cash flows from financing activities (1,500) (2,000) 0 3,500 (3,500) 15,000
H.Miscellaneous
2.Retention in business (F10-F11-F12) (4,589) 2,338 3,111 (15,580) 5,837 8,042
P1. Net Profit margin / Net profit to sales (F10 as % of F1) -5.51 1.91 2.38 -10.50 3.97 4.20
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) -1.15 0.58 0.78 -3.90 1.46 2.01
202
Descon Oxychem Ltd. (Thousand Rupees)

Items 2016 2017 2018 2019 2020 2021
1.Capital work in progress 7,098 400 2,338 213,388 823,346 144,842
4.Intangible assets 3,127 1,813 733 29,723 27,318 20,123
i)Raw material 28,119 16,024 17,738 49,587 67,377 104,762
C.Shareholders' Equity (C1+C2+C3) 1,512,524 1,717,449 1,775,728 783,559 1,935,315 2,063,129
ii)Preference shares 1,100,000 1,100,000 1,100,000 0 0 0
2.Reserves (607,476) (402,551) (344,272) (236,441) 426,426 312,818
D.Non-Current Liabilities (D1+D2+D3+D4+D5) 111,822 0 0 1,010,885 429,305 1,190,934
2.Short term borrowings 50,000 42,231 0 124,317 32,283 57,500
3.Current portion of non-current liabilities 244,742 0 0 0 22,431 201,911
F.Operations:
1.Sales 1,581,547 1,961,005 2,088,225 2,704,957 2,641,615 2,804,903
i)Local sales (Net) 1,456,162 1,937,711 2,070,055 2,693,514 2,619,384 2,769,936
2.Cost of sales 1,238,213 1,454,383 1,471,864 1,874,206 1,780,357 2,191,962
6.EBIT (F3-F4+F5) 210,240 345,273 459,191 657,655 670,282 452,636
9.Tax expenses 88,687 128,609 131,539 184,205 170,439 109,242
11.Cash dividends 0 0 0 0 150,889 175,031
H.Miscellaneous
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) 0.21 0.97 1.52 - 2.77 -
203
Dewan Salman Fibre Ltd. (Thousand Rupees)

Items 2016 2017 2018 2019 2020 2021
3.Trade Debt / accounts receivables 1,377,334 1,250,625 1,083,005 928,042 736,647 640,949
2.Reserves (16,251,765) (16,771,229) (17,628,165) (19,039,719) (19,700,033) (19,858,485)
5.Other non-current liabilities 611,528 1,442,258 1,256,160 1,092,860 983,574 885,866
F.Operations:
1.Sales 0 0 0 0 0 0
2.Cost of sales 567,466 518,909 759,429 689,392 624,114 560,599
6.EBIT (F3-F4+F5) (788,572) (684,373) (954,436) (910,572) (899,712) (461,224)
8.Profit / (loss) before taxation (F6-F7) (867,739) (708,840) (1,322,180) (1,831,224) (1,035,939) (489,002)
9.Tax expenses (90,346) (58,806) (139,573) (121,429) (108,063) (88,151)
10.Profit / (loss) after tax (F8-F9) (777,393) (650,034) (1,182,607) (1,709,795) (927,876) (400,851)
2.Net cash flows from investing activities 0 35,475 438 (388) 42,101 0
3.Net cash flows from financing activities 0 0 0 0 (70,633) (6,000)
H.Miscellaneous
2.Retention in business (F10-F11-F12) (777,393) (650,034) (1,182,607) (1,709,795) (927,876) (400,851)
204
Dynea Pakistan Ltd. (Thousand Rupees)

Items 2016 2017 2018 2019 2020 2021
1.Capital work in progress 558 65,891 12,039 250 11,351 22,125
i)Raw material 280,211 310,655 621,643 585,004 651,619 1,065,564
2.Reserves 830,942 960,738 1,180,135 1,284,366 1,490,534 2,287,599
D.Non-Current Liabilities (D1+D2+D3+D4+D5) 0 0 369,041 258,970 145,777 123,498
5.Other non-current liabilities 0 0 3,416 0 0 9,370
2.Short term borrowings 647 0 266,668 274,784 0 0
3.Current portion of non-current liabilities 46,875 0 84,375 115,570 119,974 138,750
F.Operations:
1.Sales 2,418,400 2,497,540 3,858,318 5,140,030 4,492,455 6,827,204
i)Local sales (Net) 2,418,400 2,497,540 3,858,318 5,140,030 4,492,455 6,827,204
2.Cost of sales 2,007,370 2,033,171 3,170,642 4,441,154 3,709,112 5,191,320
5.Other income / (loss) 647 6,204 12,950 6,861 (86,782) 145,259
6.EBIT (F3-F4+F5) 212,137 262,344 408,259 397,195 416,685 1,354,099
9.Tax expenses 63,881 81,932 84,209 94,579 105,315 390,146
11.Cash dividends 23,591 0 122,671 47,181 94,362 141,543
3.Net cash flows from financing activities (203,431) (94,056) 375,374 (206,997) (165,644) (153,076)
H.Miscellaneous
205
Engro Fertilizers Ltd. (Thousand Rupees)

Items 2016 2017 2018 2019 2020 2021
1.Cash & bank balance 84,426 1,795,929 729,836 3,413,473 3,611,441 1,266,722
i)Raw material 582,270 1,246,224 1,674,428 1,086,411 1,152,261 2,642,422
4.Short term loans and advances 682,595 502,692 364,127 1,396,265 1,297,413 1,426,010
2.Reserves 28,339,061 29,116,718 32,170,162 29,926,467 33,377,747 33,733,815
3.Current portion of non-current liabilities 5,220,672 0 5,147,071 28,274,231 17,042,877 17,790,161
4.Other current liabilities 1,956,969 9,703,715 3,899,614 647,912 320,374 1,673,225
F.Operations:
1.Sales 69,537,253 77,129,343 109,196,586 121,354,758 105,846,314 132,363,138
i)Local sales (Net) 69,537,253 77,129,343 109,196,586 121,354,758 105,846,314 132,363,138
2.Cost of sales 52,098,086 53,910,755 73,880,139 81,814,870 71,591,626 88,288,978
5.Other income / (loss) 8,143,250 5,865,860 2,061,954 4,351,782 2,549,587 489,716
6.EBIT (F3-F4+F5) 16,820,736 19,312,544 26,353,134 31,284,473 24,534,762 31,492,442
9.Tax expenses 4,350,528 5,509,148 6,868,683 10,526,380 3,165,130 8,797,588
11.Cash dividends 9,316,526 11,350,044 14,688,292 17,358,891 17,358,891 22,032,438
2.Net cash flows from investing activities (1,676,472) (8,108,610) (6,634,997) 4,502,608 (25,744,203) 16,027,644
H.Miscellaneous
2.Retention in business (F10-F11-F12) (33,073) (194,422) 2,725,226 (487,668) 774,456 (939,781)
206
Engro Polymer & Chemicals Ltd. (Thousand Rupees)

Items 2016 2017 2018 2019 2020 2021
5.Long term investments 0 0 0 5,421,150 4,660,833 3,092,784
i)Raw material 1,876,110 2,440,340 2,439,712 2,608,770 5,402,730 8,510,105
iii)Finished goods 1,145,523 1,211,976 1,125,819 1,716,169 763,425 4,024,553
5.Short term investments 740,000 240,410 7,798,012 9,395,614 14,395,643 14,143,236
ii)Preference shares 0 0 0 0 3,000,000 3,000,000
2.Reserves (630,509) 1,125,421 7,706,951 8,686,923 14,036,898 17,878,677
ii)Revenue Reserve (1,593,063) 161,392 3,831,998 4,811,970 10,161,945 14,003,724
of which: un-appropriated profit(loss) / retained earnings (1,593,063) 161,392 3,831,998 4,811,970 10,161,945 14,003,724
5.Other non-current liabilities 0 0 390,146 0 4,174,611 3,994,395
2.Short term borrowings 329,638 0 0 2,158,836 0 474,360
3.Current portion of non-current liabilities 416,903 0 0 987,487 2,916,894 5,438,025
F.Operations:
1.Sales 22,854,024 27,730,736 35,271,635 37,836,632 35,331,398 70,021,678
i)Local sales (Net) 22,438,265 27,311,398 34,499,200 37,367,468 35,173,339 65,215,721
ii)Export sales (Net) 415,759 419,338 772,435 469,164 158,059 4,805,957
2.Cost of sales 18,919,015 21,665,326 27,663,022 29,730,593 24,382,129 45,986,053
i)Selling & distribution expenses 1,179,769 1,328,024 384,790 396,145 294,393 406,018
5.Other income / (loss) 20,677 137,338 1,249,393 930,269 1,179,635 1,326,889
6.EBIT (F3-F4+F5) 2,106,884 3,934,576 7,068,859 6,833,071 10,424,904 21,890,676
9.Tax expenses 527,364 1,061,785 1,533,132 1,343,259 2,503,533 4,926,657
11.Cash dividends 0 829,336 3,363,016 727,139 1,133,427 14,815,450
2.Net cash flows from investing activities (636,768) (1,034,260) (3,914,203) (17,679,605) (6,252,544) (9,341,299)
3.Net cash flows from financing activities (245,736) (977,714) 2,235,206 8,787,051 1,407,105 (13,334,631)
H.Miscellaneous
2.Retention in business (F10-F11-F12) 659,933 1,223,680 1,567,155 2,968,898 4,596,809 245,061
3.Depreciation for the year 863,732 931,565 958,607 1,027,200 1,292,160 1,814,927
207
Fatima Fertilizer Co. Ltd. (Thousand Rupees)

Items 2016 2017 2018 2019 2020 2021
1.Cash & bank balance 11,583,670 832,088 717,431 514,739 555,762 7,343,401
i)Raw material 1,705,358 1,379,658 1,479,573 4,870,290 2,758,146 10,587,809
5.Short term investments 200,460 198,113 623,273 530,134 2,523,862 2,242,710
2.Reserves 39,621,865 44,644,998 48,594,972 57,008,298 66,102,656 79,263,264
3.Debentures/TFCs (bonds payable) 8,400,000 6,300,000 4,200,000 4,200,000 2,100,000 0
4.Other current liabilities 397,818 284,517 375,085 1,026,693 491,432 7,059,064
F.Operations:
1.Sales 42,395,739 45,371,156 51,309,994 74,964,214 71,267,316 112,488,420
i)Local sales (Net) 42,395,739 42,768,880 49,839,835 74,828,910 71,117,229 112,488,420
2.Cost of sales 23,701,282 26,685,583 25,639,375 47,065,331 42,472,530 69,403,976
5.Other income / (loss) 469,482 403,094 652,312 1,114,436 2,354,138 732,596
6.EBIT (F3-F4+F5) 14,332,854 12,827,539 18,613,211 20,954,062 22,212,058 30,191,476
9.Tax expenses 1,703,062 852,343 4,876,754 5,123,471 5,468,064 9,710,827
11.Cash dividends 6,846,000 4,725,000 3,675,000 4,200,000 5,250,000 7,350,000
3.Net cash flows from financing activities 7,912,089 (26,770,601) (6,542,697) 3,240,539 (10,617,172) (8,759,018)
H.Miscellaneous
208
Fauji Fertilizer Bin Qasim Ltd. (Thousand Rupees)

Items 2016 2017 2018 2019 2020 2021
6.Other non-current assets 101,218 1,400,761 2,580,698 3,227,028 7,072,171 3,348,265
i)Raw material 1,209,158 1,567,534 2,650,202 2,759,496 2,469,289 8,105,192
iii)Finished goods 1,137,927 183,002 2,816,175 11,712,363 221,132 125,185
3.Trade Debt / accounts receivables 3,523,559 1,004,582 5,719,424 8,606,885 1,656,387 94,238
4.Short term loans and advances 0 0 1,458,474 923,231 772,702 577,065
5.Short term investments 9,949,067 14,194,289 10,935,646 1,009,029 0 10,441,700
2.Reserves 3,415,958 3,809,538 4,556,356 (2,507,139) 4,618,305 7,518,217
ii)Revenue Reserve 3,187,608 3,581,188 4,328,006 (2,735,489) (495,832) 5,885,488
of which: un-appropriated profit(loss) / retained earnings 3,187,608 3,581,188 4,328,006 (2,735,489) (495,832) (495,832)
5.Other non-current liabilities 961,455 0 393,948 1,021,914 14,053,194 8,969,051
4.Other current liabilities 1,073,793 172,805 570,497 1,175,154 2,777,287 6,618,125
F.Operations:
1.Sales 45,011,359 52,732,954 61,510,528 66,839,286 83,234,360 110,452,174
i)Local sales (Net) 45,011,359 52,732,954 61,510,528 66,839,286 83,234,360 110,452,174
2.Cost of sales 43,792,387 46,705,351 53,327,113 60,954,649 70,655,385 88,300,535
6.EBIT (F3-F4+F5) 3,756,776 3,382,363 4,031,983 1,329,774 9,336,938 13,862,910
8.Profit / (loss) before taxation (F6-F7) 1,600,611 1,441,343 1,809,109 (3,868,907) 4,892,816 11,524,803
9.Tax expenses 262,303 437,017 372,577 2,051,838 2,700,379 5,133,842
10.Profit / (loss) after tax (F8-F9) 1,338,308 1,004,326 1,436,532 (5,920,745) 2,192,437 6,390,961
11.Cash dividends 467,055 793,994 934,110 0 0 0
1.Net cash flows from operating activities (459,588) 12,009,023 (6,548,944) (16,843,437) 25,386,365 22,299,639
2.Net cash flows from investing activities (3,444,732) (3,718,674) (3,832,429) 3,327,432 (2,994,743) (3,057,108)
3.Net cash flows from financing activities 4,574,243 (8,872,837) 1,399,554 4,167,163 267,482 (3,476,767)
H.Miscellaneous
2.Retention in business (F10-F11-F12) 871,253 210,333 502,422 (5,920,745) 2,192,437 6,390,961
3.Depreciation for the year 1,507,855 1,600,412 1,633,725 1,667,495 926,336 964,056
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) 1.43 1.08 1.54 -6.34 2.35 4.95
209
Fauji Fertilizer Co. Ltd. (Thousand Rupees)

Items 2016 2017 2018 2019 2020 2021
1.Capital work in progress 1,112,053 2,721,908 621,090 2,258,030 935,638 3,072,404
6.Other non-current assets 963,633 997,132 1,144,949 1,228,386 1,972,853 3,075,386
2.Inventories; of which 4,317,247 640,655 13,286,402 7,014,838 473,371 1,353,901
i)Raw material 95,250 113,885 254,632 152,277 186,251 207,047
iii)Finished goods 4,113,728 361,588 12,624,141 6,720,159 185,714 1,062,733
2.Reserves 35,917,238 38,395,922 43,941,941 46,743,648 65,017,113 83,701,335
3.Surplus on revaluation of fixed assets 2,726,211 759,892 753,521 1,198,826 1,392,593 3,340,163
F.Operations:
1.Sales 75,377,857 93,583,447 109,433,588 109,817,389 102,744,223 114,345,150
i)Local sales (Net) 75,377,857 88,302,823 109,071,243 109,747,801 102,744,223 114,345,150
ii)Export sales (Net) 0 5,280,624 362,345 69,588 0 0
2.Cost of sales 56,365,605 74,478,825 80,282,515 77,039,227 68,303,906 72,985,477
6.EBIT (F3-F4+F5) 21,421,052 20,010,610 25,978,428 26,902,105 41,980,319 48,474,508
9.Tax expenses 6,044,875 5,285,987 7,295,615 6,256,488 9,816,265 10,044,662
11.Cash dividends 10,050,682 8,905,667 11,259,308 13,740,173 14,249,068 18,447,454
2.Net cash flows from investing activities 1,200,678 (56,319) 3,414,235 128,542 (1,249,076) (12,706,317)
H.Miscellaneous
210
Ferozsons Laboratories Ltd. (Thousand Rupees)

Items 2016 2017 2018 2019 2020 2021
i)Raw material 0 481,960 392,398 428,049 633,499 734,530
iii)Finished goods 0 1,149,308 773,415 644,180 1,061,495 794,499
2.Reserves 4,486,670 4,471,526 4,379,481 4,474,534 4,872,843 6,132,125
1.Trade credit & other accounts payables 710,419 769,043 960,178 1,075,545 1,599,501 2,168,801
F.Operations:
1.Sales 11,294,980 5,002,430 5,002,680 5,802,856 6,212,342 8,879,115
i)Local sales (Net) 11,067,599 4,781,775 4,847,350 5,621,347 5,977,071 7,657,363
2.Cost of sales 6,700,678 3,090,966 3,483,750 3,761,902 3,873,653 5,213,850
i)Cost of material 1,002,760 805,691 973,850 1,221,717 1,369,567 2,059,064
6.EBIT (F3-F4+F5) 2,871,140 608,878 97,574 362,824 620,463 1,609,668
8.Profit / (loss) before taxation (F6-F7) 2,858,537 591,177 85,572 338,064 591,938 1,565,971
9.Tax expenses 625,448 196,572 102,583 150,069 169,359 277,512
10.Profit / (loss) after tax (F8-F9) 2,233,089 394,605 (17,011) 187,995 422,579 1,288,459
11.Cash dividends 664,110 211,308 60,374 181,121 120,747 362,242
12.Bonus shares / stock dividends 0 0 0 0 60,374 0
1.Net cash flows from operating activities 740,653 863,820 560,384 406,519 100,239 1,816,140
3.Net cash flows from financing activities (744,463) (456,009) (132,567) (148,573) (16,379) 1,166,331
H.Miscellaneous
2.Retention in business (F10-F11-F12) 1,568,979 183,297 (77,385) 6,874 241,458 926,217
4.Salaries, wages and employee benefits 1,084,907 878,048 1,022,492 1,208,253 1,272,359 1,660,521
211
Gatron (Industries) Ltd. (Thousand Rupees)

Items 2016 2017 2018 2019 2020 2021
5.Long term investments 3,740,883 4,661,006 5,970,689 8,432,060 8,903,623 0
1.Cash & bank balance 861,956 1,221,217 1,377,617 1,381,563 1,135,360 1,493,170
i)Raw material 584,807 1,001,613 1,070,923 1,172,151 647,999 1,897,508
iii)Finished goods 1,139,345 743,324 1,181,791 1,184,182 1,157,211 1,590,151
2.Reserves 6,546,321 7,439,502 9,413,407 12,345,129 12,755,317 7,296,990
1.Long term borrowings 0 122,431 0 126,540 1,174,783 2,840,439
5.Other non-current liabilities 533,069 690,717 813,111 1,179,759 1,258,439 413,993
2.Short term borrowings 1,506,252 2,143,874 580,017 864,718 1,671,941 3,520,880
3.Current portion of non-current liabilities 0 13,603 0 0 3,170 90,342
F.Operations:
1.Sales 8,531,561 12,091,429 13,006,437 17,707,325 12,938,377 16,557,561
i)Local sales (Net) 8,220,140 11,957,272 12,970,363 17,583,819 12,861,867 16,218,340
2.Cost of sales 8,390,821 11,542,989 11,481,720 15,679,770 11,873,344 14,254,055
5.Other income / (loss) 345,118 1,003,714 1,484,865 3,048,904 1,632,254 1,864,434
6.EBIT (F3-F4+F5) (33,095) 1,093,086 2,391,263 4,398,061 2,124,898 3,508,663
8.Profit / (loss) before taxation (F6-F7) (92,869) 1,059,778 2,376,449 4,379,924 1,918,419 3,381,018
9.Tax expenses 55,369 165,903 308,640 678,394 468,420 379,907
10.Profit / (loss) after tax (F8-F9) (148,238) 893,875 2,067,809 3,701,530 1,449,999 3,001,111
11.Cash dividends 0 0 393,236 1,016,659 479,556 0
1.Net cash flows from operating activities 395,661 122,038 2,282,280 981,358 268,221 (269,850)
3.Net cash flows from financing activities (71,281) 120,061 (212,484) (626,004) 1,541 1,779,046
H.Miscellaneous
2.Retention in business (F10-F11-F12) (148,238) 893,875 1,674,573 2,684,871 970,443 3,001,111
4.Salaries, wages and employee benefits 843,293 952,628 1,152,735 1,367,117 1,280,491 1,615,712
212
Ghani Global Holdings Limited (Formerly Ghani Gases Limit (Thousand Rupees)
Items 2016 2017 2018 2019 2020 2021
5.Long term investments 0 436,859 406,126 0 0 0
1.Cash & bank balance 1,090,018 262,303 177,733 170,317 152,182 382,273
i)Raw material 0 0 0 42,713 79,367 121,508
ii)Work in progress 0 0 0 8,116 4,932 5,165
2.Reserves 1,465,447 1,733,927 1,404,151 2,356,509 2,267,547 2,992,964
i)Capital Reserve 1,036,267 1,181,766 726,227 1,816,637 1,866,644 2,042,651
1.Long term borrowings 439,962 1,040,938 846,356 473,510 848,525 888,965
3.Debentures/TFCs (bonds payable) 0 0 0 595,833 595,834 379,167
E.Current Liabilities (E1+E2+E3+E4) 1,534,451 654,967 1,426,650 2,643,002 2,608,315 2,313,225
2.Short term borrowings 431,034 273,000 955,986 1,683,471 1,786,151 958,009
F.Operations:
1.Sales 1,766,743 1,804,472 2,048,597 3,074,726 3,312,417 5,194,462
i)Local sales (Net) 1,766,743 1,804,472 2,048,597 3,073,188 3,220,579 5,113,267
ii)Export sales (Net) 0 0 0 1,538 91,838 81,195
2.Cost of sales 1,191,108 1,235,838 1,409,899 2,433,999 2,531,430 3,112,522
i)Cost of material 0 0 0 158,801 258,425 255,528
6.EBIT (F3-F4+F5) 394,056 263,477 250,312 142,289 274,039 1,404,882
8.Profit / (loss) before taxation (F6-F7) 276,459 166,961 126,823 (171,445) (182,608) 1,097,663
9.Tax expenses 114,631 43,981 1,080 40,655 (62,856) 305,237
11.Cash dividends 1,185,422 0 0 0 0 0
12.Bonus shares / stock dividends 0 74,869 66,134 0 0 699,841
H.Miscellaneous
2.Retention in business (F10-F11-F12) (1,023,594) 48,111 59,609 (212,100) (119,752) 92,585
213
GlaxoSmithKline Consumer Healthcare Pakistan Limited (Thousand Rupees)

Items 2017 2018 2019 2020 2021
A.Non-Current Assets (A1+A3+A4+A5+A6) 133,810 2,788,203 3,059,655 3,638,317 3,852,239
1.Capital work in progress 24,965 551,561 426,730 836,283 615,465
2.Operating fixed assets at cost 151,084 2,598,698 3,204,498 3,633,822 4,282,586
3.Operating fixed assets after deducting accumulated depreciation 99,755 2,098,217 2,488,162 2,657,030 3,091,001
4.Intangible assets 0 127,674 127,674 127,674 127,674
5.Long term investments 0 0 0 0 0
6.Other non-current assets 9,090 10,751 17,089 17,330 18,099
B.Current Assets (B1+B2+B3+B4+B5+B6) 3,819,958 5,166,054 5,922,969 7,335,653 10,013,921
1.Cash & bank balance 1,103,012 707,443 643,241 2,132,049 2,454,867
2.Inventories; of which 821,919 2,231,361 2,769,125 2,902,222 3,916,050
i)Raw material 219,861 931,348 1,490,083 1,582,790 2,237,197
ii)Work in progress 14,851 18,643 35,442 14,375 41,288
iii)Finished goods 587,207 1,281,370 1,243,600 1,305,057 1,637,565
3.Trade Debt / accounts receivables 271,293 754,863 866,168 669,585 1,101,726
4.Short term loans and advances 1,224,928 261,833 307,289 491,187 412,863
5.Short term investments 198,543 0 0 0 747,935
6.Other current assets 200,263 1,210,554 1,337,146 1,140,610 1,380,480
Total Assets (A+B) / Equity & Liabilities (C+D+E) 3,953,768 7,954,257 8,982,624 10,973,970 13,866,160
C.Shareholders' Equity (C1+C2+C3) 2,296,834 3,834,986 4,500,603 5,163,928 6,715,172
1.Issued, Subscribed & Paid up capital 955,502 1,170,545 1,170,545 1,170,545 1,170,545
i)Ordinary shares 955,502 1,170,545 1,170,545 1,170,545 1,170,545
ii)Preference shares 0 0 0 0 0
2.Reserves 1,341,332 2,664,441 3,330,058 3,993,383 5,544,627
i)Capital Reserve 101,914 830,640 830,639 830,640 830,640
ii)Revenue Reserve 1,239,418 1,833,801 2,499,419 3,162,743 4,713,987
of which: un-appropriated profit(loss) / retained earnings 1,239,418 1,833,801 2,499,419 3,162,743 4,713,987
3.Surplus on revaluation of fixed assets 0 0 0 0 0
D.Non-Current Liabilities (D1+D2+D3+D4+D5) 19,531 127,340 186,630 239,752 294,346
1.Long term borrowings 0 0 1,989 0 0
2.Subordinated loans / Sponsor's loans 0 0 0 0 0
3.Debentures/TFCs (bonds payable) 0 0 0 0 0
4.Employees benefit obligations 19,531 37,635 53,665 88,028 97,244
5.Other non-current liabilities 0 89,705 130,976 151,724 197,102
E.Current Liabilities (E1+E2+E3+E4) 1,637,403 3,991,931 4,295,391 5,570,290 6,856,642
1.Trade credit & other accounts payables 1,461,983 1,956,690 2,599,791 4,155,523 4,941,078
of which: i) Trade credits 391,431 454,703 607,736 298,661 541,125
2.Short term borrowings 0 1,591,780 763,580 0 0
3.Current portion of non-current liabilities 0 399,848 1,770 2,301 0
4.Other current liabilities 175,420 43,613 930,250 1,412,466 1,915,564
F.Operations:
1.Sales 8,298,142 14,875,268 16,316,744 19,846,106 24,163,150
i)Local sales (Net) 8,298,142 14,433,042 15,984,605 19,597,430 24,012,481
ii)Export sales (Net) 0 442,226 332,139 248,676 150,669
2.Cost of sales 5,196,906 10,471,299 11,330,677 14,518,244 17,548,075
i)Cost of material 635,145 3,951,962 3,977,320 8,793,735 12,147,781
3.Gross profit / (loss) (F1-F2) 3,101,236 4,403,969 4,986,067 5,327,862 6,615,075
4.General, administrative and other expenses 2,103,470 2,856,834 3,165,595 3,542,484 3,923,241
i)Selling & distribution expenses 1,822,037 2,440,840 2,739,642 3,098,439 3,353,640
ii)Administrative and other expenses 281,433 415,994 425,953 444,045 569,601
5.Other income / (loss) 181,205 141,362 71,672 46,922 341,403
6.EBIT (F3-F4+F5) 1,178,971 1,688,497 1,892,144 1,832,300 3,033,237
7.Financial expenses 8,134 225,805 192,365 58,008 17,133
of which: (i) Interest expenses 4,183 143,719 116,682 27,344 159
8.Profit / (loss) before taxation (F6-F7) 1,170,837 1,462,692 1,699,779 1,774,292 3,016,104
9.Tax expenses 464,023 388,140 442,259 512,283 881,770
10.Profit / (loss) after tax (F8-F9) 706,814 1,074,552 1,257,520 1,262,009 2,134,334
11.Cash dividends 477,751 585,273 585,273 585,273 0
12.Bonus shares / stock dividends 0 0 0 0 0
1.Net cash flows from operating activities 559,350 (425,766) 1,333,785 2,913,510 1,594,199
2.Net cash flows from investing activities 71,862 (223,401) (486,805) (813,678) (322,322)
3.Net cash flows from financing activities 0 (77,903) (82,981) (81,719) (81,866)
H.Miscellaneous
1.Total capital employed (C+D) 2,316,365 3,962,326 4,687,233 5,403,680 7,009,518
2.Retention in business (F10-F11-F12) 229,063 489,280 672,248 676,737 2,134,334
3.Depreciation for the year 22,965 210,635 229,623 266,429 299,254
4.Salaries, wages and employee benefits 324,688 1,176,123 1,253,548 1,408,116 1,744,436
P1. Net Profit margin / Net profit to sales (F10 as % of F1) 8.52 7.22 7.71 6.36 8.83
P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)}) 2.10 2.50 1.93 1.99 1.95
P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)} 17.88 18.05 14.85 12.65 17.18
P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current 1.72 1.94 2.03 2.06 2.09
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} 30.77 35.05 30.17 26.12 35.93
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) 7.40 9.18 10.74 10.78 18.23
214
GlaxoSmithKline Pakistan Limited (Thousand Rupees)

Items 2016 2017 2018 2019 2020 2021
1.Capital work in progress 2,723,576 2,487,470 501,397 599,311 1,028,825 1,178,022
4.Intangible assets 1,039,072 1,039,072 1,082,072 1,041,742 991,742 991,742
i)Raw material 2,229,555 3,528,994 2,908,577 3,108,251 2,543,927 3,529,190
6.Other current assets 1,170,617 790,153 854,436 2,347,831 1,668,103 2,017,263
2.Reserves 10,358,113 10,277,185 12,234,778 12,952,724 14,293,592 17,801,993
of which: i) Trade credits 2,039,728 1,495,496 1,962,101 1,579,556 659,748 652,171
4.Other current liabilities 652,378 1,024,898 162,523 178,591 155,683 1,273,896
F.Operations:
1.Sales 27,563,533 32,773,770 34,006,840 36,581,749 35,090,112 36,660,772
i)Local sales (Net) 27,460,723 32,668,598 33,961,704 36,524,033 35,073,217 36,631,894
2.Cost of sales 20,099,062 24,095,384 25,593,240 28,870,246 27,555,732 26,923,923
6.EBIT (F3-F4+F5) 4,371,913 5,013,696 4,839,509 4,889,907 4,986,793 7,588,883
of which: (i) Interest expenses 0 0 0 93,879 6,504 5,427
9.Tax expenses 1,707,969 1,898,180 1,460,195 1,559,173 1,527,442 2,070,041
11.Cash dividends 1,910,803 2,229,270 2,229,270 1,910,803 2,070,037 2,229,270
2.Net cash flows from investing activities (1,622,789) (1,348,309) (479,033) (1,081,054) (1,025,925) (151,561)
H.Miscellaneous
2.Retention in business (F10-F11-F12) 734,109 797,964 1,002,652 1,130,320 1,305,203 3,125,139
215
Highnoon Laboratories Ltd. (Thousand Rupees)

Items 2016 2017 2018 2019 2020 2021
i)Raw material 694,690 805,208 935,587 1,079,507 1,500,954 1,762,638
5.Short term investments 0 100,000 0 0 1,093,847 2,059,740
2.Reserves 1,363,429 1,746,972 2,190,679 2,776,848 3,785,509 5,099,967
5.Other non-current liabilities 39,262 66,792 62,161 0 3,157 0
F.Operations:
1.Sales 5,070,755 5,971,229 7,503,101 9,047,693 10,697,634 13,000,780
i)Local sales (Net) 4,780,143 5,576,315 7,111,509 8,653,597 10,142,383 12,376,251
2.Cost of sales 2,692,735 3,119,718 3,959,686 4,815,219 5,454,875 6,477,059
6.EBIT (F3-F4+F5) 786,241 902,930 1,083,876 1,403,867 2,030,638 2,466,863
8.Profit / (loss) before taxation (F6-F7) 780,155 896,144 1,065,620 1,368,823 1,998,889 2,435,742
9.Tax expenses 254,899 286,207 333,462 368,219 525,071 579,320
10.Profit / (loss) after tax (F8-F9) 525,256 609,937 732,158 1,000,604 1,473,818 1,856,422
11.Cash dividends 193,848 255,423 371,896 409,085 519,224 761,528
1.Net cash flows from operating activities 628,553 274,635 467,634 721,847 1,405,341 1,708,412
2.Net cash flows from investing activities (172,361) (232,709) 8,535 (173,923) (1,311,378) (1,059,706)
H.Miscellaneous
216
ICI Pakistan Ltd. (Thousand Rupees)

Items 2016 2017 2018 2019 2020 2021
4.Intangible assets 16,460 783,356 1,688,377 1,695,889 1,704,435 1,706,646
5.Long term investments 963,667 966,536 1,132,504 1,478,273 1,109,287 953,341
1.Cash & bank balance 258,962 1,266,464 1,687,351 423,888 549,559 274,730
i)Raw material 2,278,727 2,570,287 4,672,914 5,663,721 5,992,417 7,196,355
2.Reserves 13,651,160 15,899,394 18,287,261 19,866,439 21,068,897 24,475,623
3.Current portion of non-current liabilities 393,783 649,676 967,866 1,694,503 1,373,230 2,084,459
F.Operations:
1.Sales 36,954,437 41,771,218 49,992,068 59,382,411 55,256,473 64,766,213
i)Local sales (Net) 36,954,437 41,771,218 49,992,068 59,382,411 55,256,473 63,280,663
ii)Export sales (Net) 0 0 0 0 0 1,485,550
2.Cost of sales 30,382,757 33,755,435 41,005,429 49,637,402 44,241,256 50,184,434
6.EBIT (F3-F4+F5) 3,771,053 4,785,076 4,587,736 4,889,714 5,481,986 8,189,442
9.Tax expenses 656,987 1,114,848 635,988 867,330 1,158,206 2,031,904
11.Cash dividends 1,431,566 1,662,464 1,523,925 831,232 1,477,746 3,694,364
1.Net cash flows from operating activities 3,920,274 5,173,482 (1,337,474) 4,080,381 6,483,327 7,581,555
3.Net cash flows from financing activities 404,044 432,952 2,908,472 741,284 (2,415,050) (4,190,283)
H.Miscellaneous
2.Retention in business (F10-F11-F12) 1,298,255 1,617,645 1,773,729 1,705,398 955,020 1,534,407
217
Ittehad Chemicals Ltd. (Thousand Rupees)

Items 2016 2017 2018 2019 2020 2021
i)Raw material 132,120 62,178 89,540 304,545 253,715 632,689
6.Other current assets 766,437 816,044 948,959 1,134,960 1,140,972 1,072,492
2.Reserves 1,334,570 1,651,454 1,966,841 2,183,951 2,234,070 2,635,571
D.Non-Current Liabilities (D1+D2+D3+D4+D5) 1,343,779 944,392 1,023,099 2,011,884 2,578,972 1,796,789
1.Long term borrowings 1,081,024 682,622 801,291 1,680,295 1,782,048 1,270,438
F.Operations:
1.Sales 4,557,440 4,990,137 5,742,792 6,644,377 8,856,601 11,123,793
i)Local sales (Net) 4,557,440 4,990,137 5,742,792 6,644,377 8,290,269 10,611,174
2.Cost of sales 3,766,514 4,170,427 4,779,809 5,265,491 7,674,958 9,238,284
i)Cost of material 640,073 633,391 626,043 890,921 2,473,694 4,002,105
6.EBIT (F3-F4+F5) 389,344 397,303 515,150 760,756 557,907 1,205,505
9.Tax expenses 56,722 (13,196) (54,621) 100,037 16,927 323,343
11.Cash dividends 97,500 100,100 84,700 0 84,700 169,400
2.Net cash flows from investing activities (585,816) (661,463) (1,354,545) (1,334,261) (140,037) (347,707)
3.Net cash flows from financing activities 661,315 (76,194) 379,198 723,327 (407,257) (284,617)
H.Miscellaneous
218
Leiner Pak Gelatine Ltd. (Thousand Rupees)

Items 2016 2017 2018 2019 2020 2021
1.Cash & bank balance 1,175 1,890 607 321 465 4,601
i)Raw material 52,866 89,491 111,519 111,519 248,160 355,090
ii)Work in progress 0 0 63,465 63,465 48,013 0
Total Assets (A+B) / Equity & Liabilities (C+D+E) 652,850 661,874 715,769 860,191 994,892 1,145,211
2.Reserves (772) (3,781) (7,737) (5,200) (3,272) 1,732
ii)Revenue Reserve (772) (3,781) (7,737) (5,200) (3,272) 1,732
of which: un-appropriated profit(loss) / retained earnings (772) (3,781) (7,737) (5,200) (3,272) 1,732
D.Non-Current Liabilities (D1+D2+D3+D4+D5) 856 504 1,043 864 13,423 23,378
F.Operations:
1.Sales 727,664 692,372 752,297 779,659 660,888 941,515
i)Local sales (Net) 678,136 644,624 703,970 623,689 508,547 572,876
2.Cost of sales 649,181 616,359 678,011 684,898 559,040 836,630
5.Other income / (loss) 198 151 1,564 723 611 3,419
6.EBIT (F3-F4+F5) 19,969 16,009 16,764 32,071 40,164 44,666
9.Tax expenses 7,878 7,469 7,698 8,893 9,310 13,244
H.Miscellaneous
219
Lotte Chemical Pakistan Ltd. (Thousand Rupees)

Items 2016 2017 2018 2019 2020 2021
4.Intangible assets 1,566 1,154 759 374 20 2,615
6.Other non-current assets 1,728,166 1,736,645 560,999 2,457,087 2,353,366 2,273,673
1.Cash & bank balance 3,319,250 5,043,188 4,220,756 40,772 35,588 46,323
i)Raw material 1,599,579 2,843,041 2,779,589 2,411,469 3,644,232 4,489,456
iii)Finished goods 1,543,595 518,933 2,458,861 2,070,999 654,553 1,359,136
5.Short term investments 0 0 0 11,521,377 14,999,418 15,259,350
2.Reserves (4,866,990) (4,464,992) (2,622,847) 468,019 2,606,919 3,834,447
ii)Revenue Reserve (4,869,335) (4,467,337) (2,625,192) 465,674 2,604,574 3,832,102
of which: un-appropriated profit(loss) / retained earnings (4,869,335) (4,467,337) (2,625,192) 465,674 2,604,574 3,832,102
1.Long term borrowings 0 0 0 1,704,473 1,582,188 1,539,767
5.Other non-current liabilities 0 0 0 0 1,723,961 0
of which: i) Trade credits 2,932,583 4,775,613 876,202 4,618,261 4,758,150 7,594,274
2.Short term borrowings 0 0 0 154,420 177,625 220,118
4.Other current liabilities 159,583 180,305 1,946,793 269,999 274,220 310,182
F.Operations:
1.Sales 34,785,035 37,034,324 57,400,241 60,539,754 38,964,851 67,164,965
i)Local sales (Net) 34,785,035 36,797,619 57,400,241 60,539,754 38,964,851 67,164,965
ii)Export sales (Net) 0 236,705 0 0 0 0
2.Cost of sales 34,080,207 35,836,664 50,018,605 52,509,365 36,322,627 59,583,590
4.General, administrative and other expenses 438,452 498,987 1,045,442 1,169,030 914,960 1,098,168
ii)Administrative and other expenses 360,448 405,525 942,998 1,065,449 807,685 978,491
5.Other income / (loss) 213,573 248,610 514,501 1,228,637 1,422,069 989,844
6.EBIT (F3-F4+F5) 479,949 947,283 6,850,695 8,089,996 3,149,333 7,473,051
9.Tax expenses 146,579 482,589 1,914,466 2,162,552 873,980 1,856,097
11.Cash dividends 0 302,841 2,271,311 2,271,311 1,135,655 1,135,655
2.Net cash flows from investing activities (234,005) (1,153,569) (208,867) 1,519,920 1,519,920 (1,455,448)
3.Net cash flows from financing activities (22) 6 (850,523) (389,193) (389,193) (3,784,708)
H.Miscellaneous
3.Depreciation for the year 1,214,805 649,231 845,484 231,018 231,018 231,018
220
Macter International Ltd. (Thousand Rupees)

Items 2016 2017 2018 2019 2020 2021
3.Operating fixed assets after deducting accumulated depreciation - - 943,524 1,216,837 1,323,502 1,429,026
4.Intangible assets - - 8,049 65,218 60,410 55,310
B.Current Assets (B1+B2+B3+B4+B5+B6) - - 1,772,915 1,876,451 2,396,221 2,036,782
1.Cash & bank balance - - 46,995 144,969 139,056 157,836
2.Inventories; of which - - 878,742 841,849 1,101,269 1,042,133
i)Raw material - - 508,048 432,764 701,810 554,286
ii)Work in progress - - 37,222 56,543 57,324 95,835
iii)Finished goods - - 333,472 352,542 342,135 392,012
3.Trade Debt / accounts receivables - - 561,444 599,532 785,142 546,342
4.Short term loans and advances - - 102,215 76,887 91,270 73,918
2.Reserves - - 776,083 768,583 681,100 820,290
i)Capital Reserve - - 0 4,031 13,956 22,359
ii)Revenue Reserve - - 776,083 764,552 667,144 797,931
of which: un-appropriated profit(loss) / retained earnings - - 0 0 0 0
3.Surplus on revaluation of fixed assets - - 0 0 0 0
4.Employees benefit obligations - - 171,029 177,771 196,286 210,023
5.Other non-current liabilities - - 839 688 6,842 80,884
E.Current Liabilities (E1+E2+E3+E4) - - 1,432,755 1,592,245 2,030,851 1,599,821
3.Current portion of non-current liabilities - - 83,286 102,516 120,919 387,493
F.Operations:
1.Sales - - 4,053,174 4,194,932 5,704,724 5,372,787
i)Local sales (Net) - - 3,929,142 4,131,654 5,505,472 5,234,736
ii)Export sales (Net) - - 124,032 63,278 199,252 138,051
2.Cost of sales - - 2,230,743 2,403,621 3,575,157 3,147,012
3.Gross profit / (loss) (F1-F2) - - 1,822,431 1,791,311 2,129,567 2,225,775
4.General, administrative and other expenses - - 1,461,964 1,620,883 1,893,208 1,797,038
i)Selling & distribution expenses - - 1,235,391 1,385,500 1,656,635 1,514,888
5.Other income / (loss) - - 27,655 20,778 15,308 9,401
6.EBIT (F3-F4+F5) - - 388,122 191,206 251,667 438,138
8.Profit / (loss) before taxation (F6-F7) - - 320,615 65,811 8,359 298,905
9.Tax expenses - - 74,332 22,763 53,994 83,017
10.Profit / (loss) after tax (F8-F9) - - 246,283 43,048 (45,635) 215,888
11.Cash dividends - - 127,219 35,230 0 152,663
1.Net cash flows from operating activities - - 401,258 52,189 (118,043) 542,983
3.Net cash flows from financing activities - - (63,867) 92,062 181,969 (185,528)
H.Miscellaneous
2.Retention in business (F10-F11-F12) - - 119,064 7,818 (45,635) 63,225
4.Salaries, wages and employee benefits - - 1,140,723 1,255,488 1,378,044 1,442,338
P1. Net Profit margin / Net profit to sales (F10 as % of F1) - - 6.08 1.03 -0.80 4.02
P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)} - - 8.09 1.36 -1.26 5.67
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} - - 21.09 3.70 -4.09 18.90
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) - - 6.29 1.10 -1.17 5.52
221
Mandviwala Mauser Plastic Industries Ltd. (Thousand Rupees)

Items 2016 2017 2018 2019 2020 2021
1.Cash & bank balance 51 26 28 275 30 8,056
i)Raw material 17,700 761 761 761 5,174 11,517
2.Reserves (361,050) (359,091) (369,399) (456,155) (491,724) (497,971)
i)Capital Reserve 64,668 64,668 64,668 0 0 0
of which: un-appropriated profit(loss) / retained earnings 0 (423,759) (434,067) (456,155) (491,724) (497,971)
1.Long term borrowings 0 207,068 264,713 0 0 0
2.Subordinated loans / Sponsor's loans 0 0 0 329,642 329,642 115,715
2.Short term borrowings 164,532 0 0 20,562 50,431 145,276
F.Operations:
1.Sales 0 0 0 0 0 123,106
i)Local sales (Net) 0 0 0 0 0 123,106
2.Cost of sales 7,553 6,293 6,328 12,067 26,741 123,079
3.Gross profit / (loss) (F1-F2) (7,553) (6,293) (6,328) (12,067) (26,741) 27
5.Other income / (loss) 438 7,772 0 0 0 9,588
6.EBIT (F3-F4+F5) (14,907) 23 (8,162) (19,213) (36,076) (3,244)
7.Financial expenses 3 0 2 5 7 1,597
of which: (i) Interest expenses 0 0 0 0 0 1,487
8.Profit / (loss) before taxation (F6-F7) (14,910) 23 (8,164) (19,218) (36,083) (4,841)
9.Tax expenses 0 4 0 0 0 1,894
10.Profit / (loss) after tax (F8-F9) (14,910) 19 (8,164) (19,218) (36,083) (6,735)
2.Net cash flows from investing activities 820 0 502 (6,845) (253) (3,107)
H.Miscellaneous
2.Retention in business (F10-F11-F12) (14,910) 19 (8,164) (19,218) (36,083) (6,735)
P1. Net Profit margin / Net profit to sales (F10 as % of F1) - - - - - -5.47
222
Nimir Industrial Chemicals Ltd. (Thousand Rupees)

Items 2016 2017 2018 2019 2020 2021
4.Intangible assets 561 1,754 962 283 0 0
i)Raw material 360,106 1,021,342 1,786,909 1,917,719 3,075,360 4,458,403
2.Reserves 681,956 1,038,425 1,508,959 1,928,979 2,517,419 3,818,121
ii)Revenue Reserve 681,956 1,038,425 1,508,959 1,928,979 2,517,419 3,818,121
4.Employees benefit obligations 0 0 0 0 0 128,419
F.Operations:
1.Sales 5,011,269 7,369,140 12,091,242 14,850,122 17,172,580 23,093,744
i)Local sales (Net) 5,009,519 7,368,828 12,091,242 14,850,122 17,172,580 23,093,744
2.Cost of sales 4,039,193 6,304,070 10,541,804 12,820,523 14,626,318 19,542,755
5.Other income / (loss) (23,320) 51,930 (71,924) (129,280) (114,365) (192,346)
6.EBIT (F3-F4+F5) 693,956 836,245 1,091,371 1,518,150 1,950,650 2,860,669
8.Profit / (loss) before taxation (F6-F7) 603,436 700,818 887,117 1,158,652 1,349,112 2,396,667
9.Tax expenses 162,751 229,385 191,582 348,556 422,635 702,238
11.Cash dividends 221,181 221,181 331,772 331,772 331,772 389,705
1.Net cash flows from operating activities 442,157 (70,705) (247,845) 1,036,857 472,197 (894,245)
3.Net cash flows from financing activities 145,199 640,129 868,968 (192,975) 495,170 3,109,971
H.Miscellaneous
223
Nimir Resins Limited (Thousand Rupees)

Items 2016 2017 2018 2019 2020 2021
i)Raw material 379,772 458,291 837,711 667,006 976,284 1,297,364
3.Trade Debt / accounts receivables 404,115 601,680 769,511 1,020,297 819,321 1,364,442
1.Issued, Subscribed & Paid up capital 997,789 1,382,789 1,413,210 1,413,211 1,413,211 1,413,210
i)Ordinary shares 997,789 1,382,789 1,413,210 1,413,211 1,413,211 1,413,210
2.Reserves (460,581) (558,158) (487,005) (331,696) (202,665) 54,723
F.Operations:
1.Sales 1,778,018 2,668,805 3,580,119 4,883,237 4,499,105 6,277,703
i)Local sales (Net) 1,778,018 2,668,805 3,580,119 4,883,237 4,499,105 6,267,903
2.Cost of sales 1,543,831 2,371,467 3,250,464 4,383,297 3,993,380 5,483,666
6.EBIT (F3-F4+F5) 122,851 172,069 160,267 331,092 372,168 614,923
9.Tax expenses 19,796 36,738 (17,959) 9,483 59,824 143,471
11.Cash dividends 0 304,214 0 0 0 0
H.Miscellaneous
224
Otsuka Pakistan Ltd. (Thousand Rupees)

Items 2016 2017 2018 2019 2020 2021
i)Raw material 173,909 150,413 216,140 213,361 304,958 292,519
2.Reserves (80,522) 27,864 81,812 (97,545) (4,213) 379,977
ii)Revenue Reserve (80,522) 27,864 81,812 (97,545) (4,213) 379,977
of which: un-appropriated profit(loss) / retained earnings (80,522) 27,864 81,812 (97,545) (4,213) 379,977
E.Current Liabilities (E1+E2+E3+E4) 1,553,179 1,317,578 1,380,988 1,507,189 1,563,494 952,244
2.Short term borrowings 1,169,424 953,214 915,848 1,141,257 1,015,116 356,550
3.Current portion of non-current liabilities 108,333 0 0 0 0 16,542
F.Operations:
1.Sales 1,550,709 1,829,624 1,869,013 1,884,753 2,226,989 2,546,276
i)Local sales (Net) 1,550,709 1,829,624 1,869,013 1,884,753 2,226,989 2,470,142
2.Cost of sales 1,282,074 1,329,751 1,299,217 1,488,573 1,627,818 1,701,192
i)Cost of material 439,679 563,264 499,379 577,108 634,388 1,004,549
6.EBIT (F3-F4+F5) (88,494) 242,209 176,531 (127,733) 180,265 488,389
8.Profit / (loss) before taxation (F6-F7) (153,477) 196,174 138,008 (193,711) 107,557 469,535
9.Tax expenses (41,300) 86,423 72,702 (18,363) 16,491 83,204
10.Profit / (loss) after tax (F8-F9) (112,177) 109,751 65,306 (175,348) 91,066 386,331
11.Cash dividends 0 0 14,520 0 0 18,150
1.Net cash flows from operating activities (145,129) 361,968 72,399 (55,334) 218,574 654,143
H.Miscellaneous
2.Retention in business (F10-F11-F12) (112,177) 109,751 38,686 (175,348) 91,066 368,181
P1. Net Profit margin / Net profit to sales (F10 as % of F1) -7.23 6.00 3.49 -9.30 4.09 15.17
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) -10.20 9.98 5.40 -14.49 7.53 31.93
225
Pakistan Oxygen Limited (Thousand Rupees)

Items 2016 2017 2018 2019 2020 2021
i)Raw material 144,855 83,581 160,304 160,304 275,211 324,513
2.Reserves 1,562,974 1,716,975 1,850,443 2,020,086 4,111,221 4,524,471
i)Capital Reserve 0 0 0 0 1,798,150 1,827,620
3.Surplus on revaluation of fixed assets 0 0 1,798,150 1,798,150 0 0
1.Long term borrowings 270,000 270,000 0 29,530 132,915 1,146,543
F.Operations:
1.Sales 3,954,638 4,412,652 4,860,059 4,666,590 5,545,137 7,005,454
i)Local sales (Net) 3,954,638 4,412,652 4,860,059 4,666,590 5,545,137 7,005,454
2.Cost of sales 3,058,644 3,420,925 3,750,528 3,600,834 4,441,568 5,645,005
6.EBIT (F3-F4+F5) 420,199 435,398 654,850 569,929 616,306 752,822
9.Tax expenses 92,703 99,988 139,836 96,293 106,436 182,401
11.Cash dividends 125,194 137,713 175,271 65,101 0 0
12.Bonus shares / stock dividends 0 0 75,116 0 78,121 117,181
3.Net cash flows from financing activities (402,343) (469,977) (642,079) (328,093) 221,082 1,266,853
H.Miscellaneous
226
Pakistan PVC Ltd. (Thousand Rupees)

Items 2016 2017 2018 2019 2020 2021
1.Cash & bank balance 1,058 109 134 58 32 175
i)Raw material 54 180 23 73 48 72
3.Trade Debt / accounts receivables 410 705 1,188 1,045 749 1,758
4.Short term loans and advances 390 392 1,042 1,123 146 336
6.Other current assets 287 363 1,866 2,915 3,025 3,839
2.Reserves (453,616) (468,446) (479,505) (491,138) (501,636) (508,460)
F.Operations:
1.Sales 7,031 7,612 7,563 8,888 5,515 9,640
i)Local sales (Net) 7,031 7,612 7,563 8,888 5,515 9,640
2.Cost of sales 23,844 24,185 23,670 24,966 21,553 24,436
6.EBIT (F3-F4+F5) (16,222) (13,322) (8,037) (6,974) (4,609) 267
9.Tax expenses 1,246 2,030 2,766 3,258 3,901 4,582
2.Net cash flows from investing activities 8,676 7,491 12,396 15,075 20,634 23,813
3.Net cash flows from financing activities (347) 2,198 (326) (341) 801 1,135
H.Miscellaneous
227
Sanofi-aventis Pakistan Ltd. (Thousand Rupees)

Items 2016 2017 2018 2019 2020 2021
i)Raw material 1,340,021 1,027,107 1,416,185 1,022,113 1,222,840 1,517,679
2.Reserves 3,315,892 4,052,170 4,201,217 3,993,004 4,465,650 5,122,073
of which: un-appropriated profit(loss) / retained earnings 1,047,336 1,054,588 575,712 135,879 576,805 1,212,633
D.Non-Current Liabilities (D1+D2+D3+D4+D5) 556,676 0 0 1,592 207,236 53,016
5.Other non-current liabilities 56,676 0 0 0 42,274 18,000
2.Short term borrowings 675,441 271,296 0 447,553 232,833 0
F.Operations:
1.Sales 11,890,235 12,446,052 12,960,839 14,500,678 14,107,802 15,880,932
i)Local sales (Net) 11,421,647 12,261,888 12,752,511 14,122,583 13,448,373 15,239,215
2.Cost of sales 7,869,106 8,010,281 9,014,226 10,775,718 10,303,005 11,758,221
6.EBIT (F3-F4+F5) 1,566,715 1,581,565 940,638 618,751 938,157 1,464,885
8.Profit / (loss) before taxation (F6-F7) 1,407,388 1,546,156 925,845 546,379 879,852 1,436,451
9.Tax expenses 388,466 540,035 313,053 391,543 386,785 530,499
10.Profit / (loss) after tax (F8-F9) 1,018,922 1,006,121 612,792 154,836 493,067 905,952
11.Cash dividends 33,757 434,016 289,344 77,158 192,896 289,344
1.Net cash flows from operating activities 1,909,686 1,329,491 1,248,077 (31,058) 394,410 1,533,502
3.Net cash flows from financing activities (1,828,844) (1,288,099) (431,372) (289,413) 200,920 (314,625)
H.Miscellaneous
228
Sardar Chemical Industries Ltd. (Thousand Rupees)

Items 2016 2017 2018 2019 2020 2021
6.Other non-current assets 2,625 884 1,055 2,057 2,833 6,892
i)Raw material 10,057 6,087 2,995 6,256 20,789 29,095
ii)Work in progress 840 850 1,057 1,245 3,626 3,829
2.Reserves 54,394 56,849 67,412 81,565 102,584 141,454
F.Operations:
1.Sales 195,557 190,662 204,826 268,426 257,958 340,495
i)Local sales (Net) 193,025 188,142 202,162 266,844 257,958 337,421
ii)Export sales (Net) 2,532 2,520 2,664 1,582 0 3,074
2.Cost of sales 158,003 151,941 151,965 204,814 180,643 228,244
6.EBIT (F3-F4+F5) 8,025 9,054 16,777 25,481 30,682 57,288
9.Tax expenses 693 2,815 4,627 4,765 5,187 15,116
11.Cash dividends 3,000 0 4,500 0 0 6,000
2.Net cash flows from investing activities 686 (869) 882 (4,316) (2,503) (2,961)
3.Net cash flows from financing activities (8,378) (19,740) (3,782) (902) 1,127 (20,963)
H.Miscellaneous
2.Retention in business (F10-F11-F12) 770 3,955 6,062 18,654 21,019 32,871
229
Shaffi Chemical Industries Ltd. (Thousand Rupees)

Items 2016 2017 2018 2019 2020 2021
2.Reserves (124,463) (117,457) (176,479) (155,722) (165,652) (165,928)
D.Non-Current Liabilities (D1+D2+D3+D4+D5) 0 12,888 33,492 33,492 33,492 33,492
F.Operations:
1.Sales 0 0 0 0 0 0
5.Other income / (loss) 22,815 12,503 (54,394) (1,429) (808) 3,867
6.EBIT (F3-F4+F5) 15,765 9,540 (57,944) (4,106) (3,452) 1,182
7.Financial expenses 971 450 815 3,276 3,809 4,894
8.Profit / (loss) before taxation (F6-F7) 14,794 9,090 (58,759) (7,382) (7,261) (3,712)
9.Tax expenses (44) 3,106 873 (1,172) (93) 444
2.Net cash flows from investing activities 1,800 0 0 0 0 0
3.Net cash flows from financing activities (44,948) 2,198 2,810 1,870 9,450 8,840
H.Miscellaneous
1.Total capital employed (C+D) 3,449 22,926 (15,878) 4,523 (5,736) (6,316)
230
Sitara Chemical Industries Ltd. (Thousand Rupees)

Items 2016 2017 2018 2019 2020 2021
2.Inventories; of which 1,103,514 1,194,327 950,647 1,328,480 2,326,955 2,745,163
i)Raw material 441,133 628,634 300,919 423,564 1,283,736 1,298,767
ii)Work in progress 9,670 11,630 14,928 0 27,136 23,661
2.Reserves 7,321,113 8,410,669 9,258,402 9,891,688 10,240,549 11,684,274
of which: i) Trade credits 855,581 1,306,571 833,966 855,670 552,780 747,632
F.Operations:
1.Sales 9,813,778 10,074,068 12,264,826 12,698,107 11,792,672 14,784,537
i)Local sales (Net) 9,813,778 10,074,068 12,264,826 12,698,107 11,792,672 14,784,537
2.Cost of sales 7,684,836 7,762,171 9,632,096 9,938,577 9,513,538 11,851,634
6.EBIT (F3-F4+F5) 1,374,007 1,550,930 1,751,364 1,706,596 1,404,529 2,274,102
9.Tax expenses 353,835 13,626 225,759 179,545 110,781 322,106
10.Profit / (loss) after tax (F8-F9) 769,222 1,166,383 1,086,185 885,458 298,762 1,347,689
11.Cash dividends 246,438 267,868 278,582 214,294 214,294 214,294
1.Net cash flows from operating activities 1,510,418 1,245,060 1,616,269 1,410,373 464,389 1,417,976
2.Net cash flows from investing activities (3,474,727) (1,314,477) (965,879) (2,681,275) (269,873) (3,365,878)
3.Net cash flows from financing activities 1,895,756 11,995 (701,729) 1,293,749 (215,383) 2,057,361
H.Miscellaneous
4.Salaries, wages and employee benefits 9,885,610 748,570 395,515 933,492 890,877 1,003,786
231
Sitara Peroxide Ltd. (Thousand Rupees)

Items 2016 2017 2018 2019 2020 2021
B.Current Assets (B1+B2+B3+B4+B5+B6) 1,006,935 977,125 1,011,371 1,225,187 1,207,470 1,278,261
i)Raw material 40,409 35,458 14,360 14,813 31,647 18,170
2.Reserves (181,157) (213,607) (223,264) 75,418 247,355 377,945
ii)Revenue Reserve (181,157) (213,607) (223,264) 75,418 247,355 377,945
E.Current Liabilities (E1+E2+E3+E4) 982,180 1,168,518 995,293 960,929 722,784 670,075
F.Operations:
1.Sales 1,310,036 1,059,689 1,322,217 2,036,216 1,745,356 1,865,397
i)Local sales (Net) 1,310,036 1,059,689 1,322,217 2,036,216 1,745,356 1,865,397
2.Cost of sales 1,119,601 1,014,116 1,170,382 1,506,048 1,422,135 1,674,178
6.EBIT (F3-F4+F5) 115,947 (55,635) 38,868 369,293 170,951 62,155
9.Tax expenses 10,297 (40,899) 32,601 72,137 14,713 (21,055)
2.Net cash flows from investing activities (364) (24,990) (7,764) (32,508) 23,750 (51,125)
H.Miscellaneous
232
The Searle Company Ltd. (formerly Searle Pakistan Ltd.) (Thousand Rupees)
Items 2016 2017 2018 2019 2020 2021
i)Raw material 604,524 653,886 1,406,766 1,528,727 2,075,824 1,339,632
4.Short term loans and advances 770,147 2,458,745 4,327,289 4,516,941 4,712,052 1,335,832
2.Reserves 6,952,694 8,385,533 9,893,014 11,342,852 13,300,048 19,336,033
1.Long term borrowings 428,571 214,285 0 0 437,545 9,743,577
F.Operations:
1.Sales 9,561,490 10,753,751 12,675,110 14,537,198 16,567,219 16,569,596
i)Local sales (Net) 8,710,273 9,722,044 11,294,843 12,705,810 14,268,054 14,195,308
ii)Export sales (Net) 851,217 1,031,707 1,380,267 1,831,388 2,299,165 2,374,288
2.Cost of sales 5,796,101 6,574,400 8,237,736 9,616,862 8,295,187 8,020,891
6.EBIT (F3-F4+F5) 2,641,859 3,001,197 3,438,133 3,258,218 3,945,969 4,057,035
7.Financial expenses 121,564 126,264 204,910 428,038 641,491 1,322,366
of which: (i) Interest expenses 95,623 73,300 125,898 326,607 617,558 1,287,503
9.Tax expenses 430,907 236,188 184,059 188,234 849,401 611,745
11.Cash dividends 613,762 1,539,314 923,589 531,063 531,063 480,081
12.Bonus shares / stock dividends 294,606 461,794 277,077 0 0 0
1.Net cash flows from operating activities 1,114,118 887,070 227,954 569,120 (304,956) 1,689,621
2.Net cash flows from investing activities (2,385,751) (545,278) (101,778) (842,241) (493,729) (16,334,434)
3.Net cash flows from financing activities 1,445,457 (1,026,778) (1,259,943) (880,666) (200,135) 13,639,783
H.Miscellaneous
2.Retention in business (F10-F11-F12) 1,181,021 637,637 1,848,499 2,110,883 1,924,014 1,642,843
233
United Distributors Pakistan Ltd. (Thousand Rupees)

Items 2016 2017 2018 2019 2020 2021
i)Raw material 10,457 14,969 33,024 26,351 26,732 14,110
2.Reserves 831,610 929,180 998,056 2,016,101 1,873,073 1,893,642
of which: un-appropriated profit(loss) / retained earnings 0 0 28,548 28,548 559,841 467,239
F.Operations:
1.Sales 335,352 399,687 451,049 540,600 644,318 646,626
i)Local sales (Net) 335,352 399,687 451,049 540,600 644,318 646,626
2.Cost of sales 237,026 244,938 264,232 322,313 408,332 397,168
5.Other income / (loss) 176,414 175,722 211,506 76,565 (305,319) (132,655)
6.EBIT (F3-F4+F5) 154,349 186,908 225,458 114,402 (259,412) (78,077)
of which: (i) Interest expenses 2,585 909 1,163 6,418 17,116 11,140
9.Tax expenses 41,126 29,277 57,533 22,489 (53,780) (11,022)
11.Cash dividends 0 0 66,676 7,668 0 0
12.Bonus shares / stock dividends 40,409 24,246 40,005 46,006 0 0
1.Net cash flows from operating activities 35,183 (16,840) (10,360) (81,237) 17,510 (5,419)
2.Net cash flows from investing activities 246 4,986 22,126 (11,482) 8,008 156
H.Miscellaneous
234
Wah Nobel Chemicals Ltd. (Thousand Rupees)

Items 2016 2017 2018 2019 2020 2021
6.Other non-current assets 0 5,959 0 0 10,299 5,461
i)Raw material 74,844 84,584 214,011 317,562 257,717 418,507
ii)Work in progress 651 373 912 1,190 412 0
2.Reserves 471,764 568,611 688,380 797,645 893,632 1,192,449
of which: un-appropriated profit(loss) / retained earnings 95,820 142,666 0 0 0 0
3.Current portion of non-current liabilities 0 0 13,915 30,047 34,039 0
F.Operations:
1.Sales 1,181,518 1,250,740 1,680,925 2,262,829 1,950,049 2,723,823
i)Local sales (Net) 1,181,518 1,250,740 1,680,925 2,262,829 1,950,049 2,721,105
2.Cost of sales 945,171 980,288 1,363,775 1,907,955 1,624,056 2,165,020
i)Cost of material 767,841 788,859 1,134,976 1,636,406 1,365,535 1,865,166
5.Other income / (loss) (5,514) 3,109 (18,506) (12,625) (30,089) 3,522
6.EBIT (F3-F4+F5) 135,061 196,701 256,438 298,296 260,137 501,874
9.Tax expenses 41,616 57,955 75,354 73,112 52,638 136,444
11.Cash dividends 36,000 54,000 45,000 36,000 36,000 90,000
1.Net cash flows from operating activities 93,455 (21,206) 125,224 (283,362) 74,500 271,239
3.Net cash flows from financing activities (9,000) (36,000) 42,667 253,299 (46,530) (28,524)
H.Miscellaneous
235
Wyeth Pakistan Ltd. (Thousand Rupees)

Items 2016 2017 2018 2019 2020 2021
1.Cash & bank balance 10,549 1,367,165 907,654 1,149,185 705,119 876,597
i)Raw material 239,764 136,559 6,099 4,755 7,810 5,098
ii)Work in progress 74,796 61,765 0 73,204 74,978 1,352
3.Trade Debt / accounts receivables 34,470 34,711 17,405 2,545 89 10,719
C.Shareholders' Equity (C1+C2+C3) 1,224,526 1,711,659 1,268,019 1,237,719 973,479 1,054,008
2.Reserves 1,082,365 1,569,498 1,125,858 1,095,558 831,318 911,847
ii)Revenue Reserve 1,082,365 1,569,498 1,125,858 1,095,558 831,318 911,847
F.Operations:
1.Sales 1,252,239 1,126,669 1,192,352 948,237 932,673 1,000,898
i)Local sales (Net) 1,137,142 1,009,271 1,169,109 948,237 932,673 1,000,898
2.Cost of sales 1,078,087 943,971 985,842 843,143 947,029 713,477
3.Gross profit / (loss) (F1-F2) 174,152 182,698 206,510 105,094 (14,356) 287,421
6.EBIT (F3-F4+F5) (44,186) (28,081) 52,428 94,803 (58,797) 156,477
7.Financial expenses 593 1,567 28,232 26,735 184 9,564
9.Tax expenses 7,701 29,209 35,314 44,892 72,208 28,088
11.Cash dividends 49,756 852,966 71,081 142,161 35,540 0
2.Net cash flows from investing activities (4,143) 1,797,403 44,726 104,142 91,730 41,426
H.Miscellaneous
236
Manufacturing
Overall balance sheet size of manufacturing sector improved during FY21, inflated by an amount of Rs
99.93 billion, showing a YoY growth of 21.52 percent, reached at Rs 564.31 billion. Shareholders’
equity improved by 27.77 percent, stood at Rs 251.24 billion in FY21. Total liabilities increased by 16.93
percent during FY21. Sales of the sector grew YoY by 48.09 percent, reached to Rs 596.93 billion during
FY21. The profitability of the sector grew significantly during FY21. The profit before and profit after tax
witnessed a YoY increase of 58.40 billion and 42.85 billion respectively during the year FY21.
Assets
Non-current assets of the sector augmented to Rs 264.71 billion during FY21 from Rs 229.12 billion
during FY20, reflecting a growth of 15.53 percent. Operating fixed assets (after deducting accumulated
depreciation) increase by 10.89 percent during FY21. Besides, long-term investments increased by Rs
11.68 billion during FY21 posted a growth of 55.76 percent. Capital work in progress grew by 18.87
percent in current year, stood at Rs 18.95 billion.
Current assets increased by Rs 64.35 billion (27.35 percent) during FY21. Inventories comprises 59.92
percent share in current assets, increased by Rs 41.79 billion (35.16 percent) during FY21. Cash & bank
balance, short term loans & advances, and short term investments improved by 29.68 percent, 134.48
percent and 25.44 percent respectively during FY21. On the other hand, other current assets dropped by
10.65 percent during FY21.
237

Shareholders’ equity increased to Rs 251.24
billion in the current year from Rs 196.63 billion
in the previous year. Issued, subscribed and
paid-up capital observed an increase of Rs 12.25
billion while Preference shares remained
unchanged during the period. Reserves (which
comprise 63.67 percent of shareholders’ equity)
increase by Rs 48.41 billion, reached at Rs
159.96 billion during FY21 on the back of
strong growth in Capital reserves and Revenue
reserves. Capital reserves and Revenue reserves
showed an expansion of Rs 9.87 billion and Rs
38.55 billion respectively.
Non-current liabilities increased to Rs 74.47 billion in current year from Rs 58.85 billion in previous year
on the back of strong growth in Long-term borrowing (18.63 percent) and Other non-current liabilities
(69.58 percent).
Current liabilities increased from Rs 208.90 billion to Rs 238.61 billion during FY21 on the back of
increase in Trade credits & other accounts payable (Rs 9.68 billion), Short term borrowings (Rs 10.01
billion) and Current portion of non-current liabilities (Rs 7.03 billion).

Sales related to the manufacturing sector witnessed a massive surge of Rs 193.84 billion during FY21,
reached at Rs 596.93 billion during FY21. Both, local and exports sales showed expansion of Rs 171.34
billion (47.98 percent) and Rs 22.50 billion (48.94 percent) respectively during FY21. The cost of sales
increased by an amount of Rs 136.05 billion during FY21, resulted in a significant improvement in gross
profit by Rs 57.79 billion (75.14 percent). EBIT swelled to more than twice, as general administrative &
other expenses increased marginally lower, besides a significant increase in other income during FY21. A
decrease in financial expenses (Rs 5.23 billion) during FY21 led to an increase in profit before tax more
238
than three times of FY20. Tax expenses though ballooned up significantly, the profit after tax during
FY21 still posted a massive YoY growth of 224.78 percent.
Key performance indicators of the sector showed healthy improvement in current year like Return on
assets increased to 12.04 from 4.27, Net profit margin increased from 4.73 to 10.37 and Return on equity
moved up to 27.66 from 9.80. Besides, Basic earnings per share increased from 3.94 during FY20 to
10.21 during FY21.
239
Manufacturing - Overall (Thousand Rupees)

Items 2016 2017 2018 2019 2020 2021
i)Raw material 45,599,736 55,987,781 75,724,501 73,325,098 71,219,465 98,105,512
2.Reserves 78,465,767 94,382,520 108,919,131 109,248,970 111,545,419 159,959,910
F.Operations:
1.Sales 260,680,402 298,717,736 373,001,258 423,790,776 403,092,797 596,934,331
i)Local sales (Net) 242,203,673 277,640,574 348,370,605 394,072,480 357,111,126 528,449,075
2.Cost of sales 192,511,502 226,601,437 290,663,608 343,454,055 326,180,711 462,227,840
6.EBIT (F3-F4+F5) 41,529,772 46,819,931 50,528,292 45,829,333 45,898,745 99,064,356
9.Tax expenses 10,470,643 11,759,829 12,594,034 10,374,035 7,107,814 22,657,936
11.Cash dividends 11,950,862 32,395,867 17,423,813 17,073,864 28,304,759 28,141,280
3.Net cash flows from financing activities (3,396,113) 5,166,884 (4,319,716) (13,542,805) (8,065,908) (2,551,028)
H.Miscellaneous
2.Retention in business (F10-F11-F12) 13,172,010 (2,083,405) 13,862,462 4,651,120 (9,458,341) 33,716,392
240
Aisha Steel Mills Ltd. (Thousand Rupees)

Items 2016 2017 2018 2019 2020 2021
1.Capital work in progress 12,241 12,721 1,996,649 0 623 82,848
6.Other non-current assets 1,183,773 1,407,124 985,027 1,421,082 2,214,879 517,252
i)Raw material 1,828,229 2,503,782 2,528,435 4,897,937 4,137,373 7,850,190
ii)Preference shares 2,439,944 472,892 472,272 472,272 472,272 445,335
2.Reserves (2,883,779) (1,853,085) (1,861,869) (892,297) (1,475,960) 4,899,717
i)Capital Reserve 0 4,986 (1,313,789) (646,102) (646,103) (680,716)
ii)Revenue Reserve (2,883,779) (1,858,071) (548,080) (246,195) (829,857) 5,580,433
of which: un-appropriated profit(loss) / retained earnings (2,883,779) (1,858,071) (548,080) (246,195) (829,857) 5,580,433
5.Other non-current liabilities 0 0 0 0 - 0
F.Operations:
1.Sales 9,634,297 14,075,876 18,903,907 20,230,797 29,776,828 55,116,371
i)Local sales (Net) 9,634,297 14,075,876 18,903,907 20,226,951 29,542,237 52,566,581
ii)Export sales (Net) 0 0 0 3,846 234,591 2,549,790
2.Cost of sales 8,654,034 11,988,484 15,589,753 18,552,531 27,410,644 43,931,004
4.General, administrative and other expenses 176,264 272,701 354,978 277,100 361,478 1,572,784
6.EBIT (F3-F4+F5) 828,759 1,830,818 2,994,521 1,452,877 2,042,892 10,111,951
7.Financial expenses 1,020,580 948,642 1,078,941 1,865,306 3,386,116 1,524,103
8.Profit / (loss) before taxation (F6-F7) (191,821) 882,176 1,915,580 (412,429) (1,343,224) 8,587,848
9.Tax expenses (36,930) (137,973) 631,598 (666,127) (726,651) 2,219,500
10.Profit / (loss) after tax (F8-F9) (154,891) 1,020,149 1,283,982 253,698 (616,573) 6,368,348
11.Cash dividends 0 0 0 0 0 1,632,436
1.Net cash flows from operating activities (13,588) 1,130,140 (725,365) (3,833,365) 3,054,654 6,350,175
2.Net cash flows from investing activities (53,817) (253,212) (2,817,618) (7,267,212) (621,226) (1,215,159)
3.Net cash flows from financing activities 1,006,551 85,953 291,965 2,021,790 1,706,046 (1,928,806)
H.Miscellaneous
2.Retention in business (F10-F11-F12) (154,891) 1,020,149 1,283,982 253,698 (616,573) 4,735,912
241
Amreli Steels (Pvt) Ltd. (Thousand Rupees)

Items 2016 2017 2018 2019 2020 2021
i)Raw material 1,382,621 2,244,283 5,314,951 3,463,281 4,475,441 3,415,848
ii)Work in progress 1,128,669 793,767 1,000,057 746,594 1,031,797 790,973
iii)Finished goods 1,898,833 366,148 1,144,060 2,312,538 2,306,356 1,785,341
6.Other current assets 1,163,012 839,716 1,534,206 2,305,055 4,092,582 3,208,473
2.Reserves 5,890,507 6,420,623 7,475,597 6,865,014 5,691,794 7,195,948
5.Other non-current liabilities 1,139,415 1,104,896 1,006,649 883,213 187,431 380,891
3.Current portion of non-current liabilities 483,586 310,235 775,245 1,186,554 824,466 1,164,637
F.Operations:
1.Sales 12,400,191 13,283,811 15,500,542 28,595,976 26,532,144 39,218,453
i)Local sales (Net) 12,370,931 13,244,396 15,461,127 28,516,441 26,445,643 39,147,791
2.Cost of sales 9,608,236 10,815,624 12,742,134 26,172,392 24,718,958 34,676,315
6.EBIT (F3-F4+F5) 2,084,729 1,696,896 1,870,754 1,195,142 356,256 3,033,435
8.Profit / (loss) before taxation (F6-F7) 1,749,195 1,445,313 1,394,431 (67,161) (1,943,015) 1,383,951
9.Tax expenses 470,446 371,260 (190,805) (99,984) (700,986) 15,692
10.Profit / (loss) after tax (F8-F9) 1,278,749 1,074,053 1,585,236 32,823 (1,242,029) 1,368,259
11.Cash dividends 594,023 594,023 653,425 0 0 0
1.Net cash flows from operating activities (1,001,384) 3,649,430 (2,218,721) 749,109 (4,002,922) 2,440,273
3.Net cash flows from financing activities 2,581,709 172,069 5,203,786 953,396 5,825,423 (1,995,587)
H.Miscellaneous
2.Retention in business (F10-F11-F12) 684,726 480,030 931,811 32,823 (1,242,029) 1,368,259
242
Agha Steel Industries Limited. (Thousand Rupees)

Items 2020 2021
A.Non-Current Assets (A1+A3+A4+A5+A6) - 17,629,066
1.Capital work in progress - 7,669,387
2.Operating fixed assets at cost - 10,629,691
3.Operating fixed assets after deducting accumulated depreciation - 9,396,970
4.Intangible assets - 54,950
5.Long term investments - 0
6.Other non-current assets - 507,759
B.Current Assets (B1+B2+B3+B4+B5+B6) - 17,781,649
1.Cash & bank balance - 833,205
2.Inventories; of which - 9,505,307
i)Raw material - 5,466,291
ii)Work in progress - 1,564,321
iii)Finished goods - 2,474,695
3.Trade Debt / accounts receivables - 4,047,003
4.Short term loans and advances - 1,156,155
5.Short term investments - 0
6.Other current assets - 2,239,979
Total Assets (A+B) / Equity & Liabilities (C+D+E) - 35,410,715
C.Shareholders' Equity (C1+C2+C3) - 13,810,784
1.Issued, Subscribed & Paid up capital - 5,760,753
i)Ordinary shares - 5,760,753
ii)Preference shares - 0
2.Reserves - 8,050,031
i)Capital Reserve - 2,414,725
ii)Revenue Reserve - 5,635,306
of which: un-appropriated profit(loss) / retained earnings - 5,635,306
3.Surplus on revaluation of fixed assets - 0
D.Non-Current Liabilities (D1+D2+D3+D4+D5) - 7,711,069
1.Long term borrowings - 6,740,957
2.Subordinated loans / Sponsor's loans - 0
3.Debentures/TFCs (bonds payable) - 0
4.Employees benefit obligations - 0
5.Other non-current liabilities - 970,112
E.Current Liabilities (E1+E2+E3+E4) - 13,888,862
1.Trade credit & other accounts payables - 1,011,114
of which: i) Trade credits - 30,977
2.Short term borrowings - 9,828,760
3.Current portion of non-current liabilities - 2,728,383
4.Other current liabilities - 320,605
F.Operations:
1.Sales - 19,858,243
i)Local sales (Net) - 19,858,243
ii)Export sales (Net) - 0
2.Cost of sales - 15,355,724
i)Cost of material - 8,741,821
3.Gross profit / (loss) (F1-F2) - 4,502,519
4.General, administrative and other expenses - 779,535
i)Selling & distribution expenses - 285,429
ii)Administrative and other expenses - 494,106
5.Other income / (loss) - 239,387
6.EBIT (F3-F4+F5) - 3,962,371
7.Financial expenses - 1,408,980
of which: (i) Interest expenses - 1,390,207
8.Profit / (loss) before taxation (F6-F7) - 2,553,391
9.Tax expenses - 517,394
10.Profit / (loss) after tax (F8-F9) - 2,035,997
11.Cash dividends - 288,038
12.Bonus shares / stock dividends - 0
1.Net cash flows from operating activities - 761,440
2.Net cash flows from investing activities - (3,557,306)
3.Net cash flows from financing activities - 3,560,705
H.Miscellaneous
1.Total capital employed (C+D) - 21,521,853
2.Retention in business (F10-F11-F12) - 1,747,959
3.Depreciation for the year - 348,421
4.Salaries, wages and employee benefits - 1,385,088
P1. Net Profit margin / Net profit to sales (F10 as % of F1) - 10.25
P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)}) - 0.56
P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)} - 5.75
P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current - 2.56
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} - 14.74
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) - 3.53
243
Al-Khair Gadoon Ltd. (Thousand Rupees)

Items 2016 2017 2018 2019 2020 2021
i)Raw material 92,960 76,325 107,824 112,239 138,625 160,242
2.Reserves 85,661 95,470 103,758 122,316 130,123 151,615
1.Long term borrowings 25,000 25,000 25,000 0 0 14,449
F.Operations:
1.Sales 351,321 366,693 370,232 574,519 437,358 802,747
i)Local sales (Net) 351,321 366,693 370,232 574,519 437,358 802,747
2.Cost of sales 303,649 320,663 314,214 488,378 367,020 687,077
5.Other income / (loss) 614 1,016 1,590 197 2,485 1,496
6.EBIT (F3-F4+F5) 12,792 13,816 14,544 40,149 24,106 48,699
9.Tax expenses 2,482 3,569 3,786 8,379 8,017 17,374
1.Net cash flows from operating activities 37,574 25,658 (135,135) 138,951 78,796 (59,581)
2.Net cash flows from investing activities 7,653 (8,052) (245) (69,587) (17,129) (31,416)
H.Miscellaneous
244
Bata Pakistan Ltd. (Thousand Rupees)

Items 2016 2017 2018 2019 2020 2021
4.Intangible assets 2,079 1,713 578 44,328 164,744 214,307
1.Cash & bank balance 556,941 610,138 1,545,032 1,273,248 549,740 2,108,570
i)Raw material 162,153 163,690 182,930 179,452 250,945 369,953
5.Short term investments 1,600,000 550,000 0 0 1,950,000 1,100,000
6.Other current assets 1,165,475 1,291,596 1,202,587 1,042,170 788,429 1,061,018
2.Reserves 6,586,994 7,051,124 7,415,727 7,368,989 6,296,999 6,083,821
F.Operations:
1.Sales 15,082,171 15,496,810 16,795,231 17,424,894 11,710,771 13,983,497
i)Local sales (Net) 14,995,996 15,424,701 16,736,721 17,362,522 11,679,234 13,943,319
2.Cost of sales 8,888,245 8,875,974 9,269,358 9,554,950 7,339,804 7,508,107
6.EBIT (F3-F4+F5) 2,140,580 2,220,158 2,307,940 2,294,479 (106,929) 1,525,927
8.Profit / (loss) before taxation (F6-F7) 2,100,645 2,180,270 2,265,902 1,504,279 (908,049) 807,279
9.Tax expenses 658,629 655,804 764,493 415,417 (280,704) 261,190
10.Profit / (loss) after tax (F8-F9) 1,442,016 1,524,466 1,501,409 1,088,862 (627,345) 546,089
11.Cash dividends 945,000 1,058,400 1,134,000 1,134,000 0 756,000
1.Net cash flows from operating activities 1,389,440 359,311 1,866,174 2,072,225 2,623,554 1,927,821
3.Net cash flows from financing activities (823,840) (1,047,863) (1,127,850) (1,798,149) (870,919) (932,021)
H.Miscellaneous
245
Crescent Steel & Allied Products Ltd. (Thousand Rupees)

Items 2016 2017 2018 2019 2020 2021
2.Inventories; of which 2,531,238 3,384,752 2,268,108 821,369 2,130,741 1,236,529
i)Raw material 2,275,421 2,875,555 1,825,994 655,826 1,858,552 1,070,992
5.Short term investments 879,380 1,201,262 1,054,848 404,787 339,692 521,641
2.Reserves 6,542,866 7,825,042 6,837,364 6,179,757 6,231,938 7,192,095
1.Trade credit & other accounts payables 954,129 2,144,839 1,805,207 739,050 1,115,336 802,890
F.Operations:
1.Sales 7,575,429 12,285,548 9,929,756 6,853,568 3,822,202 7,259,256
i)Local sales (Net) 7,575,429 12,228,379 9,916,636 6,853,568 3,822,202 7,259,256
ii)Export sales (Net) 0 57,169 13,120 0 0 0
2.Cost of sales 5,559,590 10,598,021 9,390,054 6,977,733 3,771,306 6,762,523
3.Gross profit / (loss) (F1-F2) 2,015,839 1,687,527 539,702 (124,165) 50,896 496,733
6.EBIT (F3-F4+F5) 1,753,232 1,796,600 411,457 (46,858) 32,679 1,138,952
8.Profit / (loss) before taxation (F6-F7) 1,499,311 1,591,974 147,493 (364,677) (282,430) 925,545
9.Tax expenses 377,132 404,853 208,912 54,699 (262,563) 134,324
10.Profit / (loss) after tax (F8-F9) 1,122,179 1,187,121 (61,419) (419,376) (19,867) 791,221
11.Cash dividends 388,163 407,571 155,265 0 0 0
1.Net cash flows from operating activities (2,345,059) (48,835) 1,505,075 (79,939) (1,399,366) 1,035,559
2.Net cash flows from investing activities (534,053) (69,414) 154,594 402,761 429,934 80,560
3.Net cash flows from financing activities 2,846,220 38,558 (1,606,994) (940,221) 1,261,081 (1,216,699)
H.Miscellaneous
2.Retention in business (F10-F11-F12) 734,017 779,550 (216,684) (419,376) (19,867) 791,221
246
Dadex Eternit Ltd. (Thousand Rupees)

Items 2016 2017 2018 2019 2020 2021
i)Raw material 234,109 379,552 374,070 214,965 142,523 122,561
2.Reserves 67,169 108,358 131,205 (42,131) (378,866) (393,089)
ii)Revenue Reserve 61,514 102,703 125,550 (47,786) (384,521) (398,744)
F.Operations:
1.Sales 2,163,119 2,391,591 2,921,715 2,813,520 2,374,110 2,444,539
i)Local sales (Net) 2,163,119 2,391,591 2,911,343 2,793,035 2,334,747 2,407,174
2.Cost of sales 1,782,094 1,964,982 2,462,941 2,492,215 2,139,045 2,133,666
6.EBIT (F3-F4+F5) 196,226 181,751 180,116 (16,821) (158,738) 152,008
9.Tax expenses 69,651 47,166 53,304 (8) (10,752) 35,254
10.Profit / (loss) after tax (F8-F9) 199 16,844 5,282 (195,528) (361,519) (39,009)
11.Cash dividends 0 2,153 6,781 0 0 0
2.Net cash flows from investing activities 5,724 17,349 (60,897) (104,609) (26,690) (1,092)
3.Net cash flows from financing activities 129,238 (105,662) 44,590 74,711 (107,815) (261,555)
H.Miscellaneous
1.Total capital employed (C+D) 1,423,704 1,373,484 1,343,453 1,181,897 1,064,982 940,954
2.Retention in business (F10-F11-F12) 199 14,691 (1,499) (195,528) (361,519) (39,009)
P1. Net Profit margin / Net profit to sales (F10 as % of F1) 0.01 0.70 0.18 -6.95 -15.23 -1.60
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} 0.02 1.32 0.41 -16.39 -35.62 -4.32
247
Diamond Industries Ltd. (Thousand Rupees)

Items 2016 2017 2018 2019 2020 2021
1.Cash & bank balance 8,192 6,125 4,007 701 2,532 3,556
2.Inventories; of which 276,920 97,797 8,416 8,416 0 163,706
i)Raw material 136,488 91,775 8,416 8,416 0 158,066
ii)Work in progress 45,621 2,803 0 0 0 1,379
iii)Finished goods 94,811 3,219 0 0 0 4,261
5.Short term investments 77,202 73,927 82,649 71,314 0 0
6.Other current assets 162,410 42,045 1,969 1,969 0 0
2.Reserves 408,360 (222,549) (16,484) (65,788) (37,247) 26,512
ii)Revenue Reserve 380,774 (244,377) (47,033) (88,289) (55,627) (4,985)
of which: un-appropriated profit(loss) / retained earnings 380,774 (244,377) (47,033) (88,289) (55,627) (4,985)
4.Employees benefit obligations 21,799 27,891 0 0 0 39,396
4.Other current liabilities 16,525 9,029 1,424 433 2,161 6,727
F.Operations:
1.Sales 774,114 940,884 96,742 0 9,230 163,264
i)Local sales (Net) 774,114 940,884 96,742 0 9,230 163,264
2.Cost of sales 643,055 937,463 93,896 0 8,416 146,578
i)Cost of material 569,907 737,855 87,873 0 8,416 125,248
3.Gross profit / (loss) (F1-F2) 131,059 3,421 2,846 0 814 16,686
i)Selling & distribution expenses 51,946 104,542 0 0 0 3,123
6.EBIT (F3-F4+F5) 92,022 (608,768) (6,747) (12,766) 1,067 28,198
7.Financial expenses 9,619 11,434 1,797 4 989 1,108
8.Profit / (loss) before taxation (F6-F7) 82,403 (620,202) (8,544) (12,770) 78 27,090
9.Tax expenses 48,934 13,539 (23,209) 15,504 (148) (6,425)
10.Profit / (loss) after tax (F8-F9) 33,469 (633,741) 14,665 (28,274) 226 33,515
2.Net cash flows from investing activities 147,846 8,329 4,905 0 13,837 30,931
3.Net cash flows from financing activities (240,090) (11,839) 41,577 (1,680) 0 0
H.Miscellaneous
2.Retention in business (F10-F11-F12) 33,469 (633,741) 14,665 (28,274) 226 33,515
3.Depreciation for the year 18,118 16,987 14,187 12,983 0 8,742
P1. Net Profit margin / Net profit to sales (F10 as % of F1) 4.32 -67.36 15.16 - 2.45 20.53
P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)} 3.29 -76.77 2.54 -6.98 0.06 6.43
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} 5.06 -185.66 12.15 -14.77 0.13 15.66
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) 3.72 -70.42 1.63 -3.14 0.03 3.72
248
Dost Steels Ltd. (Thousand Rupees)

Items 2016 2017 2018 2019 2020 2021
1.Capital work in progress 2,245,869 2,198,826 4,022 0 0 0
4.Intangible assets 0 0 0 1,000 667 333
1.Cash & bank balance 6,505 781,200 31,492 1,887 903 93
2.Inventories; of which 0 0 256,502 47,536 31,708 4,781
i)Raw material 0 0 120,913 4,781 4,781 4,781
ii)Work in progress 0 0 19,429 18,910 17,955 0
iii)Finished goods 0 0 116,160 23,845 8,972 0
3.Trade Debt / accounts receivables 0 0 112,744 46,397 6,417 8,933
C.Shareholders' Equity (C1+C2+C3) 173,651 1,209,846 1,106,750 792,527 551,421 376,419
2.Reserves (500,994) (1,947,492) (2,050,588) (2,364,811) (2,605,917) (2,780,919)
i)Capital Reserve 0 (1,365,481) (1,365,481) (1,365,481) (1,365,481) (1,365,481)
ii)Revenue Reserve (500,994) (582,011) (685,107) (999,330) (1,240,436) (1,415,438)
of which: un-appropriated profit(loss) / retained earnings (500,994) (582,011) (685,107) (999,330) (1,240,436) (1,415,438)
1.Long term borrowings 1,518,304 1,173,829 1,141,226 1,092,550 1,022,687 929,536
F.Operations:
1.Sales 0 0 375,626 576,658 11,270 7,054
i)Local sales (Net) 0 0 375,626 576,658 11,270 7,054
2.Cost of sales 0 0 359,333 684,938 60,986 61,375
i)Cost of material 0 0 (10,000) 436,629 0 0
3.Gross profit / (loss) (F1-F2) 0 0 16,293 (108,280) (49,716) (54,321)
6.EBIT (F3-F4+F5) (30,004) (81,322) (46,452) (258,424) (148,922) (114,997)
9.Tax expenses 0 0 35,549 (23,197) 169 106
1.Net cash flows from operating activities (30,821) (138,632) (457,462) (532) (14,260) (65,218)
2.Net cash flows from investing activities (312,909) 107,141 (279,366) 1,144 368 17
3.Net cash flows from financing activities 350,168 806,185 (12,880) (30,216) 12,907 64,391
H.Miscellaneous
P1. Net Profit margin / Net profit to sales (F10 as % of F1) - - -27.47 -54.33 -2,139.36 -2,480.89
249
Eco Pack Ltd. (Thousand Rupees)

Items 2016 2017 2018 2019 2020 2021
i)Raw material 121,160 116,087 76,647 84,001 89,057 129,573
5.Short term investments 0 36,000 0 0 0 7,125
2.Reserves 249,747 308,150 405,169 415,651 284,558 347,347
E.Current Liabilities (E1+E2+E3+E4) 608,832 519,246 949,312 1,100,615 825,500 986,226
F.Operations:
1.Sales 2,097,028 2,205,360 3,312,401 4,074,873 3,053,947 3,100,689
i)Local sales (Net) 2,097,028 2,205,360 3,312,401 4,074,873 3,053,947 3,100,689
2.Cost of sales 1,748,506 1,848,006 2,949,201 3,689,056 2,905,983 2,798,092
6.EBIT (F3-F4+F5) 206,890 204,224 199,132 235,919 12,332 159,162
9.Tax expenses 34,938 44,061 8,855 34,020 (41,181) 20,389
11.Cash dividends 0 28,721 30,157 17,340 0 0
12.Bonus shares / stock dividends 57,443 14,361 15,079 34,681 0 0
3.Net cash flows from financing activities (87,022) (66,674) 81,511 79,424 (383,195) 161,702
H.Miscellaneous
250
Emco Industries Ltd. (Thousand Rupees)

Items 2016 2017 2018 2019 2020 2021
1.Capital work in progress 33,526 30,389 11,673 0 377 0
i)Raw material 188,580 145,722 161,233 174,742 303,837 321,568
ii)Preference shares - 0 0 0 0 0
2.Reserves (328,692) (277,908) (224,679) 57,968 197,441 418,701
E.Current Liabilities (E1+E2+E3+E4) 1,142,863 1,044,099 936,021 996,892 911,329 1,080,086
F.Operations:
1.Sales 1,058,447 1,006,698 1,147,897 1,385,893 1,598,033 2,035,457
i)Local sales (Net) 1,044,628 985,428 1,094,980 1,364,202 1,555,915 2,001,095
2.Cost of sales 868,716 781,725 991,035 1,038,364 1,218,460 1,549,958
6.EBIT (F3-F4+F5) 115,942 126,681 37,015 220,518 260,457 367,287
9.Tax expenses 10,428 38,528 (60,881) (5,794) 45,179 77,837
11.Cash dividends 0 0 0 0 0 35,000
2.Net cash flows from investing activities (34,238) (20,138) 38,725 81,314 (53,369) (182,700)
3.Net cash flows from financing activities (122,139) (62,378) (41,980) (22,231) (107,188) 15,336
H.Miscellaneous
251
Fateh Industries Ltd. (Thousand Rupees)

Items 2016 2017 2018 2019 2020 2021
1.Cash & bank balance 1,514 3,337 954 2,674 6,295 406
i)Raw material 1,064 942 362 0 18,618 17,368
iii)Finished goods 10,881 2,443 10,602 5,268 0 0
2.Reserves (255,511) (256,359) (260,412) (271,045) (95,245) (99,262)
F.Operations:
1.Sales 113,699 135,322 39,706 30,812 27,400 13,563
i)Local sales (Net) 6,607 73,226 4,957 11,467 13,418 13,563
2.Cost of sales 104,197 67,834 36,570 28,755 25,418 12,181
5.Other income / (loss) (4,463) 911 (1,146) (3,682) 182,827 1,221
6.EBIT (F3-F4+F5) (6,993) 62,267 (3,338) (9,996) 178,379 (4,008)
8.Profit / (loss) before taxation (F6-F7) (7,774) 61,872 (3,440) (10,140) 177,835 (4,019)
9.Tax expenses 1,122 570 303 385 2,125 204
10.Profit / (loss) after tax (F8-F9) (8,896) 61,302 (3,743) (10,525) 175,710 (4,223)
2.Net cash flows from investing activities 18 (181) 23 28 27 636
3.Net cash flows from financing activities 0 9,894 402 21,925 (111,414) 2,165
H.Miscellaneous
2.Retention in business (F10-F11-F12) (8,896) 61,302 (3,743) (10,525) 175,710 (4,223)
4.Salaries, wages and employee benefits 0 10,125 5,484 4,993 6,777 3,043
P1. Net Profit margin / Net profit to sales (F10 as % of F1) -7.82 45.30 -9.43 -34.16 641.28 -31.14
P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)} -17.68 118.56 -7.03 -20.37 337.92 -7.64
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} 3.90 -25.98 1.57 4.28 -107.70 5.47
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) -4.45 30.65 -1.87 -5.26 87.86 -2.11
252
GOC (Pak) Limited (Thousand Rupees)

Items 2016 2017 2018 2019 2020 2021
6.Other non-current assets 650 1,125 1,127 1,185 1,185 1,185
i)Raw material 32,441 23,483 19,493 26,542 31,422 31,869
2.Reserves 183,789 180,293 201,717 265,812 270,015 268,477
of which: un-appropriated profit(loss) / retained earnings 0 74,334 95,846 160,014 164,250 162,626
4.Other current liabilities 3,181 2,836 4,047 982 1,102 1,122
F.Operations:
1.Sales 264,790 214,442 239,095 305,077 256,996 204,578
i)Local sales (Net) 8,205 8,547 8,698 5,487 5,268 6,047
2.Cost of sales 177,480 150,304 157,764 192,918 171,261 142,318
5.Other income / (loss) 1,669 1,100 (230) 23,656 5,301 4,714
6.EBIT (F3-F4+F5) 42,546 14,559 30,731 75,822 22,532 11,827
7.Financial expenses 1,127 607 663 832 1,014 838
9.Tax expenses 3,512 2,125 3,769 3,459 2,639 5,265
11.Cash dividends 15,434 4,777 7,349 14,699 7,349 0
1.Net cash flows from operating activities 29,411 (367) 57,254 4,206 41,926 18,793
H.Miscellaneous
253
Gillette Pakistan Ltd. (Thousand Rupees)

Items 2016 2017 2018 2019 2020 2021
A.Non-Current Assets (A1+A3+A4+A5+A6) 616 616 616 616 32,859 20,865
B.Current Assets (B1+B2+B3+B4+B5+B6) 1,065,436 1,431,217 845,966 1,189,379 1,429,724 1,660,918
Total Assets (A+B) / Equity & Liabilities (C+D+E) 1,066,052 1,431,833 846,582 1,189,995 1,462,583 1,681,783
2.Reserves 524,585 329,946 340,350 449,914 590,269 619,480
2.Short term borrowings 0 0 144,774 0 0 0
F.Operations:
1.Sales 1,902,154 1,834,575 1,828,717 1,962,721 1,971,294 2,162,727
i)Local sales (Net) 1,902,154 1,834,575 1,804,020 1,962,721 1,971,294 2,162,727
ii)Export sales (Net) 0 0 24,697 0 0 0
2.Cost of sales 1,472,853 1,506,003 1,233,559 1,310,766 1,313,194 1,725,063
6.EBIT (F3-F4+F5) 74,521 (83,400) 125,498 266,064 357,422 156,367
8.Profit / (loss) before taxation (F6-F7) 74,494 (83,417) 116,568 258,471 351,531 153,266
9.Tax expenses 103,817 110,045 112,246 94,078 129,407 114,883
11.Cash dividends 0 0 24,000 0 67,200 210,355
1.Net cash flows from operating activities (337,658) (108,500) (235,824) 694,551 (64,582) (100,446)
2.Net cash flows from investing activities 18,972 11,442 1,600 27,593 (199,864) 286,292
3.Net cash flows from financing activities (82,841) 0 (12,858) (20,525) (64,976) 115,018
H.Miscellaneous
3.Depreciation for the year 0 0 0 0 1,233 10,290
254
Goodluck Industries Ltd. (Thousand Rupees)

Items 2016 2017 2018 2019 2020 2021
i)Raw material 18,083 2,246 8,407 1,229 28,944 28,944
ii)Work in progress 0 2,876 4,398 376 4,142 4,142
2.Reserves 35,645 37,314 45,483 54,347 60,540 68,277
of which: i) Trade credits 2,095 2,266 0 0 0 0
F.Operations:
1.Sales 871,085 786,490 843,666 896,780 859,757 1,195,259
i)Local sales (Net) 871,085 786,490 843,666 896,780 859,757 1,195,259
2.Cost of sales 856,285 773,455 827,050 879,268 840,800 1,172,953
6.EBIT (F3-F4+F5) 4,072 2,433 3,911 3,370 3,164 5,311
9.Tax expenses 2,994 3,127 1,418 (764) 2,120 1,537
10.Profit / (loss) after tax (F8-F9) 1,063 (698) 2,475 4,115 1,036 3,763
11.Cash dividends 525 1,008 1,020 1,005 0 0
1.Net cash flows from operating activities (3,180) 1,910 2,379 15,447 (5,793) 8,776
2.Net cash flows from investing activities (1,879) (2,610) (251) (262) (3,942) (4,044)
3.Net cash flows from financing activities (1,305) (465) (884) (895) (899) (886)
H.Miscellaneous
2.Retention in business (F10-F11-F12) 538 (1,706) 1,455 3,110 1,036 3,763
255
Hashimi Can Co. Ltd. (Thousand Rupees)

Items 2016 2017 2018 2019 2020 2021
A.Non-Current Assets (A1+A3+A4+A5+A6) - - 90,048 89,994 13,254 8
1.Capital work in progress - - 0 0 0 0
2.Operating fixed assets at cost - - 104,612 104,612 15,474 15,474
3.Operating fixed assets after deducting accumulated depreciation - - 89,303 89,249 12,509 8
6.Other non-current assets - - 745 745 745 0
B.Current Assets (B1+B2+B3+B4+B5+B6) - - 13,110 13,110 112,957 122,238
1.Cash & bank balance - - 27 27 101,457 42,238
2.Inventories; of which - - 0 0 0 0
i)Raw material - - 0 0 0 0
iii)Finished goods - - 0 0 0 0
3.Trade Debt / accounts receivables - - 2,130 2,130 2,130 0
4.Short term loans and advances - - 10,178 10,178 0 0
5.Short term investments - - 0 0 0 80,000
6.Other current assets - - 775 775 9,370 0
Total Assets (A+B) / Equity & Liabilities (C+D+E) - - 103,158 103,104 126,211 122,246
C.Shareholders' Equity (C1+C2+C3) - - (31,588) (36,110) 99,428 73,539
2.Reserves - - (124,153) (128,675) 83,093 57,204
i)Capital Reserve - - 1,670 1,670 0 0
ii)Revenue Reserve - - (125,823) (130,345) 83,093 57,204
of which: un-appropriated profit(loss) / retained earnings - - (125,823) (130,345) 83,093 57,204
3.Surplus on revaluation of fixed assets - - 76,230 76,230 0 0
D.Non-Current Liabilities (D1+D2+D3+D4+D5) - - 72,726 77,219 0 0
1.Long term borrowings - - 48,975 53,502 0 0
4.Employees benefit obligations - - 23,751 23,717 0 0
5.Other non-current liabilities - - 0 0 0 0
of which: i) Trade credits - - 35,549 35,549 0 0
2.Short term borrowings - - 0 0 23,625 45,548
3.Current portion of non-current liabilities - - 0 0 0 0
4.Other current liabilities - - 14,210 14,210 572 573
F.Operations:
1.Sales - - 0 0 0 0
i)Local sales (Net) - - 0 0 0 0
2.Cost of sales - - 400 0 0 0
i)Cost of material - - 0 0 0 0
3.Gross profit / (loss) (F1-F2) - - (400) 0 0 0
4.General, administrative and other expenses - - 284 4,522 1,971 23,869
i)Selling & distribution expenses - - 0 0 0 0
ii)Administrative and other expenses - - 284 4,522 1,971 23,869
5.Other income / (loss) - - 0 0 137,510 125
6.EBIT (F3-F4+F5) - - (684) (4,522) 135,539 (23,744)
7.Financial expenses - - 0 0 0 0
of which: (i) Interest expenses - - 0 0 0 0
8.Profit / (loss) before taxation (F6-F7) - - (684) (4,522) 135,539 (23,744)
9.Tax expenses - - 0 0 0 2,145
10.Profit / (loss) after tax (F8-F9) - - (684) (4,522) 135,539 (25,889)
11.Cash dividends - - 0 0 0 1,634
1.Net cash flows from operating activities - - (548) (4,492) (59,140) (1,142)
2.Net cash flows from investing activities - - 0 0 214,200 (80,000)
3.Net cash flows from financing activities - - 548 4,492 (53,629) 21,923
H.Miscellaneous
1.Total capital employed (C+D) - - 41,138 41,109 99,428 73,539
2.Retention in business (F10-F11-F12) - - (684) (4,522) 135,539 (27,523)
3.Depreciation for the year - - 61 55 49 2
4.Salaries, wages and employee benefits - - 0 0 0 0
P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)} - - -0.66 -4.43 118.21 -20.84
P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current - - -3.27 -0.86 3.62 1.44
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} - - 2.17 3.81 428.12 -29.94
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) - - -0.42 -2.77 82.97 -15.85
256
Huffaz Seamless Pipe Industries Ltd. (Thousand Rupees)

Items 2016 2017 2018 2019 2020 2021
4.Intangible assets 1,542 208 0 0 0 0
i)Raw material 459,979 375,568 131,299 68,234 73,145 73,145
2.Reserves 923,530 1,047,397 1,409,227 1,502,246 1,559,394 1,559,394
E.Current Liabilities (E1+E2+E3+E4) 1,175,276 1,073,960 803,965 845,368 815,987 815,987
3.Current portion of non-current liabilities 861 1,018 1,141 619 0 0
4.Other current liabilities 0 18,210 4,500 2,962 0 0
F.Operations:
1.Sales 1,002,394 946,616 854,804 501,103 341,615 341,615
i)Local sales (Net) 1,002,394 943,240 827,009 501,103 341,615 341,615
ii)Export sales (Net) 0 3,376 27,795 0 0 0
2.Cost of sales 928,932 848,368 727,554 368,540 268,159 268,159
6.EBIT (F3-F4+F5) 36,440 46,326 56,421 81,485 24,146 24,146
9.Tax expenses (15,633) (3,221) (53,175) 30,703 (3,381) (3,381)
H.Miscellaneous
257
International Industries Ltd. (Thousand Rupees)

Items 2016 2017 2018 2019 2020 2021
1.Capital work in progress 238,670 1,173,025 3,697,427 682,778 111,499 177,131
i)Raw material 5,304,082 10,313,408 15,514,183 13,481,256 11,641,751 14,845,003
4.Short term loans and advances 192,807 107,477 1,087,438 122,216 93,624 1,888,080
2.Reserves 7,322,562 9,492,138 13,817,109 15,802,339 14,873,923 22,610,384
3.Current portion of non-current liabilities 857,221 1,306,780 1,382,598 1,200,856 1,902,351 2,362,223
4.Other current liabilities 143,401 671,619 1,423,602 1,992,210 1,911,422 2,221,430
F.Operations:
1.Sales 33,201,188 44,117,667 64,541,879 75,387,444 65,656,669 98,745,775
i)Local sales (Net) 26,243,036 35,741,215 55,658,607 67,619,066 53,646,118 81,020,506
2.Cost of sales 27,777,312 35,301,138 53,721,740 66,300,102 59,773,426 81,178,237
ii)Administrative and other expenses 796,391 1,126,831 1,430,706 1,237,269 949,364 2,257,611
6.EBIT (F3-F4+F5) 3,818,319 6,755,361 8,178,310 6,883,586 3,438,557 13,354,824
9.Tax expenses 794,951 2,010,547 1,928,980 1,381,044 211,477 3,070,796
10.Profit / (loss) after tax (F8-F9) 1,954,569 4,065,083 5,268,406 3,288,892 (320,378) 8,717,406
11.Cash dividends 539,517 1,079,033 1,019,087 659,409 0 725,350
1.Net cash flows from operating activities 4,779,275 (504,139) (1,043,781) 3,771,176 2,330,752 5,966,210
2.Net cash flows from investing activities (1,300,006) (2,347,939) (6,979,037) (3,545,922) (2,357,873) (680,823)
3.Net cash flows from financing activities (1,460,373) 3,436,340 (179,222) (474,927) (3,479,183) (1,129,931)
H.Miscellaneous
2.Retention in business (F10-F11-F12) 1,415,052 2,986,050 4,249,319 2,509,590 (320,378) 7,992,056
258
International Steel Ltd. (Thousand Rupees)

Items 2016 2017 2018 2019 2020 2021
4.Intangible assets 0 3,903 2,565 2,736 1,197 885
i)Raw material 3,124,854 4,841,387 10,384,215 6,730,862 7,087,852 8,329,002
3.Trade Debt / accounts receivables 561,314 807,030 677,453 907,032 1,055,137 966,765
2.Reserves 1,818,328 3,250,374 6,532,704 7,240,140 7,121,607 13,317,354
4.Employees benefit obligations 24,496 23,578 0 0 0 0
5.Other non-current liabilities 810,748 1,456,421 1,708,232 2,230,618 1,499,446 2,740,953
3.Current portion of non-current liabilities 699,016 1,197,073 1,201,679 909,943 1,504,389 1,483,169
F.Operations:
1.Sales 20,492,097 33,732,622 47,620,719 55,061,879 48,081,937 69,796,240
i)Local sales (Net) 18,021,901 29,820,779 43,403,923 51,088,700 39,088,479 57,943,785
2.Cost of sales 17,585,833 27,826,505 39,989,559 48,612,827 43,869,080 56,304,367
6.EBIT (F3-F4+F5) 2,386,021 5,064,274 6,342,428 4,968,433 2,756,978 11,106,532
9.Tax expenses 475,532 1,564,752 1,438,354 1,014,745 (52,680) 2,828,270
11.Cash dividends 543,750 1,522,500 1,957,500 1,305,000 0 0
2.Net cash flows from investing activities (479,346) (1,787,168) (5,470,778) (2,257,935) (2,180,932) (483,513)
3.Net cash flows from financing activities (1,846,663) 505,738 2,479,575 (2,384,558) (2,132,037) (1,275,015)
H.Miscellaneous
2.Retention in business (F10-F11-F12) 635,214 1,521,522 2,407,458 1,359,373 494,851 7,466,331
4.Salaries, wages and employee benefits 599,490 947,213 1,254,134 1,049,503 805,447 1,777,696
259
Ittefaq Iron Industries (Thousand Rupees)

Items 2016 2017 2018 2019 2020 2021
3.Operating fixed assets after deducting accumulated depreciation - - 1,772,805 1,691,741 1,765,317 1,922,130
B.Current Assets (B1+B2+B3+B4+B5+B6) - - 4,222,431 4,692,214 4,442,819 5,385,490
1.Cash & bank balance - - 152,333 136,050 77,214 34,000
2.Inventories; of which - - 2,488,104 2,331,036 1,619,456 2,418,539
i)Raw material - - 1,960,510 1,653,172 690,098 833,444
iii)Finished goods - - 527,594 677,864 929,358 1,585,095
3.Trade Debt / accounts receivables - - 826,767 1,113,617 1,615,818 1,566,515
4.Short term loans and advances - - 243,359 645,357 389,288 424,509
1.Issued, Subscribed & Paid up capital - - 1,312,212 1,443,434 1,443,434 1,443,434
i)Ordinary shares - - 1,312,212 1,443,434 1,443,434 1,443,434
2.Reserves - - 1,992,109 2,026,843 2,134,985 2,422,532
i)Capital Reserve - - 824,589 800,627 1,090,837 1,090,837
ii)Revenue Reserve - - 1,167,520 1,226,216 1,044,148 1,331,695
of which: un-appropriated profit(loss) / retained earnings - - 1,167,520 1,226,216 1,044,148 1,331,695
3.Surplus on revaluation of fixed assets - - 655,195 628,655 600,648 575,392
4.Employees benefit obligations - - 26,015 34,675 44,848 68,327
E.Current Liabilities (E1+E2+E3+E4) - - 1,652,315 1,835,193 1,965,106 2,455,861
1.Trade credit & other accounts payables - - 408,794 515,169 501,149 1,014,399
2.Short term borrowings - - 1,225,234 1,232,283 1,378,553 1,353,171
3.Current portion of non-current liabilities - - 0 0 10,026 12,028
F.Operations:
1.Sales - - 6,197,999 6,809,786 3,385,125 6,200,915
i)Local sales (Net) - - 6,197,999 6,809,786 3,385,125 6,200,915
2.Cost of sales - - 5,578,258 6,170,256 3,367,569 5,554,967
3.Gross profit / (loss) (F1-F2) - - 619,741 639,530 17,556 645,948
i)Selling & distribution expenses - - 20,450 31,509 51,111 65,984
5.Other income / (loss) - - 7,057 5,298 3,761 9,446
6.EBIT (F3-F4+F5) - - 518,834 505,795 (128,030) 474,592
8.Profit / (loss) before taxation (F6-F7) - - 415,141 500,497 (164,999) 439,150
9.Tax expenses - - 102,126 124,444 47,807 172,389
10.Profit / (loss) after tax (F8-F9) - - 313,015 376,053 (212,806) 266,761
11.Cash dividends - - 65,611 0 0 288,687
12.Bonus shares / stock dividends - - 131,221 0 0 0
1.Net cash flows from operating activities - - (1,092,405) 68,845 101,619 51,250
3.Net cash flows from financing activities - - 206,419 (42,971) 126,330 148,237
H.Miscellaneous
2.Retention in business (F10-F11-F12) - - 116,183 376,053 (212,806) (21,926)
4.Salaries, wages and employee benefits - - 308,208 326,000 240,661 321,292
P1. Net Profit margin / Net profit to sales (F10 as % of F1) - - 5.05 5.52 -6.29 4.30
P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)} - - 5.20 6.05 -3.32 3.85
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} - - 7.91 9.33 -5.14 6.34
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) - - 2.39 2.61 -1.47 1.85
260
KSB Pumps Co. Ltd. (Thousand Rupees)

Items 2016 2017 2018 2019 2020 2021
3.Operating fixed assets after deducting accumulated depreciation 404,317 484,057 1,237,972 1,162,474 1,050,902 925,374
i)Raw material 299,691 441,550 535,201 512,784 423,189 717,614
2.Reserves 1,461,217 1,739,369 1,769,552 1,825,898 1,835,112 1,854,569
5.Other non-current liabilities 28,004 27,418 82,930 57,884 22,331 0
2.Short term borrowings 150,059 167,870 841,760 1,086,456 670,300 1,575,741
F.Operations:
1.Sales 4,950,602 5,115,215 4,952,915 3,755,532 3,606,605 4,334,459
i)Local sales (Net) 4,609,893 4,807,784 4,510,983 3,038,870 2,955,568 3,748,474
2.Cost of sales 3,902,841 3,970,150 4,289,529 3,023,595 3,012,089 3,740,098
3.Gross profit / (loss) (F1-F2) 1,047,761 1,145,065 663,386 731,937 594,516 594,361
6.EBIT (F3-F4+F5) 542,106 567,231 305,963 287,454 158,594 140,421
9.Tax expenses 131,793 143,255 55,459 29,035 7,254 4,434
11.Cash dividends 112,200 158,426 39,600 19,800 6,600 11,220
1.Net cash flows from operating activities 493,411 765,491 (629,999) 12,972 127,114 (413,140)
3.Net cash flows from financing activities (49,101) 254,837 (188,013) (163,611) 217,906 (234,732)
H.Miscellaneous
261
Khyber Tobacco Co. Ltd. (Thousand Rupees)

Items 2016 2017 2018 2019 2020 2021
1.Capital work in progress 0 0 75,460 0 0 0
4.Intangible assets 1,527 926 263 6,212 0 0
i)Raw material 528,498 522,265 720,902 595,951 713,458 989,220
ii)Work in progress 0 964 8,649 311 3,856 0
2.Reserves 612,304 807,666 969,925 930,405 998,901 970,672
2.Short term borrowings 0 0 0 0 140,000 1,045,400
F.Operations:
1.Sales 758,264 1,027,260 1,125,703 1,070,173 1,828,703 1,216,036
i)Local sales (Net) 707,272 1,027,260 1,120,269 834,410 1,254,235 1,007,196
ii)Export sales (Net) 50,992 0 5,434 235,763 574,468 208,840
2.Cost of sales 581,636 633,376 630,841 892,617 1,510,666 1,051,688
i)Cost of material 454,951 479,221 451,546 667,033 1,251,156 704,393
6.EBIT (F3-F4+F5) 85,652 283,997 293,705 (12,391) 61,927 (28,988)
8.Profit / (loss) before taxation (F6-F7) 81,221 280,455 284,132 (58,521) 42,013 (83,077)
9.Tax expenses 11,611 90,521 84,268 (20,254) 3,475 (14,431)
10.Profit / (loss) after tax (F8-F9) 69,610 189,934 199,864 (38,267) 38,538 (68,646)
11.Cash dividends 12,018 39,912 39,949 0 0 0
1.Net cash flows from operating activities (19,075) 67,636 86,439 254,973 (43,323) 236,630
3.Net cash flows from financing activities 0 0 0 0 140,000 905,400
H.Miscellaneous
2.Retention in business (F10-F11-F12) 57,592 113,968 159,915 (38,267) 38,538 (68,646)
P1. Net Profit margin / Net profit to sales (F10 as % of F1) 9.18 18.49 17.75 -3.58 2.11 -5.65
P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)} 6.19 13.28 10.93 -2.01 1.72 -2.28
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} 9.62 19.84 15.94 -2.94 3.01 -5.43
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) 57.92 158.04 41.58 -7.96 8.02 -14.28
262
Leather Up Ltd. (Thousand Rupees)

Items 2016 2017 2018 2019 2020 2021
i)Raw material 64,193 0 85,638 69,538 80,111 21,078
3.Trade Debt / accounts receivables 4,791 0 0 1,409 48 431
4.Short term loans and advances 0 0 0 0 4,490 766
2.Reserves (14,222) (877) 45,481 34,717 35,600 (22,110)
ii)Revenue Reserve (14,222) (877) 45,481 34,717 35,600 (22,110)
of which: un-appropriated profit(loss) / retained earnings (15,591) (2,246) 44,112 33,347 34,230 (23,480)
of which: i) Trade credits 36,010 34,652 12,655 4,299 454 2,950
F.Operations:
1.Sales 127,716 133,216 51,698 48,015 27,424 16,961
2.Cost of sales 98,000 101,861 50,201 45,789 26,281 16,953
3.Gross profit / (loss) (F1-F2) 29,716 31,355 1,497 2,226 1,143 8
5.Other income / (loss) 6 (70) 57,243 559 2,139 0
6.EBIT (F3-F4+F5) 14,231 16,140 46,964 (5,237) (1,410) (58,506)
of which: (i) Interest expenses 1,099 638 918 490 0 0
9.Tax expenses 1,339 1,077 434 462 281 174
10.Profit / (loss) after tax (F8-F9) 10,931 13,300 45,231 (8,539) (1,691) (58,680)
11.Cash dividends 1,500 0 0 0 0 0
1.Net cash flows from operating activities (1,844) 210 (29,659) (16,968) 1,032 (174)
2.Net cash flows from investing activities (180) (387) 42,174 21,998 0 0
3.Net cash flows from financing activities 0 0 0 0 (1,455) 400
H.Miscellaneous
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) 1.82 2.22 - -1.42 -0.28 -9.78
263
MACPAC Films Ltd. (Thousand Rupees)

Items 2016 2017 2018 2019 2020 2021
A.Non-Current Assets (A1+A3+A4+A5+A6) 813,145 819,329 1,188,286 1,422,877 1,949,157 1,928,629
i)Raw material 262,954 212,820 193,799 242,788 254,403 520,773
2.Reserves 165,025 204,618 312,092 59,628 (4,224) 179,010
ii)Revenue Reserve 85,095 124,688 138,525 (113,939) (177,791) 5,443
of which: un-appropriated profit(loss) / retained earnings 85,095 124,688 138,525 (113,939) (177,791) 5,443
3.Surplus on revaluation of fixed assets 0 0 0 0 623,040 623,040
F.Operations:
1.Sales 1,309,860 1,515,692 2,125,159 2,415,339 2,164,954 3,025,323
i)Local sales (Net) 1,309,860 1,515,692 2,125,159 2,415,339 2,162,849 2,973,392
2.Cost of sales 1,080,580 1,263,003 1,902,337 2,311,925 2,107,605 2,567,173
6.EBIT (F3-F4+F5) 139,383 152,737 88,616 (111,964) (4,403) 365,724
9.Tax expenses 29,784 47,821 11,234 33,245 (98,553) 87,348
11.Cash dividends 38,886 27,220 11,860 0 0 0
1.Net cash flows from operating activities 121,048 70,635 397,123 (13,656) (16,491) 216,928
3.Net cash flows from financing activities (118,742) (9,008) 75,442 435,789 6,326 (122,927)
H.Miscellaneous
264
Metropolitan Steel Corporation Ltd. (Thousand Rupees)

Items 2016 2017 2018 2019 2020 2021
A.Non-Current Assets (A1+A3+A4+A5+A6) - 496,893 581,488 608,320 595,920 799,428
1.Capital work in progress - 7,477 15,112 49,866 51,149 51,149
2.Operating fixed assets at cost - 548,281 588,327 556,892 674,997 890,995
3.Operating fixed assets after deducting accumulated depreciation - 489,416 556,892 555,245 541,150 744,740
4.Intangible assets - 0 0 0 0 0
5.Long term investments - 0 9,434 0 0 0
6.Other non-current assets - 0 50 3,209 3,621 3,539
B.Current Assets (B1+B2+B3+B4+B5+B6) - 332,350 267,574 196,587 191,004 222,450
1.Cash & bank balance - 5,975 813 2,581 15 684
2.Inventories; of which - 138,018 65,248 14,202 26,262 54,151
i)Raw material - 138,018 65,248 14,202 10,439 43,430
ii)Work in progress - 0 0 0 538 0
iii)Finished goods - 0 0 0 15,285 10,721
3.Trade Debt / accounts receivables - 44,106 56,734 47,298 45,865 48,036
4.Short term loans and advances - 31,030 5,214 200 200 200
5.Short term investments - 0 37,879 23,705 13,910 8,014
6.Other current assets - 113,221 101,686 108,601 104,752 111,365
Total Assets (A+B) / Equity & Liabilities (C+D+E) - 829,243 849,062 804,907 786,924 1,021,878
C.Shareholders' Equity (C1+C2+C3) - 668,887 742,096 723,472 706,756 930,968
1.Issued, Subscribed & Paid up capital - 309,776 309,776 309,776 309,776 309,776
i)Ordinary shares - 309,776 309,776 309,776 309,776 309,776
2.Reserves - 103,618 94,947 81,356 69,420 76,177
i)Capital Reserve - 0 327 0 0 0
ii)Revenue Reserve - 103,618 94,620 81,356 69,420 76,177
of which: un-appropriated profit(loss) / retained earnings - 23,118 14,120 856 (11,080) (4,323)
3.Surplus on revaluation of fixed assets - 255,493 337,373 332,340 327,560 545,015
D.Non-Current Liabilities (D1+D2+D3+D4+D5) - 38,929 35,187 32,997 31,044 33,962
1.Long term borrowings - 0 0 0 0 0
2.Subordinated loans / Sponsor's loans - 0 0 0 0 0
3.Debentures/TFCs (bonds payable) - 0 0 0 0 0
4.Employees benefit obligations - 206 0 0 0 0
5.Other non-current liabilities - 38,723 35,187 32,997 31,044 33,962
E.Current Liabilities (E1+E2+E3+E4) - 121,427 71,779 48,438 49,124 56,948
1.Trade credit & other accounts payables - 82,996 43,324 18,373 13,522 20,188
of which: i) Trade credits - 9,863 1,100 0 20 20
2.Short term borrowings - 12,075 2,099 3,709 9,246 10,404
3.Current portion of non-current liabilities - 0 0 0 0 0
4.Other current liabilities - 26,356 26,356 26,356 26,356 26,356
F.Operations:
1.Sales - 0 55,287 28,229 27,399 92,671
i)Local sales (Net) - 0 55,287 28,229 27,399 92,671
ii)Export sales (Net) - 0 0 0 0 0
2.Cost of sales - 29,970 86,858 61,017 46,253 81,167
i)Cost of material - 0 0 31,174 41,381 52,433
3.Gross profit / (loss) (F1-F2) - (29,970) (31,571) (32,788) (18,854) 11,504
4.General, administrative and other expenses - 15,499 33,404 7,578 5,094 13,235
i)Selling & distribution expenses - 210 37 17 203 366
ii)Administrative and other expenses - 15,289 33,367 7,561 4,891 12,869
5.Other income / (loss) - 13,796 45,091 21,964 3,187 2,859
6.EBIT (F3-F4+F5) - (31,673) (19,884) (18,402) (20,761) 1,128
7.Financial expenses - 19 11 111 96 57
of which: (i) Interest expenses - 0 0 0 0 0
8.Profit / (loss) before taxation (F6-F7) - (31,692) (19,895) (18,513) (20,857) 1,071
9.Tax expenses - 0 (2,983) 111 (4,141) (774)
10.Profit / (loss) after tax (F8-F9) - (31,692) (16,912) (18,624) (16,716) 1,845
11.Cash dividends - 0 0 0 0 30,978
12.Bonus shares / stock dividends - 0 0 0 0 0
1.Net cash flows from operating activities - (18,754) 58,234 40,046 (19,769) (15,164)
2.Net cash flows from investing activities - 24,396 (53,420) (42,002) 11,666 14,676
3.Net cash flows from financing activities - 0 (9,976) 3,724 5,537 1,158
H.Miscellaneous
1.Total capital employed (C+D) - 707,816 777,283 756,469 737,800 964,930
2.Retention in business (F10-F11-F12) - (31,692) (16,912) (18,624) (16,716) (29,133)
3.Depreciation for the year - 28,193 31,435 14,441 13,683 12,490
4.Salaries, wages and employee benefits - 2,561 3,234 2,774 4,889 5,756
P1. Net Profit margin / Net profit to sales (F10 as % of F1) - - -30.59 -65.97 -61.01 1.99
P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)}) - 0.00 0.07 0.03 0.03 0.10
P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)} - -3.82 -2.02 -2.25 -2.10 0.20
P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current - 1.24 1.19 1.13 1.11 1.10
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} - -4.74 -2.40 -2.54 -2.34 0.23
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) - -1.02 -0.55 -0.60 -0.54 0.06
265
Mughal Iron & Steel Industries (Thousand Rupees)

Items 2016 2017 2018 2019 2020 2021
i)Raw material 4,129,852 5,292,091 5,080,582 3,033,018 5,756,023 11,615,865
iii)Finished goods 90,876 89,711 239,138 1,617,952 976,126 1,564,892
2.Reserves 2,977,430 4,121,101 4,950,336 4,987,936 5,641,576 10,184,058
of which: un-appropriated profit(loss) / retained earnings 0 1,477,651 2,606,886 3,402,691 3,722,163 6,441,323
3.Surplus on revaluation of fixed assets 0 0 0 0 0 3,402,245
1.Long term borrowings 973,844 0 829,000 2,808,582 2,644,089 3,911,163
1.Trade credit & other accounts payables 2,253,821 615,104 463,465 496,003 1,191,427 1,732,056
of which: i) Trade credits 1,276,622 271,950 41,787 117,501 507,129 454,995
3.Current portion of non-current liabilities 72,461 31,713 0 531,373 816,948 786,877
F.Operations:
1.Sales 18,983,479 18,802,811 22,225,843 30,828,089 27,304,991 44,971,836
i)Local sales (Net) 18,534,925 18,747,966 22,207,996 30,825,155 26,894,479 38,159,006
2.Cost of sales 16,924,658 16,837,364 19,431,431 27,639,095 24,687,543 38,280,468
6.EBIT (F3-F4+F5) 1,717,282 1,478,849 2,156,188 2,523,752 2,068,513 5,531,782
9.Tax expenses 398,836 231,538 313,513 364,493 (39,145) 732,338
11.Cash dividends 377,399 654,159 553,519 301,920 0 875,567
1.Net cash flows from operating activities (577,272) (1,272,826) 932,328 1,011,489 (1,160,962) (6,097,156)
2.Net cash flows from investing activities (238,028) (452,412) (2,179,843) (2,423,758) (1,469,541) (1,262,620)
3.Net cash flows from financing activities 391,154 3,667,284 159,886 3,223,591 1,908,374 7,235,144
H.Miscellaneous
2.Retention in business (F10-F11-F12) 516,014 336,601 736,696 1,071,011 592,872 2,553,583
266
Pak Leather Crafts Ltd. (Thousand Rupees)

Items 2016 2017 2018 2019 2020 2021
1.Cash & bank balance 253 1,369 389 2,292 5,837 4,335
i)Raw material (61,180) 9,026 8,589 6,836 9,096 9,136
ii)Work in progress 39,505 0 22,097 3,647 3,246 7,269
6.Other current assets 540 865 940 1,191 8,334 5,576
2.Reserves (390,095) (395,338) (400,627) (328,277) (287,536) (240,033)
5.Other non-current liabilities 0 193,366 0 4,390 2,776 5,150
2.Short term borrowings 274,149 0 237,420 237,420 152,530 112,530
3.Current portion of non-current liabilities 46,903 0 46,904 46,904 46,904 46,903
F.Operations:
1.Sales 20,914 45,286 51,688 76,581 216,632 108,363
i)Local sales (Net) 20,436 18,801 12,806 45,573 28,468 34,763
ii)Export sales (Net) 478 26,485 38,882 31,008 188,164 73,600
2.Cost of sales 23,226 45,225 49,813 61,675 195,538 104,589
i)Cost of material 32 19,140 33,603 28,790 148,966 79,590
3.Gross profit / (loss) (F1-F2) (2,312) 61 1,875 14,906 21,094 3,774
i)Selling & distribution expenses 631 1,618 2,859 2,699 13,957 4,827
5.Other income / (loss) 244 1,080 1,866 861 115,118 6,504
6.EBIT (F3-F4+F5) (6,613) (4,230) (4,133) 5,860 54,517 (6,425)
7.Financial expenses 59 561 640 798 3,434 1,515
9.Tax expenses 210 452 517 916 2,296 763
1.Net cash flows from operating activities 859 1,475 (7,008) 3,890 18,019 (6,973)
2.Net cash flows from investing activities (1,108) (360) (8,334) (1,758) (1,428) (10,736)
3.Net cash flows from financing activities 0 0 14,361 (229) (13,047) 16,206
H.Miscellaneous
1.Total capital employed (C+D) (354,440) 88,115 (281,274) (276,900) (236,159) (188,656)
P1. Net Profit margin / Net profit to sales (F10 as % of F1) -32.91 -11.58 -10.23 5.41 22.52 -8.03
267
Pakistan Aluminium Beverage Cans Limited (Thousand Rupees)

Items 2021
A.Non-Current Assets (A1+A3+A4+A5+A6) 6,677,242
1.Capital work in progress 924,732
2.Operating fixed assets at cost 6,761,079
3.Operating fixed assets after deducting accumulated depreciation 5,750,730
4.Intangible assets 781
5.Long term investments 0
6.Other non-current assets 999
B.Current Assets (B1+B2+B3+B4+B5+B6) 5,490,145
1.Cash & bank balance 242,401
2.Inventories; of which 2,252,530
i)Raw material 1,685,452
ii)Work in progress 0
iii)Finished goods 461,262
3.Trade Debt / accounts receivables 560,787
4.Short term loans and advances 56,358
5.Short term investments 1,860,232
6.Other current assets 517,837
Total Assets (A+B) / Equity & Liabilities (C+D+E) 12,167,387
C.Shareholders' Equity (C1+C2+C3) 4,720,550
1.Issued, Subscribed & Paid up capital 3,611,082
i)Ordinary shares 3,611,082
ii)Preference shares 0
2.Reserves 1,109,468
i)Capital Reserve 810,041
ii)Revenue Reserve 299,427
of which: un-appropriated profit(loss) / retained earnings 299,427
3.Surplus on revaluation of fixed assets 0
D.Non-Current Liabilities (D1+D2+D3+D4+D5) 3,185,587
1.Long term borrowings 2,638,720
2.Subordinated loans / Sponsor's loans 0
3.Debentures/TFCs (bonds payable) 0
4.Employees benefit obligations 0
5.Other non-current liabilities 546,867
E.Current Liabilities (E1+E2+E3+E4) 4,261,250
1.Trade credit & other accounts payables 1,310,052
of which: i) Trade credits 539,267
2.Short term borrowings 2,250,768
3.Current portion of non-current liabilities 568,100
4.Other current liabilities 132,330
F.Operations:
1.Sales 7,229,918
i)Local sales (Net) 4,548,360
ii)Export sales (Net) 2,681,558
2.Cost of sales 4,664,900
i)Cost of material 3,804,297
3.Gross profit / (loss) (F1-F2) 2,565,018
4.General, administrative and other expenses 754,099
i)Selling & distribution expenses 99,287
ii)Administrative and other expenses 654,812
5.Other income / (loss) 45,975
6.EBIT (F3-F4+F5) 1,856,894
7.Financial expenses 285,649
of which: (i) Interest expenses 245,703
8.Profit / (loss) before taxation (F6-F7) 1,571,245
9.Tax expenses (5,342)
10.Profit / (loss) after tax (F8-F9) 1,576,587
11.Cash dividends 541,662
12.Bonus shares / stock dividends 0
1.Net cash flows from operating activities 1,808,203
2.Net cash flows from investing activities (865,326)
3.Net cash flows from financing activities (112,522)
H.Miscellaneous
1.Total capital employed (C+D) 7,906,137
2.Retention in business (F10-F11-F12) 1,034,925
3.Depreciation for the year 234,446
4.Salaries, wages and employee benefits 450,361
P1. Net Profit margin / Net profit to sales (F10 as % of F1) 21.81
P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)}) 0.59
P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)} 12.96
P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current 2.58
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} 33.40
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) 4.37
268
Pakistan Tobacco Co. Ltd. (Thousand Rupees)

Items 2016 2017 2018 2019 2020 2021
1.Capital work in progress 368,218 481,253 960,551 732,634 2,423,616 933,900
i)Raw material 12,381,375 13,099,476 16,850,741 19,481,862 16,886,834 18,173,374
5.Short term investments 979,903 6,763,842 8,699,508 3,001,058 6,401,215 9,402,598
2.Reserves 10,421,692 14,356,260 15,210,686 15,735,917 16,957,919 15,418,374
D.Non-Current Liabilities (D1+D2+D3+D4+D5) 1,447,413 1,368,275 873,921 1,987,550 2,462,398 2,451,459
5.Other non-current liabilities 1,132,463 1,108,225 589,076 645,943 888,506 1,029,546
2.Short term borrowings 259,722 165,245 223,787 382,941 678,730 2,877,272
F.Operations:
1.Sales 44,866,504 43,279,149 53,112,084 51,974,896 60,890,511 74,987,751
i)Local sales (Net) 44,866,504 43,279,149 53,069,899 50,241,721 55,907,014 68,730,207
ii)Export sales (Net) 0 0 42,185 1,733,175 4,983,497 6,257,544
2.Cost of sales 22,092,836 23,075,361 29,828,556 25,764,813 29,328,821 39,091,727
5.Other income / (loss) 781,213 476,258 920,377 1,595,753 1,531,464 1,705,536
6.EBIT (F3-F4+F5) 15,427,977 13,067,683 15,313,682 18,487,470 22,628,594 26,481,330
9.Tax expenses 5,020,796 3,437,783 4,941,862 5,395,688 5,895,405 7,344,961
11.Cash dividends 6,387,345 7,664,814 9,964,258 12,519,196 16,096,109 20,439,504
2.Net cash flows from investing activities 17,045 (739,535) (1,358,815) (834,841) (3,191,584) (1,020,045)
H.Miscellaneous
2.Retention in business (F10-F11-F12) 3,974,007 1,908,748 373,734 370,033 396,381 (1,577,417)
3.Depreciation for the year 1,087,234 1,112,342 925,778 1,367,476 1,500,059 1,706,855
269
Philip Morris (Pakistan) Ltd. (Thousand Rupees)

Items 2016 2017 2018 2019 2020 2021
1.Capital work in progress 822,576 538,160 1,100,341 1,285,067 618,273 664,664
6.Other non-current assets 801,085 724,410 710,306 1,928,259 1,496,709 911,309
1.Cash & bank balance 108,093 256,100 2,965,229 330,283 5,383,334 7,991,843
i)Raw material 6,992,580 5,747,841 4,610,723 5,082,504 3,856,116 5,047,334
iii)Finished goods 155,875 348,778 1,046,808 881,185 835,355 561,542
2.Reserves 2,510,233 1,821,473 1,530,843 (428,920) (6,304) 2,291,669
ii)Revenue Reserve 2,510,233 1,821,473 1,530,843 (428,920) (6,304) 2,291,669
of which: un-appropriated profit(loss) / retained earnings (3,593,171) (3,374,946) 1,564,754 (395,009) 27,607 2,325,580
D.Non-Current Liabilities (D1+D2+D3+D4+D5) 0 0 0 416,752 325,422 134,142
2.Short term borrowings 1,338,557 0 0 846,475 0 0
F.Operations:
1.Sales 14,213,338 13,966,525 16,199,912 13,334,498 16,596,036 17,458,557
i)Local sales (Net) 14,213,338 13,966,525 16,199,912 13,060,674 13,983,373 15,991,268
ii)Export sales (Net) 0 0 0 273,824 2,612,663 1,467,289
2.Cost of sales 8,192,406 8,888,275 10,175,924 9,144,670 10,138,881 9,975,405
6.EBIT (F3-F4+F5) 1,132,591 565,117 640,002 (2,444,183) 2,642,428 3,410,268
of which: (i) Interest expenses 219,831 63,076 487 24,770 64,901 41,796
8.Profit / (loss) before taxation (F6-F7) 769,888 476,315 616,908 (2,492,990) 2,554,392 3,343,306
9.Tax expenses 194,731 285,307 73,757 (512,991) 789,544 1,036,643
10.Profit / (loss) after tax (F8-F9) 575,157 191,008 543,151 (1,979,999) 1,764,848 2,306,663
11.Cash dividends 0 16,619,705 0 0 11,079,803 0
1.Net cash flows from operating activities 3,178,194 2,934,997 4,422,979 (1,754,194) 6,737,617 4,261,344
2.Net cash flows from investing activities (1,392,171) (537,363) (1,197,125) (1,341,230) (496,462) (429,851)
3.Net cash flows from financing activities 3,085,407 (911,070) (751,581) (151,141) (341,629) (1,222,984)
H.Miscellaneous
2.Retention in business (F10-F11-F12) 575,157 (16,428,697) 543,151 (1,979,999) (9,314,955) 2,306,663
3.Depreciation for the year 896,744 1,100,030 1,560,336 921,547 927,029 881,811
270
Service Global Footwear Limited (Thousand Rupees)

Items 2021
1.Capital work in progress 59,236
4.Intangible assets 0
5.Long term investments 1,805,402
6.Other non-current assets 2,270,404
i)Raw material 794,596
ii)Work in progress 489,315
4.Short term loans and advances 1,557,662
5.Short term investments 0
i)Capital Reserve 3,078,681
ii)Revenue Reserve 1,606,332
of which: un-appropriated profit(loss) / retained earnings 1,606,332
D.Non-Current Liabilities (D1+D2+D3+D4+D5) 369,214
1.Long term borrowings 252,589
4.Employees benefit obligations 113,864
1.Trade credit & other accounts payables 1,359,804
F.Operations:
1.Sales 7,040,157
i)Local sales (Net) 474,621
4.General, administrative and other expenses 1,017,231
6.EBIT (F3-F4+F5) 756,838
8.Profit / (loss) before taxation (F6-F7) 572,781
9.Tax expenses 169,560
10.Profit / (loss) after tax (F8-F9) 403,221
1.Net cash flows from operating activities 343,836
2.Net cash flows from investing activities (2,276,834)
3.Net cash flows from financing activities 1,612,002
H.Miscellaneous
2.Retention in business (F10-F11-F12) (5,654)
4.Salaries, wages and employee benefits 2,024,838
271
Service Industries Ltd. (Thousand Rupees)

Items 2016 2017 2018 2019 2020 2021
1.Cash & bank balance 288,245 84,448 72,841 103,548 4,195,565 699,296
i)Raw material 1,025,925 1,406,686 1,620,807 2,605,846 2,805,817 2,805,817
5.Short term investments 103,745 0 0 0 0 155,943
2.Reserves 4,262,576 4,623,676 5,362,876 5,995,989 9,604,087 6,838,307
3.Current portion of non-current liabilities 223,058 451,642 699,725 947,685 1,541,612 1,862,235
F.Operations:
1.Sales 18,984,428 20,958,955 24,229,643 30,058,321 31,160,011 32,724,924
i)Local sales (Net) 14,065,698 15,840,157 16,617,881 19,898,563 21,302,052 28,723,203
2.Cost of sales 15,208,729 17,408,777 19,901,407 24,327,246 24,852,381 27,458,310
i)Selling & distribution expenses 973,590 1,303,730 1,542,734 1,994,315 1,872,870 2,309,860
6.EBIT (F3-F4+F5) 1,705,066 1,357,847 1,773,451 2,649,050 2,891,274 1,885,298
7.Financial expenses 236,847 343,044 596,649 1,062,429 999,373 1,314,456
of which: (i) Interest expenses 196,683 306,810 555,067 1,001,256 940,364 1,255,447
8.Profit / (loss) before taxation (F6-F7) 1,468,219 1,014,803 1,176,802 1,586,621 1,891,901 570,842
9.Tax expenses 223,808 145,139 147,105 227,612 567,469 567,469
10.Profit / (loss) after tax (F8-F9) 1,244,411 869,664 1,029,697 1,359,009 1,324,432 3,373
11.Cash dividends 481,152 384,922 360,864 375,900 352,406 352,406
12.Bonus shares / stock dividends 0 0 30,072 93,975 234,937 0
1.Net cash flows from operating activities 400,381 (1,012,069) 248,880 563,661 2,258,490 (2,388,352)
2.Net cash flows from investing activities (1,796,810) (1,728,179) (1,566,138) (980,027) (2,135,458) (4,077,030)
3.Net cash flows from financing activities 1,224,828 2,536,451 1,304,245 452,877 3,968,592 5,963,620
H.Miscellaneous
272
Shield Corporation Ltd. (Thousand Rupees)

Items 2016 2017 2018 2019 2020 2021
i)Raw material 133,825 153,890 147,488 294,961 371,014 310,784
2.Reserves 287,151 313,810 362,214 389,921 454,893 554,998
F.Operations:
1.Sales 1,548,322 1,662,086 1,678,898 1,778,795 1,708,621 2,148,550
i)Local sales (Net) 1,545,265 1,650,904 1,661,566 1,773,489 1,707,951 2,144,069
ii)Export sales (Net) 3,057 11,182 17,332 5,306 670 4,481
2.Cost of sales 1,041,713 1,089,614 1,067,417 1,222,058 1,292,602 1,484,718
5.Other income / (loss) 2,119 22,972 1,630 505 10,728 16,891
6.EBIT (F3-F4+F5) 75,446 97,095 116,839 127,214 81,029 279,713
9.Tax expenses 20,848 37,315 30,222 61,289 (1,401) 72,118
11.Cash dividends 19,500 19,500 13,650 4,875 0 7,800
3.Net cash flows from financing activities (80,161) 123,683 (632) 177,793 295,120 (146,288)
H.Miscellaneous
273
Siddiqsons Tin Plate Ltd. (Thousand Rupees)

Items 2016 2017 2018 2019 2020 2021
2.Inventories; of which 495,414 526,531 830,796 1,223,388 1,535,132 610,377
i)Raw material 224,752 164,025 303,122 648,039 563,164 152,080
1.Issued, Subscribed & Paid up capital 785,201 785,201 785,201 2,292,788 2,292,788 2,292,788
i)Ordinary shares 785,201 785,201 785,201 2,292,788 2,292,788 2,292,788
2.Reserves 36,720 134,514 66,781 424,929 401,786 723,942
D.Non-Current Liabilities (D1+D2+D3+D4+D5) 0 0 0 0 17,419 153,304
F.Operations:
1.Sales 2,119,459 2,537,686 2,646,261 3,408,744 3,556,448 5,847,855
i)Local sales (Net) 2,084,465 2,255,571 2,550,620 3,262,195 2,905,281 4,439,036
2.Cost of sales 1,864,274 2,227,714 2,480,566 3,073,937 3,375,373 5,044,489
6.EBIT (F3-F4+F5) 156,322 209,544 92,134 305,814 207,083 526,709
9.Tax expenses 21,073 30,741 27,088 42,034 50,091 79,906
10.Profit / (loss) after tax (F8-F9) 58,888 128,329 (67,733) 86,890 (23,145) 322,155
11.Cash dividends 39,260 0 0 0 0 0
1.Net cash flows from operating activities 257,340 (92,246) (447,403) (51,915) (119,373) 804,154
2.Net cash flows from investing activities (18,950) (85,811) 48,264 (1,780,900) (260,561) (496,862)
3.Net cash flows from financing activities (321,069) 374,736 216,398 1,778,841 829,687 (860,510)
H.Miscellaneous
2.Retention in business (F10-F11-F12) 19,628 128,329 (67,733) 86,890 (23,145) 322,155
P1. Net Profit margin / Net profit to sales (F10 as % of F1) 2.78 5.06 -2.56 2.55 -0.65 5.51
P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)} 3.39 6.99 -3.09 2.51 -0.47 6.23
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} 7.43 14.74 -7.65 4.87 -0.86 11.28
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) 0.75 1.63 -0.86 0.38 -0.10 1.41
274
Synthetic Products Enterprises Ltd (Thousand Rupees)

Items 2016 2017 2018 2019 2020 2021
i)Raw material 285,588 378,892 463,482 421,696 526,517 513,016
5.Short term investments 75,000 0 0 0 0 130,000
2.Reserves 833,533 1,017,135 1,318,865 1,474,251 1,648,656 2,106,428
of which: un-appropriated profit(loss) / retained earnings 486,142 669,744 971,474 1,130,023 1,303,752 1,675,496
F.Operations:
1.Sales 2,321,735 2,699,673 2,987,315 3,431,045 3,097,558 4,171,022
i)Local sales (Net) 2,303,172 2,685,015 2,973,622 3,418,540 3,081,696 4,149,740
2.Cost of sales 1,739,357 1,983,897 2,373,059 2,857,843 2,524,615 3,272,352
6.EBIT (F3-F4+F5) 432,001 496,707 416,896 364,133 395,720 684,992
9.Tax expenses 37,752 46,801 26,374 46,902 63,192 178,602
11.Cash dividends 116,025 127,628 127,628 51,051 88,488 46,235
3.Net cash flows from financing activities (135,565) 49,113 (15,017) (131,968) (45,461) 82,603
H.Miscellaneous
275
Thal Ltd. (Thousand Rupees)

Items 2016 2017 2018 2019 2020 2021
1.Cash & bank balance 937,128 842,399 1,325,900 1,068,600 1,384,288 2,680,774
i)Raw material 2,127,407 2,311,966 3,293,979 5,079,881 5,090,091 7,141,947
2.Reserves 19,968,693 24,563,742 26,442,063 29,164,862 31,148,349 36,224,847
1.Long term borrowings 0 0 0 0 1,173,692 1,321,085
F.Operations:
1.Sales 16,823,104 18,136,903 20,308,071 23,544,641 17,356,402 29,636,209
i)Local sales (Net) 16,296,171 17,875,011 19,871,826 23,057,734 16,084,677 27,874,870
2.Cost of sales 13,157,360 14,167,064 16,619,922 19,469,021 15,130,515 24,918,319
6.EBIT (F3-F4+F5) 3,935,696 7,252,116 5,109,941 5,635,508 4,499,510 7,953,427
of which: (i) Interest expenses 1,297 156 221 14,622 154,088 145,333
9.Tax expenses 1,026,509 1,740,022 1,547,656 1,648,356 1,095,094 1,870,122
11.Cash dividends 810,300 1,600,343 1,093,905 648,240 405,150 810,300
1.Net cash flows from operating activities 1,519,926 3,005,681 1,280,022 158,529 2,269,007 2,267,788
2.Net cash flows from investing activities 105,068 (549,300) (3,017,557) (281,566) (1,308,144) (2,601,693)
3.Net cash flows from financing activities (879,943) (916,209) (1,689,279) (877,358) (353,870) (601,873)
H.Miscellaneous
276
Treet Corporation Ltd. (Thousand Rupees)

Items 2016 2017 2018 2019 2020 2021
i)Raw material 680,335 799,931 1,249,072 1,920,158 1,482,238 1,525,781
3.Trade Debt / accounts receivables 616,893 888,344 1,035,898 1,235,283 878,646 938,767
4.Short term loans and advances 348,311 368,916 2,105,364 2,396,875 313,602 412,393
6.Other current assets 1,123,340 1,535,830 353,347 357,130 3,806,339 2,267,999
2.Reserves 6,100,461 6,548,490 6,162,771 2,742,023 180,742 1,580,934
ii)Revenue Reserve 1,551,710 1,521,427 798,519 (3,014,992) (5,664,846) (4,567,281)
of which: un-appropriated profit(loss) / retained earnings 1,285,310 1,255,027 539,197 (3,014,992) (5,664,846) (4,567,281)
1.Long term borrowings 112,670 56,426 0 0 179,558 265,675
F.Operations:
1.Sales 7,615,231 8,418,188 9,410,276 11,972,060 11,111,578 14,194,739
i)Local sales (Net) 5,739,890 6,540,998 7,322,577 9,394,421 8,993,213 11,626,126
2.Cost of sales 5,694,233 6,403,304 7,943,085 10,725,170 9,801,986 11,647,808
5.Other income / (loss) 231,817 270,043 151,108 243,562 (26,176) 1,396,730
6.EBIT (F3-F4+F5) 617,700 695,424 7,079 (662,372) (452,930) 1,579,034
8.Profit / (loss) before taxation (F6-F7) 267,796 304,576 (478,835) (1,948,764) (2,184,490) 523,792
9.Tax expenses 53,482 88,666 151,677 176,482 100,911 574,551
10.Profit / (loss) after tax (F8-F9) 214,314 215,910 (630,512) (2,125,246) (2,285,401) (50,759)
11.Cash dividends 137,804 0 0 0 0 174,834
1.Net cash flows from operating activities 396,628 (357,256) (1,541,469) (2,489,940) 421,419 630,052
2.Net cash flows from investing activities (3,777,910) (3,815,312) (2,261,344) (1,686,594) (412,330) 2,083,254
3.Net cash flows from financing activities 1,447,605 1,105,214 905,079 63,558 (168,007) 875,960
H.Miscellaneous
2.Retention in business (F10-F11-F12) 76,510 73,766 (630,512) (2,125,246) (2,285,401) (225,593)
277
Tri-Pack Films Ltd. (Thousand Rupees)

Items 2016 2017 2018 2019 2020 2021
i)Raw material 912,041 890,846 1,536,044 1,303,076 1,123,724 2,535,111
2.Reserves 3,412,818 3,566,469 3,343,479 2,871,360 3,487,925 4,319,491
of which: un-appropriated profit(loss) / retained earnings 0 962,362 739,372 267,253 883,818 1,715,384
1.Long term borrowings 2,544,408 1,424,024 1,070,001 900,185 2,173,048 2,789,773
3.Current portion of non-current liabilities 1,120,384 1,224,247 854,021 399,999 294,917 460,158
F.Operations:
1.Sales 11,778,067 12,255,793 13,224,068 14,683,267 15,089,802 19,054,464
i)Local sales (Net) 11,568,684 12,016,068 13,045,805 13,643,437 14,177,578 17,566,149
ii)Export sales (Net) 209,383 239,725 178,263 1,039,830 912,224 1,488,315
2.Cost of sales 9,784,453 10,489,889 11,847,875 13,193,443 12,649,012 15,848,306
6.EBIT (F3-F4+F5) 1,368,641 1,166,213 727,593 800,362 1,582,504 2,241,449
8.Profit / (loss) before taxation (F6-F7) 913,658 811,016 220,069 (19,118) 773,512 1,415,106
9.Tax expenses 159,176 238,374 62,712 290,696 159,401 373,246
10.Profit / (loss) after tax (F8-F9) 754,482 572,642 157,357 (309,814) 614,111 1,041,860
11.Cash dividends 388,000 388,000 155,200 0 194,000 504,400
1.Net cash flows from operating activities 2,149,861 110,135 (360,411) 3,576,427 2,418,637 (2,628,480)
2.Net cash flows from investing activities (192,999) (445,793) (537,626) (569,842) (1,673,540) (683,221)
3.Net cash flows from financing activities (1,787,182) 48,854 (1,134,219) (2,958,543) (61,093) 3,429,631
H.Miscellaneous
2.Retention in business (F10-F11-F12) 366,482 184,642 2,157 (309,814) 420,111 537,460
4.Salaries, wages and employee benefits 1,086,313 957,499 908,598 869,667 1,146,076 1,244,565
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) 19.45 14.76 - -7.98 15.83 26.85
278
United Brands Ltd. (Thousand Rupees)

Items 2016 2017 2018 2019 2020 2021
1.Capital work in progress 0 0 132 0 8,449 0
3.Operating fixed assets after deducting accumulated depreciation 1,005 812 4,391 5,487 6,621 14,736
4.Intangible assets 373 423 699 1,317 949 452
5.Long term investments 0 0 25,000 0 0 0
2.Inventories; of which 436,549 835,451 970,112 1,194,899 811,593 620,883
i)Raw material 0 0 0 0 22,429 98,148
iii)Finished goods 436,549 835,451 970,112 1,194,899 789,164 522,735
4.Short term loans and advances 5,582 264,326 606,294 0 124,979 22,110
2.Reserves (12,866) (6,845) (41,459) (611,464) (871,010) (809,170)
D.Non-Current Liabilities (D1+D2+D3+D4+D5) 0 212,000 0 0 9,012 12,838
1.Long term borrowings 0 212,000 0 0 9,012 12,571
1.Trade credit & other accounts payables 726,256 1,099,254 936,024 748,802 983,289 987,821
2.Short term borrowings 0 355,675 805,111 1,453,269 766,452 307,621
F.Operations:
1.Sales 1,483,737 1,389,745 3,776,649 4,048,617 3,574,526 3,286,744
i)Local sales (Net) 1,483,737 1,389,745 3,776,649 4,048,617 3,574,526 3,286,744
2.Cost of sales 1,254,493 1,046,814 2,793,084 3,020,437 2,687,818 2,756,931
i)Cost of material 0 0 0 0 2,489,941 2,344,196
3.Gross profit / (loss) (F1-F2) 229,244 342,931 983,565 1,028,180 886,708 529,813
6.EBIT (F3-F4+F5) 57,705 69,541 252,997 (47,102) 16,568 176,517
9.Tax expenses 23,188 48,125 155,309 178,104 138,085 67,556
10.Profit / (loss) after tax (F8-F9) 28,441 6,021 (29,214) (549,914) (259,546) 61,840
11.Cash dividends 0 5,400 0 0 0 0
2.Net cash flows from investing activities (505) (178) (29,753) (2,251) (11,570) (35,711)
3.Net cash flows from financing activities (39,342) 567,628 1,042,132 617,728 (673,083) (400,093)
H.Miscellaneous
2.Retention in business (F10-F11-F12) 28,441 621 (29,214) (549,914) (259,546) 61,840
3.Depreciation for the year 1,217 312 692 1,053 1,874 3,953
279
ZIL Ltd. (Thousand Rupees)

Items 2016 2017 2018 2019 2020 2021
i)Raw material 96,687 86,435 89,178 104,999 121,814 176,116
2.Reserves 77,940 97,737 123,279 186,157 190,390 (102,353)
of which: un-appropriated profit(loss) / retained earnings 0 0 117,279 180,157 184,390 (108,353)
2.Short term borrowings 230,004 210,000 190,000 0 0 115,000
F.Operations:
1.Sales 1,463,042 1,599,376 1,894,705 2,423,185 2,443,461 2,737,550
i)Local sales (Net) 1,463,042 1,599,376 1,894,705 2,423,185 2,443,461 2,737,550
2.Cost of sales 1,055,056 1,148,227 1,357,923 1,706,308 1,843,796 2,451,352
6.EBIT (F3-F4+F5) 26,049 59,320 77,282 151,529 67,515 (232,089)
8.Profit / (loss) before taxation (F6-F7) 6,043 41,228 59,157 125,611 50,940 (257,645)
9.Tax expenses 2,107 24,352 31,224 59,869 37,679 33,949
11.Cash dividends 3,061 7,653 9,184 21,429 7,653 0
H.Miscellaneous
2.Retention in business (F10-F11-F12) 875 9,223 18,749 44,313 5,608 (291,594)
280
Mineral Products
Performance at Glance
The balance sheet size of the mineral products sector increased by Rs 8.25 billion (14.09 percent) during
current year, reached at Rs 66.78 billion in FY21. Shareholders’ equity improved by 34.96 percent during
FY21, stands at Rs 34.69 billion. Mineral products sector posted an increase of Rs 5.49 billion in profit
after tax during FY21 compared with FY20.
Assets
Non-current assets of the sector stood at Rs 42.48 billion in FY21 reflecting a YoY growth of 21.52
percent during FY21. Capital work in progress decreased by Rs 3.86 billion during FY21. Operating fixed
assets (after deducting accumulated depreciation) constituting 88.08 percent share of non-current assets,
showed a YoY increase of Rs 10.97 billion during FY21.
Current assets increased by Rs 0.72 billion during FY21 while inventories decreased to Rs 8.21 billion.
Trade debt recorded a YoY decrease of Rs 1.77 billion during FY21, stood at Rs 3.29 billion in FY21.
Current Assets Non-Current Assets

2020 2021 2020 2021
14 40 37.42
11.59
12 35
10 30 26.45
8.21
billion Rs
25
billion Rs
8
5.06 20
6 4.89
3.29 15
4
10 6.40
1.33
2 0.781.27 2.54
5 1.541.54
0.06 0.05
0 0
Short term
Cash/bank
Inventories
Trade debt
loans and
advances
Capital Oper. fixed Intangible Long term

balance
work in assets minus assets investments

progress accc. Dep

Shareholders’ equity beefed up to Rs 34.69 billion from Rs 25.70 billion during FY21. Paid-up capital
and reserves remained significant factors in overall shareholders equity. Paid up capital increased by Rs
4.65 billion during FY21 whereas capital reserves decreased by Rs 0.31 billion during FY21. Revenue
reserves, containing 89.00 percent share of total reserves moved up to Rs 10.44 billion during FY21,
registered an increment of Rs 1.78 billion. Unappropriated profit increased by 10.58 percent during FY21.
281
Current liabilities decreased to Rs 18.81 billion from Rs 19.27 billion during FY21, showing a YoY
decline of 2.42 percent. Short term borrowings decreased to Rs 2.02 billion from Rs 5.49 billion during
FY21. Trade credit and other account payables (which constitute 73.01 percent share of total current

2020 2021 2020 2021
16 7
13.73 5.78
14 6 5.60
12 5
9.77 4.02 3.95
billion Rs
3.64 3.64
billion Rs
10 4
8 3
5.49
6 2
4 1
2.02 1.59 1.20 0.12 0.09
2 0
borrowings
current liabilities
loans / Sponsor's
Employees
obligations
Long term
0
Subordinated
benefit
Other non-
Trade credits Borrowings Current portion of
loans
long term
liabilities
liabilities), increased to Rs 13.73 billion during FY21, showing an increase of Rs 3.95 billion.
Non-current liabilities decreased to Rs 13.28 billion from Rs 13.55 billion during FY21 whereas long
term borrowing showed a decline of 3.14 percent during FY21, reached at Rs 5.60 billion.

Sales of mineral products showed an increase of Rs 15.82 billion along with a moderate increase in cost
of sales. As a result, gross profit increased by Rs 7.13 billion during FY21. Moreover, general
administrative and other expenses increased by Rs 1.43 billion during FY21. Consequently, profit before
Ratio Analysis Sales and Profitability

2020 2021 2020 2021
25 23.67 70
59.86
60
20
50 44.04 46.08
billion Rs
15
percent
37.39
11.94 11.41 40
10 30
6.49
2.07 20
5 3.76 0.96 2.98 2.18 8.45 7.15
0.79 10
2.02 1.66
0
0
Net profit Asset Return on Financial Return on
Sales Cost of sales Profit before Profit after
margin turnover assets leverage equity
tax tax
tax and after tax increased by Rs 6.43 billion and Rs 5.49 billion respectively during FY21.Improvement
in profit during FY21 resulted in better ROE and ROA. Precisely, ROE and ROA increased to 23.67 and
11.41 respectively from 6.49 and 2.98 in FY21 when compared with FY20. As a result, basic earnings per
share improved to 3.86 in FY21 from 1.19 in FY20.
282
Mineral products - Overall (Thousand Rupees)

Items 2016 2017 2018 2019 2020 2021
1.Capital work in progress 653,840 1,057,480 3,320,432 3,171,040 6,400,007 2,537,177
i)Raw material 1,651,807 1,748,865 2,148,199 2,746,128 2,975,558 3,857,358
5.Short term investments 0 10,995 155,470 4,067 203,826 1,691,314
2.Reserves 6,790,194 7,008,918 8,177,404 10,406,797 10,261,310 11,727,629
2.Subordinated loans / Sponsor's loans 482,080 482,080 482,080 3,635,082 3,635,082 3,635,082
F.Operations:
1.Sales 28,783,222 31,449,084 36,731,259 45,052,791 44,040,558 59,863,569
i)Local sales (Net) 27,741,262 30,303,938 35,976,004 42,999,516 41,193,476 56,094,169
ii)Export sales (Net) 1,041,960 1,145,146 755,255 2,053,275 2,847,082 3,769,400
2.Cost of sales 23,005,265 24,731,721 28,956,415 35,574,908 37,389,971 46,077,984
6.EBIT (F3-F4+F5) 3,081,050 3,949,665 5,058,677 6,170,775 3,095,098 9,337,287
9.Tax expenses 603,380 1,004,767 612,715 778,016 362,879 1,300,734
11.Cash dividends 2,281,193 1,620,339 2,350,651 3,059,955 1,257,179 10,274,359
3.Net cash flows from financing activities (1,126,687) (771,782) (1,176,305) 1,147,576 379,684 (6,334,830)
H.Miscellaneous
2.Retention in business (F10-F11-F12) (548,526) 616,248 1,625,536 1,619,123 (151,471) (3,471,778)
283
Balochistan Glass Ltd. (Thousand Rupees)

Items 2016 2017 2018 2019 2020 2021
6.Other non-current assets 0 81,952 8,465 0 0 0
i)Raw material 48,547 38,516 38,529 57,181 45,915 62,901
ii)Work in progress 2,966 705 811 3,213 837 3,860
2.Reserves (4,960,353) (5,443,457) (5,719,681) (5,840,436) (6,291,166) (6,253,493)
2.Subordinated loans / Sponsor's loans 482,080 482,080 482,080 3,635,082 3,635,082 3,635,082
5.Other non-current liabilities 1,074,470 223,849 222,469 57,878 56,794 69,608
F.Operations:
1.Sales 1,494,503 674,149 475,518 1,121,781 1,494,183 1,252,220
i)Local sales (Net) 1,462,763 660,741 471,166 1,111,195 1,473,617 1,239,179
2.Cost of sales 1,774,518 939,381 682,200 1,225,689 1,538,632 1,134,721
3.Gross profit / (loss) (F1-F2) (280,015) (265,232) (206,682) (103,908) (44,449) 117,499
6.EBIT (F3-F4+F5) (322,289) (279,151) (235,934) (61,273) (333,281) 133,226
9.Tax expenses (3,752) 3,088 (5,520) (8,416) 16,960 20,599
H.Miscellaneous
284
Frontier Ceramics Ltd. (Thousand Rupees)

Items 2016 2017 2018 2019 2020 2021
i)Raw material 42,173 29,224 45,246 78,342 85,913 120,561
2.Reserves (158,941) (135,162) (78,072) (150,640) (92,465) 24,503
3.Current portion of non-current liabilities 29,356 26,433 27,087 6,228 227 60,808
F.Operations:
1.Sales 408,447 426,926 664,996 781,835 1,115,224 2,828,952
i)Local sales (Net) 408,447 426,926 664,996 781,835 1,115,224 2,828,952
2.Cost of sales 377,322 396,004 559,338 764,920 1,002,502 2,556,869
6.EBIT (F3-F4+F5) 11,332 15,706 75,888 (20,138) 70,808 181,681
8.Profit / (loss) before taxation (F6-F7) 1,689 5,405 63,395 (62,765) 33,975 149,415
9.Tax expenses (867) 696 23,972 25,710 (9,877) 48,724
10.Profit / (loss) after tax (F8-F9) 2,556 4,709 39,423 (88,475) 43,852 100,691
3.Net cash flows from financing activities (1,926) 4,672 143,926 3,013 (50,092) (122,888)
H.Miscellaneous
2.Retention in business (F10-F11-F12) 2,556 4,709 39,423 (88,475) 43,852 100,691
285
Ghani Glass Ltd. (Thousand Rupees)

Items 2016 2017 2018 2019 2020 2021
1.Capital work in progress 313,597 464,570 2,294,047 1,221,827 770,222 1,112,448
5.Long term investments 838,272 848,428 965,061 1,308,869 1,401,189 1,393,876
1.Cash & bank balance 707,750 2,419,360 2,026,060 725,982 360,911 3,043,589
i)Raw material 635,682 479,785 568,286 738,594 816,005 933,769
iii)Finished goods 1,167,147 1,124,889 660,367 2,825,603 5,123,822 1,632,793
2.Reserves 8,061,788 8,688,023 8,738,105 10,160,783 10,634,624 8,705,741
i)Capital Reserve 867,883 2,149,077 867,883 867,883 867,883 867,883
2.Short term borrowings 0 0 0 680,500 26,000 0
4.Other current liabilities 0 647,252 431,481 365,406 1,244,029 326,001
F.Operations:
1.Sales 11,784,846 13,210,117 14,181,518 17,248,127 17,096,244 21,470,563
i)Local sales (Net) 11,470,133 12,820,816 14,181,518 16,007,192 15,409,960 19,476,664
ii)Export sales (Net) 314,713 389,301 0 1,240,935 1,686,284 1,993,899
2.Cost of sales 8,162,052 8,914,439 10,178,924 12,869,809 14,490,569 16,618,986
ii)Administrative and other expenses 630,906 757,024 879,871 1,013,717 829,527 1,427,798
6.EBIT (F3-F4+F5) 2,447,295 2,943,060 3,060,319 3,243,389 1,637,336 3,311,531
9.Tax expenses 436,465 631,249 184,445 87,347 90,288 (45,364)
11.Cash dividends 2,082,856 1,315,488 1,666,285 2,436,942 1,083,085 7,974,215
3.Net cash flows from financing activities (1,541,060) (1,214,139) (1,088,294) (323,884) (962,331) (3,292,613)
H.Miscellaneous
2.Retention in business (F10-F11-F12) (109,463) 986,794 1,199,827 706,579 429,991 (4,758,564)
286
Ghani Global Glass Limited (Thousand Rupees)

Items 2016 2017 2018 2019 2020 2021
i)Raw material 23,211 21,849 27,900 42,713 79,367 121,508
2.Reserves 424,993 168,267 434,837 319,190 372,367 (128,404)
5.Other non-current liabilities 368 400 400 400 1,422 875
of which: i) Trade credits 78,688 0 90,672 30,330 51,027 121,308
F.Operations:
1.Sales 66,022 330,008 496,002 792,024 1,297,084 1,398,168
i)Local sales (Net) 66,022 330,008 496,002 790,486 1,205,246 1,316,973
ii)Export sales (Net) 0 0 0 1,538 91,838 81,195
2.Cost of sales 62,569 317,104 486,736 739,851 1,010,742 973,950
6.EBIT (F3-F4+F5) (27,998) (43,928) (48,721) (44,540) 182,226 266,498
9.Tax expenses 5,696 3,300 (3,300) 0 0 22,935
10.Profit / (loss) after tax (F8-F9) (51,235) (115,926) (122,931) (147,598) 40,477 133,119
1.Net cash flows from operating activities (302,653) (327,437) (188,348) (70,530) 129,359 (18,651)
H.Miscellaneous
P1. Net Profit margin / Net profit to sales (F10 as % of F1) -77.60 -35.13 -24.78 -18.64 3.12 9.52
287
Ghani Value Glass Ltd. (Thousand Rupees)

Items 2016 2017 2018 2019 2020 2021
i)Raw material 62,705 84,547 102,375 104,805 161,648 179,998
2.Reserves 71,487 91,791 156,846 319,775 226,100 1,138,659
i)Capital Reserve 0 0 0 0 0 323,015
5.Other non-current liabilities 17,624 9,967 26,639 27,448 27,477 0
of which: i) Trade credits 0 49,398 35,105 16,956 23,076 264,614
F.Operations:
1.Sales 841,209 826,785 1,189,294 1,468,336 1,639,595 2,557,944
i)Local sales (Net) 833,431 821,200 1,189,294 1,466,705 1,634,403 2,555,482
ii)Export sales (Net) 7,778 5,585 0 1,631 5,192 2,462
2.Cost of sales 748,425 765,568 886,584 965,546 1,166,243 1,666,747
6.EBIT (F3-F4+F5) 20,969 12,957 197,868 341,137 229,376 526,578
9.Tax expenses 1,149 (7,581) 27,983 (8,989) (801) (62,965)
11.Cash dividends 0 0 112,319 262,077 174,094 348,188
3.Net cash flows from financing activities 37,563 0 45,258 (261,128) (117,139) 0
H.Miscellaneous
288
Karam Ceramics Ltd. (Thousand Rupees)

Items 2016 2017 2018 2019 2020 2021
i)Raw material 115,955 156,541 193,256 204,769 251,066 366,445
4.Short term loans and advances 1,505 931 757 2,575 640 1,282
2.Reserves 146,800 72,360 89,234 114,183 88,838 153,305
F.Operations:
1.Sales 1,196,043 860,670 1,210,391 1,439,294 927,013 1,126,645
i)Local sales (Net) 1,196,043 860,670 1,210,391 1,439,294 927,013 1,126,645
2.Cost of sales 1,137,370 838,541 1,073,960 1,251,818 993,756 1,090,904
5.Other income / (loss) 36,344 653 478 4,965 90,233 80,050
6.EBIT (F3-F4+F5) 47,340 (26,557) 69,738 113,306 (13,765) 80,507
8.Profit / (loss) before taxation (F6-F7) (65) (84,577) 16,211 51,497 (95,049) (7,802)
9.Tax expenses 22,382 (10,106) 2,422 22,619 (51,275) (49,431)
11.Cash dividends 0 0 11,639 7,274 0 0
2.Net cash flows from investing activities (56,467) (6,385) (8,144) (40,984) (27,917) 843
3.Net cash flows from financing activities 126,320 (72,350) (112,211) (71,354) 236,997 100,351
H.Miscellaneous
1.Total capital employed (C+D) 1,068,738 944,835 867,943 1,195,003 1,253,496 1,359,630
289
Safe Mix Concrete Ltd. (Thousand Rupees)

Items 2016 2017 2018 2019 2020 2021
i)Raw material 0 27,605 76,725 53,118 13,081 16,479
2.Reserves 6,442 (11,305) (8,944) (61,851) (72,644) (67,128)
1.Long term borrowings 47,036 35,278 49,926 21,044 313 463
2.Short term borrowings 0 11,759 0 0 0 0
F.Operations:
1.Sales 304,467 197,858 590,070 879,312 409,448 221,232
i)Local sales (Net) 304,467 197,858 590,070 879,312 409,448 221,232
2.Cost of sales 281,687 190,970 551,691 865,539 422,447 203,601
ii)Administrative and other expenses 61,441 987 29,750 24,942 24,413 12,396
6.EBIT (F3-F4+F5) (48,176) (10,232) 15,699 (25,227) (97,069) 8,216
8.Profit / (loss) before taxation (F6-F7) (54,898) (19,757) 4,420 (39,152) (110,022) (1,385)
9.Tax expenses (17,647) (2,989) 2,005 (9,382) (11,246) (7,952)
10.Profit / (loss) after tax (F8-F9) (37,251) (16,768) 2,415 (29,770) (98,776) 6,567
2.Net cash flows from investing activities 21,569 (9,195) (102,635) (3,122) 14,077 (4,066)
H.Miscellaneous
2.Retention in business (F10-F11-F12) (37,251) (16,768) 2,415 (29,770) (98,776) 6,567
P1. Net Profit margin / Net profit to sales (F10 as % of F1) -12.23 -8.47 0.41 -3.39 -24.12 2.97
P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)} -8.15 -3.50 0.38 -4.37 -17.98 1.30
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) -1.49 -0.67 0.10 -1.19 -3.95 0.26
290
Shabbir Tiles And Ceramics Ltd. (Thousand Rupees)

Items 2016 2017 2018 2019 2020 2021
i)Raw material 328,735 484,229 569,371 698,264 645,772 810,244
5.Short term investments 0 0 0 0 200,000 1,679,595
2.Reserves 750,449 598,965 793,371 908,052 522,448 1,447,336
D.Non-Current Liabilities (D1+D2+D3+D4+D5) 760,783 460,510 1,043,506 649,113 540,095 994,766
2.Short term borrowings 410,093 990,265 0 191,381 0 0
3.Current portion of non-current liabilities 250,000 250,000 0 49,900 1,275,276 339,356
F.Operations:
1.Sales 4,611,670 5,020,008 5,767,082 6,933,077 6,474,469 9,904,498
i)Local sales (Net) 4,573,274 5,016,317 5,765,367 6,933,077 6,474,469 9,904,498
2.Cost of sales 4,079,325 4,485,107 4,509,865 5,321,210 5,377,723 6,844,271
i)Selling & distribution expenses 488,260 514,307 748,488 927,447 1,036,180 1,394,662
6.EBIT (F3-F4+F5) (33,199) (96,344) 345,304 459,450 (193,739) 1,557,186
8.Profit / (loss) before taxation (F6-F7) (116,087) (189,770) 247,183 372,504 (280,817) 1,449,742
9.Tax expenses 545 (38,286) 52,777 138,163 44,957 524,854
11.Cash dividends 0 0 119,660 59,830 0 299,150
1.Net cash flows from operating activities 654,747 22,338 1,677,582 671,109 1,113,550 107,444
H.Miscellaneous
291
Tariq Glass Industries Ltd. (Thousand Rupees)

Items 2016 2017 2018 2019 2020 2021
1.Capital work in progress 40,343 323,358 289,187 1,841,746 5,453,307 256,878
i)Raw material 394,799 426,569 526,511 768,342 876,791 1,245,453
iii)Finished goods 1,028,077 923,716 618,747 1,589,892 2,010,354 1,089,455
6.Other current assets 1,098,531 1,209,007 1,073,966 990,884 1,185,046 1,192,390
1.Issued, Subscribed & Paid up capital 734,580 734,580 734,580 734,580 1,101,870 1,377,338
i)Ordinary shares 734,580 734,580 734,580 734,580 1,101,870 1,377,338
2.Reserves 2,447,529 2,979,436 3,771,708 4,637,741 4,873,208 6,707,110
F.Operations:
1.Sales 8,076,015 9,902,563 12,156,388 14,389,005 13,587,298 19,103,347
i)Local sales (Net) 7,426,682 9,169,402 11,407,200 13,590,420 12,544,096 17,424,544
2.Cost of sales 6,381,997 7,884,607 10,027,117 11,570,526 11,387,357 14,987,935
5.Other income / (loss) 7,495 23,998 14,518 38,487 21,101 (440)
6.EBIT (F3-F4+F5) 985,776 1,434,154 1,578,516 2,164,671 1,613,206 3,271,864
9.Tax expenses 159,409 425,396 327,931 530,964 283,873 849,334
11.Cash dividends 198,337 304,851 440,748 293,832 0 1,652,806
1.Net cash flows from operating activities 1,049,480 1,904,033 2,194,179 505,517 1,168,198 4,808,845
2.Net cash flows from investing activities (702,505) (522,712) (1,050,002) (3,427,843) (2,909,218) (889,297)
3.Net cash flows from financing activities (289,905) (555,834) (1,411,014) 1,676,408 1,786,024 (3,332,663)
H.Miscellaneous
2.Retention in business (F10-F11-F12) 291,729 454,840 656,374 1,029,846 210,655 112,230
292
Cement
The balance sheet size of the cement sector increased by Rs 103.53 billion (11.57 percent),
reached at Rs 998.52 billion during FY21. Shareholders’ equity showed an improvement by 13.75
percent during the current year on the back of strong profit after tax (compare to a loss during
FY20). Besides, the gross profit posted a hefty amount of Rs 116.16 billion, which is Rs 90.28
billion greater than FY20 gross profit.
Assets
Non-current assets of the sector stood at Rs 736.52 billion during FY21 reflecting a YoY growth
of 5.29 percent. Capital work in progress moved to Rs 143.26 billion during FY21, showing an
increase of Rs 8.13 billion. Operating fixed assets (after deducting accumulated depreciation)
posted a YoY growth of 4.11 percent. Long-term investments moved up to Rs 64.51 billion
during FY21, recording an increase of Rs 8.40 billion.
Non-Current Assets Current Assets

FY 20 FY 21 Growth (YoY) RHS
FY 20 FY 21 Growth (YoY) RHS
14.98 60 202.19 250
600 16
14 50 200
500 12
400 10 40 150
billion Rs
8
billion Rs
300 6.02 6 30 100

4.11 4
200 20 41.69 50
2
100 0 10 -1.78 -0.72 0
-2
-2.99
0 -4 0 -50
CW in Op. F.A min Intangible L.T Inv. Cash/bank Inventories Trade Debt S T Inv.
progress accc. Dep Assets balance
Current assets, of the cement sector improved by Rs 66.51 billion during FY21, reflecting a YoY
growth of 34.02 percent. Besides, inventories increased by Rs 16.31 billion (41.69 percent)
during the current year.
Shareholder's Equity
Shareholders’ Equity & Liabilities FY 20 FY 21 Growth (YoY) RHS
Shareholders’ equity showed an 450 29.46 35
improvement, reached at Rs 486.08 billion 400 30
350 25
during FY21. Issued, subscribed & paid-up 300
16.98
20
billion Rs
capital (IS&PC) increased by Rs 4.45 250 15

billion (6.42 percent) during FY21. 200 6.42 10
Besides, reserves grew by 16.98 percent 150 5
100 -4.75 0
during FY21. Surplus on Revaluation of
50 -5
fixed asset (SRFA) decreased by 4.75
0 -10
SRFA
I & PC
Reserves
Un-appr P/L
Total liabilities showed a YoY growth of

9.57 percent to consolidate its position up
to Rs 512.44 billion during FY21. Share of
293
total liabilities in total size of balance sheet of cement sector recorded was 51.32 percent during
FY21. Further break up of liabilities reveal that the shares of non-current and current liabilities in
total liabilities remained unchanged during FY21. Trade credits & other account payable
increased by Rs 38.70 billion during FY21. Short-term borrowing dropped to Rs 58.59 billion,
recorded a decline of 30.88 percent during FY21.
Non-Current Liabilities Current Liabilities

FY 19 FY 20 Growth YoY (RHS) FY 20 FY 21 Growth (YoY) RHS
160 160
250 18
17.06 137.09 140
16 140
120
200 14 120
100
billion Rs
12 100 80
150
billion Rs
10 80 60
9.42
8 37.87 40
100 60
16.61
6 20
40
4 -30.88 0
50
1.78 20 -20
2
0 0 0 -40
LT borrowings Emps benefit Other NC lib Trade credits Borrowings Current Other current
portion of liabilities
long term
liabilities
Moreover, non-current liabilities increased by 4.97 percent, reached to Rs 269.01 billion during
FY21. Long term borrowing (which constituted 74.72 percent share of non-current liabilities)
showed a YoY growth of 1.78 percent. Other non-current liabilities increased to Rs 60.86 billion
during FY21.

Sales of cement sector recoded a phenomenal rise of Rs 180.52 billion, jumped up to Rs 504.91
billion during FY21 whereas the cost of sales increased by Rs 90.24 billion. As a result, the gross
profit rose to Rs 116.16 billion, posted an impressive growth of 348.93 percent during FY21.
Besides, General, administrative & other expenses recorded a low growth, resulting in very high
EBIT during FY21 (nearly nine times of FY21). Further, the financial expenses during FY21
declined by Rs 5.78 billion, which led to a profit before tax of Rs 78.10 billion compare to a loss
of Rs 10.06 billion during FY20. The profit after tax was Rs 62.11 billion during FY21, posted a
huge rise of Rs 68.74 billion.
Ratio analysis shows good performance of the sector during FY21. Almost all ratios portrayed
positive performance of sector. Net profit margin, a ratio of profit after tax to sales moved up
from -2.04 during FY20 to 12.30 during FY21. Return on assets increased to 6.56 during FY21
and return on equity also increased to 13.60 during the current year as compared to the previous
year. Assets turnover increased to 0.53 during FY21.
294
Cement - Overall (Thousand Rupees)

Items 2016 2017 2018 2019 2020 2021
i)Raw material 5,662,344 6,089,665 8,969,995 9,891,068 10,409,065 20,737,714
ii)Preference shares 0 0 0 0 0 2,445,853
2.Reserves 231,582,758 281,942,120 316,278,239 340,452,722 328,306,331 384,043,647
F.Operations:
1.Sales 298,167,549 303,794,236 324,768,473 352,067,164 324,391,751 504,911,544
i)Local sales (Net) 264,502,803 279,072,432 300,515,460 315,482,795 283,117,918 456,502,059
2.Cost of sales 185,262,268 197,065,776 235,635,877 276,136,665 298,517,157 388,752,597
6.EBIT (F3-F4+F5) 96,629,791 91,128,476 71,872,991 59,678,548 10,363,825 92,734,540
8.Profit / (loss) before taxation (F6-F7) 91,360,986 87,664,979 67,474,092 48,736,091 (10,055,565) 78,097,165
9.Tax expenses 27,104,544 24,949,274 6,750,294 9,826,127 (3,430,111) 15,983,102
10.Profit / (loss) after tax (F8-F9) 64,256,442 62,715,705 60,723,798 38,909,964 (6,625,454) 62,114,063
11.Cash dividends 23,415,440 24,708,285 21,154,072 12,714,463 480,995 14,370,529
12.Bonus shares / stock dividends 0 0 692,571 176,632 0 0
H.Miscellaneous
295
Attock Cement Pakistan Ltd. (Thousand Rupees)

Items 2016 2017 2018 2019 2020 2021
1.Capital work in progress 1,797,029 11,333,108 820,977 204,459 4,195 2,964,263
2.Inventories; of which 599,753 456,601 977,687 1,406,666 1,352,684 1,122,612
i)Raw material 196,298 168,881 248,918 262,863 263,982 294,436
5.Short term investments 4,273,362 0 0 0 0 1,914,887
2.Reserves 9,301,618 10,802,410 13,727,410 14,725,189 15,178,386 15,826,272
1.Long term borrowings 4,029 1,501,033 3,448,293 2,195,415 282,706 2,420,400
5.Other non-current liabilities 809,516 817,747 0 351,283 1,081,132 1,569,074
3.Current portion of non-current liabilities 3,927 2,996 1,253,911 1,252,878 47,865 300,453
F.Operations:
1.Sales 13,918,340 14,735,172 16,495,659 20,780,934 18,500,574 21,244,562
i)Local sales (Net) 10,685,696 11,761,391 13,279,513 13,685,598 9,513,529 12,034,329
2.Cost of sales 8,331,840 8,842,960 11,697,583 15,978,032 14,251,503 16,601,998
i)Selling & distribution expenses 954,746 903,531 782,218 1,414,820 1,830,945 2,203,448
6.EBIT (F3-F4+F5) 4,257,015 4,472,290 3,380,551 3,051,645 2,058,385 1,897,401
9.Tax expenses 1,345,683 1,409,864 (1,270,405) 330,000 425,000 432,562
11.Cash dividends 1,431,531 1,546,054 916,180 549,708 480,995 549,708
3.Net cash flows from financing activities (1,205,610) 166,028 1,537,538 (2,168,907) (3,728,868) 2,369,121
H.Miscellaneous
2.Retention in business (F10-F11-F12) 1,458,492 1,488,003 3,254,559 1,523,493 626,497 557,644
3.Depreciation for the year 428,202 437,171 2,428,490 794,912 820,751 823,029
4.Salaries, wages and employee benefits 1,944,140 2,157,570 536,808 2,406,177 2,375,334 2,654,428
296
Bestway Cement Ltd. (Thousand Rupees)

Items 2016 2017 2018 2019 2020 2021
i)Raw material 439,517 473,181 631,560 504,315 324,131 768,256
4.Short term loans and advances 861,913 1,384,348 671,366 407,771 175,924 134,976
2.Reserves 36,189,526 41,806,727 47,347,344 51,643,390 48,690,672 54,160,006
1.Long term borrowings 16,500,000 10,000,000 5,500,000 0 11,542,250 11,871,853
3.Current portion of non-current liabilities 0 0 4,633,544 5,625,093 272,171 1,186,723
F.Operations:
1.Sales 45,721,040 51,623,476 52,883,667 53,601,512 37,128,726 56,864,324
i)Local sales (Net) 40,599,384 46,387,134 47,676,528 49,559,190 35,236,367 54,143,904
2.Cost of sales 24,573,384 29,090,753 33,928,169 37,556,552 36,011,992 40,260,925
i)Selling & distribution expenses 1,176,860 1,558,903 1,627,168 1,339,086 794,213 611,242
6.EBIT (F3-F4+F5) 18,900,494 19,494,881 15,564,899 14,744,023 1,645,221 16,608,625
9.Tax expenses 5,197,577 5,371,526 1,806,758 3,148,265 (555,732) 3,960,315
11.Cash dividends 5,793,849 7,155,034 7,155,034 6,558,781 0 8,347,539
1.Net cash flows from operating activities 15,334,103 13,684,366 11,948,648 15,806,570 (1,960,914) 15,892,621
2.Net cash flows from investing activities (299,235) (2,948,864) (12,083,392) (3,250,837) (422,176) (889,785)
H.Miscellaneous
2.Retention in business (F10-F11-F12) 6,086,568 6,137,606 6,002,672 3,538,504 49,252 3,230,185
297
Cherat Cement Co. Ltd. (Thousand Rupees)

Items 2016 2017 2018 2019 2020 2021
1.Capital work in progress 73,723 723,580 11,528,272 626,166 159,633 1,802,106
2.Inventories; of which 304,530 843,820 753,638 1,268,194 962,470 1,005,590
i)Raw material 58,633 120,557 146,179 200,060 181,018 183,685
2.Reserves 7,373,870 8,695,389 9,407,430 9,989,851 8,110,608 11,646,602
1.Trade credit & other accounts payables 1,444,716 812,964 1,990,431 1,863,434 1,953,972 2,264,938
F.Operations:
1.Sales 7,079,368 9,645,399 14,388,349 15,862,647 17,090,155 25,206,811
i)Local sales (Net) 5,754,801 8,556,474 12,832,259 13,836,016 14,321,841 22,312,021
2.Cost of sales 4,445,307 6,432,281 11,249,153 12,979,533 16,703,668 18,478,508
6.EBIT (F3-F4+F5) 2,095,105 2,698,006 2,503,952 2,190,327 (195,730) 5,861,395
9.Tax expenses 646,205 553,229 15,248 (714,995) (829,619) 1,132,162
11.Cash dividends 574,053 794,843 883,159 176,632 0 437,164
1.Net cash flows from operating activities 2,306,111 204,492 2,660,213 1,415,499 3,521,816 6,886,130
3.Net cash flows from financing activities 3,255,849 1,372,967 8,510,773 2,457,644 (3,221,023) (4,910,206)
H.Miscellaneous
2.Retention in business (F10-F11-F12) 831,139 1,161,719 1,248,960 1,409,499 (1,893,108) 2,767,892
298
D.G. Khan Cement Co. Ltd. (Thousand Rupees)

Items 2016 2017 2018 2019 2020 2021
i)Raw material 464,509 308,079 498,539 482,960 579,606 635,743
2.Reserves 63,354,906 70,487,688 72,753,230 66,547,224 62,262,966 69,096,682
3.Current portion of non-current liabilities 1,284,046 523,778 2,336,910 5,080,511 2,048,901 6,433,943
F.Operations:
1.Sales 31,946,614 30,136,165 30,668,428 40,516,525 38,033,124 45,107,690
i)Local sales (Net) 28,091,595 26,742,091 27,938,573 35,253,561 28,647,863 35,523,537
2.Cost of sales 19,514,551 18,291,600 21,928,207 35,154,086 36,447,218 37,035,798
i)Selling & distribution expenses 965,870 979,045 898,156 1,305,695 1,783,422 1,950,056
6.EBIT (F3-F4+F5) 11,961,837 11,541,002 7,889,345 5,294,943 897,098 7,692,280
9.Tax expenses 3,408,616 3,182,766 (1,467,530) 381,082 (1,597,527) 1,050,132
11.Cash dividends 2,628,715 3,285,893 1,862,006 438,119 0 438,119
1.Net cash flows from operating activities 10,671,379 5,877,328 8,910,698 (1,530,631) (343,131) 6,161,190
3.Net cash flows from financing activities (170,210) 6,861,444 3,705,515 (872,069) 2,519,577 2,374,853
H.Miscellaneous
299
Dadabhoy Cement Industries Ltd. (Thousand Rupees)

Items 2016 2017 2018 2019 2020 2021
A.Non-Current Assets (A1+A3+A4+A5+A6) 4,318,528 4,309,413 4,309,413 4,309,413 0 976
2.Operating fixed assets at cost 4,419,177 4,419,177 4,419,177 4,419,177 0 0
3.Operating fixed assets after deducting accumulated depreciation 4,318,525 4,309,410 4,309,410 4,309,410 0 976
B.Current Assets (B1+B2+B3+B4+B5+B6) 24 15 15 15 255,037 247,866
6.Other current assets 0 0 0 0 2,087 3,504
Total Assets (A+B) / Equity & Liabilities (C+D+E) 4,318,552 4,309,428 4,309,428 4,309,428 255,037 248,842
2.Reserves (701,005) (680,455) (680,455) (680,455) (735,606) (742,285)
3.Surplus on revaluation of fixed assets 1,774,120 1,789,030 1,789,030 1,789,030 0 0
D.Non-Current Liabilities (D1+D2+D3+D4+D5) 1,708,157 1,676,834 1,676,834 1,676,834 0 0
of which: i) Trade credits 51,739 51,739 51,739 51,739 0 0
F.Operations:
1.Sales 0 0 0 0 0 0
6.EBIT (F3-F4+F5) (4,813) 3,347 3,347 3,347 (4,589) (6,677)
9.Tax expenses (28,304) (14,358) (14,358) (14,358) 0 0
2.Net cash flows from investing activities 1,961 0 0 0 0 (1,094)
3.Net cash flows from financing activities 12,620 4,286 4,286 4,286 0 0
H.Miscellaneous
1.Total capital employed (C+D) 3,763,638 3,767,775 3,767,775 3,767,775 246,760 240,081
4.Salaries, wages and employee benefits 2,111 1,811 1,811 1,811 430 1,208
300
Dandot Cement Co. Ltd. (Thousand Rupees)

Items 2016 2017 2018 2019 2020 2021
B.Current Assets (B1+B2+B3+B4+B5+B6) 910,577 1,015,515 765,872 875,393 569,759 415,912
i)Raw material 1,489 13,622 35,033 78,627 89,444 89,993
ii)Work in progress 13,948 105,919 115,847 99,408 28,613 0
C.Shareholders' Equity (C1+C2+C3) (1,375,801) (1,874,967) (1,726,566) 666,355 730,384 860,405
2.Reserves (4,439,958) (4,605,747) (5,260,127) (2,782,269) (2,637,649) (2,431,461)
i)Capital Reserve 31,801 31,801 31,801 1,805,242 2,564,328 2,772,091
1.Trade credit & other accounts payables 2,237,880 1,797,765 2,143,844 905,966 699,142 597,108
of which: i) Trade credits 1,009,972 1,467,560 1,871,455 684,979 501,399 398,283
2.Short term borrowings 1,427,909 1,427,909 1,720,257 0 0 0
4.Other current liabilities 554,742 1,186,798 963,989 492,873 369,153 385,247
F.Operations:
1.Sales 2,346,937 1,806,252 1,306,529 1,593,517 296,106 0
i)Local sales (Net) 2,346,937 1,806,252 1,306,529 1,593,517 296,106 0
2.Cost of sales 2,359,394 2,053,298 1,755,560 1,937,197 489,593 0
3.Gross profit / (loss) (F1-F2) (12,457) (247,046) (449,031) (343,680) (193,487) 0
5.Other income / (loss) 2,536 1,846 2,024 1,193,873 (17,871) 128,839
6.EBIT (F3-F4+F5) (84,785) (327,395) (543,693) 769,983 (248,422) 87,037
9.Tax expenses 23,478 (11,716) (10,893) (14,764) 75,343 (31,028)
10.Profit / (loss) after tax (F8-F9) (280,253) (500,117) (717,909) 624,545 (695,056) (77,742)
3.Net cash flows from financing activities (22,907) (30,585) 432,052 416,708 273,973 199,331
H.Miscellaneous
1.Total capital employed (C+D) 180,214 (13,069) 335,341 3,685,140 3,745,771 3,695,896
P1. Net Profit margin / Net profit to sales (F10 as % of F1) -11.94 -27.69 -54.95 39.19 -234.73 -
301
Dewan Cement Ltd. (Thousand Rupees)

Items 2016 2017 2018 2019 2020 2021
i)Raw material 193,609 248,524 322,928 195,822 57,909 73,819
2.Reserves 3,578,723 5,001,066 6,122,758 6,043,059 4,873,153 4,601,681
of which: un-appropriated profit(loss) / retained earnings 0 4,371,622 5,493,314 5,413,615 4,243,709 3,972,237
of which: i) Trade credits 570,785 1,141,222 1,188,153 950,807 792,253 602,359
4.Other current liabilities 1,115,378 1,058,081 938,104 954,657 807,367 807,367
F.Operations:
1.Sales 12,879,095 12,856,279 13,423,885 12,054,025 5,832,951 6,259,915
i)Local sales (Net) 11,912,532 11,991,381 13,035,645 11,400,141 5,642,315 6,259,915
2.Cost of sales 10,232,405 10,322,230 11,355,978 10,826,727 6,349,360 5,900,233
i)Cost of material 1,173,433 1,549,589 1,376,624 1,369,091 711,249 702,036
3.Gross profit / (loss) (F1-F2) 2,646,690 2,534,049 2,067,907 1,227,298 (516,409) 359,682
4.General, administrative and other expenses 1,010,611 1,066,919 998,593 931,643 952,752 638,609
6.EBIT (F3-F4+F5) 1,933,511 1,595,159 1,269,445 299,206 (1,465,887) (259,513)
8.Profit / (loss) before taxation (F6-F7) 1,911,834 1,569,588 1,247,656 278,464 (1,478,590) (271,928)
9.Tax expenses 411,893 263,797 345,414 553,768 (154,125) 394,510
10.Profit / (loss) after tax (F8-F9) 1,499,941 1,305,791 902,242 (275,304) (1,324,465) (666,438)
1.Net cash flows from operating activities 1,578,495 2,743,351 1,642,451 1,282,923 462,084 54,819
2.Net cash flows from investing activities (1,416,511) (2,966,366) (645,783) (826,880) (196,711) (3,849)
3.Net cash flows from financing activities (287,863) 142,736 (1,020,905) (483,510) (245,849) (79,778)
H.Miscellaneous
2.Retention in business (F10-F11-F12) 1,499,941 1,305,791 902,242 (275,304) (1,324,465) (666,438)
4.Salaries, wages and employee benefits 582,332 1,083,378 1,267,186 1,241,157 1,134,050 961,329
302
Fauji Cement Co. Ltd. (Thousand Rupees)

Items 2016 2017 2018 2019 2020 2021
1.Capital work in progress 20,639 1,559,170 157,763 287,638 2,808 202,087
i)Raw material 125,247 146,330 249,944 212,849 269,467 413,570
3.Trade Debt / accounts receivables 569,101 1,148,618 1,168,343 947,046 1,050,640 1,449,600
5.Short term investments 1,324,485 0 0 0 0 4,397,699
2.Reserves 4,629,705 7,247,360 8,055,175 8,464,797 7,370,555 10,841,906
i)Capital Reserve (1,384,259) 0 0 0 0 0
1.Long term borrowings 1,486,178 1,063,045 636,868 317,835 504,983 565,095
1.Trade credit & other accounts payables 1,968,031 595,672 1,024,758 948,864 1,163,246 1,822,642
2.Short term borrowings 78,037 312,441 1,638,886 990,112 1,869,167 1,616,787
3.Current portion of non-current liabilities 2,525,955 441,421 443,284 339,433 352,357 407,069
F.Operations:
1.Sales 20,044,438 20,423,356 21,160,878 20,798,082 17,231,709 24,271,285
i)Local sales (Net) 17,915,528 19,698,210 19,725,446 19,534,556 15,813,705 22,801,013
ii)Export sales (Net) 2,128,910 725,146 1,435,432 1,263,526 1,418,004 1,470,272
2.Cost of sales 10,879,156 15,985,679 16,124,517 15,474,771 16,582,605 18,206,880
4.General, administrative and other expenses 1,099,428 797,222 894,493 953,003 673,562 1,092,192
6.EBIT (F3-F4+F5) 8,334,652 4,083,181 4,245,962 4,518,666 60,533 5,217,315
9.Tax expenses 2,464,106 1,317,010 668,685 1,587,610 (113,886) 1,636,341
11.Cash dividends 3,794,491 1,119,039 2,486,753 1,865,065 0 0
2.Net cash flows from investing activities (1,006,738) 482,432 (1,413,028) (2,025,760) (545,109) (5,141,658)
3.Net cash flows from financing activities (7,596,066) (4,094,793) (3,118,795) (3,012,304) (1,181,854) (5,455)
H.Miscellaneous
2.Retention in business (F10-F11-F12) 1,572,709 1,494,172 942,711 959,233 (59,381) 3,471,351
303
Fecto Cement Ltd. (Thousand Rupees)

Items 2016 2017 2018 2019 2020 2021
i)Raw material 668,285 792,402 846,140 954,833 1,010,186 1,148,693
2.Reserves 2,731,850 3,392,223 3,708,561 3,829,967 3,006,411 2,965,462
i)Capital Reserve 0 0 550,000 132,751 104,346 130,684
2.Short term borrowings 0 0 0 0 570,514 789,912
F.Operations:
1.Sales 5,031,622 5,130,744 4,902,784 4,740,496 3,463,904 4,961,375
i)Local sales (Net) 4,204,696 4,551,604 4,546,512 4,332,388 3,033,739 4,652,803
2.Cost of sales 3,408,172 3,573,968 3,875,479 4,146,193 4,179,341 4,673,876
3.Gross profit / (loss) (F1-F2) 1,623,450 1,556,776 1,027,305 594,303 (715,437) 287,499
6.EBIT (F3-F4+F5) 1,171,359 1,092,946 602,894 135,720 (1,005,673) 12,434
of which: (i) Interest expenses 10,490 2 1,181 3,201 25,877 72,738
8.Profit / (loss) before taxation (F6-F7) 1,158,876 1,091,492 599,628 130,343 (1,034,246) (63,381)
9.Tax expenses 345,051 330,799 157,890 41,368 (264,175) 3,906
11.Cash dividends 351,120 100,320 45,144 25,080 0 0
1.Net cash flows from operating activities 1,053,964 464,651 325,550 (9,607) (735,513) (259,341)
H.Miscellaneous
304
Flying Cement Co. Ltd. (Thousand Rupees)

Items 2016 2017 2018 2019 2020 2021
2.Inventories; of which 218,230 210,155 316,862 457,639 1,307,317 970,618
i)Raw material 17,051 19,834 20,743 89,737 145,093 35,763
ii)Work in progress 197,471 188,257 284,575 343,225 1,145,937 830,352
6.Other current assets 273,384 966,937 1,903,172 879,253 1,622,824 852,916
2.Reserves 287,027 479,767 692,095 2,380,802 2,368,397 1,245,854
i)Capital Reserve 126,979 126,979 126,979 1,642,654 2,097,654 824,277
4.Employees benefit obligations 652 845 964 1,260 0 0
of which: i) Trade credits 1,550,856 1,618,122 309,109 630,314 948,145 948,145
2.Short term borrowings 110,353 81,052 705,598 506,778 2,326,754 1,223,771
3.Current portion of non-current liabilities 0 0 237,249 58,252 18,252 1,358,298
4.Other current liabilities 60,246 33,858 39,680 53 60 59
F.Operations:
1.Sales 2,475,778 2,470,225 2,910,361 3,271,375 1,079,508 3,205,728
i)Local sales (Net) 2,475,778 2,470,225 2,910,361 3,271,375 1,079,508 3,205,728
2.Cost of sales 2,309,063 2,266,868 2,653,476 3,080,762 1,541,892 2,902,792
6.EBIT (F3-F4+F5) 198,251 206,966 277,000 216,880 (432,862) 325,372
9.Tax expenses 49,639 37,625 51,627 41,799 17,895 110,013
11.Cash dividends 0 0 0 0 0 4,272,864
1.Net cash flows from operating activities 172,277 (222,684) (1,119,844) 1,335,382 (1,035,066) 1,429,380
3.Net cash flows from financing activities 4,218 670,791 1,702,902 821,009 3,207,623 1,521,933
H.Miscellaneous
2.Retention in business (F10-F11-F12) 145,697 161,257 181,508 142,362 (530,720) (4,129,181)
305
Gharibwal Cement Ltd. (Thousand Rupees)

Items 2016 2017 2018 2019 2020 2021
1.Capital work in progress 2,986,937 1,699,193 655,907 783,446 45,219 341,958
i)Raw material 59,980 63,833 75,208 135,187 145,421 79,248
5.Short term investments 104,172 20,000 0 0 0 0
2.Reserves 2,559,381 4,004,398 5,082,961 5,392,574 5,476,138 6,981,112
2.Short term borrowings 0 0 1,343,624 1,099,749 10,579 11,694
3.Current portion of non-current liabilities 527,738 830,375 0 0 794,814 1,135,537
F.Operations:
1.Sales 10,522,318 11,222,789 11,704,607 11,174,327 8,714,089 12,106,985
i)Local sales (Net) 10,314,178 10,984,938 11,562,050 11,134,088 8,714,089 12,106,985
ii)Export sales (Net) 208,140 237,851 142,557 40,239 0 0
2.Cost of sales 6,350,064 7,368,843 8,771,957 8,715,542 8,627,816 8,930,275
i)Cost of material 737,955 1,398,308 1,563,555 963,457 1,063,172 1,213,314
6.EBIT (F3-F4+F5) 3,973,491 3,352,736 2,213,084 1,987,782 44,918 2,709,087
9.Tax expenses 1,013,573 760,980 273,895 643,497 (693,006) 736,715
11.Cash dividends 1,000,685 1,200,822 600,411 200,137 0 300,205
2.Net cash flows from investing activities (2,543,922) (3,795,935) (1,336,824) (170,108) (190,751) (448,550)
H.Miscellaneous
2.Retention in business (F10-F11-F12) 1,680,371 1,082,875 909,243 536,275 131,317 1,251,178
306
Kohat Cement Co. Ltd. (Thousand Rupees)

Items 2016 2017 2018 2019 2020 2021
1.Capital work in progress 173,299 681,621 1,153,041 13,865,772 164,578 298,378
i)Raw material 98,499 78,575 74,887 35,782 105,153 173,587
5.Short term investments 5,563,777 5,219,113 5,159,792 1,947,139 160,131 2,999,497
2.Reserves 12,225,003 13,761,171 16,431,651 17,664,026 16,718,060 20,214,926
2.Short term borrowings 598,000 200,000 0 243,000 1,301,609 498,000
F.Operations:
1.Sales 14,019,843 13,540,305 13,438,843 15,645,649 11,300,241 24,057,376
i)Local sales (Net) 12,803,787 12,890,517 12,919,993 14,939,276 10,699,834 23,019,888
ii)Export sales (Net) 1,216,056 649,788 518,850 706,373 600,407 1,037,488
2.Cost of sales 7,523,278 7,712,937 9,113,482 11,472,502 11,324,561 18,092,027
3.Gross profit / (loss) (F1-F2) 6,496,565 5,827,368 4,325,361 4,173,147 (24,320) 5,965,349
6.EBIT (F3-F4+F5) 6,252,184 5,519,886 4,076,883 3,722,136 (147,612) 5,403,009
9.Tax expenses 1,765,991 1,890,110 990,357 1,207,415 (113,579) 1,388,447
11.Cash dividends 927,052 2,163,122 772,544 502,153 0 -
1.Net cash flows from operating activities 2,979,188 3,565,091 3,026,005 4,745,271 (502,396) 5,089,315
3.Net cash flows from financing activities (1,816,880) (2,684,888) (790,815) 4,453,920 838,909 (943,014)
H.Miscellaneous
2.Retention in business (F10-F11-F12) 3,481,024 1,381,692 1,743,925 1,966,503 (443,736) 3,497,507
4.Salaries, wages and employee benefits 790,894 842,035 826,873 1,248,007 652,631 1,208,003
307
Lucky Cement Ltd. (Thousand Rupees)

Items 2016 2017 2018 2019 2020 2021
i)Raw material 2,704,810 3,152,648 5,353,905 6,231,395 6,617,753 15,984,082
5.Short term investments 400,000 45,452 34,956 1,055,754 2,970,999 26,286,983
2.Reserves 78,225,561 92,971,800 106,341,421 122,036,706 128,253,301 153,792,542
3.Current portion of non-current liabilities 1,549,183 649,676 2,620,338 1,694,503 2,716,707 5,403,843
F.Operations:
1.Sales 82,062,750 87,382,525 97,541,884 108,295,645 123,767,589 207,158,873
i)Local sales (Net) 72,673,317 81,126,916 90,967,329 96,626,942 110,106,053 191,813,405
2.Cost of sales 54,214,956 58,445,580 71,943,557 84,506,680 104,810,654 159,613,718
6.EBIT (F3-F4+F5) 22,592,045 24,312,394 20,703,319 16,767,728 11,298,000 34,465,519
9.Tax expenses 5,838,794 6,239,587 3,699,847 2,810,891 1,613,692 4,772,814
11.Cash dividends 3,233,750 3,880,500 3,880,500 2,101,938 0 0
3.Net cash flows from financing activities (3,582,616) (3,959,591) (1,823,162) 20,359,023 48,338,107 13,534,382
H.Miscellaneous
308
Maple Leaf Cement Factory Ltd. (Thousand Rupees)

Items 2016 2017 2018 2019 2020 2021
1.Capital work in progress 1,201,848 5,944,809 16,873,730 428,416 871,386 2,854,293
i)Raw material 207,383 274,135 224,311 310,810 300,388 341,061
4.Short term loans and advances 842,724 1,072,615 2,490,667 816,946 492,623 492,141
2.Reserves 11,430,754 14,064,257 20,607,638 22,586,110 19,898,956 24,223,408
F.Operations:
1.Sales 23,416,196 23,885,410 25,684,164 26,005,944 29,117,734 35,640,181
i)Local sales (Net) 19,966,722 21,431,444 23,994,692 23,797,874 27,957,499 33,744,833
2.Cost of sales 13,403,591 14,509,777 17,652,193 19,944,348 28,503,958 27,039,661
i)Selling & distribution expenses 1,359,896 1,275,182 736,142 933,244 845,380 1,115,732
6.EBIT (F3-F4+F5) 7,511,282 7,043,834 5,925,786 3,890,149 (1,037,522) 6,297,246
9.Tax expenses 2,232,953 2,093,275 763,035 198,877 (375,134) 1,141,549
11.Cash dividends 2,110,936 1,979,003 1,484,252 296,850 0 0
3.Net cash flows from financing activities (6,059,908) 1,051,525 13,663,731 637,229 893,033 (4,913,967)
H.Miscellaneous
309
Pioneer Cement Ltd. (Thousand Rupees)

Items 2016 2017 2018 2019 2020 2021
i)Raw material 70,145 64,844 101,638 58,755 99,148 202,130
5.Short term investments 2,356,497 2,623,180 1,006,904 728,359 741,736 978,738
2.Reserves 5,549,208 7,247,623 8,245,916 8,233,777 8,145,605 10,209,644
3.Current portion of non-current liabilities 0 112,500 375,000 1,765,116 1,720,406 4,739,973
F.Operations:
1.Sales 9,366,533 10,630,994 10,121,320 9,733,653 6,286,951 21,817,605
i)Local sales (Net) 9,132,738 10,442,408 9,737,852 9,363,526 6,223,370 21,754,783
2.Cost of sales 5,361,331 6,202,685 7,310,647 7,598,967 6,390,045 17,699,660
3.Gross profit / (loss) (F1-F2) 4,005,202 4,428,309 2,810,673 2,134,686 (103,094) 4,117,945
6.EBIT (F3-F4+F5) 3,864,079 4,104,199 2,307,581 1,593,938 (362,627) 4,020,718
of which: (i) Interest expenses 1,265 11,595 89,744 257,559 387,257 1,807,430
9.Tax expenses 1,327,830 1,151,969 568,665 532,857 (545,759) 228,589
10.Profit / (loss) after tax (F8-F9) 2,518,778 2,917,536 1,644,020 790,377 (209,622) 1,974,446
11.Cash dividends 1,419,681 1,249,319 924,496 0 0 0
1.Net cash flows from operating activities 3,149,408 1,751,075 1,775,380 3,284,900 524,516 4,415,050
3.Net cash flows from financing activities (1,851,586) 326,865 7,460,252 10,023,790 5,484,926 (2,582,583)
H.Miscellaneous
2.Retention in business (F10-F11-F12) 1,099,097 1,668,217 719,524 790,377 (209,622) 1,974,446
310
Power Cement (Thousand Rupees)

Items 2016 2017 2018 2019 2020 2021
1.Capital work in progress 13,384 235,751 14,610,588 27,373,414 23,413,542 0
4.Intangible assets 8,982 8,977 1,077 0 5,493 2,958
i)Raw material 86,007 49,164 62,479 70,466 165,087 255,237
4.Short term loans and advances 295,812 364,524 1,088,526 531,626 117,780 194,169
ii)Preference shares 0 0 0 0 0 2,445,853
2.Reserves (1,308,790) 4,737,341 664,918 939,457 (2,155,509) (2,335,082)
i)Capital Reserve (914,225) 5,134,832 750,714 750,714 1,272,817 739,493
ii)Revenue Reserve (394,565) (397,491) (85,796) 188,743 (3,428,326) (3,074,575)
of which: un-appropriated profit(loss) / retained earnings (394,565) (397,491) (85,796) 188,743 (3,428,326) (3,074,575)
1.Long term borrowings 1,268,892 110,000 9,460,000 18,871,684 17,402,240 18,434,723
F.Operations:
1.Sales 4,144,455 4,480,623 4,343,240 3,858,455 4,113,353 14,220,613
i)Local sales (Net) 4,008,967 4,412,952 4,288,303 3,805,107 3,617,885 10,428,864
2.Cost of sales 3,197,480 3,500,092 3,668,172 3,701,175 4,229,520 11,130,976
3.Gross profit / (loss) (F1-F2) 946,975 980,531 675,068 157,280 (116,167) 3,089,637
6.EBIT (F3-F4+F5) 1,047,652 813,448 470,379 (235,330) (975,759) 1,940,245
8.Profit / (loss) before taxation (F6-F7) 764,772 565,175 348,778 (412,396) (3,966,776) (671,208)
9.Tax expenses 278,381 98,382 28,871 (994,502) (345,147) (1,029,567)
10.Profit / (loss) after tax (F8-F9) 486,391 466,793 319,907 582,106 (3,621,629) 358,359
1.Net cash flows from operating activities 335,048 (200,799) 49,144 (837,267) 1,424,013 (1,507,764)
3.Net cash flows from financing activities (250,000) 4,533,557 11,803,126 8,565,089 5,379,684 1,630,909
H.Miscellaneous
2.Retention in business (F10-F11-F12) 486,391 466,793 319,907 582,106 (3,621,629) 358,359
311
Thatta Cement Ltd. (Thousand Rupees)

Items 2016 2017 2018 2019 2020 2021
1.Capital work in progress 18,187 17,180 214,212 1,077,386 0 27,780
i)Raw material 90,026 115,056 77,583 66,607 55,279 58,411
2.Reserves 2,026,663 2,529,102 3,030,313 3,438,517 3,481,887 3,746,378
D.Non-Current Liabilities (D1+D2+D3+D4+D5) 1,561,110 837,287 520,071 1,381,542 1,348,982 1,125,082
1.Long term borrowings 1,356,641 548,182 214,724 1,065,633 1,045,078 799,461
E.Current Liabilities (E1+E2+E3+E4) 785,951 1,014,880 1,404,598 1,012,142 912,581 1,035,238
F.Operations:
1.Sales 2,856,103 3,824,522 3,793,875 4,134,378 2,435,037 2,788,221
i)Local sales (Net) 2,842,372 3,818,495 3,793,875 3,349,640 2,214,215 2,700,051
ii)Export sales (Net) 13,731 6,027 0 784,738 220,822 88,170
2.Cost of sales 1,821,590 2,466,225 2,607,747 3,063,598 2,073,431 2,185,270
3.Gross profit / (loss) (F1-F2) 1,034,513 1,358,297 1,186,128 1,070,780 361,606 602,951
6.EBIT (F3-F4+F5) 896,618 1,121,596 982,257 727,405 236,353 463,047
9.Tax expenses 52,188 274,429 143,188 87,317 25,648 55,642
11.Cash dividends 149,577 234,338 143,594 0 0 24,930
2.Net cash flows from investing activities (60,565) 86,914 (293,542) 858,506 (119,721) (51,689)
3.Net cash flows from financing activities (384,426) (958,784) (566,433) 609,085 (191,349) (88,217)
H.Miscellaneous
312
Motor Vehicles, Trailers & Auto parts

The balance sheet size of motor vehicles, trailers & auto parts sector ballooned up by 44.09 percent
in 2021. While the Shareholders’ Equity increased by 24.41, reached at Rs 173.54 billion in FY21,
Total liabilities increased by 59.59 percent, reached at Rs 282.64 billion. Sector’s profit before and
after tax increased by Rs 38.19 billion and Rs 29.66 billion respectively in FY21.
Assets
Non-current assets of the sector stood at Rs 115.23 billion in 2021, reflecting YoY growth of
22.29 percent during 2021. Long term investments moved up to Rs 12.08 billion in 2021,
recording an increase of 7.25 percent. During the current year capital work in progress recorded
an increase of Rs 11.36 billion.
Current assets showed an increase of 53.33 percent in 2021. All components of currents assets
showed a YoY growth in 2021. Short-term investments and cash & bank balances increased by
Rs 47.83 billion and Rs 30.42 billion respectively in 2021.

Shareholders’ equity increased to Rs 173.54 billion in the current year from Rs 139.50 billion in
the previous year. While the Issued, subscribed & paid-up capital increased by Rs 2.69 billion
during current year, the Reserves increased by Rs 30.28 billion on the back of increase in capital
reserves (Rs 7.98 billion) and revenue reserves (Rs 22.31 billion).
Total liabilities increased by 59.59 percent in 2021 primarily coming from an increase in non-
current liabilities (82.68 percent) in 2021. Under non-current liabilities, long-term borrowings and
employees benefit obligations increased by Rs 3.16 billion and Rs 0.20 billion respectively in
2021.
313
Trade Credit & other accounts payables, which contained 43.02 percent shares of current
liabilities in 2021, showed an increase of Rs 36.46 billion in 2021. Short-term borrowing that has
decreased its share in total current liabilities from 25.82 percent in 2020 to 12.29 percent in 2021,
witnessed a decrease of Rs 10.66 billion in 2021.
Components of Sharesholders' Equity Components of liabilities

160 30 120 200
162.89
140 25.81 100
25 150
120 22.28
20 80
100 100
percent
percent
biliion Rs
biliion Rs.
80 15 60 55.69 47.17
50
60 10.62 10 40 9.72
40 (24.70) 0
5 20
20
0 0 0 -50
portion of
borrowings
borrowings
A/c payables
Employees
obligations
T.C & other
Current
revaluation
Reserves
Subscribed
Surplus on
& Paid up
benefit
NCL
of fixed
Issued,
capital
assets
LT
ST
Sales related to this sector increased to Rs 679.65 billion in 2021, posted a massive increase of Rs
270.34. Besides, Cost of sales increased by Rs 237.25 billion, leading to a gross profit of Rs
65.81 billion, posted a YoY growth of 101.14 percent in 2021. General, administrative & other
expenses increased relatively lower in 2021, resulted in higher EBIT in 2021, reached to 52.19
from 18.72 in 2020. A decline in interest expense during 2021 led to a massive profit before tax
of Rs 48.71, nearly five times of the profit earned in 2020. The tax expense though more than
doubled in 2021, the after tax profit still posted a colossal growth of 674.80 percent in 2021.
Consequently, Net Profit margin increased from 1.07 in 2020 to 5.01 in 2021. Besides, return on
assets (ROA) and Return on equity (ROE) increased from 1.39 to 8.81 and from 3.12 to 21.76
respectively in current year as compared to previous year.
Growth and Composition of Operations Profitability/Efficiency Ratios
2020 2021
2020 2021 Growth (RHS)
25
21.76
70 800
674.80 700 20
60
600
percent
50 15
billion Rs
500 8.81
percent
40 10
400 5.01
30 362.99 2.47 3.12
300 5
1.07 1.291.76 1.39 2.24
20
178.79 200
0
10 101.14
Financial
Net Profit
100
leverage
Asset turnover
Return on
Return on
margin
Assets
equity
0 0
Gross EBIT Profit Profit after
Profit before tax tax
314
Motor Vehicles, Trailers & Autoparts - Overall (Thousand Rupees)

Items 2016 2017 2018 2019 2020 2021
i)Raw material 30,395,394 43,429,224 50,750,128 60,157,757 57,551,900 73,691,982
2.Reserves 92,675,938 113,972,200 129,368,558 123,428,769 117,348,267 147,632,866
F.Operations:
1.Sales 377,420,203 489,926,902 600,315,068 592,176,287 409,311,106 679,649,989
i)Local sales (Net) 376,328,014 488,248,186 599,128,127 591,362,439 407,370,329 673,836,923
ii)Export sales (Net) 1,092,189 1,678,716 1,186,941 813,848 1,940,777 5,813,066
2.Cost of sales 329,265,741 414,448,220 519,692,637 538,953,231 376,591,812 613,839,018
6.EBIT (F3-F4+F5) 36,469,985 61,694,529 65,265,642 36,946,584 18,719,203 52,187,914
9.Tax expenses 15,204,192 18,822,017 19,318,001 9,519,490 6,125,768 14,657,875
11.Cash dividends 18,967,880 43,872,271 29,199,096 17,791,155 5,621,800 20,426,862
H.Miscellaneous
2.Retention in business (F10-F11-F12) 1,163,928 (2,348,980) 13,322,147 3,007,037 (1,334,314) 13,025,764
315
Agriauto Industries Ltd. (Thousand Rupees)

Items 2016 2017 2018 2019 2020 2021
i)Raw material 680,899 756,629 1,035,520 1,089,602 1,735,838 1,198,923
6.Other current assets 245,808 441,736 468,627 1,082,276 884,957 1,380,567
2.Reserves 3,434,534 3,928,163 4,556,680 5,280,178 4,970,140 5,627,004
of which: un-appropriated profit(loss) / retained earnings 0 0 0 0 2,642,542 3,299,406
2.Short term borrowings 0 0 0 0 0 36,646
F.Operations:
1.Sales 7,137,114 7,115,296 8,315,021 10,128,569 5,244,651 10,485,027
i)Local sales (Net) 7,137,114 7,115,296 8,315,021 10,128,569 5,244,651 10,485,027
2.Cost of sales 5,810,856 5,697,055 6,722,821 8,447,418 4,993,185 8,872,898
i)Cost of material 4,607,353 4,491,520 32,552 32,552 3,791,044 7,264,273
6.EBIT (F3-F4+F5) 971,623 1,033,889 1,208,353 1,257,380 (21,760) 1,207,390
7.Financial expenses 3,698 522 597 628 3,209 4,125
of which: (i) Interest expenses 1,401 48 0 0 2,991 1,781
8.Profit / (loss) before taxation (F6-F7) 967,925 1,033,367 1,207,756 1,256,752 (24,969) 1,203,265
9.Tax expenses 228,868 287,738 248,309 202,054 83,469 373,601
10.Profit / (loss) after tax (F8-F9) 739,057 745,629 959,447 1,054,698 (108,438) 829,664
11.Cash dividends 252,000 288,000 360,000 288,000 28,800 316,800
H.Miscellaneous
316
Al-Ghazi Tractors Ltd. (Thousand Rupees)

Items 2016 2017 2018 2019 2020 2021
1.Cash & bank balance 1,316,770 1,340,511 293,910 189,093 230,518 1,998,122
i)Raw material 1,023,345 2,012,275 2,538,161 1,972,110 894,098 2,394,515
3.Trade Debt / accounts receivables 279,759 12,023 56,606 9,624 0 4,651
C.Shareholders' Equity (C1+C2+C3) 3,359,469 2,125,816 1,369,397 903,717 2,288,122 3,973,267
2.Reserves 3,069,648 1,835,995 1,079,576 613,896 1,998,301 3,683,446
ii)Revenue Reserve 3,069,648 1,835,995 1,079,576 613,896 1,998,301 3,683,446
of which: un-appropriated profit(loss) / retained earnings 2,069,648 835,995 1,079,576 613,896 949,301 3,683,446
1.Trade credit & other accounts payables 1,156,858 3,065,636 1,247,226 736,098 1,188,227 1,907,361
2.Short term borrowings 0 0 3,973,206 3,628,896 1,588,636 0
F.Operations:
1.Sales 1,316,126 18,765,274 19,342,677 13,992,388 11,935,172 20,578,906
i)Local sales (Net) 1,198,077 18,710,613 19,301,592 13,978,872 11,844,161 20,556,738
2.Cost of sales 8,750,087 13,611,710 14,707,038 11,447,672 9,169,160 15,857,678
3.Gross profit / (loss) (F1-F2) (7,433,961) 5,153,564 4,635,639 2,544,716 2,766,012 4,721,228
6.EBIT (F3-F4+F5) (7,904,159) 4,479,768 3,860,403 1,746,987 2,073,696 4,178,484
7.Financial expenses 1,018 929 125,568 398,463 145,789 8,754
8.Profit / (loss) before taxation (F6-F7) (7,905,177) 4,478,839 3,734,835 1,348,524 1,927,907 4,169,730
9.Tax expenses 950,641 1,461,893 1,282,321 370,872 578,250 1,211,868
10.Profit / (loss) after tax (F8-F9) (8,855,818) 3,016,946 2,452,514 977,652 1,349,657 2,957,862
11.Cash dividends 3,622,763 5,071,868 2,260,604 869,463 1,239,854 2,957,855
3.Net cash flows from financing activities (4,339,794) (3,803,822) (3,713,121) (1,393,589) (4,708) (1,240,189)
H.Miscellaneous
2.Retention in business (F10-F11-F12) (12,478,581) (2,054,922) 191,910 108,189 109,803 7
4.Salaries, wages and employee benefits 674,586 21,413,263 664,126 708,557 699,693 941,773
317
Atlas Battery Ltd. (Thousand Rupees)

Items 2016 2017 2018 2019 2020 2021
4.Intangible assets 4,883 1,467 1,002 160 0 3,929
i)Raw material 942,334 513,461 511,227 589,650 920,691 2,619,818
iii)Finished goods 327,649 422,668 1,411,039 474,704 327,271 375,120
3.Trade Debt / accounts receivables 119,477 364,642 1,754,311 1,096,449 692,998 1,092,145
2.Reserves 4,104,294 5,310,962 5,286,807 4,448,226 4,122,021 4,776,302
of which: un-appropriated profit(loss) / retained earnings 1,276,794 1,483,462 589,307 (589,274) (915,479) (261,198)
2.Short term borrowings 735,989 882,770 2,459,687 1,408,152 71,297 1,083,666
F.Operations:
1.Sales 14,019,507 17,169,908 18,332,861 12,773,113 12,546,152 19,955,087
i)Local sales (Net) 14,019,507 17,125,441 18,328,429 12,730,763 12,546,152 19,818,851
ii)Export sales (Net) 0 44,467 4,432 42,350 0 136,236
2.Cost of sales 11,272,034 14,205,436 16,330,483 12,506,602 11,667,365 17,673,951
3.Gross profit / (loss) (F1-F2) 2,747,473 2,964,472 2,002,378 266,511 878,787 2,281,136
4.General, administrative and other expenses 902,989 1,085,466 1,126,425 863,543 706,907 998,398
6.EBIT (F3-F4+F5) 1,940,061 2,133,367 949,941 (211,568) 204,481 1,333,460
8.Profit / (loss) before taxation (F6-F7) 1,868,186 2,065,197 832,096 (424,790) (144,015) 1,195,044
9.Tax expenses 597,359 588,571 241,502 167,673 183,084 299,070
10.Profit / (loss) after tax (F8-F9) 1,270,827 1,476,626 590,594 (592,463) (327,099) 895,974
11.Cash dividends 269,697 608,993 1,739,980 0 0 341,035
12.Bonus shares / stock dividends 0 0 69,599 0 0 36,540
1.Net cash flows from operating activities 1,600,463 1,525,082 (1,458,876) 437,193 519,380 (452,660)
2.Net cash flows from investing activities (1,455,121) (1,437,598) 848,334 827,681 (159,104) (200,192)
3.Net cash flows from financing activities (178,403) (117,868) 976,849 (1,222,405) (738,418) 796,458
H.Miscellaneous
2.Retention in business (F10-F11-F12) 1,001,130 867,633 (1,218,985) (592,463) (327,099) 518,399
318
Atlas Honda Ltd. (Thousand Rupees)

Items 2016 2017 2018 2019 2020 2021
4.Intangible assets 5,379 37 44,905 168,924 135,121 101,813
i)Raw material 1,365,459 1,279,491 1,730,235 4,181,758 3,688,399 3,036,981
ii)Work in progress 2,858 4,636 5,980 582 10,245 0
3.Trade Debt / accounts receivables 608,420 623,331 861,224 1,116,000 813,980 1,501,925
2.Reserves 9,968,057 12,223,467 14,966,655 14,331,698 15,339,529 17,389,648
F.Operations:
1.Sales 55,022,415 64,534,021 77,478,845 82,412,548 84,775,972 93,156,958
i)Local sales (Net) 54,617,265 64,096,809 77,019,954 82,162,168 84,612,782 92,531,086
2.Cost of sales 49,376,506 57,754,987 69,188,101 75,856,677 78,660,040 86,277,404
5.Other income / (loss) 680,549 977,417 928,515 1,113,334 1,375,391 1,401,811
6.EBIT (F3-F4+F5) 4,059,709 5,118,595 6,287,571 4,641,141 4,468,511 5,215,312
9.Tax expenses 1,042,630 1,340,263 1,601,211 1,406,664 1,333,393 1,557,601
11.Cash dividends 1,499,396 1,913,022 2,791,978 2,068,132 1,489,055 1,861,319
1.Net cash flows from operating activities 5,523,178 6,435,417 7,803,002 (12,804) 2,313,045 14,444,377
H.Miscellaneous
2.Retention in business (F10-F11-F12) 1,502,403 1,839,457 1,871,657 933,714 1,589,345 1,733,479
319
Baluchistan Wheels Ltd. (Thousand Rupees)

Items 2016 2017 2018 2019 2020 2021
B.Current Assets (B1+B2+B3+B4+B5+B6) 1,024,776 1,083,073 958,237 1,015,947 1,086,124 1,311,824
i)Raw material 136,884 168,872 211,283 211,283 151,671 187,610
2.Reserves 1,052,030 1,107,742 1,135,647 1,154,676 1,161,311 1,787,553
i)Capital Reserve 0 0 0 0 (10,493) 538,518
of which: un-appropriated profit(loss) / retained earnings 0 953,592 988,044 1,019,553 1,171,804 0
1.Long term borrowings 0 4,958 5,306 989 39,102 36,702
F.Operations:
1.Sales 1,471,558 1,533,650 1,882,640 1,587,558 912,820 1,574,822
i)Local sales (Net) 1,461,317 1,530,373 1,875,374 1,580,717 905,332 1,574,822
2.Cost of sales 1,098,211 1,234,745 1,612,676 1,341,776 795,406 1,331,759
i)Cost of material 772,015 933,012 1,179,107 1,027,905 476,907 873,871
6.EBIT (F3-F4+F5) 253,829 173,587 109,669 100,746 26,048 145,784
9.Tax expenses 99,730 45,867 19,953 22,443 (4,775) 40,882
11.Cash dividends 66,672 53,337 40,003 26,669 20,001 60,004
2.Net cash flows from investing activities (369,405) 18,433 84,406 (99,797) (212,188) (151,517)
3.Net cash flows from financing activities (43,024) (62,063) (52,161) (50,806) 6,969 (36,922)
H.Miscellaneous
320
Bolan Castings Ltd. (Thousand Rupees)

Items 2016 2017 2018 2019 2020 2021
i)Raw material 113,018 170,811 149,402 153,844 90,810 193,350
Total Assets (A+B) / Equity & Liabilities (C+D+E) 925,008 895,117 1,056,897 1,182,267 933,115 1,011,591
2.Reserves 337,937 459,423 524,793 267,078 (20,332) 92,797
ii)Revenue Reserve 325,781 447,267 512,637 254,922 (32,488) 80,642
of which: un-appropriated profit(loss) / retained earnings (116,507) 410,073 62,527 (181,660) (468,948) 17,210
3.Current portion of non-current liabilities 899 1,013 1,191 411 6,469 38,056
F.Operations:
1.Sales 1,333,476 1,744,098 2,299,931 1,513,636 1,332,568 2,418,800
i)Local sales (Net) 1,333,476 1,743,748 2,299,931 1,513,636 1,332,568 2,418,800
2.Cost of sales 1,192,600 1,497,470 1,971,729 1,663,413 1,420,700 2,115,499
i)Cost of material 549,885 729,564 1,139,765 767,611 710,252 1,307,800
3.Gross profit / (loss) (F1-F2) 140,876 246,628 328,202 (149,777) (88,132) 303,302
6.EBIT (F3-F4+F5) 72,557 152,421 196,946 (258,862) (181,287) 223,914
9.Tax expenses 13,550 43,649 51,037 (71,121) 12,071 38,712
11.Cash dividends 11,473 57,363 28,681 0 0 0
2.Net cash flows from investing activities (18,453) (18,834) (67,765) (51,543) 7,010 (954)
H.Miscellaneous
321
Dewan Automotive Engineering Ltd. (Thousand Rupees)

Items 2016 2017 2018 2019 2020 2021
6.Other non-current assets 3,020 3,020 3,020 0 0 0
1.Cash & bank balance 143 132 3,132 411 412 517
2.Inventories; of which 39,097 0 3,111 2,025 2,025 0
i)Raw material 33,331 0 1,377 1,762 1,762 0
3.Trade Debt / accounts receivables 1,397 0 0 0 0 0
2.Reserves (1,369,237) (1,392,046) (1,432,602) (1,510,396) (1,564,129) (1,603,453)
i)Capital Reserve 168,284 168,284 168,284 168,284 168,284 0
F.Operations:
1.Sales 0 0 18,897 6,251 0 0
i)Local sales (Net) 0 0 18,897 6,251 0 0
2.Cost of sales 29,690 33,742 38,731 35,769 20,872 17,760
i)Cost of material 0 0 6,458 3,441 0 0
6.EBIT (F3-F4+F5) (43,491) (33,828) (29,947) (55,669) (25,134) (14,409)
9.Tax expenses (2,874) (2,248) (2,879) (2,473) (2,294) (2,102)
1.Net cash flows from operating activities (13,692) (10,118) (3,775) (7,282) 172 207
2.Net cash flows from investing activities 0 0 (184) (82) 0 0
3.Net cash flows from financing activities 13,699 10,107 6,959 4,643 (171) (102)
H.Miscellaneous
1.Total capital employed (C+D) (939,110) (952,315) (986,334) (1,037,325) (1,081,515) (1,108,978)
P1. Net Profit margin / Net profit to sales (F10 as % of F1) - - -253.10 -1,344.52 - -
322
Dewan Farooque Motors Ltd. (Thousand Rupees)

Items 2016 2017 2018 2019 2020 2021
i)Raw material 144,225 144,225 144,225 144,225 144,225 144,225
2.Reserves (3,113,036) (3,426,248) (3,495,680) (3,739,984) (4,032,506) (4,221,758)
of which: i) Trade credits 2,128,126 2,128,126 2,166,153 48,264 48,063 47,125
F.Operations:
1.Sales 19,801 84,517 52,656 1,529 250 1,548
i)Local sales (Net) 19,801 84,517 52,656 1,529 250 1,548
2.Cost of sales 150,543 235,972 191,537 203,854 102,440 82,535
i)Selling & distribution expenses 39,244 19,263 15,847 0 0 0
6.EBIT (F3-F4+F5) (42,923) (12,227) (52,147) (244,142) (292,515) (189,218)
7.Financial expenses 137 140 14,643 143 3 11
9.Tax expenses 0 845 2,642 19 4 23
2.Net cash flows from investing activities 57,169 11,837 (9,670) (674) 0 450
H.Miscellaneous
P1. Net Profit margin / Net profit to sales (F10 as % of F1) -217.46 -15.63 -131.86 -15,978.02 -117,008.80 -12,225.58
323
Exide Pakistan Ltd. (Thousand Rupees)

Items 2016 2017 2018 2019 2020 2021
4.Intangible assets 0 0 14,662 8,881 775 0
1.Cash & bank balance 399,357 1,017,896 880,414 149,083 140,253 94,226
i)Raw material 1,159,902 1,551,855 1,136,753 1,043,932 1,031,491 1,084,598
iii)Finished goods 1,112,555 1,828,928 706,272 724,931 562,587 596,022
2.Reserves 2,983,383 3,649,635 3,584,627 3,094,052 2,629,076 2,649,033
of which: un-appropriated profit(loss) / retained earnings 577,310 893,562 228,554 (262,021) (726,997) (707,040)
D.Non-Current Liabilities (D1+D2+D3+D4+D5) 7,201 3,097 9,595 0 221,894 199,424
5.Other non-current liabilities 7,201 3,097 9,595 0 0 119,093
F.Operations:
1.Sales 11,695,892 12,909,940 12,301,411 9,506,579 8,722,283 11,715,572
i)Local sales (Net) 11,695,892 12,909,940 12,301,411 9,506,579 8,722,283 11,715,572
2.Cost of sales 9,613,108 10,342,279 10,944,793 8,534,355 7,995,164 10,547,821
3.Gross profit / (loss) (F1-F2) 2,082,784 2,567,661 1,356,618 972,224 727,119 1,167,751
4.General, administrative and other expenses 1,261,171 1,447,488 1,032,398 1,142,475 926,429 850,079
i)Selling & distribution expenses 1,035,219 1,228,058 868,292 938,232 757,940 686,213
6.EBIT (F3-F4+F5) 825,706 1,125,900 335,220 (151,732) (32,750) 356,295
8.Profit / (loss) before taxation (F6-F7) 651,542 1,060,935 193,962 (410,838) (435,878) 175,690
9.Tax expenses 226,926 321,679 172,341 93,673 123,033 175,734
10.Profit / (loss) after tax (F8-F9) 424,616 739,256 21,621 (504,511) (558,911) (44)
11.Cash dividends 77,686 97,108 0 0 209,830 0
1.Net cash flows from operating activities (657,246) 379,347 136,057 (1,037,681) 824,002 139,162
3.Net cash flows from financing activities (57,487) (77,545) 206,484 0 (195,000) 226,783
H.Miscellaneous
2.Retention in business (F10-F11-F12) 346,930 642,149 21,621 (504,511) (768,741) (44)
324
General Tyre & Rubber Co. (Thousand Rupees)

Items 2016 2017 2018 2019 2020 2021
i)Raw material 1,204,824 1,492,732 2,402,608 1,851,711 1,462,476 2,726,093
3.Trade Debt / accounts receivables 1,024,670 879,333 1,027,027 1,237,309 1,157,946 1,717,939
2.Reserves 2,351,809 3,198,673 2,973,483 2,324,670 1,734,957 2,296,281
i)Capital Reserve 0 1,000,000 1,000,000 1,000,000 1,000,000 1,000,000
ii)Revenue Reserve 2,351,809 2,198,673 1,973,483 1,324,670 734,957 1,296,281
1.Long term borrowings 920,276 1,018,583 1,247,285 1,020,748 1,135,773 989,453
F.Operations:
1.Sales 9,479,045 9,645,367 11,785,457 10,486,282 8,793,341 13,923,520
i)Local sales (Net) 9,444,754 9,645,367 11,753,299 10,386,332 8,672,113 13,733,944
2.Cost of sales 7,157,029 7,589,305 9,699,779 8,896,798 7,744,581 11,819,632
6.EBIT (F3-F4+F5) 1,630,902 1,308,286 1,196,827 838,669 402,142 1,301,521
8.Profit / (loss) before taxation (F6-F7) 1,494,743 1,184,222 940,045 253,637 (446,664) 797,473
9.Tax expenses 462,456 302,825 224,494 130,761 (114,573) 224,817
10.Profit / (loss) after tax (F8-F9) 1,032,287 881,397 715,551 122,876 (332,091) 572,656
11.Cash dividends 0 896,570 358,628 0 0 0
1.Net cash flows from operating activities 1,069,950 (35,942) 89,969 (409,565) 476,638 (244,115)
2.Net cash flows from investing activities (1,437,288) (769,728) (916,934) (1,263,612) (289,780) (595,756)
3.Net cash flows from financing activities 287,789 326,531 158,827 (45,631) (584,102) 1,392,424
H.Miscellaneous
2.Retention in business (F10-F11-F12) 1,032,287 (15,173) (61,476) (80,346) (332,091) 572,656
325
Ghandhara Industries Ltd. (Thousand Rupees)

Items 2016 2017 2018 2019 2020 2021
i)Raw material 1,125,310 2,058,827 4,815,750 7,300,167 4,567,106 3,565,034
2.Reserves 1,022,517 1,612,010 2,651,887 2,172,735 897,105 1,509,076
ii)Revenue Reserve 1,022,517 1,612,010 2,651,887 2,172,735 897,105 1,509,076
F.Operations:
1.Sales 5,825,579 10,740,631 16,772,383 13,909,913 11,788,254 14,999,493
i)Local sales (Net) 5,814,302 10,740,631 16,761,761 13,879,898 11,744,753 14,997,910
2.Cost of sales 4,278,941 8,537,668 13,661,379 12,308,321 11,095,490 12,924,428
4.General, administrative and other expenses 366,112 753,828 1,079,620 828,986 788,911 1,058,647
6.EBIT (F3-F4+F5) 1,211,178 1,471,262 2,186,180 889,989 (41,491) 1,204,276
8.Profit / (loss) before taxation (F6-F7) 1,098,105 1,246,625 1,964,144 138,970 (1,012,276) 738,056
9.Tax expenses 352,244 450,612 601,650 78,961 270,607 133,843
10.Profit / (loss) after tax (F8-F9) 745,861 796,013 1,362,494 60,009 (1,282,883) 604,213
11.Cash dividends 213,044 319,566 332,349 0 0 0
1.Net cash flows from operating activities 588,679 (65,554) (2,372,485) (2,138,425) (302,435) 3,919,646
H.Miscellaneous
2.Retention in business (F10-F11-F12) 532,817 476,447 804,319 60,009 (1,282,883) 604,213
4.Salaries, wages and employee benefits 266,882 584,946 701,920 12,001,008 437,618 690,796
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) - 37.36 63.95 1.41 -30.11 14.18
326
Ghandhara Nissan Ltd. (Thousand Rupees)

Items 2016 2017 2018 2019 2020 2021
2.Inventories; of which 1,249,977 699,540 1,767,583 2,127,741 1,649,965 1,262,448
i)Raw material 1,084,164 322,727 1,044,528 1,061,481 513,375 266,388
iii)Finished goods 165,813 376,813 723,055 1,066,260 1,136,590 996,060
3.Trade Debt / accounts receivables 448,895 516,167 1,201,044 987,340 674,771 897,206
5.Short term investments 0 0 100,928 392,878 0 0
2.Reserves 1,413,081 1,926,497 4,130,885 4,309,556 3,878,690 4,052,673
E.Current Liabilities (E1+E2+E3+E4) 1,508,621 913,183 1,641,990 1,611,453 989,492 1,150,467
1.Trade credit & other accounts payables 1,489,973 862,747 1,429,111 633,470 542,533 748,911
2.Short term borrowings 0 0 153,661 875,673 355,929 240,189
F.Operations:
1.Sales 5,761,498 6,568,846 4,896,644 5,946,358 2,497,942 4,413,360
i)Local sales (Net) 5,759,319 6,567,363 4,896,644 5,946,358 2,497,942 4,413,360
ii)Export sales (Net) 2,179 1,483 0 0 0 0
2.Cost of sales 4,565,798 5,356,508 4,117,779 5,169,681 2,355,806 3,839,033
3.Gross profit / (loss) (F1-F2) 1,195,700 1,212,338 778,865 776,677 142,136 574,327
5.Other income / (loss) 199,470 237,437 1,208,562 197,835 (92,329) 1,548
6.EBIT (F3-F4+F5) 1,064,591 1,126,189 1,662,509 544,077 (336,548) 164,789
8.Profit / (loss) before taxation (F6-F7) 1,044,641 1,116,569 1,631,357 225,407 (469,200) 130,880
9.Tax expenses 309,808 397,369 283,001 82,388 2,361 4,102
10.Profit / (loss) after tax (F8-F9) 734,833 719,200 1,348,356 143,019 (471,561) 126,778
11.Cash dividends 270,015 225,013 0 0 0 0
1.Net cash flows from operating activities 552,785 685,425 (1,061,796) (1,354,927) 506,092 930,162
2.Net cash flows from investing activities (108,022) (268,738) 865,964 (606,931) 154,268 (116,651)
3.Net cash flows from financing activities (401,698) (237,783) 945,151 841,019 (509,017) (81,204)
H.Miscellaneous
2.Retention in business (F10-F11-F12) 464,818 494,188 1,348,356 143,019 (471,561) 126,778
327
Ghani Automobiles Industries Ltd. (Thousand Rupees)

Items 2016 2017 2018 2019 2020 2021
i)Raw material 27,137 28,073 50,486 30,457 35,372 35,372
2.Reserves (357,660) (410,814) (418,767) (442,544) (491,728) (491,728)
D.Non-Current Liabilities (D1+D2+D3+D4+D5) 0 0 39,500 39,500 39,500 39,500
F.Operations:
1.Sales 56,071 116,198 192,037 148,992 70,294 70,294
i)Local sales (Net) 56,071 116,198 192,037 148,992 70,294 70,294
2.Cost of sales 90,367 128,311 189,865 168,259 88,193 88,193
3.Gross profit / (loss) (F1-F2) (34,296) (12,113) 2,172 (19,267) (17,899) (17,899)
6.EBIT (F3-F4+F5) (76,605) (24,551) (5,710) (20,789) (31,844) (31,844)
9.Tax expenses (1,903) 28,431 1,922 2,776 1,046 1,046
1.Net cash flows from operating activities 26,741 5,641 111,934 (441) 2,301 2,301
2.Net cash flows from investing activities (21,903) (1,890) 1,128 60 0 0
3.Net cash flows from financing activities (7,583) (3,000) (112,105) 260 0 0
H.Miscellaneous
328
Hinopak Motors Ltd. (Thousand Rupees)

Items 2016 2017 2018 2019 2020 2021
i)Raw material 2,063,636 2,698,235 4,431,788 4,431,788 3,064,435 1,365,510
2.Reserves 2,964,733 2,984,494 3,319,366 1,626,362 (390,159) 2,127,265
i)Capital Reserve 0 0 0 0 0 2,771,525
ii)Revenue Reserve 2,964,733 2,984,494 3,319,366 1,626,362 (390,159) (644,260)
of which: un-appropriated profit(loss) / retained earnings 0 0 3,028,366 1,335,362 (681,159) (935,260)
2.Short term borrowings 0 0 0 6,766,074 4,115,238 3,218
F.Operations:
1.Sales 18,086,850 22,477,498 26,615,071 19,130,839 13,191,060 9,132,180
i)Local sales (Net) 18,086,850 22,477,498 26,615,071 19,130,839 13,191,060 9,132,180
2.Cost of sales 15,324,774 20,011,397 23,580,631 18,017,525 13,361,471 8,444,807
3.Gross profit / (loss) (F1-F2) 2,762,076 2,466,101 3,034,440 1,113,314 (170,411) 687,373
6.EBIT (F3-F4+F5) 2,031,745 1,776,934 2,348,550 501,623 (809,219) 70,597
8.Profit / (loss) before taxation (F6-F7) 1,727,042 1,696,710 1,669,548 (520,174) (1,843,998) (164,530)
9.Tax expenses 613,667 576,809 520,173 353,123 210,978 123,764
10.Profit / (loss) after tax (F8-F9) 1,113,375 1,119,901 1,149,375 (873,297) (2,054,976) (288,294)
11.Cash dividends 1,113,326 839,893 862,090 0 0 0
1.Net cash flows from operating activities 2,144,210 586,938 2,866,994 (10,259,459) 3,229,199 1,643,769
3.Net cash flows from financing activities (801,946) (1,110,089) (660,580) (1,037,774) (219) 2,878,089
H.Miscellaneous
2.Retention in business (F10-F11-F12) 49 280,008 287,285 (873,297) (2,054,976) (288,294)
4.Salaries, wages and employee benefits 1,268,659 1,359,481 1,548,736 1,134,576 957,169 1,056,366
329
Honda Atlas Cars (Pakistan) Ltd. (Thousand Rupees)

Items 2016 2017 2018 2019 2020 2021
1.Capital work in progress 1,198,229 199,194 76,348 123,487 97,062 3,788,001
i)Raw material 2,034,451 5,328,519 6,659,408 6,896,477 8,348,583 10,495,368
iii)Finished goods 1,644,421 792,561 1,119,095 1,291,806 2,342,874 755,328
4.Short term loans and advances 1,006,233 9,088,890 13,135,180 10,173,428 977,079 1,205,977
5.Short term investments 1,149,777 20,943,345 20,674,900 4,768,252 4,053,057 0
2.Reserves 6,512,949 11,636,847 15,645,492 16,198,652 15,129,254 16,768,163
1.Long term borrowings 0 0 0 0 0 2,068,693
of which: i) Trade credits 847,306 1,386,940 1,791,626 1,552,689 821,700 1,460,589
2.Short term borrowings 0 0 0 0 2,332,246 0
F.Operations:
1.Sales 40,085,521 62,802,753 91,522,872 95,128,289 55,046,264 67,362,307
i)Local sales (Net) 40,085,521 62,802,753 91,522,872 95,128,289 55,046,264 67,362,307
2.Cost of sales 34,038,741 53,681,061 81,073,777 87,824,215 50,955,042 63,586,363
5.Other income / (loss) 309,777 1,115,189 1,883,025 1,313,522 638,618 918,484
6.EBIT (F3-F4+F5) 5,185,873 8,659,768 9,493,043 5,604,762 2,274,644 2,896,786
of which: (i) Interest expenses 1,200 14,123 696 0 593,418 593,418
9.Tax expenses 1,623,100 2,501,335 2,984,117 1,742,460 865,448 987,422
11.Cash dividends 999,600 18,564,000 3,845,604 1,735,020 142,800 645,456
1.Net cash flows from operating activities 5,553,375 25,192,054 3,989,036 (22,061,177) (535,483) 12,094,562
2.Net cash flows from investing activities (1,492,579) (5,492,155) (2,783,704) 6,708,368 (161,046) (3,050,387)
3.Net cash flows from financing activities (710,685) (995,796) (2,445,286) (3,224,637) 439,295 538,398
H.Miscellaneous
2.Retention in business (F10-F11-F12) 2,556,182 (12,429,010) 2,648,846 2,116,093 538,952 1,147,749
330
Indus Motor Co. Ltd. (Thousand Rupees)

Items 2016 2017 2018 2019 2020 2021
1.Capital work in progress 208,200 1,067,088 291,468 443,721 1,166,993 1,116,205
5.Long term investments 5,005,805 0 0 0 0 3,127,175
i)Raw material 6,782,141 8,380,620 3,369,570 3,369,570 12,584,495 13,670,920
3.Trade Debt / accounts receivables 1,131,702 758,872 1,453,670 2,547,915 1,141,711 517,138
6.Other current assets 903,739 1,003,009 992,193 4,337,414 1,186,235 1,550,219
2.Reserves 26,843,609 30,410,962 35,958,342 39,259,309 40,383,391 47,415,465
D.Non-Current Liabilities (D1+D2+D3+D4+D5) 0 3,933 22,711 558,920 483,125 745,433
F.Operations:
1.Sales 108,758,668 112,271,656 140,207,524 157,996,212 86,167,016 179,161,727
i)Local sales (Net) 108,758,668 112,257,320 140,207,524 157,996,212 86,167,016 179,160,473
ii)Export sales (Net) 0 14,336 0 0 0 1,254
2.Cost of sales 91,027,369 92,449,955 115,830,771 138,804,538 78,716,157 162,508,017
6.EBIT (F3-F4+F5) 17,474,717 19,538,765 23,571,572 19,043,336 7,373,096 18,332,763
of which: (i) Interest expenses 0 329,112 492,095 72 6,494 19,657
9.Tax expenses 5,942,506 6,139,502 7,227,306 5,260,954 2,205,332 5,370,601
11.Cash dividends 7,860,000 9,039,000 11,004,000 9,039,000 0 8,135,100
2.Net cash flows from investing activities 1,496,573 (357,727) 3,457,049 4,211,577 (3,064,127) (12,777,880)
3.Net cash flows from financing activities (7,894,662) 9,391,010 (10,142,419) (10,281,245) (3,395,620) (5,432,004)
H.Miscellaneous
331
Loads Ltd. (Thousand Rupees)

Items 2016 2017 2018 2019 2020 2021
A.Non-Current Assets (A1+A3+A4+A5+A6) - 1,450,807 2,304,605 4,395,828 5,108,376 5,591,579
1.Capital work in progress - 109,809 1,096,921 3,737,869 4,137,673 4,488,527
2.Operating fixed assets at cost - 1,231,018 1,610,113 1,435,898 1,645,108 1,697,715
4.Intangible assets - 2,089 2,249 1,138 345 0
5.Long term investments - 639,025 399,118 278,706 158,739 327,622
6.Other non-current assets - 27,386 23,575 6,897 16,762 8,304
B.Current Assets (B1+B2+B3+B4+B5+B6) - 2,403,813 3,284,246 3,327,059 2,698,808 2,812,469
1.Cash & bank balance - 343,121 535,897 32,771 95,282 25,171
2.Inventories; of which - 1,181,967 1,662,759 1,404,713 1,381,184 1,387,035
i)Raw material - 933,433 1,466,986 1,342,036 1,336,158 1,342,414
ii)Work in progress - 140,014 150,979 80,696 74,332 71,111
iii)Finished goods - 110,143 49,683 0 0 0
3.Trade Debt / accounts receivables - 223,972 350,810 601,589 328,704 476,304
4.Short term loans and advances - 92,414 155,422 69,089 67,823 132,827
5.Short term investments - 107,436 74,292 34,736 9,002 925
6.Other current assets - 454,903 505,066 1,184,161 816,813 790,207
Total Assets (A+B) / Equity & Liabilities (C+D+E) - 3,854,620 5,588,851 7,722,887 7,807,184 8,404,048
C.Shareholders' Equity (C1+C2+C3) - 3,402,579 3,651,343 3,576,136 3,097,422 4,066,983
1.Issued, Subscribed & Paid up capital - 1,375,000 1,512,500 1,512,500 1,512,500 2,512,500
i)Ordinary shares - 1,375,000 1,512,500 1,512,500 1,512,500 2,512,500
2.Reserves - 2,027,579 2,138,843 2,063,636 1,584,922 1,554,483
i)Capital Reserve - 1,129,079 1,428,658 1,425,469 1,354,820 1,267,820
ii)Revenue Reserve - 898,500 710,185 638,167 230,102 286,663
of which: un-appropriated profit(loss) / retained earnings - 898,500 696,945 641,560 231,918 288,483
3.Surplus on revaluation of fixed assets - 0 0 0 0 0
D.Non-Current Liabilities (D1+D2+D3+D4+D5) - 94,811 96,339 248,787 1,749,809 1,326,054
1.Long term borrowings - 8,935 5,014 168,334 1,733,660 1,302,372
4.Employees benefit obligations - 287 0 10,467 16,149 4,536
5.Other non-current liabilities - 85,589 91,325 69,986 0 19,146
E.Current Liabilities (E1+E2+E3+E4) - 357,230 1,841,169 3,897,965 2,959,953 3,011,011
of which: i) Trade credits - 173,607 201,308 257,046 60,946 172,890
2.Short term borrowings - 28,395 1,439,632 3,274,028 2,088,194 1,844,977
3.Current portion of non-current liabilities - 13,258 14,049 4,105 49,079 550,269
F.Operations:
1.Sales - 4,405,127 4,889,664 5,709,735 2,778,631 4,717,228
i)Local sales (Net) - 4,405,127 4,889,664 5,709,735 2,778,631 4,717,228
2.Cost of sales - 3,857,544 4,369,075 5,072,556 2,726,361 4,218,274
i)Cost of material - 3,111,378 3,435,377 4,114,376 1,768,210 3,237,732
3.Gross profit / (loss) (F1-F2) - 547,583 520,589 637,179 52,270 498,954
i)Selling & distribution expenses - 185,266 227,024 258,502 239,016 256,181
5.Other income / (loss) - 89,698 78,814 (109,532) (279,936) 213,587
6.EBIT (F3-F4+F5) - 423,483 336,057 248,770 (482,074) 430,611
7.Financial expenses - 45,751 90,961 188,329 235,609 340,314
of which: (i) Interest expenses - 36,610 48,130 105,804 215,195 336,158
8.Profit / (loss) before taxation (F6-F7) - 377,732 245,096 60,441 (717,683) 90,297
9.Tax expenses - 71,304 83,537 116,702 (70,956) 93,855
10.Profit / (loss) after tax (F8-F9) - 306,428 161,559 (56,261) (646,727) (3,558)
11.Cash dividends - 137,500 0 0 0 0
12.Bonus shares / stock dividends - 137,500 0 0 0 0
1.Net cash flows from operating activities - 411,558 (437,261) 338,981 664,904 (329,029)
2.Net cash flows from investing activities - (479,660) (878,491) (2,789,010) (896,788) (400,976)
3.Net cash flows from financing activities - 1,446,925 97,291 112,508 1,480,229 903,112
H.Miscellaneous
1.Total capital employed (C+D) - 3,497,390 3,747,682 3,824,923 4,847,231 5,393,037
2.Retention in business (F10-F11-F12) - 31,428 161,559 (56,261) (646,727) (3,558)
P1. Net Profit margin / Net profit to sales (F10 as % of F1) - 6.96 3.30 -0.99 -23.28 -0.08
P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)} - 7.95 2.89 -0.85 -8.33 -0.04
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} - 9.01 4.42 -1.56 -19.38 -0.10
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) - 2.23 1.07 -0.37 -4.28 -0.01
332
Millat Tractors Ltd. (Thousand Rupees)

Items 2016 2017 2018 2019 2020 2021
5.Long term investments 382,263 488,901 695,633 1,342,583 2,050,427 5,906,278
1.Cash & bank balance 2,734,452 2,213,683 839,384 1,040,318 1,955,126 1,132,819
i)Raw material 2,055,420 3,480,817 4,316,920 3,012,518 3,553,486 5,366,543
5.Short term investments 1,194,315 7,281,640 7,422,378 4,182 143,855 6,368,491
2.Reserves 5,553,691 7,568,077 7,610,962 6,288,423 5,137,691 10,520,546
F.Operations:
1.Sales 17,961,175 31,612,367 39,586,362 32,030,959 23,896,549 45,665,237
i)Local sales (Net) 17,505,895 30,553,872 39,040,032 31,722,451 22,439,548 42,361,280
ii)Export sales (Net) 455,280 1,058,495 546,330 308,508 1,457,001 3,303,957
2.Cost of sales 13,736,444 22,825,374 29,129,335 25,202,514 19,004,725 34,323,267
6.EBIT (F3-F4+F5) 3,146,923 7,349,716 8,905,571 5,199,721 3,269,692 9,154,833
9.Tax expenses 1,056,595 2,410,888 2,921,862 1,562,972 946,089 2,509,419
11.Cash dividends 2,214,630 4,207,797 5,315,112 3,764,871 2,491,460 5,294,343
12.Bonus shares / stock dividends 0 0 0 55,366 0 174,402
2.Net cash flows from investing activities (266,312) (6,170,046) 1,001,572 5,345,015 (503,337) (6,041,894)
H.Miscellaneous
2.Retention in business (F10-F11-F12) (176,968) 715,030 648,407 (305,040) (527,270) 1,097,382
333
Pak Suzuki Motor Co. Ltd. (Thousand Rupees)

Items 2016 2017 2018 2019 2020 2021
1.Capital work in progress 2,496,091 1,731,931 7,834,219 652,229 535,447 5,627,191
6.Other non-current assets 589,046 710,959 1,730,617 3,267,033 7,446,700 8,807,238
i)Raw material 8,112,011 11,754,415 14,397,889 21,137,374 13,010,855 21,460,351
3.Trade Debt / accounts receivables 1,205,269 211,358 237,538 690,658 503,759 197,287
2.Reserves 25,393,908 28,726,717 28,409,866 24,859,507 23,469,442 26,003,198
D.Non-Current Liabilities (D1+D2+D3+D4+D5) 0 0 215,730 840,443 755,858 3,324,103
4.Employees benefit obligations 0 0 0 324,764 384,924 568,513
5.Other non-current liabilities 0 0 215,730 399,487 273,449 2,666,568
2.Short term borrowings 0 0 11,310,497 32,442,794 12,659,812 12,661,933
F.Operations:
1.Sales 76,516,040 101,811,611 119,853,898 116,548,013 76,720,132 160,082,255
i)Local sales (Net) 76,460,318 101,747,176 119,767,741 116,485,725 76,693,019 159,965,791
2.Cost of sales 69,167,463 92,159,038 112,809,033 114,563,486 73,120,914 151,911,517
5.Other income / (loss) 1,039,851 852,797 562,731 219,155 623,078 2,065,449
6.EBIT (F3-F4+F5) 4,511,011 5,687,302 2,445,459 (2,863,992) 776,680 4,532,448
of which: (i) Interest expenses 593 1,597 287,984 1,968,500 2,586,450 411,973
8.Profit / (loss) before taxation (F6-F7) 4,415,236 5,619,214 2,082,936 (4,951,744) (1,888,054) 3,795,407
9.Tax expenses 1,642,601 1,793,393 784,828 (2,031,259) (509,939) 1,115,931
10.Profit / (loss) after tax (F8-F9) 2,772,635 3,825,821 1,298,108 (2,920,485) (1,378,115) 2,679,476
11.Cash dividends 452,649 1,530,778 260,068 0 0 534,949
1.Net cash flows from operating activities (3,041,252) 4,199,509 (9,333,754) (16,191,764) 34,888,257 19,951,135
3.Net cash flows from financing activities (1,229,722) (453,100) (1,522,619) (328,091) 12,574,513 (10,070,912)
H.Miscellaneous
2.Retention in business (F10-F11-F12) 2,319,986 2,295,043 1,038,040 (2,920,485) (1,378,115) 2,144,527
334
Panther Tyres Limited (Thousand Rupees)

Items 2021
1.Capital work in progress 1,474,376
4.Intangible assets 7,479
6.Other non-current assets 160,790
i)Raw material 1,974,220
ii)Work in progress 252,440
3.Trade Debt / accounts receivables 3,303,967
5.Short term investments 0
i)Capital Reserve 1,574,434
ii)Revenue Reserve 2,747,555
of which: un-appropriated profit(loss) / retained earnings 2,747,555
3.Surplus on revaluation of fixed assets 854,802
D.Non-Current Liabilities (D1+D2+D3+D4+D5) 2,290,403
1.Long term borrowings 1,656,150
1.Trade credit & other accounts payables 892,883
F.Operations:
1.Sales 16,202,067
i)Local sales (Net) 14,852,352
6.EBIT (F3-F4+F5) 1,548,457
8.Profit / (loss) before taxation (F6-F7) 1,220,265
12.Bonus shares / stock dividends 280,000
1.Net cash flows from operating activities (1,309,420)
3.Net cash flows from financing activities 3,817,022
H.Miscellaneous
2.Retention in business (F10-F11-F12) 291,263
4.Salaries, wages and employee benefits 1,494,634
335
Sazgar Engineering Works Ltd. (Thousand Rupees)

Items 2016 2017 2018 2019 2020 2021
1.Capital work in progress 490 267,517 361,969 649,491 982,536 1,500,249
B.Current Assets (B1+B2+B3+B4+B5+B6) 918,130 858,129 876,929 944,516 1,449,087 2,725,500
i)Raw material 306,903 353,207 336,012 336,012 416,574 563,749
2.Reserves 509,691 594,065 741,696 829,039 1,411,291 1,374,883
2.Short term borrowings 0 0 0 0 0 119,680
F.Operations:
1.Sales 2,873,867 3,618,144 3,968,217 3,218,524 2,891,755 4,033,601
i)Local sales (Net) 2,873,867 3,618,144 3,968,217 3,218,524 2,861,510 3,967,360
2.Cost of sales 2,585,180 3,238,663 3,523,304 2,887,802 2,598,740 3,666,877
6.EBIT (F3-F4+F5) 156,738 205,903 259,575 136,137 104,835 125,666
9.Tax expenses 46,288 61,292 68,674 29,848 13,140 28,685
11.Cash dividends 44,931 22,466 0 0 0 0
12.Bonus shares / stock dividends 0 35,945 0 0 107,301 107,301
1.Net cash flows from operating activities 212,307 259,187 165,106 54,832 (99,802) (61,903)
3.Net cash flows from financing activities (54,244) (49,718) (608) 223,946 878,393 175,902
H.Miscellaneous
336
Fuel and Energy
The balance sheet size of fuel and energy sector improved by Rs 366.51 billion, reached at Rs 4,031.65
billion during FY21. Shareholders’ equity improved by 10.49 percent during FY21 over the previous year
to stand at Rs 1,469.03 billion in the current year. The share of total liabilities and Shareholders’ Equity in
total assets showed no significant change during FY21. While Total liabilities increased by Rs 227.07
billion during FY21, shareholders’ equity increased by Rs 139.44 billion.
Sales of the sector grew by 3.57 percent as compared to last year and reached Rs 1,907.49 billion during
FY21 whereas cost of sales and cost of material increased higher than sales. As a result, sector’s profit
before taxation dropped by 4.63 percent during current year over the previous year. Similarly, Profit after
tax decreased during FY21.
Assets
Non-current assets of the sector stood at Rs 1,411.75 billion during FY21 reflecting a YoY increase of
5.49 percent. The Capital work in progress increased by Rs 72.75 billion during FY21 while Operating
fixed assets (after deducting accumulated depreciation) slightly increased by Rs 9.15 billion.
Current assets during the year under review increased by Rs 293.07 billion during FY21 on the back of an
Non-Current Assets C urrent Assets
2020 2021 Growth YoY (RHS) 2020 2021 Growth YoY (RHS)
1,190 60
1600 30
50 25
990 1400
40 1200 20
percent
billion Rs
billion Rs
790 15
percent
30 1000
10
590 20 800
5
10 600
390 0
0 400 -5
190 200 -10
-10
0 -15
-10 -20 Cash & Invento. Trade Short term Other CA
CW in OFA less Intangible Long term Other balances Debt Loans and
progress acc dep. Assets Inv. NCA Advances
increase in Other current assets by Rs 217.87 billion. Details of current assets reveals that Trade Debt /
accounts receivables (Rs 36.45 billion) and Short term investments (Rs 34.21 billion) were other major
contributors in the growth of current assets. Notably, Short term investments posted a growth of 101.43
337
Shareholders’ Equity & Liabilities Shareholders' Equity

Shareholders’ equity soared up to Rs 1,469.03 billion 2020 2021 Growth(RHS)
in the current year depicting an addition of Rs 139.44
1200 16
billion during FY21. This increase in equity is 14
1000
represented by un-appropriated profit (loss) / retained 12
10
earnings, which increased by Rs 137.96 billion. 800 8
percent
billion Rs
6
600
4
Current liabilities increased to Rs 2,019.58 billion 400 2
during FY21 posting a YoY growth of 12.64 percent 0
200 -2
over previous year. Out of an increase of Rs 226.56 -4
billion in current liabilities, Rs 167.26 billion was due 0 -6
Ordinary Surplus on Capital Revenue
to rise in Trade credit & other accounts payables Shares rev.of fixed Reserves Reserves
(which is largest portion of current liabilities). Other asset
current liabilities and Current portion of non-current

liabilities were other significant components, caused a
change in current liabilities respectively by Rs 33.05 billion and Rs 22.76 billion. Though the overall
Non-current liabilities did not change considerably, the composition altered significantly. A decrease of
Rs 20.82 billion was observed in long term borrowings during FY21, which was largely compensated by
other non-current liabilities (Rs 19.71 billion).
.
C u rrent Li abilities Non -Current Li abilities

2020 2021 Growth YoY (RHS) 2020 2021 Growth YoY (RHS)
1600 60 350 10
1400 300 5
50
1200 250 0
40 -5
percent
1000 200
billion Rs
billion Rs
percent
800 30 -10
150
-15
600
20 100 -20
400
50 -25
10
200
0 -30
0 0 Borrowings Sub-ord Emp Other NCL
Payables Borrowings Current Other CL Loans benefits
incl. Trade Portion of
Credits LT
Liabilities

Sales of fuel and energy sector increased by Rs 65.75 billion, posted a YoY growth of 3.57 percent during
FY21 however Cost of material increased larger, resulted in a decline in gross profit. Specifically, gross
profit during FY21 was Rs 371.97 billion, 1.95 percent smaller than gross profit of FY20, owing to 18.04
percent hike in cost of material. Besides, Profit after taxation decreased by Rs 8.63 billion in current year
over the previous year.
338
Key performance indicators of the sector

showed mix behavior during current year Ratio Analysis 2020 2021
with reference to earnings/profitability ratios.
Return on assets decreased from 5.51 during
FY20 to 4.82 during FY21. Return on equity 18
15.53
moved from 15.53 during FY20 to 13.12 16
during FY21. Basic earnings per share 14 13.12
decreased from 5.52 during FY20 to 5.28 12

during FY21. Net profit margin decreased 10
from 10.50 during FY20 to 9.68 during 8
FY21. During the year, assets turnover was 6 4.82
5.51 5.28 5.52
also decreased from 0.53 during FY20 to 4
0.50 during FY21. Ratio of the financial 2 0.5 0.53
leverage of the sector also decreased from 0
2.82 during FY20 to 2.72 during FY21. ROA ROE ROCE EPS
339
Fuel and Energy Sector - Overall (Thousand Rupees)

Items 2016 2017 2018 2019 2020 2021
i)Raw material 9,236,968 13,895,806 18,758,152 29,866,142 21,445,453 27,247,444
iii)Finished goods 1,510,360 896,763 938,857 1,535,626 1,504,679 4,537,304
3.Trade Debt / accounts receivables 598,685,960 630,908,394 837,549,903 1,054,096,106 1,015,335,110 1,051,786,942
6.Other current assets 340,507,071 529,887,439 675,671,013 998,851,480 1,170,495,484 1,388,367,668
C.Shareholders' Equity (C1+C2+C3) 832,106,622 907,248,650 995,673,437 1,142,665,349 1,329,592,737 1,469,030,317
2.Reserves 562,413,192 639,829,822 719,824,731 846,600,497 1,042,383,638 1,185,102,275
ii)Revenue Reserve 524,933,034 599,652,275 675,630,711 788,233,307 978,733,491 1,116,602,125
of which: un-appropriated profit(loss) / retained earnings 516,105,453 583,446,385 651,509,601 771,935,693 962,572,792 1,100,528,657
E.Current Liabilities (E1+E2+E3+E4) 828,903,128 940,696,283 1,284,680,069 1,756,844,896 1,793,020,641 2,019,584,867
1.Trade credit & other accounts payables 581,699,656 658,399,476 921,937,574 1,280,651,670 1,324,505,492 1,491,758,388
of which: i) Trade credits 370,532,197 442,518,891 658,348,267 941,301,782 1,089,195,639 1,233,696,830
F.Operations:
1.Sales 1,115,505,632 1,273,387,299 1,537,644,823 2,006,443,726 1,841,739,575 1,907,490,766
i)Local sales (Net) 1,115,505,632 1,273,387,299 1,537,644,823 2,006,443,726 1,841,739,575 1,907,490,766
2.Cost of sales 916,574,449 1,040,056,014 1,260,180,773 1,629,476,575 1,462,362,241 1,535,523,855
6.EBIT (F3-F4+F5) 174,576,172 194,889,742 236,227,866 334,552,697 371,199,380 330,474,868
9.Tax expenses 17,209,125 36,766,713 54,493,041 72,435,968 74,211,755 70,449,289
11.Cash dividends 54,082,258 50,241,010 69,029,684 58,507,532 40,866,472 86,165,118
H.Miscellaneous
340
Altern Energy Ltd. (Thousand Rupees)

Items 2016 2017 2018 2019 2020 2021
1.Capital work in progress 9,430 645 9,267 0 1,083 5,937
4.Intangible assets 7,374 3,742 418 134 292 1,626
1.Cash & bank balance 9,220,127 4,743,887 1,558,086 2,202,611 416,586 1,373,512
i)Raw material 476,632 471,793 468,560 464,510 464,510 457,115
2.Reserves 22,196,185 22,630,314 23,575,688 24,375,418 26,164,116 28,545,125
D.Non-Current Liabilities (D1+D2+D3+D4+D5) 5,361,511 4,982,076 2,544,852 1,028,354 21,912 1,482,877
1.Long term borrowings 4,440,613 4,045,532 1,561,704 0 0 0
5.Other non-current liabilities 918,261 933,142 962,920 1,005,062 0 1,467,802
1.Trade credit & other accounts payables 2,919,361 3,230,681 1,680,570 3,035,852 936,356 950,634
2.Short term borrowings 0 0 1,816,641 2,927,075 2,344,701 4,354
3.Current portion of non-current liabilities 4,362,362 2,697,021 3,123,407 2,112,666 0 0
4.Other current liabilities 1,991,769 2,763,723 94,068 296,106 85,862 60,600
F.Operations:
1.Sales 27,287,258 27,757,933 31,443,772 19,946,781 10,430,641 12,410,156
i)Local sales (Net) 27,287,258 27,757,933 31,443,772 19,946,781 10,430,641 12,410,156
2.Cost of sales 21,924,076 23,472,480 26,785,009 15,721,983 5,759,805 6,458,983
5.Other income / (loss) 301,311 234,455 221,855 151,609 135,162 (1,589,036)
6.EBIT (F3-F4+F5) 5,435,656 4,271,476 4,637,940 4,053,245 4,606,791 4,105,938
7.Financial expenses 1,407,558 1,158,500 1,039,514 1,111,430 358,218 252,697
of which: (i) Interest expenses 1,407,478 717,970 375,453 434,867 298,594 210,484
9.Tax expenses 174,448 187,871 164,425 170,878 (832,897) 1,479,957
11.Cash dividends 846,675 14,535 14,535 22,348 9,630 0
1.Net cash flows from operating activities 5,654,525 (768,389) 2,900,379 4,826,258 4,233,802 3,372,878
2.Net cash flows from investing activities 186,960 (20,131) 56,063 57,142 62,862 (73,760)
H.Miscellaneous
341
Arshad Energy Limited (Thousand Rupees)

Items 2016 2017 2018 2019 2020 2021
1.Cash & bank balance 1,884 776 1,181 328 521 938
2.Inventories; of which 12,087 8,024 12,107 11,204 11,204 23
i)Raw material 12,087 8,024 12,107 11,204 11,204 23
3.Trade Debt / accounts receivables 15,970 21,183 919 1,456 0 0
2.Reserves 21,721 34,506 16,097 (1,453) (27,497) (66,902)
F.Operations:
1.Sales 235,991 241,920 227,473 6,252 0 2,927
i)Local sales (Net) 235,991 241,920 227,473 6,252 0 2,927
2.Cost of sales 226,220 228,534 242,277 17,437 16,322 23,889
i)Cost of material 205,840 209,041 225,505 6,027 0 3,463
3.Gross profit / (loss) (F1-F2) 9,771 13,386 (14,804) (11,185) (16,322) (20,962)
6.EBIT (F3-F4+F5) 11,311 11,261 (19,104) (15,680) (25,858) (40,355)
1.Net cash flows from operating activities 5,273 1,095 4,615 (30,153) (11,367) (7,932)
2.Net cash flows from investing activities (4,578) (7,497) (2,765) 0 0 0
3.Net cash flows from financing activities (2) 5,295 (1,445) 29,300 11,560 8,350
H.Miscellaneous
P1. Net Profit margin / Net profit to sales (F10 as % of F1) 4.79 4.64 -8.42 -250.85 - -1,378.75
342
Burshane LPG (Pakistan) Ltd. (Thousand Rupees)

Items 2016 2017 2018 2019 2020 2021
i)Raw material 5,188 3,674 2,794 1,959 1,385 705
2.Reserves 282,746 278,983 273,204 320,309 128,447 15,733
1.Long term borrowings 93,103 3,940 938 2,177 17,511 9,942
F.Operations:
1.Sales 2,012,770 1,826,825 2,926,076 3,249,870 2,582,454 2,591,297
i)Local sales (Net) 2,012,770 1,826,825 2,926,076 3,249,870 2,582,454 2,591,297
2.Cost of sales 1,871,442 1,617,005 2,693,563 3,034,515 2,448,638 2,557,808
6.EBIT (F3-F4+F5) 19,610 85,893 83,725 69,981 (25,901) (137,264)
of which: (i) Interest expenses 26,417 31,736 25,355 854 40,878 25,376
9.Tax expenses (5,844) 21,628 34,035 39,150 39,299 (44,374)
11.Cash dividends 44,978 22,489 16,867 22,489 0 0
1.Net cash flows from operating activities (2,314) 187,716 68,540 93,123 153,991 (145,074)
H.Miscellaneous
343
Engro Powergen Qadirpur Ltd. (Thousand Rupees)

Items 2016 2017 2018 2019 2020 2021
i)Raw material 381,244 379,524 379,474 379,474 853,335 544,469
2.Reserves 5,216,652 6,574,757 8,294,775 10,725,183 12,398,726 12,939,808
D.Non-Current Liabilities (D1+D2+D3+D4+D5) 4,610,647 2,819,315 758,568 0 986,605 0
1.Long term borrowings 4,610,647 2,819,315 758,568 0 0 0
3.Current portion of non-current liabilities 1,792,353 2,051,918 2,804,531 857,047 0 0
F.Operations:
1.Sales 11,451,782 11,589,512 11,874,365 13,201,094 8,097,818 10,203,775
i)Local sales (Net) 11,451,782 11,589,512 11,874,365 13,201,094 8,097,818 10,203,775
2.Cost of sales 9,209,292 8,877,874 8,864,263 9,584,745 6,358,895 8,820,758
6.EBIT (F3-F4+F5) 2,149,433 2,660,363 2,824,681 3,463,666 1,648,530 1,162,673
7.Financial expenses 361,088 269,221 196,005 57,663 (445,715) (433,529)
9.Tax expenses 657 497 1,063 3,321 15,075 1,895
11.Cash dividends 971,400 1,052,350 485,700 971,400 971,400 2,428,500
1.Net cash flows from operating activities 2,311,283 3,051,685 3,376,823 3,376,823 2,457,308 374,796
H.Miscellaneous
2.Retention in business (F10-F11-F12) 816,288 1,338,295 2,141,913 2,431,282 1,107,770 (834,193)
344
K-Electric (formerly KESC) (Thousand Rupees)

Items 2016 2017 2018 2019 2020 2021
5.Long term investments 0 0 0 0 3,047,856 3,168,999
2.Inventories; of which 0 0 0 0 647,271 3,023,648
i)Raw material 0 0 0 0 647,271 3,023,648
4.Short term loans and advances 771,863 774,217 889,124 871,189 1,806,416 2,587,658
5.Short term investments 3,000,000 0 0 0 0 0
2.Reserves 25,059,668 40,449,571 56,944,092 52,347,473 55,164,484 71,757,296
F.Operations:
1.Sales 188,606,854 183,855,106 217,126,507 289,119,070 288,807,383 325,048,549
i)Local sales (Net) 188,606,854 183,855,106 217,126,507 289,119,070 288,807,383 325,048,549
2.Cost of sales 131,452,278 144,333,733 171,829,331 238,412,961 244,914,079 265,853,959
5.Other income / (loss) 6,660,303 9,398,778 8,470,214 7,563,950 8,509,741 (5,951,583)
6.EBIT (F3-F4+F5) 30,050,968 12,320,704 16,955,540 15,167,374 17,095,745 26,458,838
9.Tax expenses (6,855,908) (1,707,557) 1,407,418 (8,390,920) 3,318,318 3,347,664
H.Miscellaneous
345
Kohinoor Energy Ltd. (Thousand Rupees)

Items 2016 2017 2018 2019 2020 2021
i)Raw material 158,857 234,340 381,717 381,717 48,965 756,453
6.Other current assets 1,055,036 363,662 305,767 321,153 308,046 315,596
2.Reserves 4,397,095 4,362,323 4,310,877 4,176,038 4,848,005 4,378,113
3.Current portion of non-current liabilities 30,413 0 0 0 0 57,432
F.Operations:
1.Sales 7,283,936 8,223,861 8,282,641 7,504,738 7,548,782 6,752,330
i)Local sales (Net) 7,283,936 8,223,861 8,282,641 7,504,738 7,548,782 6,752,330
2.Cost of sales 6,174,928 6,988,329 7,019,967 5,946,315 5,391,882 4,983,277
6.EBIT (F3-F4+F5) 836,130 982,850 998,442 1,057,302 1,867,299 1,485,840
9.Tax expenses 445 711 240 115 94 3,563
11.Cash dividends 889,658 889,658 593,105 847,293 847,293 2,584,244
1.Net cash flows from operating activities 843,384 (4,861) (737,193) 936,141 663,368 4,739,714
3.Net cash flows from financing activities (1,059,447) (878,353) (766,560) (638,050) (378,777) (1,609,594)
H.Miscellaneous
2.Retention in business (F10-F11-F12) (194,442) (85,491) 136,793 (295,816) 189,365 (1,384,823)
346
Kohinoor Power Co. Ltd. (Thousand Rupees)

Items 2016 2017 2018 2019 2020 2021
2.Operating fixed assets at cost 0 0 321,796 324,326 324,326 324,326
2.Reserves 59,490 53,779 34,660 20,408 8,013 5,857
ii)Revenue Reserve 25,490 19,779 660 (13,592) (25,987) (28,143)
1.Trade credit & other accounts payables 2,030 2,693 1,687 1,107 736 863
4.Other current liabilities 2,412 749 530 528 528 527
F.Operations:
1.Sales 4,643 16,075 15,118 15,430 16,605 17,114
i)Local sales (Net) 4,643 16,075 15,118 15,430 16,605 17,114
2.Cost of sales 2,891 14,130 22,413 16,915 15,897 14,839
3.Gross profit / (loss) (F1-F2) 1,752 1,945 (7,295) (1,485) 708 2,275
5.Other income / (loss) 164 1,841 963 962 286 1,229
6.EBIT (F3-F4+F5) (9,096) (6,827) (18,769) (13,905) (12,269) (1,984)
9.Tax expenses 1,228 (808) 255 254 79 168
1.Net cash flows from operating activities 3,852 (7,065) (1,425) (2,699) (2,248) 2,374
2.Net cash flows from investing activities (51,127) 7,548 3,324 1,853 1,555 (1,490)
3.Net cash flows from financing activities 0 0 0 (2) 0 0
H.Miscellaneous
347
Kot Addu Power Co. Ltd. (Thousand Rupees)

Items 2016 2017 2018 2019 2020 2021
1.Cash & bank balance 597,650 629,718 684,955 1,349,922 835,246 1,283,523
i)Raw material 3,134,827 5,914,402 6,717,597 9,466,456 2,700,672 5,921,887
2.Reserves 22,152,556 23,700,677 26,290,356 32,358,615 51,547,979 56,421,079
4.Employees benefit obligations 670,274 713,176 817,831 803,979 1,245,150 938,255
5.Other non-current liabilities 1,841,329 1,425,370 1,892,254 958,245 7,260,685 12,898,596
of which: i) Trade credits 700,079 18,173,889 31,314,040 19,187,312 705,209 1,619,081
4.Other current liabilities 0 580,371 959,027 1,986,641 794,671 5,212,099
F.Operations:
1.Sales 64,178,389 81,846,981 91,915,894 84,830,617 71,543,299 50,349,026
i)Local sales (Net) 64,178,389 81,846,981 91,915,894 84,830,617 71,543,299 50,349,026
2.Cost of sales 50,770,461 67,666,625 78,536,832 70,625,377 50,065,134 45,098,016
6.EBIT (F3-F4+F5) 16,920,013 18,498,047 21,995,401 27,268,677 41,411,661 17,518,981
9.Tax expenses 4,612,229 4,626,056 5,190,722 5,850,973 9,341,051 4,181,318
11.Cash dividends 7,922,279 7,966,291 8,054,317 3,961,139 1,320,380 8,802,532
1.Net cash flows from operating activities 130,989 4,172,677 4,684,184 1,276,919 14,060,228 35,007,049
2.Net cash flows from investing activities (83,953) (462,789) (32,708) (38,298) 67,293 (25,434,888)
H.Miscellaneous
348
LALPIR POWER Ltd. (Thousand Rupees)

Items 2016 2017 2018 2019 2020 2021
i)Raw material 349,471 299,334 450,924 447,890 1,018,582 2,597,661
4.Short term loans and advances 0 436,898 1,450,433 656,044 667,421 713,263
2.Reserves 8,820,243 9,005,916 9,374,330 11,028,952 13,725,959 11,775,303
1.Long term borrowings 783,438 230,423 0 0 54,453 0
of which: i) Trade credits 894,503 1,086,931 1,708,095 292,870 501,048 342,097
F.Operations:
1.Sales 15,366,041 18,313,076 16,809,658 12,840,474 12,402,237 18,653,788
i)Local sales (Net) 15,366,041 18,313,076 16,809,658 12,840,474 12,402,237 18,653,788
2.Cost of sales 13,510,090 16,508,376 14,918,104 8,711,954 7,378,149 18,562,969
3.Gross profit / (loss) (F1-F2) 1,855,951 1,804,700 1,891,554 4,128,520 5,024,088 90,819
6.EBIT (F3-F4+F5) 1,712,811 1,711,566 1,710,444 3,807,402 4,865,330 (64,408)
8.Profit / (loss) before taxation (F6-F7) 994,697 972,340 747,472 2,043,779 3,551,394 (806,283)
10.Profit / (loss) after tax (F8-F9) 994,697 972,340 747,472 2,043,779 3,551,394 (806,283)
11.Cash dividends 759,677 759,677 379,839 0 1,234,476 759,677
1.Net cash flows from operating activities (434,310) 934,962 86,116 (1,918,881) 3,488,569 10,405,632
2.Net cash flows from investing activities (455,142) (156,543) (2,132,481) 547,774 31,198 14,367
3.Net cash flows from financing activities (1,312,196) (1,312,458) (931,562) (610,516) (740,628) (1,194,134)
H.Miscellaneous
2.Retention in business (F10-F11-F12) 235,020 212,663 367,633 2,043,779 2,316,918 (1,565,960)
349
Mari Petroleum Co. Ltd. (Formerly Mari Gas Co. Ltd.) (Thousand Rupees)
Items 2016 2017 2018 2019 2020 2021
4.Intangible assets 3,002,063 7,409,878 0 0 0 0
5.Long term investments 0 0 0 0 0 1,161,018
6.Other non-current assets 12,806,850 8,192,651 1,917,467 921,901 2,275,758 2,425,647
5.Short term investments 0 3,604,596 8,437,354 20,700,000 33,634,126 40,782,256
6.Other current assets 3,776,203 2,309,826 871,930 2,626,796 3,220,300 3,339,552
2.Reserves 15,863,423 24,435,170 39,089,238 62,393,979 91,815,081 114,199,540
1.Long term borrowings 1,000,000 4,172,727 0 0 0 0
4.Employees benefit obligations 596,468 713,989 819,797 946,137 1,107,054 1,022,050
of which: i) Trade credits 907,989 782,016 1,758,493 2,647,125 929,048 502,045
F.Operations:
1.Sales 94,997,719 96,775,974 100,042,839 117,542,103 72,026,368 73,018,271
i)Local sales (Net) 94,997,719 96,775,974 100,042,839 117,542,103 72,026,368 73,018,271
2.Cost of sales 76,035,050 72,184,009 64,547,340 65,668,611 19,063,199 13,858,815
5.Other income / (loss) 927,814 (587,322) 183,770 2,093,393 4,896,086 4,204,525
6.EBIT (F3-F4+F5) 7,135,510 11,947,545 20,931,272 35,510,094 41,847,397 45,241,839
of which: (i) Interest expenses 45,860 209,239 26,567 0 983,552 899,297
9.Tax expenses 509,997 2,013,265 4,917,204 10,381,246 10,966,573 12,486,454
11.Cash dividends 573,300 562,275 661,500 727,650 813,755 18,809,753
3.Net cash flows from financing activities (11,625,231) 3,262,935 (5,903,205) (754,961) (796,141) (9,001,466)
H.Miscellaneous
350
Nishat Chunian Power Ltd. (Thousand Rupees)

Items 2016 2017 2018 2019 2020 2021
2.Inventories; of which 524,883 846,831 1,337,183 1,076,755 153,368 868,726
i)Raw material 524,883 846,831 1,337,183 1,076,755 153,368 868,726
4.Short term loans and advances 0 36,282 1,208,684 814,438 697,322 868,263
6.Other current assets 1,905,223 1,757,400 664,695 604,788 516,883 448,122
2.Reserves 3,619,107 5,516,819 8,555,857 10,686,701 15,292,471 17,801,761
F.Operations:
1.Sales 13,853,806 16,147,843 16,594,018 15,021,084 13,022,871 11,643,346
i)Local sales (Net) 13,853,806 16,147,843 16,594,018 15,021,084 13,022,871 11,643,346
2.Cost of sales 9,660,067 11,827,672 11,954,459 9,945,451 6,267,119 7,873,192
6.EBIT (F3-F4+F5) 3,975,358 4,090,968 4,452,652 4,758,626 6,640,050 3,493,708
7.Financial expenses 1,219,116 1,092,520 1,046,267 1,342,068 2,034,280 984,418
of which: (i) Interest expenses 1,215,160 1,089,366 1,043,017 1,338,632 2,031,586 980,415
9.Tax expenses 0 (1,303) 0 0 0 0
11.Cash dividends 2,663,265 918,367 551,020 734,694 734,694 0
2.Net cash flows from investing activities (596,736) (335,490) (453,354) (1,184,587) 187,362 (394,481)
H.Miscellaneous
2.Retention in business (F10-F11-F12) 92,977 2,081,384 2,855,365 2,681,864 3,871,076 2,509,290
3.Depreciation for the year 1,171,178 1,152,648 1,066,019 1,081,402 737,443 803,944
351
Nishat Power Ltd. (Thousand Rupees)

Items 2016 2017 2018 2019 2020 2021
1.Capital work in progress 1,950 0 14,284 21,726 35,952 579
6.Other non-current assets 3,133 2,794 231 6 3,000 1,461
2.Inventories; of which 702,678 975,559 1,569,339 1,719,399 156,343 649,107
i)Raw material 702,678 975,559 1,569,339 1,719,399 156,343 649,107
2.Reserves 8,710,194 10,357,312 12,860,551 15,567,834 20,142,334 22,469,379
i)Capital Reserve 0 0 0 3,153,633 3,153,633 3,153,633
F.Operations:
1.Sales 13,896,036 15,041,692 16,929,085 15,581,918 11,738,487 11,432,571
i)Local sales (Net) 13,896,036 15,041,692 16,929,085 15,581,918 11,738,487 11,432,571
2.Cost of sales 10,008,691 11,175,473 12,702,691 10,584,021 5,390,640 7,989,362
6.EBIT (F3-F4+F5) 3,717,626 3,632,767 3,948,735 4,715,195 6,013,116 3,020,334
9.Tax expenses 0 (2,714) 0 0 0 0
11.Cash dividends 2,124,531 1,416,354 531,133 531,133 708,177 531,133
1.Net cash flows from operating activities 5,332,338 1,134,611 (82,904) 1,330,677 5,073,890 1,928,787
H.Miscellaneous
352
Oil & Gas Development Co. Ltd. (Thousand Rupees)

Items 2016 2017 2018 2019 2020 2021
4.Intangible assets 87,990,960 95,159,850 0 0 0 0
2.Reserves 435,623,283 469,975,053 507,547,138 582,355,964 667,554,692 726,634,761
of which: i) Trade credits 115,148 392,923 1,208,256 953,478 670,392 1,157,086
F.Operations:
1.Sales 162,866,578 171,829,364 205,335,000 261,481,188 232,925,243 239,103,553
i)Local sales (Net) 162,866,578 171,829,364 205,335,000 261,481,188 232,925,243 239,103,553
2.Cost of sales 74,977,039 76,825,178 83,855,257 94,419,625 94,548,548 99,357,337
6.EBIT (F3-F4+F5) 82,225,276 90,652,096 114,356,647 178,291,951 147,373,082 131,191,119
9.Tax expenses 20,536,585 25,334,060 33,890,466 58,213,625 43,423,735 37,451,921
11.Cash dividends 22,364,828 25,805,570 43,009,284 47,310,212 29,031,267 29,676,406
2.Net cash flows from investing activities (35,586,113) (27,720,813) 39,689,264 (17,240,255) (21,665,534) (6,657,183)
H.Miscellaneous
353
Pakgen Power Ltd. (Thousand Rupees)

Items 2016 2017 2018 2019 2020 2021
i)Raw material 319,573 420,331 516,398 416,965 1,262,026 3,056,712
iii)Finished goods 0 0 0 0 0 3,056,712
4.Short term loans and advances 0 0 1,000,000 1,009,086 350,000 397,301
2.Reserves 11,313,561 11,883,374 12,972,864 15,333,246 18,913,587 18,843,571
1.Long term borrowings 780,194 334,369 0 0 48,986 0
4.Employees benefit obligations 0 0 29,349 20,941 0 2,267
1.Trade credit & other accounts payables 1,521,863 1,174,937 527,540 525,088 740,426 2,950,300
of which: i) Trade credits 722,492 1,014,495 350,481 226,685 141,839 2,648,858
F.Operations:
1.Sales 16,044,135 19,754,785 16,218,296 12,185,385 10,645,671 19,900,766
i)Local sales (Net) 16,044,135 19,754,785 16,218,296 12,185,385 10,645,671 19,900,766
2.Cost of sales 14,728,099 17,771,748 13,792,637 7,618,200 5,078,317 18,236,639
6.EBIT (F3-F4+F5) 1,120,566 1,992,510 2,344,249 4,443,765 5,418,191 1,374,431
11.Cash dividends 744,163 744,163 558,122 0 1,209,265 744,163
1.Net cash flows from operating activities (190,140) (1,198,537) (62,930) 541,162 5,555,966 13,966,633
2.Net cash flows from investing activities (199,549) (83,888) (1,078,358) 59,465 723,038 2,675
3.Net cash flows from financing activities (1,188,468) (1,192,184) (816,512) (893,547) (731,504) (1,169,640)
H.Miscellaneous
2.Retention in business (F10-F11-F12) (227,273) 569,814 927,019 2,911,041 3,202,017 305,181
354
S.G. Power Ltd. (Thousand Rupees)

Items 2016 2017 2018 2019 2020 2021
B.Current Assets (B1+B2+B3+B4+B5+B6) 6,466 227 455 1,939 5,005 1,305
1.Cash & bank balance 510 227 434 5 389 1,305
3.Trade Debt / accounts receivables 0 0 0 1,913 4,595 0
6.Other current assets 5,956 0 21 21 21 0
2.Reserves (141,956) (165,789) (167,997) (166,946) (164,764) (167,375)
1.Trade credit & other accounts payables 11,284 20 170 780 1,233 1,812
of which: i) Trade credits 6,750 6 0 0 0 0
F.Operations:
1.Sales 0 500 1,750 5,788 8,999 9,019
i)Local sales (Net) 0 500 1,750 5,788 8,999 9,019
2.Cost of sales 5,429 4,551 4,330 4,488 6,663 8,057
3.Gross profit / (loss) (F1-F2) (5,429) (4,051) (2,580) 1,300 2,336 962
4.General, administrative and other expenses 243 5,854 248 250 153 4,182
ii)Administrative and other expenses 243 5,804 248 250 153 4,182
5.Other income / (loss) 247 (13,673) 715 0 0 0
6.EBIT (F3-F4+F5) (5,425) (23,578) (2,113) 1,050 2,183 (3,220)
9.Tax expenses 0 0 0 0 0 (607)
1.Net cash flows from operating activities 31 3,381 207 (522) 384 2,436
2.Net cash flows from investing activities 0 (3,664) 0 50 0 (1,519)
H.Miscellaneous
P1. Net Profit margin / Net profit to sales (F10 as % of F1) - -4,766.40 -126.17 18.14 24.26 -28.97
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} -14.33 -97.43 -19.30 9.67 17.49 -21.31
355
SAIF POWER Ltd. (Thousand Rupees)

Items 2016 2017 2018 2019 2020 2021
1.Capital work in progress 0 0 234,486 325,866 368,599 387,757
i)Raw material 128,115 127,996 134,110 133,036 169,300 246,093
4.Short term loans and advances 2,320 1,483 921 98,349 105,740 4,964
6.Other current assets 355,717 466,660 572,536 1,251,563 702,446 1,392,892
2.Reserves 5,351,061 6,531,380 8,181,733 10,967,361 12,089,160 12,089,726
1.Long term borrowings 4,763,293 2,869,486 661,523 50,547 45,575 32,493
1.Trade credit & other accounts payables 1,163,048 1,424,572 1,114,196 2,098,783 923,922 1,774,899
of which: i) Trade credits 741,912 992,031 588,197 1,587,032 722,766 1,535,870
F.Operations:
1.Sales 11,946,156 12,257,197 16,690,327 14,910,381 8,925,175 16,394,335
i)Local sales (Net) 11,946,156 12,257,197 16,690,327 14,910,381 8,925,175 16,394,335
2.Cost of sales 8,758,049 8,779,523 12,625,323 9,892,199 5,595,214 13,654,893
5.Other income / (loss) 12,736 4,185 2,428 3,277 2,287 (251)
6.EBIT (F3-F4+F5) 3,073,007 3,299,463 3,926,865 4,856,318 3,167,148 2,574,462
7.Financial expenses 760,674 707,339 894,557 1,209,887 799,499 830,840
11.Cash dividends 1,410,622 1,410,622 1,140,092 1,159,415 1,449,269 3,091,774
1.Net cash flows from operating activities 2,030,905 2,350,817 269,943 3,337,414 542,783 2,249,415
3.Net cash flows from financing activities (1,892,462) (2,494,066) 227,927 (3,265,826) (488,653) (1,227,231)
H.Miscellaneous
2.Retention in business (F10-F11-F12) 901,711 1,181,502 1,892,216 2,487,016 918,380 (1,348,152)
3.Depreciation for the year 588,248 591,532 594,521 1,432,333 610,099 608,163
356
Sitara Energy Ltd. (Thousand Rupees)

Items 2016 2017 2018 2019 2020 2021
6.Other non-current assets 1,348 1,347 511 1,511 2,511 2,511
i)Raw material 55,046 263,302 43,140 22,157 19,385 31,349
2.Reserves 1,898,735 1,763,990 1,682,133 1,490,323 1,346,509 1,197,025
D.Non-Current Liabilities (D1+D2+D3+D4+D5) 5,673 2,460 0 20,833 4,167 8,333
1.Long term borrowings 5,673 2,460 0 20,833 4,167 8,333
2.Short term borrowings 771,874 1,036,617 1,058,327 982,314 1,013,751 1,026,951
F.Operations:
1.Sales 3,074,266 2,116,461 2,412,173 1,036,691 958,056 512,635
i)Local sales (Net) 3,074,266 2,116,461 2,412,173 1,036,691 958,056 512,635
2.Cost of sales 2,705,568 1,986,124 2,359,464 1,035,379 874,570 489,482
i)Cost of material 2,357,361 1,782,742 2,160,664 932,830 804,506 421,356
6.EBIT (F3-F4+F5) 269,926 19,986 42,329 (36,750) 26,376 (40,990)
8.Profit / (loss) before taxation (F6-F7) 162,421 (96,562) (81,856) (189,472) (142,358) (147,495)
9.Tax expenses 0 0 0 2,337 1,457 1,988
10.Profit / (loss) after tax (F8-F9) 162,421 (96,562) (81,856) (191,809) (143,815) (149,483)
11.Cash dividends 38,184 0 0 0 0 0
1.Net cash flows from operating activities 214,171 (296,936) (111,420) 17,808 (91,259) (59,388)
2.Net cash flows from investing activities 31,669 (6,992) 50,477 212,780 132,595 352
H.Miscellaneous
2.Retention in business (F10-F11-F12) 124,237 (96,562) (81,856) (191,809) (143,815) (149,483)
P1. Net Profit margin / Net profit to sales (F10 as % of F1) 5.28 -4.56 -3.39 -18.50 -15.01 -29.16
P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)} 4.74 -2.63 -2.20 -5.40 -4.25 -4.46
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} 8.04 -4.77 -4.28 -10.79 -8.94 -10.19
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) 8.51 -5.06 -4.29 -10.05 -7.53 -7.83
357
Sui Northern Gas Pipelines Ltd. (Thousand Rupees)

Items 2016 2017 2018 2019 2020 2021
5.Long term investments 4,900 4,900 4,900 0 0 0
i)Raw material 0 0 0 9,007,232 6,824,823 4,680,416
5.Short term investments 0 0 0 4,900 4,900 0
2.Reserves (2,644,836) 4,253,626 12,334,514 14,700,046 18,794,692 27,877,899
ii)Revenue Reserve (2,644,836) 4,253,626 12,334,514 14,700,046 18,794,692 27,877,899
of which: un-appropriated profit(loss) / retained earnings 0 0 0 10,092,364 14,187,010 23,270,217
F.Operations:
1.Sales 250,646,588 346,308,284 503,782,390 781,899,964 744,555,413 757,627,055
i)Local sales (Net) 250,646,588 346,308,284 503,782,390 781,899,964 744,555,413 757,627,055
2.Cost of sales 246,424,169 326,609,632 476,785,651 746,103,955 690,218,497 704,775,318
i)Cost of material 229,383,689 0 0 0 0 0
6.EBIT (F3-F4+F5) 4,263,133 17,889,719 26,281,556 36,926,064 57,392,621 55,878,729
8.Profit / (loss) before taxation (F6-F7) (139,608) 12,539,199 15,475,401 11,149,217 8,416,931 15,841,904
9.Tax expenses (263,621) 3,924,699 4,353,926 4,073,383 2,419,222 4,855,910
11.Cash dividends 0 0 4,471,228 2,219,758 2,536,867 3,171,084
3.Net cash flows from financing activities 19,635,863 18,463,857 2,432,526 (14,929,727) (11,651,418) (4,667,702)
H.Miscellaneous
358
Sui Southern Gas Co. Ltd. (Thousand Rupees)

Items 2016 2017 2018 2019 2020 2021
6.Other non-current assets 3,054,512 3,225,182 667,581 608,903 608,903 608,903
1.Cash & bank balance 1,357,962 1,147,188 791,931 836,483 836,483 836,483
i)Raw material 316,426 430,544 320,242 415,274 415,274 415,274
C.Shareholders' Equity (C1+C2+C3) 13,461,055 15,536,443 2,904,342 (7,584,041) (7,584,041) (7,584,041)
2.Reserves (7,076,373) (5,000,985) (19,578,236) (38,343,736) (38,343,736) (38,343,736)
F.Operations:
1.Sales 138,616,102 156,673,275 177,404,423 297,166,704 297,166,704 297,166,704
i)Local sales (Net) 138,616,102 156,673,275 177,404,423 297,166,704 297,166,704 297,166,704
2.Cost of sales 163,440,128 157,524,022 187,195,880 295,127,307 295,127,307 295,127,307
i)Cost of material 147,284,596 0 0 0 0 0
3.Gross profit / (loss) (F1-F2) (24,824,026) (850,747) (9,791,457) 2,039,397 2,039,397 2,039,397
6.EBIT (F3-F4+F5) (5,013,769) 5,180,622 (5,691,706) (10,028,742) (10,028,742) (10,028,742)
8.Profit / (loss) before taxation (F6-F7) (7,632,637) 3,485,888 (10,756,811) (16,787,925) (16,787,925) (16,787,925)
9.Tax expenses (1,771,750) 2,011,093 4,047,715 1,574,884 1,574,884 1,574,884
10.Profit / (loss) after tax (F8-F9) (5,860,887) 1,474,795 (14,804,526) (18,362,809) (18,362,809) (18,362,809)
1.Net cash flows from operating activities 21,636,513 (4,039,195) 3,155,922 12,841,940 12,841,940 12,841,940
3.Net cash flows from financing activities 1,485,259 27,506,320 459,600 (9,713,247) (9,713,247) (9,713,247)
H.Miscellaneous
2.Retention in business (F10-F11-F12) (5,860,887) 1,474,795 (14,804,526) (18,362,809) (18,362,809) (18,362,809)
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} -37.39 10.17 -160.56 784.79 242.12 242.12
359
The Hub Power Co. Ltd. (Thousand Rupees)

Items 2016 2017 2018 2019 2020 2021
5.Long term investments 989,405 1,924,412 8,823,879 36,302,726 54,026,930 70,009,153
i)Raw material 2,563,327 3,442,694 6,347,109 5,844,656 6,699,010 3,997,806
2.Reserves 21,673,066 23,426,957 27,462,386 44,451,164 70,959,798 96,694,625
5.Other non-current liabilities 6,125 0 0 0 3,170,595 7,053,046
F.Operations:
1.Sales 91,594,876 101,188,378 99,999,433 58,128,888 48,321,335 54,639,435
i)Local sales (Net) 91,594,876 101,188,378 99,999,433 58,128,888 48,321,335 54,639,435
2.Cost of sales 73,012,704 83,928,576 81,720,455 36,640,036 17,830,929 21,768,718
5.Other income / (loss) 59,401 (28,585) (61,212) 92,982 13,101,621 16,296,665
6.EBIT (F3-F4+F5) 16,905,829 15,789,014 16,582,853 19,848,152 41,910,890 47,279,602
9.Tax expenses 270,659 359,215 485,572 516,722 3,944,865 5,108,548
11.Cash dividends 12,728,698 8,678,658 8,562,943 0 0 15,565,853
3.Net cash flows from financing activities (16,881,796) (15,272,433) (5,688,993) 10,413,694 12,640,696 (7,472,203)
H.Miscellaneous
2.Retention in business (F10-F11-F12) (228,104) 2,669,824 3,101,840 11,930,307 26,060,870 19,264,483
360
Tri-Star Power Ltd. (Thousand Rupees)

Items 2016 2017 2018 2019 2020 2021
A.Non-Current Assets (A1+A3+A4+A5+A6) - 133,761 130,182 122,103 101,267 103,600
1.Capital work in progress - 0 0 0 0 0
2.Operating fixed assets at cost - 177,290 177,290 67,290 67,290 67,290
4.Intangible assets - 0 0 0 0 0
B.Current Assets (B1+B2+B3+B4+B5+B6) - 32,590 41,216 54,414 81,179 87,201
1.Cash & bank balance - 371 13,745 42,034 53,715 44,510
2.Inventories; of which - 0 0 0 0 0
i)Raw material - 0 0 0 0 0
ii)Work in progress - 0 0 0 0 0
iii)Finished goods - 0 0 0 0 0
3.Trade Debt / accounts receivables - 20,142 18,343 0 12,847 26,761
4.Short term loans and advances - 4,862 0 0 0 0
5.Short term investments - 0 0 0 0 0
Total Assets (A+B) / Equity & Liabilities (C+D+E) - 166,351 171,398 176,517 182,446 190,801
C.Shareholders' Equity (C1+C2+C3) - 156,786 165,168 170,193 175,582 183,687
1.Issued, Subscribed & Paid up capital - 150,000 150,000 150,000 150,000 150,000
i)Ordinary shares - 150,000 150,000 150,000 150,000 150,000
2.Reserves - 6,786 15,168 20,193 25,582 33,687
i)Capital Reserve - 70,000 70,000 70,000 70,000 70,000
ii)Revenue Reserve - (63,214) (54,832) (49,807) (44,418) (36,313)
of which: un-appropriated profit(loss) / retained earnings - (63,908) (53,423) (48,755) (43,016) (37,680)
3.Surplus on revaluation of fixed assets - 0 0 0 0 0
D.Non-Current Liabilities (D1+D2+D3+D4+D5) - 0 0 0 0 0
1.Long term borrowings - 0 0 0 0 0
4.Employees benefit obligations - 0 0 0 0 0
5.Other non-current liabilities - 0 0 0 0 0
E.Current Liabilities (E1+E2+E3+E4) - 9,565 6,230 6,324 6,864 7,114
of which: i) Trade credits - 305 0 0 0 0
2.Short term borrowings - 1,649 0 0 0 0
3.Current portion of non-current liabilities - 0 0 0 0 0
F.Operations:
1.Sales - 60,387 51,715 29,575 16,034 14,114
i)Local sales (Net) - 60,387 51,715 29,575 16,034 14,114
2.Cost of sales - 52,132 45,239 23,609 12,437 10,237
i)Cost of material - 0 0 0 2,301 6,767
4.General, administrative and other expenses - 711 697 773 770 621
i)Selling & distribution expenses - 0 0 0 0 0
ii)Administrative and other expenses - 711 697 773 770 621
5.Other income / (loss) - 11 4,706 (527) 2,913 2,081
6.EBIT (F3-F4+F5) - 7,555 10,485 4,666 5,740 5,337
7.Financial expenses - 1 1 0 0 0
of which: (i) Interest expenses - 0 0 0 0 0
8.Profit / (loss) before taxation (F6-F7) - 7,554 10,484 4,666 5,740 5,337
9.Tax expenses - 0 0 0 0 0
10.Profit / (loss) after tax (F8-F9) - 7,554 10,484 4,666 5,740 5,337
11.Cash dividends - 0 0 0 0 0
12.Bonus shares / stock dividends - 0 0 0 0 0
1.Net cash flows from operating activities - (2,251) 13,374 17,686 (14,544) (14,978)
2.Net cash flows from investing activities - 0 0 0 0 0
3.Net cash flows from financing activities - 0 0 0 20,000 0
H.Miscellaneous
1.Total capital employed (C+D) - 156,786 165,168 170,193 175,582 183,687
2.Retention in business (F10-F11-F12) - 7,554 10,484 4,666 5,740 5,337
3.Depreciation for the year - 1,641 1,476 539 485 437
P1. Net Profit margin / Net profit to sales (F10 as % of F1) - 12.51 20.27 15.78 35.80 37.81
P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)} - 4.54 6.21 2.68 3.20 2.86
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} - 4.82 6.51 2.78 3.32 2.97
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) - 0.50 0.70 0.31 0.38 0.36
361
Information Communication & Transport

Information and communication sector exhibited an expansion in their balance sheet size during the
period under review. Total assets increased by Rs 157.82 billion (19.22 percent) during FY21. Total
liabilities increased by Rs 156.36 billion during FY21 whereas Shareholders’ equity increased by Rs 1.46
billion. Sales of the sector increased by 5.90 percent during FY21. The gross profit of the sector decreased
by 10.04 percent during FY21, registered a decline from Rs 56.35 billion to Rs 50.69 billion. However,
EBIT exhibited a tremendous increase of Rs 28.13 billion (nearly thrice of FY20) on the back of significant
decline in Administrative and other expenses along with a huge increment in ‘Other Income’ of Rs 29.11
billion during FY21. Resultantly, the sector under review posted a huge YoY increase in profit before and
after tax during FY21, recorded a growth of 88.14 percent and 64.55 percent respectively.
Assets
Total assets increased by Rs 157.82 billion, reached at Rs 978.82 billion during FY21 stemming from
increase in non-current assets by Rs 113.30 billion during FY21. Intangible assets (Rs 45.23 billion) was
the key factor in driving the growth in non-current assets besides long term investment (Rs 37.26 billion)
and operating fixed cost (Rs 37.90 billion).
Besides, Current assets increased with YoY growth of 17.62 percent. Main components of current assets
are cash and bank balances, trade debts and short-term investments.
Growth and Composition of Current Assets Growth and Composition of Non-Current Assets
2020 2021 Growth(RHS) 2020 2021 Growth(RHS)
100 60 600 140
56.10 132.03
90
50 500 120
80
70 41.21 40 100
400
billion Rs
billion Rs
percent
60
percent
30 80
50 300
23.67 60
40 20
200
30 10 38.00 40
24.35
20 100 15.76 20
5.19
10 -1.70 -1.690
- 0
0 -10
Intangible
Investment
Capital work
current assets
OFA w/o Dep
Long-term
in progress
Other Non-
Cash & BB
investments
loans & adv
Current
Assets
Short-term
Short-term
Trade Debt
assets
Other

Total shareholders’ equity dropped to Rs -183.71 billion in FY21 from Rs -185.17 billion in FY20,
recorded increase of 0.79 percent. Issued, Subscribed & Paid up capital increased by Rs 2.21 billion
during FY21. The Reserves decreased by 3.92 percent, mainly attributed to un-appropriated losses,
accumulated to Rs 517.20 billion during FY21, recorded an increase of Rs 20.04 billion.
362
Total liabilities increased by Rs 156.36 billion during FY21 owing to an increase of Rs 121.85 billion
increase in non-current liabilities. Further break up shows that long-term borrowing increased by Rs 86.71
billion, followed by others of Rs 30.83 billion. Looking at the increase in current liabilities by Rs 34.50
billion, it came primarily from increase in Other current Liabilities by Rs 20.70 billion followed by Trade
Credit & other accounts payables (Rs 9.55 billion).

During FY21, overall sales of services by Profitability/Efficiency Ratios
information and communication sector 2020 2021
increased by Rs 5.90 billion or 2.0 percent. 20
18.45
Both local sales and export services sales 15
increased by 0.31 percent and 23.28 percent
10
percent
respectively. Cost of sale increased by Rs 11.55

5 6.05
billion or 4.85 percent, during FY21.
-1.24
Therefore, gross profit decreased by Rs 5.66 0 0.36
0.33
-3.71 -4.88
billion or 10.04 percent, during FY21 over -5
-3.89 -4.74
FY20. Having said this, EBIT rose to Rs 39.73
-10 -10.69
billion, posted an increase of Rs 28.13 billion
or 242.68 percent on the back of huge increase -15
Net Profit Asset Return on Financial Return on
in Other income (Rs 29.11 billion). margin turnover Assets leverage equity
Resultantly, profit before and after tax
increased by 88.14 percent and 64.55 percent respectively during FY21 as compared to previous year.
Return on equity (ROE) declined from18.45 in FY20 to 6.5 in FY21 while return on asset (ROA)
improved from -3.89 in FY20 to -1.24 in FY21. Besides, Net profit margin improved from -10.69 in
FY20 to -3.71 in FY21.
363
Information, Comm. and Transport Services - Overall (Thousand Rupees)

Items 2016 2017 2018 2019 2020 2021
2.Reserves (238,880,777) (301,242,498) (366,696,912) (403,497,691) (413,925,407) (430,171,292)
2.Subordinated loans / Sponsor's loans 0 1,275,893 1,855,571 2,016,039 1,944,449 2,125,980
F.Operations:
1.Sales 291,249,993 300,614,611 341,237,220 352,801,084 294,559,144 300,455,004
i)Local sales (Net) 274,111,690 283,738,921 322,967,595 333,703,460 272,852,567 273,695,493
2.Cost of sales 253,666,934 262,376,677 291,605,830 288,645,618 238,210,365 249,763,268
5.Other income / (loss) 9,367,425 19,881,864 (1,465,806) 5,807,956 14,255,976 43,363,023
6.EBIT (F3-F4+F5) (16,658,603) (13,670,939) (27,581,034) 9,199,867 11,592,505 39,725,278
9.Tax expenses 3,560,451 4,269,598 1,777,915 2,582,612 (576,018) 7,359,360
10.Profit / (loss) after tax (F8-F9) (39,407,463) (42,828,518) (62,741,971) (42,262,996) (31,487,532) (11,160,935)
11.Cash dividends 8,764,374 8,733,367 7,707,080 7,897,233 3,739,326 7,661,438
12.Bonus shares / stock dividends 264,242 0 657,509 192,536 557,987 2,187,254
3.Net cash flows from financing activities 25,528,851 16,193,450 49,455,732 17,637,054 990,758 56,178,781
H.Miscellaneous
2.Retention in business (F10-F11-F12) (48,436,079) (51,561,885) (71,106,559) (50,352,766) (35,784,845) (21,009,627)
364
AVANCEON Ltd. (Thousand Rupees)

Items 2016 2017 2018 2019 2020 2021
2.Reserves 1,022,565 1,270,823 1,902,703 2,372,228 3,262,072 5,511,143
i)Capital Reserve 322,525 376,558 622,726 809,694 852,572 2,165,099
4.Other current liabilities 114,149 73,999 283,074 1,384,105 913,044 1,072,512
F.Operations:
1.Sales 2,063,627 2,813,898 3,480,942 4,896,158 6,444,692 7,117,894
i)Local sales (Net) 1,808,742 2,507,883 2,508,159 4,896,158 6,444,692 7,117,894
2.Cost of sales 1,317,408 1,839,168 2,513,661 3,412,208 4,603,147 4,840,198
6.EBIT (F3-F4+F5) 446,238 667,713 840,854 1,087,282 1,315,711 1,883,326
9.Tax expenses 63,716 34,583 88,642 50,764 138,395 158,612
11.Cash dividends 105,697 297,272 0 0 211,790 256,593
12.Bonus shares / stock dividends 264,242 0 545,295 192,536 423,580 641,484
1.Net cash flows from operating activities (23,199) 134,490 72,132 (97,794) 690,423 (83,302)
2.Net cash flows from investing activities 38,905 (28,748) 638 (22,052) 100,916 (270,568)
3.Net cash flows from financing activities (34,170) (52,230) (189,337) 172,308 (369,236) 1,138,877
H.Miscellaneous
365
Hallmark Company Limited (Thousand Rupees)

Items 2017 2018 2019 2020 2021
A.Non-Current Assets (A1+A3+A4+A5+A6) - 5,329 4,193 4,010 4,062
1.Capital work in progress - 0 0 0 0
2.Operating fixed assets at cost - 3,596 3,806 3,867 4,182
3.Operating fixed assets after deducting accumulated depreciation - 782 908 845 1,045
4.Intangible assets - 4,047 1,785 1,605 1,425
5.Long term investments - 0 0 0 0
6.Other non-current assets - 500 1,500 1,560 1,592
B.Current Assets (B1+B2+B3+B4+B5+B6) - 2,894 4,081 3,491 5,182
1.Cash & bank balance - 281 587 221 953
2.Inventories; of which - 1,517 2,044 855 0
i)Raw material - 0 0 0 0
ii)Work in progress - 0 0 0 0
iii)Finished goods - 0 0 0 0
3.Trade Debt / accounts receivables - 1,003 1,297 1,578 4,205
4.Short term loans and advances - 93 153 837 24
5.Short term investments - 0 0 0 0
6.Other current assets - 0 0 0 0
Total Assets (A+B) / Equity & Liabilities (C+D+E) - 8,223 8,274 7,501 9,244
C.Shareholders' Equity (C1+C2+C3) - 6,815 6,630 6,713 6,952
1.Issued, Subscribed & Paid up capital - 5,000 5,000 5,000 5,000
i)Ordinary shares - 5,000 5,000 5,000 5,000
2.Reserves - 1,815 1,630 1,713 1,952
i)Capital Reserve - 1,800 300 0 0
ii)Revenue Reserve - 15 1,330 1,713 1,952
of which: un-appropriated profit(loss) / retained earnings - 15 1,330 1,713 1,952
D.Non-Current Liabilities (D1+D2+D3+D4+D5) - 34 66 0 1,403
1.Long term borrowings - 0 0 0 1,403
4.Employees benefit obligations - 0 0 0 0
5.Other non-current liabilities - 34 66 0 0
E.Current Liabilities (E1+E2+E3+E4) - 1,374 1,578 788 889
1.Trade credit & other accounts payables - 183 315 156 0
of which: i) Trade credits - 0 0 0 0
2.Short term borrowings - 0 0 0 0
3.Current portion of non-current liabilities - 0 0 0 0
4.Other current liabilities - 1,191 1,263 632 889
F.Operations:
1.Sales - 14,844 18,121 15,875 8,689
i)Local sales (Net) - 14,844 18,121 15,875 8,689
ii)Export sales (Net) - 0 0 0 0
2.Cost of sales - 10,552 12,105 11,398 3,283
i)Cost of material - 0 0 0 0
3.Gross profit / (loss) (F1-F2) - 4,292 6,016 4,477 5,406
i)Selling & distribution expenses - 72 1,857 2,129 1,683
5.Other income / (loss) - 1,780 215 0 0
6.EBIT (F3-F4+F5) - 2,260 1,996 389 412
7.Financial expenses - 0 0 0 75
of which: (i) Interest expenses - 0 0 0 0
8.Profit / (loss) before taxation (F6-F7) - 2,260 1,996 389 337
9.Tax expenses - 131 681 6 98
10.Profit / (loss) after tax (F8-F9) - 2,129 1,315 383 239
11.Cash dividends - 0 0 0 0
12.Bonus shares / stock dividends - 0 0 0 0
1.Net cash flows from operating activities - 1,347 802 (5) (357)
2.Net cash flows from investing activities - (1,865) 1,004 (61) (315)
3.Net cash flows from financing activities - 300 (1,500) (300) 1,403
H.Miscellaneous
1.Total capital employed (C+D) - 6,849 6,696 6,713 8,355
2.Retention in business (F10-F11-F12) - 2,129 1,315 383 239
3.Depreciation for the year - 91 85 123 114
366
Hum Network Ltd. (Thousand Rupees)

Items 2016 2017 2018 2019 2020 2021
5.Long term investments 0 0 0 77,196 73,387 0
2.Reserves 992,992 2,011,817 2,819,477 2,331,603 2,097,468 3,065,684
i)Capital Reserve 0 0 0 55,144 1,064 (32,506)
D.Non-Current Liabilities (D1+D2+D3+D4+D5) 27,067 12,069 1,107,069 989,909 971,126 395,097
1.Long term borrowings 27,067 12,069 1,107,069 989,909 942,673 361,280
E.Current Liabilities (E1+E2+E3+E4) 1,301,264 625,455 764,401 1,732,225 1,325,567 1,223,643
1.Trade credit & other accounts payables 699,298 590,200 707,573 1,033,303 895,681 819,952
2.Short term borrowings 473,988 0 17,803 299,853 189,067 0
F.Operations:
1.Sales 4,229,263 5,105,347 5,191,714 4,786,716 4,645,326 4,993,729
i)Local sales (Net) 4,229,263 5,105,347 5,191,714 4,786,716 4,645,326 4,993,729
2.Cost of sales 2,659,956 2,917,159 3,218,696 4,182,984 3,628,540 3,185,217
3.Gross profit / (loss) (F1-F2) 1,569,307 2,188,188 1,973,018 603,732 1,016,786 1,808,512
6.EBIT (F3-F4+F5) 762,229 1,079,234 963,557 (376,852) (18,028) 1,160,812
8.Profit / (loss) before taxation (F6-F7) 722,027 1,057,597 930,047 (521,329) (263,001) 1,059,225
9.Tax expenses 235,417 34,483 86,046 128,351 (15,832) 98,032
10.Profit / (loss) after tax (F8-F9) 486,610 1,023,114 844,001 (649,680) (247,169) 961,193
11.Cash dividends 0 94,500 0 0 0 0
2.Net cash flows from investing activities (92,719) (112,012) (2,088,200) (539,269) 594,235 257,886
3.Net cash flows from financing activities (173,015) (8,924) 1,001,966 299,743 (352,696) (437,623)
H.Miscellaneous
4.Salaries, wages and employee benefits 851,860 1,010,831 1,257,555 1,405,815 883,465 1,325,704
367
Media Times Ltd. (Thousand Rupees)

Items 2016 2017 2018 2019 2020 2021
1.Cash & bank balance 5,430 2,687 711 588 3,469 5,666
2.Reserves (1,958,016) (2,035,991) (2,267,108) (2,530,111) (2,633,342) (2,746,760)
F.Operations:
1.Sales 377,892 385,849 354,888 177,166 156,452 117,771
i)Local sales (Net) 377,892 385,849 354,888 177,166 156,452 117,771
2.Cost of sales 394,220 337,956 315,651 208,936 138,482 113,288
3.Gross profit / (loss) (F1-F2) (16,328) 47,893 39,237 (31,770) 17,970 4,483
i)Selling & distribution expenses 0 0 28,632 15,310 2,698 3,546
5.Other income / (loss) 39,608 47,536 37,156 (27,556) 10,871 27,103
6.EBIT (F3-F4+F5) (124,218) (53,337) (151,760) (191,230) (55,514) (60,197)
9.Tax expenses 4,318 6,193 9,888 818 2,400 3,076
1.Net cash flows from operating activities (13,825) (13,089) (52,223) (26,812) 233 (112,835)
2.Net cash flows from investing activities (2,963) 1,022 (1,676) 10,521 2,790 (12,131)
3.Net cash flows from financing activities 19,374 9,324 51,924 16,169 (142) 127,162
H.Miscellaneous
1.Total capital employed (C+D) 42,575 (20,075) (198,053) (450,384) (560,183) (444,196)
368
Netsol Technologies Ltd. (Thousand Rupees)

Items 2016 2017 2018 2019 2020 2021
4.Intangible assets 2,195,996 1,801,409 1,507,905 1,214,401 920,897 627,393
2.Reserves 5,004,467 5,110,991 6,181,886 6,422,365 6,009,773 6,217,463
F.Operations:
1.Sales 4,074,187 3,925,697 4,284,800 5,389,535 4,708,374 4,947,559
i)Local sales (Net) 32,737 11,721 9,998 11,278 12,097 0
2.Cost of sales 2,709,099 2,687,252 2,348,314 3,319,789 3,142,330 3,147,147
ii)Administrative and other expenses 747,541 700,029 747,858 1,037,382 1,043,603 1,057,073
6.EBIT (F3-F4+F5) 371,141 155,736 1,139,421 1,407,991 255,107 322,205
8.Profit / (loss) before taxation (F6-F7) 347,150 126,446 1,095,900 1,368,179 206,589 263,346
9.Tax expenses 38,180 41,787 49,983 77,527 162,476 70,387
10.Profit / (loss) after tax (F8-F9) 308,970 84,659 1,045,917 1,290,652 44,113 192,959
11.Cash dividends 44,577 129,972 224,257 251,224 0 0
1.Net cash flows from operating activities (106,642) 381,418 1,433,598 (244,549) (544,383) 1,607,737
H.Miscellaneous
2.Retention in business (F10-F11-F12) 264,393 (45,313) 821,660 1,039,428 44,113 192,959
369
Octopus Digital Limited. (Thousand Rupees)

Items 2021
A.Non-Current Assets (A1+A3+A4+A5+A6) 58,184
1.Capital work in progress 0
2.Operating fixed assets at cost 5,262
3.Operating fixed assets after deducting accumulated depreciation 3,730
4.Intangible assets 51,722
6.Other non-current assets 2,732
2.Inventories; of which 0
i)Raw material 0
ii)Work in progress 0
iii)Finished goods 0
5.Short term investments 300,000
2.Reserves 272,841
i)Capital Reserve (294,791)
ii)Revenue Reserve 567,632
of which: un-appropriated profit(loss) / retained earnings 567,632
D.Non-Current Liabilities (D1+D2+D3+D4+D5) 0
1.Long term borrowings 0
5.Other non-current liabilities 0
E.Current Liabilities (E1+E2+E3+E4) 79,542
1.Trade credit & other accounts payables 44,867
2.Short term borrowings 0
3.Current portion of non-current liabilities 0
F.Operations:
1.Sales 625,196
i)Local sales (Net) 625,196
ii)Export sales (Net) 0
2.Cost of sales 151,981
i)Cost of material 38,151
3.Gross profit / (loss) (F1-F2) 473,215
ii)Administrative and other expenses 0
6.EBIT (F3-F4+F5) 360,455
7.Financial expenses 0
of which: (i) Interest expenses 0
8.Profit / (loss) before taxation (F6-F7) 360,455
1.Net cash flows from operating activities 2,149,051
3.Net cash flows from financing activities (833,539)
H.Miscellaneous
2.Retention in business (F10-F11-F12) 4,076
4.Salaries, wages and employee benefits 24,786
370
Pak Datacom Ltd. (Thousand Rupees)

Items 2016 2017 2018 2019 2020 2021
1.Capital work in progress 0 0 0 0 39,358 0
2.Operating fixed assets at cost 1,755,232 888,954 880,953 885,609 865,932 872,003
B.Current Assets (B1+B2+B3+B4+B5+B6) 872,645 882,471 907,436 1,006,151 1,125,605 1,102,276
2.Reserves 730,241 701,219 682,640 707,078 744,860 729,501
F.Operations:
1.Sales 654,603 704,297 798,063 933,876 770,442 897,207
i)Local sales (Net) 654,603 704,297 798,063 933,876 770,442 897,207
2.Cost of sales 494,261 553,093 649,070 715,657 624,435 715,269
6.EBIT (F3-F4+F5) 55,296 27,614 37,491 145,600 52,931 77,792
9.Tax expenses 17,483 14,887 16,595 55,266 39,859 52,713
11.Cash dividends 41,654 34,304 39,204 39,204 9,801 16,172
1.Net cash flows from operating activities 57,845 (66,067) 114,780 (22,198) 98,106 (141,652)
2.Net cash flows from investing activities (26,303) 127,107 (85,161) 136,931 14,729 16,919
3.Net cash flows from financing activities 0 (40,944) (41,909) (36,220) (50,973) (23,803)
H.Miscellaneous
3.Depreciation for the year 6,754 23,016 (3,533) 32,518 25,074 21,734
371
Pakistan Int. Container Terminal Ltd. (Thousand Rupees)

Items 2016 2017 2018 2019 2020 2021
3.Operating fixed assets after deducting accumulated depreciation 3,161,837 2,842,247 2,335,855 1,901,008 1,457,635 857,758
2.Reserves 1,054,350 1,248,925 1,208,427 1,752,198 1,364,061 1,631,943
F.Operations:
1.Sales 9,295,474 9,291,440 8,250,377 7,927,129 9,009,171 11,098,666
i)Local sales (Net) 9,295,474 9,291,440 8,250,377 7,927,129 9,009,171 11,098,666
2.Cost of sales 4,667,997 4,745,471 4,499,383 4,468,237 4,888,515 5,938,493
6.EBIT (F3-F4+F5) 4,184,114 4,177,365 3,291,245 3,011,540 3,764,889 4,776,609
9.Tax expenses 1,388,549 1,370,944 1,155,260 873,644 1,091,753 1,386,234
11.Cash dividends 3,001,713 2,617,494 1,921,096 1,964,758 2,787,773 3,558,394
H.Miscellaneous
372
Pakistan International Airlines Corporation Ltd. (Thousand Rupees)

Items 2016 2017 2018 2019 2020 2021
1.Capital work in progress 739,386 1,440,708 4,321,171 6,151,181 2,154,337 534,293
5.Long term investments 221,960 243,042 272,790 271,905 71,515,236 79,299,793
5.Short term investments 24,981 19,220 19,220 6,316,620 19,220 19,220
2.Reserves (290,199,594) (352,735,059) (413,955,779) (473,825,609) (497,750,742) (548,110,885)
3.Debentures/TFCs (bonds payable) 25,289,606 17,072,007 2,054,401 0 0 0
F.Operations:
1.Sales 102,426,552 103,911,181 117,982,168 164,646,354 99,196,542 88,089,164
i)Local sales (Net) 102,426,552 103,911,181 117,982,168 164,646,354 99,196,542 88,089,164
2.Cost of sales 112,531,524 116,784,451 132,790,485 151,997,761 97,976,580 96,552,482
3.Gross profit / (loss) (F1-F2) (10,104,972) (12,873,270) (14,808,317) 12,648,593 1,219,962 (8,463,318)
5.Other income / (loss) 359,508 (1,456,643) (12,897,591) (9,222,697) 6,518,162 (450,229)
6.EBIT (F3-F4+F5) (31,291,689) (35,433,193) (46,463,395) (19,691,949) (17,119,604) (25,768,300)
9.Tax expenses (117,916) (231,351) (911,833) (41,986) (4,183,600) (867,053)
10.Profit / (loss) after tax (F8-F9) (44,759,464) (50,983,821) (66,659,564) (56,036,735) (43,749,576) (53,483,493)
1.Net cash flows from operating activities (8,997,184) (17,273,464) (24,059,743) 1,569,009 (11,506,661) (23,545,756)
H.Miscellaneous
2.Retention in business (F10-F11-F12) (44,759,464) (50,983,821) (66,659,564) (56,036,735) (43,749,576) (53,483,493)
373
Pakistan International Bulk Terminal Ltd. (Thousand Rupees)

Items 2016 2017 2018 2019 2020 2021
1.Capital work in progress 16,415,584 25,008,470 65,312 237,345 320,545 185,399
3.Trade Debt / accounts receivables 0 0 259,529 699,682 884,172 1,033,397
6.Other current assets 229,612 1,042,366 911,313 1,420,250 2,078,337 2,586,804
2.Reserves 70,128 96,986 (2,577,297) (5,015,947) (3,866,243) (1,828,014)
ii)Revenue Reserve 70,128 96,986 (2,577,297) (5,015,947) (3,866,243) (1,828,014)
of which: un-appropriated profit(loss) / retained earnings 70,128 96,986 (2,577,297) (5,015,947) (3,866,243) (1,828,014)
3.Surplus on revaluation of fixed assets 0 0 0 0 0 6,356,876
5.Other non-current liabilities 948,426 327,396 0 0 11,621 2,164,526
of which: i) Trade credits 0 56,761 169,580 252,018 935,890 1,058,999
3.Current portion of non-current liabilities 0 1,036,798 1,866,730 1,586,915 1,844,949 1,979,713
F.Operations:
1.Sales 0 0 1,960,607 8,004,395 9,459,196 10,853,552
i)Local sales (Net) 0 0 1,960,607 8,004,395 9,459,196 10,853,552
2.Cost of sales 0 0 2,777,388 5,772,499 6,444,972 7,487,832
3.Gross profit / (loss) (F1-F2) 0 0 (816,781) 2,231,896 3,014,224 3,365,720
4.General, administrative and other expenses 55,924 80,521 1,181,887 3,175,803 454,236 511,864
ii)Administrative and other expenses 55,924 80,521 1,181,887 3,175,803 454,236 511,864
6.EBIT (F3-F4+F5) 56,383 48,400 (1,948,934) (707,455) 2,771,583 3,422,146
7.Financial expenses 0 0 1,264,601 1,823,296 1,125,920 976,295
8.Profit / (loss) before taxation (F6-F7) 56,383 48,400 (3,213,535) (2,530,751) 1,645,663 2,445,851
9.Tax expenses 21,323 21,542 (578,965) (127,081) 501,378 587,002
10.Profit / (loss) after tax (F8-F9) 35,060 26,858 (2,634,570) (2,403,670) 1,144,285 1,858,849
1.Net cash flows from operating activities 1,014,483 (1,287,111) (418,424) (1,459,975) 1,146,614 2,228,224
2.Net cash flows from investing activities (10,581,545) (8,503,333) (1,151,708) (352,008) (515,090) (470,441)
3.Net cash flows from financing activities 10,354,376 9,481,415 (191,001) 2,010,599 (659,321) (1,673,082)
H.Miscellaneous
2.Retention in business (F10-F11-F12) 35,060 26,858 (2,634,570) (2,403,670) 1,144,285 1,858,849
P1. Net Profit margin / Net profit to sales (F10 as % of F1) - - -134.38 -30.03 12.10 17.13
P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)} 0.26 0.11 -9.13 -8.14 3.84 5.50
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} 0.34 0.19 -19.34 -19.13 8.53 10.22
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) 0.03 0.02 -1.77 -1.35 0.64 1.04
374
Pakistan National Shipping Corporation. (Thousand Rupees)

Items 2016 2017 2018 2019 2020 2021
2.Reserves 25,099,137 27,380,739 28,775,320 30,049,976 32,139,315 34,172,667
F.Operations:
1.Sales 12,543,985 12,477,685 9,909,991 10,862,459 13,803,576 12,788,561
i)Local sales (Net) 12,543,985 12,477,685 9,909,991 10,862,459 13,803,576 12,788,561
2.Cost of sales 8,989,808 8,963,790 7,810,416 8,154,103 9,234,891 9,917,093
6.EBIT (F3-F4+F5) 3,073,933 3,432,174 2,104,439 2,904,584 3,717,210 2,999,798
9.Tax expenses 192,298 624,948 212,916 260,057 167,868 177,165
11.Cash dividends 264,127 264,127 198,095 264,127 293,841 396,190
2.Net cash flows from investing activities (2,422,390) 1,989,539 (2,207,660) (5,131,477) (1,647,488) (4,248,608)
3.Net cash flows from financing activities (2,335,792) (1,470,968) (1,460,877) 5,927,773 (2,102,739) (1,630,926)
H.Miscellaneous
375
Pakistan Telecommunication Co. Ltd. (Thousand Rupees)

Items 2016 2017 2018 2019 2020 2021
6.Other non-current assets 2,200,034 767,577 1,625,455 22,179,014 22,604,871 27,191,044
2.Reserves 37,186,718 35,498,618 32,239,485 32,438,353 35,993,390 37,104,769
2.Short term borrowings 0 834,233 1,225,137 4,058,444 6,680,285 8,227,208
F.Operations:
1.Sales 117,202,376 117,019,265 126,862,364 129,542,521 129,422,497 137,625,446
i)Local sales (Net) 106,787,964 107,432,198 117,813,200 121,591,620 120,316,038 128,283,071
2.Cost of sales 87,025,891 90,538,326 92,914,836 95,658,891 96,312,058 103,095,709
6.EBIT (F3-F4+F5) 7,897,863 12,846,423 15,181,109 19,289,634 13,901,169 15,929,682
9.Tax expenses 2,646,390 2,071,158 1,239,481 1,258,840 1,293,877 811,768
11.Cash dividends 5,100,000 5,100,000 5,100,000 5,100,000 0 0
3.Net cash flows from financing activities (1,929,156) (19,421,134) 5,082,820 (14,805,073) 1,058,233 29,787,046
H.Miscellaneous
2.Retention in business (F10-F11-F12) (3,477,153) (782,347) 610,004 3,728,086 3,272,666 2,575,265
376
Systems Ltd (Thousand Rupees)

Items 2016 2017 2018 2019 2020 2021
5.Long term investments 0 0 0 0 0 1,418,579
5.Short term investments 253,000 225,000 295,000 780,000 2,644,845 4,866,677
2.Reserves 1,689,315 2,106,346 3,046,955 4,293,731 6,729,953 10,677,785
2.Short term borrowings 0 210,424 460,424 672,000 1,449,000 2,750,000
F.Operations:
1.Sales 3,112,102 3,832,429 5,323,923 7,535,648 9,876,828 15,304,038
i)Local sales (Net) 684,546 763,797 1,351,047 1,767,182 1,972,987 2,834,461
2.Cost of sales 2,222,534 2,683,691 3,795,123 5,166,302 6,619,640 10,314,366
6.EBIT (F3-F4+F5) 478,212 584,941 1,135,744 1,648,237 2,348,918 4,555,008
9.Tax expenses (8,500) 8,435 47,388 33,282 117,960 53,944
11.Cash dividends 206,606 195,698 224,427 277,921 436,121 692,495
12.Bonus shares / stock dividends 0 0 112,214 0 124,606 1,384,989
1.Net cash flows from operating activities 215,913 794,140 367,217 1,769,527 2,344,630 2,402,273
2.Net cash flows from investing activities (10,516) (426,695) (413,538) (1,025,844) (2,052,228) (3,594,833)
3.Net cash flows from financing activities (124,508) 54,148 85,122 (11,617) 1,166,445 1,117,842
H.Miscellaneous
2.Retention in business (F10-F11-F12) 274,608 365,021 724,643 1,290,012 1,603,571 2,302,176
377
TRG Pakistan Ltd. (Thousand Rupees)

Items 2016 2017 2018 2019 2020 2021
3.Operating fixed assets after deducting accumulated depreciation 2,679,226 3,254,531 3,693,320 101 59 17
4.Intangible assets 2,193,714 4,170,345 5,462,073 0 0 0
5.Long term investments 3,387,612 30,783 47,616 16,392,528 21,778,686 49,620,244
6.Other non-current assets 3,329,148 3,249,751 5,337,123 1,579,721 75 75
B.Current Assets (B1+B2+B3+B4+B5+B6) 12,744,765 11,335,858 17,574,429 1,685 1,583,862 609,257
3.Trade Debt / accounts receivables 6,781,627 7,400,484 10,019,768 0 0 0
6.Other current assets 703,229 861,388 1,365,657 0 1,580,554 10,828
C.Shareholders' Equity (C1+C2+C3) 2,917,653 (4,437,243) (7,507,256) 15,153,739 19,404,372 41,508,609
2.Reserves (2,536,254) (9,891,150) (12,961,163) 9,699,832 13,950,465 36,054,702
i)Capital Reserve 96,981 (1,178,165) (2,506,093) 10,225,636 533,376 (815,095)
ii)Revenue Reserve (2,633,235) (8,712,985) (10,455,070) (525,804) 13,417,089 36,869,797
of which: un-appropriated profit(loss) / retained earnings (2,633,235) (8,712,985) (10,455,070) (525,804) 13,417,089 36,869,797
1.Long term borrowings 8,371,321 10,085,726 19,367,003 0 0 0
E.Current Liabilities (E1+E2+E3+E4) 12,917,417 15,572,729 19,175,814 28,916 29,127 615,567
1.Trade credit & other accounts payables 5,913,696 6,868,987 7,759,703 0 0 0
of which: i) Trade credits 1,596,918 1,816,209 2,414,339 0 0 0
2.Short term borrowings 3,002,611 5,042,031 0 4,579 4,807 27,265
3.Current portion of non-current liabilities 0 0 7,083,785 0 0 0
4.Other current liabilities 4,001,110 3,661,711 4,332,326 24,337 24,320 588,302
F.Operations:
1.Sales 30,694,527 35,990,660 49,056,553 0 0 0
i)Local sales (Net) 30,694,527 35,990,660 49,056,553 0 0 0
2.Cost of sales 26,601,507 26,285,206 32,509,447 0 0 0
3.Gross profit / (loss) (F1-F2) 4,093,020 9,705,454 16,547,106 0 0 0
4.General, administrative and other expenses 4,951,105 18,110,836 21,533,045 238,576 234,437 32,358
i)Selling & distribution expenses 1,159,883 0 0 0 0 0
ii)Administrative and other expenses 3,791,222 18,110,836 21,533,045 238,576 234,437 32,358
5.Other income / (loss) (59,267) 436,825 217,297 240,969 324,125 30,467,086
6.EBIT (F3-F4+F5) (917,352) (7,968,557) (4,768,642) 2,393 89,688 30,434,728
7.Financial expenses 594,526 1,719,815 1,975,882 0 0 0
of which: (i) Interest expenses 448,007 1,642,164 1,926,237 0 0 0
8.Profit / (loss) before taxation (F6-F7) (1,511,878) (9,688,372) (6,744,524) 2,393 89,688 30,434,728
9.Tax expenses 150,773 (46,939) 28,900 538 13,523 4,582,301
10.Profit / (loss) after tax (F8-F9) (1,662,651) (9,641,433) (6,773,424) 1,855 76,165 25,852,427
11.Cash dividends 0 0 0 0 0 2,399,719
1.Net cash flows from operating activities (3,990,176) (4,864,627) (4,845,558) 1,013 1,623 121,855
2.Net cash flows from investing activities (1,878,605) (4,515,101) (3,094,462) (127) 0 2,464,293
3.Net cash flows from financing activities 10,707,247 6,804,656 12,670,773 0 0 (1,991,027)
H.Miscellaneous
2.Retention in business (F10-F11-F12) (1,662,651) (9,641,433) (6,773,424) 1,855 76,165 23,452,708
3.Depreciation for the year 933,158 1,252,188 1,583,853 52 42 42
4.Salaries, wages and employee benefits 22,785,437 26,220,146 0 0 0 0
P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current 7.77 -30.68 -4.54 6.55 1.20 1.21
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} -67.58 1,268.95 113.41 0.05 0.44 84.88
378
Telecard Ltd. (Thousand Rupees)

Items 2016 2017 2018 2019 2020 2021
4.Intangible assets 1,523,346 1,341,749 82,605 82,050 81,304 79,288
2.Reserves (78,226) (166,034) (188,329) (256,794) (331,418) 171,561
i)Capital Reserve 0 0 0 (1,221) (1,933) (3,064)
5.Other non-current liabilities 2,367,804 2,632,967 378,954 337,900 336,870 162,652
of which: i) Trade credits 1,088,719 1,135,307 753,131 1,062,058 1,011,288 743,342
3.Current portion of non-current liabilities 56,764 109,482 0 0 942,306 959,352
F.Operations:
1.Sales 2,755,699 2,835,113 3,379,033 4,223,936 3,910,039 3,873,309
i)Local sales (Net) 2,755,699 2,835,113 3,379,033 4,223,936 3,910,039 3,873,309
2.Cost of sales 2,204,557 2,093,387 2,393,289 3,215,499 2,710,540 2,556,544
4.General, administrative and other expenses 616,318 593,373 1,236,569 800,194 947,754 850,807
ii)Administrative and other expenses 581,530 562,014 1,199,260 769,372 918,063 817,924
6.EBIT (F3-F4+F5) 346,729 171,541 251,884 369,030 322,320 797,408
9.Tax expenses 227,494 175,375 210,178 278,982 237,871 194,063
10.Profit / (loss) after tax (F8-F9) 52,211 (87,808) (42,027) (22,965) (75,131) 506,595
H.Miscellaneous
2.Retention in business (F10-F11-F12) 52,211 (87,808) (42,027) (22,965) (75,131) 356,595
P1. Net Profit margin / Net profit to sales (F10 as % of F1) 1.89 -3.10 -1.24 -0.54 -1.92 13.08
P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)} 0.67 -1.14 -0.61 -0.37 -1.21 8.42
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} 1.80 -3.05 -1.49 -0.83 -2.78 17.35
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) 0.17 -0.29 -0.14 -0.08 -0.25 1.69
379
Worldcall Telecom Ltd. (Thousand Rupees)

Items 2016 2017 2018 2019 2020 2021
4.Intangible assets 3,088,720 2,697,636 2,306,651 1,916,615 1,402,655 997,491
3.Trade Debt / accounts receivables 761,262 1,075,745 1,674,557 896,749 807,879 456,651
C.Shareholders' Equity (C1+C2+C3) (4,117,335) 1,865,303 3,281,988 3,038,845 4,508,420 3,002,469
2.Reserves (16,958,600) (11,840,728) (11,605,944) (11,938,224) (11,636,732) (13,097,644)
i)Capital Reserve 1,796,800 1,186,598 1,556,438 1,248,589 1,165,203 925,453
2.Subordinated loans / Sponsor's loans 0 675,893 1,255,931 1,416,639 1,345,289 1,676,880
3.Debentures/TFCs (bonds payable) 0 0 1,583,763 1,567,104 1,433,280 1,204,445
5.Other non-current liabilities 1,021,500 1,126,500 1,115,080 1,021,500 131,616 138,728
3.Current portion of non-current liabilities 5,247,019 1,605,672 164,740 415,282 590,872 842,866
F.Operations:
1.Sales 1,819,706 2,321,750 4,386,953 3,857,070 3,140,134 2,114,223
i)Local sales (Net) 1,819,706 2,321,750 4,386,953 3,857,070 3,140,134 2,114,223
2.Cost of sales 1,848,172 1,947,727 3,059,519 2,360,647 1,874,837 1,744,366
3.Gross profit / (loss) (F1-F2) (28,466) 374,023 1,327,434 1,496,423 1,265,297 369,857
i)Selling & distribution expenses 852 4,491 9,817 2,032 1,442 764
5.Other income / (loss) 192,335 8,145,200 1,573,111 1,144,581 609,538 287,379
6.EBIT (F3-F4+F5) (1,997,482) 6,593,007 803,693 299,066 245,736 (1,166,606)
8.Profit / (loss) before taxation (F6-F7) (2,563,811) 6,245,313 570,200 (194,773) (290,289) (1,469,736)
9.Tax expenses (1,299,074) 143,553 123,305 (267,071) (143,952) 36,514
10.Profit / (loss) after tax (F8-F9) (1,264,737) 6,101,760 446,895 72,298 (146,337) (1,506,250)
2.Net cash flows from investing activities (40,369) (115,277) (48,713) (22,103) 21,503 60,455
3.Net cash flows from financing activities 366,265 (87,779) 541,909 99,874 (504,871) 221,901
H.Miscellaneous
1.Total capital employed (C+D) (2,778,018) 3,964,905 7,491,675 7,517,799 7,863,044 6,593,558
2.Retention in business (F10-F11-F12) (1,264,737) 6,101,760 446,895 72,298 (146,337) (1,506,250)
P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current -3.91 -13.40 5.87 4.95 4.14 4.05
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} 32.58 -541.89 17.36 2.29 -3.88 -40.11
380
Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange 2021
Coke & Refined Petroleum Products
The balance sheet size of the coke & refined petroleum products sector showed an expansion of 10.55
percent in FY21 over FY20 mainly because of an increase in current assets by Rs 161.24 billion. This
improvement in current assets was partially offset by a decrease in non-current assets during FY21. Sales
of the sector recorded at Rs 2,403.14 billion, posted an increase of Rs 104.84 billion (4.56 percent) during
FY21. Besides, profit before tax and profit after tax posted a YoY increase of Rs 112.69 billion and Rs
85.87 billion respectively in FY21 over the previous year.
Assets
Overall assets size of the coke & refined petroleum sector increased to Rs 1,571.92 billion in FY21 from
Rs 1,421.87 billion in FY20, showed an expansion of Rs 150.05 billion during FY21. The non-current
assets however decreased by Rs 11.20 billion during FY21. The analysis of components of non-current
assets reveals that operating fixed assets (after deducting accumulated depreciation) decreased to Rs
310.27 billion in FY21, depicted a YoY decrease of 1.33 percent in FY21. Majority of the components of
non-current assets showed a decline, however long-term investments increased by 14.82 percent in FY21.
Current assets reached at Rs 1,038.91 billion in FY21 from Rs 877.67 billion in FY20 showing a YoY
growth of 18.37 percent in FY21. Inventories, which hold 21.09 percent share of total current assets, grew
by 52.85 percent in FY21, touched to Rs 219.12 billion in FY21. Short-term loan & advances however
decreased, reached to Rs 3.68 billion in FY21 from Rs 4.25 billion in FY20. The short-term investments
posted a YoY growth of 37.41 percent during FY21. Trade debt remained major component of the current
assets in FY21 with a share of 53.90 percent of total current assets, posted an increase of Rs 46.72 billion
in FY21.
381

Total shareholders’ equity touched Rs 669.97
billion in FY21 from Rs 570.68 billion in FY20
posting a YoY growth of 17.40 percent in FY21.
Growth of shareholders’ equity is mainly attributed
due to higher reserves, which inflated by Rs 93.66
billion (22.65 percent) in FY21. Besides, surplus
on revaluation of fixed assets witnessed an increase
of 1.41 billion in FY21 over the previous year.
Total liabilities increased by 5.96 percent, reached
to Rs 901.95 billion in FY21 from Rs 851.20
billion in FY20. Total non-current liabilites of the
sector decreased to Rs 161.55 billion in FY21 from
Rs 186.52 billion in FY20 witnessing a decrease of
13.39 percent. The analysis of non-current
liabilities reveals that long-term borrowings and other non-current liabilities decreased by Rs 18.39 billion
and Rs 7.83 billion respectively in FY21.
Total current liabilities showed an increase of Rs 75.73 billion (11.39 percent) in FY21, reached at Rs
740.41 billion in FY21. It should be noted that during the year all of the components of current liabilities
recorded an increase except short-term borrowings. Specifically, Trade credit (which holds 71.45 percent
share of current liabilities) showed increase of 14.58 percent in FY21 over FY20. Besides, current portion
of non- current liabilities increased by Rs 7.05 billion during FY21. Other current liabilities witnessed a
growth of 31.81 percent in FY21 and reached to Rs 48.60 billion in FY21.

Sales, gross profit, profit before tax and profit after tax are yardsticks of operational performance of
companies. Sales of the sector reached at Rs 2,403.14 billion in FY21, posted an increase of Rs 104.84
billion whereas the cost of sales of the sector increased by Rs 9.97 billion. As a result, gross profit of the
sector ballooned to Rs 212.54, posted an increase of Rs 94.86 billion during FY21. On the back of smaller
growth in expenses, EBIT posted Rs 100.91 billion growth during FY21. A lower interest expenses
resulted in huge increase in profit before tax, posted a YoY growth of 357.11 percent during FY21. The
growth in tax expenses remained subdued, resulted in a colossal growth in profit after tax during FY21,
382
posted nearly 7 times of the profit earned during FY20. Precisely, profit after tax recorded an increase of
Rs 85.87 billion in FY21, reached at Rs 100.84 billion in FY21 form Rs 14.97 billion in FY20.
Consequently, the parameters of companies’ profitability, Return on equity (ROE) and Return on assets
(ROA), both witnessed significant improvement during FY21. ROE and ROA increased from 2.66
percent and 1.03 percent in FY20 to 16.26 percent and 6.74 percent respectively in FY21.
Similar pattern can be observed in other profitability ratios, like net profit margin and basic earnings per
share, increased to 4.20 and 9.13 in FY21, from 0.65 and 1.41 respectively in FY20.
383
Coke and Refined Petroleum Products - Overall (Thousand Rupees)

Items 2016 2017 2018 2019 2020 2021
B.Current Assets (B1+B2+B3+B4+B5+B6) 562,804,692 748,411,384 851,399,478 978,640,292 877,666,062 1,038,905,500
i)Raw material 14,894,341 19,953,535 34,172,959 36,394,158 32,260,792 48,795,021
2.Reserves 354,790,193 383,623,553 417,954,955 427,599,031 413,441,949 507,103,097
F.Operations:
1.Sales 1,469,988,662 1,878,768,170 2,348,066,585 2,601,205,129 2,298,295,757 2,403,136,032
i)Local sales (Net) 1,432,433,498 1,848,197,687 2,312,382,153 2,571,014,861 2,278,049,879 2,384,078,186
2.Cost of sales 1,349,093,513 1,711,529,543 2,166,463,196 2,437,834,554 2,180,616,364 2,190,594,515
6.EBIT (F3-F4+F5) 89,251,775 132,073,972 136,009,230 107,889,293 69,551,285 170,462,437
9.Tax expenses 20,718,817 30,985,740 34,775,556 32,650,312 16,584,279 43,417,818
11.Cash dividends 33,237,913 43,777,295 33,311,154 25,247,664 17,913,937 19,841,191
12.Bonus shares / stock dividends 0 543,372 5,536,419 5,905,430 0 232,008
H.Miscellaneous
384
Attock Petroleum Ltd. (Thousand Rupees)

Items 2016 2017 2018 2019 2020 2021
1.Capital work in progress 876,599 1,631,309 1,783,163 2,691,058 1,846,684 702,760
5.Long term investments 1,408,141 1,497,777 1,561,053 903,965 807,973 842,469
6.Other non-current assets 103,659 29,928 3,922 46,860 1,064,560 227,617
5.Short term investments 1,867,894 910,353 1,641,485 890,788 4,797,007 1,560,408
2.Reserves 13,487,726 15,465,051 17,588,222 17,931,407 17,450,693 21,725,606
F.Operations:
1.Sales 109,234,361 138,660,665 177,216,737 223,054,352 201,078,720 188,645,375
i)Local sales (Net) 109,229,723 138,438,167 177,041,752 222,817,547 200,819,340 188,385,995
2.Cost of sales 103,485,300 131,325,344 167,473,443 214,833,185 197,440,830 178,663,434
6.EBIT (F3-F4+F5) 5,833,822 8,023,629 8,853,645 6,571,849 3,100,285 8,357,976
9.Tax expenses 1,804,865 2,400,000 2,632,963 1,762,251 494,792 2,019,426
11.Cash dividends 3,317,760 3,525,120 3,317,760 1,990,656 895,795 2,463,437
2.Net cash flows from investing activities 3,660,211 235,566 (2,620,019) (789,943) (1,681,346) (1,177,105)
H.Miscellaneous
2.Retention in business (F10-F11-F12) 510,825 1,774,048 2,172,701 1,969,950 112,499 2,456,195
385
Attock Refinery Ltd. (Thousand Rupees)

Items 2016 2017 2018 2019 2020 2021
i)Raw material 2,200,687 1,382,589 1,981,197 2,394,892 1,995,340 2,487,241
ii)Work in progress 571,674 791,726 1,434,159 1,602,259 1,809,951 2,448,840
4.Short term loans and advances 57,573 100,064 99,272 2,105,033 194,963 91,421
5.Short term investments 0 0 985,846 0 0 0
2.Reserves 29,036,918 36,002,274 36,722,570 27,380,808 22,735,949 23,761,583
5.Other non-current liabilities 0 652,945 0 4,960 5,873 5,204
2.Short term borrowings 0 0 0 0 0 3,000,000
3.Current portion of non-current liabilities 550,000 2,200,000 2,200,000 2,200,000 214,899 2,415,832
F.Operations:
1.Sales 66,564,924 101,411,792 129,667,056 176,838,603 119,901,155 127,835,929
i)Local sales (Net) 53,836,859 90,778,621 122,617,484 167,001,928 116,433,408 126,941,162
ii)Export sales (Net) 12,728,065 10,633,171 7,049,572 9,836,675 3,467,747 894,767
2.Cost of sales 67,466,755 97,078,919 130,675,227 180,815,670 124,999,908 130,298,894
3.Gross profit / (loss) (F1-F2) (901,831) 4,332,873 (1,008,171) (3,977,067) (5,098,753) (2,462,965)
5.Other income / (loss) 927,384 1,434,222 2,084,256 2,641,493 2,436,999 1,893,892
6.EBIT (F3-F4+F5) (551,331) 4,920,365 329,570 (2,132,810) (3,602,439) (1,460,640)
7.Financial expenses 156,881 1,263,141 2,925,299 6,623,676 1,063,548 852,764
of which: (i) Interest expenses 1,054,338 1,527,118 1,528,675 1,882,912 935,158 850,553
8.Profit / (loss) before taxation (F6-F7) (708,212) 3,657,224 (2,595,729) (8,756,486) (4,665,987) (2,313,404)
9.Tax expenses (4,819) (42,111) (1,593,206) (2,240,405) (1,292,787) (78,942)
10.Profit / (loss) after tax (F8-F9) (703,393) 3,699,335 (1,002,523) (6,516,081) (3,373,200) (2,234,462)
11.Cash dividends 426,465 511,758 0 0 0 0
1.Net cash flows from operating activities (2,722,882) 7,156,808 7,356,674 2,330,634 (6,142,038) 1,582,578
2.Net cash flows from investing activities (175,439) 1,963,217 2,486,164 2,587,035 1,562,338 376,282
3.Net cash flows from financing activities 1,887,578 2,826,744 (8,542,684) (11,270,011) (3,888,738) (1,017,004)
H.Miscellaneous
2.Retention in business (F10-F11-F12) (1,129,858) 3,187,577 (1,215,756) (6,516,081) (3,373,200) (2,234,462)
386
Byco Petroleum (Formerly Bosicor Pakistan Ltd.) (Thousand Rupees)

Items 2016 2017 2018 2019 2020 2021
4.Intangible assets 23,746 0 0 0 0 0
6.Other non-current assets 1,785,112 964,892 956,410 895,779 835,630 905,943
i)Raw material 2,389,729 6,784,377 21,081,770 18,238,048 18,740,294 26,063,302
C.Shareholders' Equity (C1+C2+C3) (2,200,072) 15,127,275 23,821,200 21,209,739 18,687,860 21,680,363
2.Reserves (25,469,576) (51,426,271) (42,050,806) (43,380,000) (45,365,203) (41,361,755)
F.Operations:
1.Sales 78,356,698 88,420,362 166,290,362 197,830,720 173,898,930 142,150,298
i)Local sales (Net) 70,774,797 83,402,276 154,390,529 196,726,035 172,164,295 142,150,298
ii)Export sales (Net) 7,581,901 5,018,086 11,899,833 1,104,685 1,734,635 0
2.Cost of sales 75,235,149 85,116,134 158,050,618 196,627,252 171,739,740 134,892,850
6.EBIT (F3-F4+F5) 2,310,420 2,687,051 7,330,920 71,999 791,899 5,433,968
8.Profit / (loss) before taxation (F6-F7) (468,201) 402,419 4,452,849 (2,997,558) (3,168,496) 3,017,607
9.Tax expenses (854,526) (1,059,591) 151,781 (705,937) (233,230) 74,468
10.Profit / (loss) after tax (F8-F9) 386,325 1,462,010 4,301,068 (2,291,621) (2,935,266) 2,943,139
1.Net cash flows from operating activities (3,084,008) 11,978,911 7,722,450 (8,675,222) (1,595,423) 9,250,124
2.Net cash flows from investing activities 185,700 (3,647,814) (3,289,408) (2,904,868) (3,346,740) (4,646,443)
3.Net cash flows from financing activities 2,446,415 (9,088,379) (3,724,023) 12,089,058 7,393,819 (6,272,943)
H.Miscellaneous
2.Retention in business (F10-F11-F12) 386,325 1,462,010 4,301,068 (2,291,621) (2,935,266) 2,943,139
P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current -23.67 12.55 5.95 5.56 6.15 6.24
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} -16.14 22.62 22.09 -10.18 -14.71 14.58
387
Hascol Petroleum Ltd. (Thousand Rupees)

Items 2016 2017 2018 2019 2020 2021
5.Long term investments 1,886,977 1,898,263 1,321,754 1,443,652 521,463 521,185
i)Raw material 79,694 97,636 54,577 0 222,350 204,449
ii)Work in progress 1,110,137 1,535,950 40,224 8,741,861 2,325,117 4,665,319
4.Short term loans and advances 44,605 181,365 2,688,589 709,855 1,054,241 431,682
C.Shareholders' Equity (C1+C2+C3) 6,566,051 9,535,001 5,929,938 (24,865,010) (46,279,964) (47,485,268)
2.Reserves 4,216,379 7,061,062 (361,586) (31,078,090) (60,233,581) (63,858,171)
i)Capital Reserve 1,695,758 5,089,443 0 5,752,443 4,645,552 4,645,552
ii)Revenue Reserve 2,520,621 1,971,619 (361,586) (36,830,533) (64,879,133) (68,503,723)
of which: un-appropriated profit(loss) / retained earnings 2,050,907 1,971,619 (361,586) (36,830,533) (64,879,133) (68,503,723)
5.Other non-current liabilities 1,008,790 912,057 196,052 0 0 0
F.Operations:
1.Sales 99,715,781 174,239,633 234,444,131 155,519,634 114,021,116 64,269,714
i)Local sales (Net) 99,715,781 174,239,633 234,444,131 155,519,634 114,021,116 64,269,714
2.Cost of sales 94,585,669 166,850,657 223,479,465 167,974,976 116,148,147 62,140,895
i)Cost of material 689,726 1,052,801 904,056 1,204,176 761,711 984,003
3.Gross profit / (loss) (F1-F2) 5,130,112 7,388,976 10,964,666 (12,455,342) (2,127,031) 2,128,819
5.Other income / (loss) 209,018 (379,547) (3,681,222) (4,110,058) (4,969,108) 2,740,778
6.EBIT (F3-F4+F5) 2,397,788 3,168,327 1,378,349 (24,789,672) (14,282,660) (423,756)
of which: (i) Interest expenses 427,704 569,189 1,293,367 9,493,155 0 0
8.Profit / (loss) before taxation (F6-F7) 1,955,625 2,585,542 54,087 (34,347,951) (22,687,810) (7,133,620)
9.Tax expenses 752,349 1,257,451 272,324 817,611 850,771 436,666
10.Profit / (loss) after tax (F8-F9) 1,203,276 1,328,091 (218,237) (35,165,562) (23,538,581) (7,570,286)
11.Cash dividends 844,754 1,013,705 633,566 0 0 0
1.Net cash flows from operating activities 2,599,757 1,276,063 (7,819,876) (8,817,435) (17,559,020) (5,718,910)
2.Net cash flows from investing activities (3,581,802) (5,829,347) (5,516,647) (6,105,792) 795,196 862,579
3.Net cash flows from financing activities 2,259,615 4,846,833 1,518,038 (544,808) 10,119,129 (1,338,955)
H.Miscellaneous
1.Total capital employed (C+D) 10,490,112 13,253,649 10,018,426 (539,819) (16,878,419) (31,425,831)
2.Retention in business (F10-F11-F12) 358,522 314,386 (1,485,369) (35,165,562) (23,538,581) (7,570,286)
4.Salaries, wages and employee benefits 720,839 1,075,318 1,416,161 1,218,775 1,014,052 983,973
388
Hi-Tech Lubricants Limited (Thousand Rupees)

Items 2016 2017 2018 2019 2020 2021
i)Raw material 28,976 482,262 408,437 377,930 633,750 562,889
iii)Finished goods 722,874 1,579,709 1,124,632 772,441 749,251 1,323,520
2.Reserves 2,142,372 2,573,141 2,926,661 2,736,611 2,829,227 3,144,305
1.Trade credit & other accounts payables 590,701 1,169,316 770,081 688,494 1,108,299 1,728,467
F.Operations:
1.Sales 7,014,664 7,328,472 9,255,386 9,431,162 5,628,659 10,597,388
i)Local sales (Net) 7,014,664 7,328,472 9,255,386 9,431,162 5,628,659 10,597,388
2.Cost of sales 4,969,011 5,395,696 6,860,164 7,362,277 4,213,550 8,329,596
i)Cost of material 0 1,668,164 2,770,693 3,102,601 2,547,365 5,053,162
4.General, administrative and other expenses 1,207,255 873,207 1,188,767 1,535,950 1,234,175 1,479,655
6.EBIT (F3-F4+F5) 885,024 1,155,747 1,277,832 614,476 311,366 895,919
8.Profit / (loss) before taxation (F6-F7) 867,064 1,078,657 1,150,552 300,517 75,726 781,258
9.Tax expenses 348,942 334,678 391,017 259,447 (45,891) 129,768
11.Cash dividends 307,411 359,612 406,014 29,001 104,404 464,016
1.Net cash flows from operating activities 290,528 (353,611) 1,159,644 (599,049) 1,184,860 942,238
3.Net cash flows from financing activities 1,759,235 610,651 (505,217) 560,472 (1,262,012) (611,834)
H.Miscellaneous
389
National Refinery Ltd. (Thousand Rupees)

Items 2016 2017 2018 2019 2020 2021
i)Raw material 4,998,782 4,567,911 3,529,638 8,750,748 2,351,008 9,701,672
2.Reserves 36,022,777 42,540,214 42,451,871 33,073,803 29,037,620 30,787,721
of which: un-appropriated profit(loss) / retained earnings 6,264,285 4,833,041 1,744,698 (8,546,716) (12,582,495) (10,829,239)
D.Non-Current Liabilities (D1+D2+D3+D4+D5) 597,542 1,362,880 356,723 293,310 492,208 1,174,325
1.Long term borrowings 0 689,490 12,870 0 183,656 177,761
5.Other non-current liabilities 135,369 408,566 0 0 0 626,516
2.Short term borrowings 0 0 1,340,273 25,007,898 16,777,521 19,997,515
4.Other current liabilities 1,209,952 204,369 238,139 574,418 709,737 299,957
F.Operations:
1.Sales 93,788,378 107,447,444 136,984,940 160,906,197 125,612,646 139,625,198
i)Local sales (Net) 80,869,047 96,291,777 123,609,722 148,431,346 116,032,006 127,607,170
2.Cost of sales 82,745,292 97,647,936 133,172,931 165,355,337 136,730,486 135,700,345
ii)Administrative and other expenses 1,507,083 1,291,841 940,647 849,154 882,098 1,029,016
5.Other income / (loss) 1,514,185 724,818 558,088 369,511 380,939 370,388
6.EBIT (F3-F4+F5) 10,364,553 8,497,697 2,672,943 (5,743,262) (12,349,847) 2,340,597
7.Financial expenses 275,527 182,526 1,765,615 5,285,749 2,513,245 940,388
of which: (i) Interest expenses 13,947 349 72,080 1,195,842 2,236,233 930,828
8.Profit / (loss) before taxation (F6-F7) 10,089,026 8,315,171 907,328 (11,029,011) (14,863,092) 1,400,209
9.Tax expenses 2,400,950 269,390 (863,356) (2,336,584) (10,799,330) (369,891)
10.Profit / (loss) after tax (F8-F9) 7,688,076 8,045,781 1,770,684 (8,692,427) (4,063,762) 1,770,100
11.Cash dividends 1,599,332 1,799,249 799,666 0 0 0
1.Net cash flows from operating activities 9,983,597 6,401,194 1,178,195 (20,877,716) 9,680,120 (2,738,746)
H.Miscellaneous
2.Retention in business (F10-F11-F12) 6,088,744 6,246,533 971,018 (8,692,427) (4,063,762) 1,770,100
390
Pakistan Oilfields Ltd. (Thousand Rupees)

Items 2016 2017 2018 2019 2020 2021
5.Short term investments 0 0 6,479 813,478 6,367,740 0
2.Reserves 27,788,272 29,132,469 30,403,280 35,232,446 37,428,319 36,523,512
4.Employees benefit obligations 10,553 10,075 8,475 0 0 0
F.Operations:
1.Sales 24,848,218 27,280,449 32,664,982 43,977,307 36,539,541 36,041,857
i)Local sales (Net) 24,848,218 27,280,449 32,664,982 43,977,307 36,539,541 36,041,857
2.Cost of sales 13,605,420 13,208,773 15,529,271 18,567,355 14,171,235 14,408,746
6.EBIT (F3-F4+F5) 9,901,895 13,158,658 16,271,757 28,628,319 23,946,013 20,937,937
7.Financial expenses 1,021,946 746,365 1,919,008 3,773,626 2,211,617 259,603
9.Tax expenses 1,646,134 2,733,787 2,968,815 7,982,986 5,358,546 7,296,079
11.Cash dividends 8,279,107 9,461,836 10,053,201 14,192,755 14,192,755 14,192,755
2.Net cash flows from investing activities (3,070,850) (3,916,284) (3,360,771) 137,489 (2,706,122) 451,844
H.Miscellaneous
2.Retention in business (F10-F11-F12) (1,045,292) 216,670 857,641 2,678,952 2,183,095 (810,500)
391
Pakistan Petroleum Ltd. (Thousand Rupees)

Items 2016 2017 2018 2019 2020 2021
6.Other non-current assets 1,544,577 1,471,899 98,413 125,505 91,301 60,835
4.Short term loans and advances 1,328,228 3,982,991 2,885,376 1,064,992 669,269 698,991
2.Reserves 172,931,642 196,351,582 220,674,676 275,934,116 317,388,083 363,317,888
3.Current portion of non-current liabilities 125,680 112,564 74,621 56,029 19,361 433
4.Other current liabilities 0 5,429,306 2,468,714 6,795,047 14,944,646 20,551,686
F.Operations:
1.Sales 80,151,211 116,986,307 126,209,613 163,889,602 157,593,092 148,428,824
i)Local sales (Net) 80,151,211 116,986,307 125,692,920 161,914,023 155,824,780 147,735,166
ii)Export sales (Net) 0 0 516,693 1,975,579 1,768,312 693,658
2.Cost of sales 35,204,703 52,504,389 51,994,210 64,481,295 66,559,060 62,134,347
6.EBIT (F3-F4+F5) 27,365,683 48,589,756 63,879,881 80,672,224 71,554,662 69,688,690
of which: (i) Interest expenses 658,617 460 38,322 13,735 6,407 957
9.Tax expenses 9,464,697 12,450,032 17,748,677 18,298,840 20,228,484 16,150,218
11.Cash dividends 11,337,445 17,745,566 10,844,512 4,534,974 2,720,984 2,720,984
12.Bonus shares / stock dividends 0 0 2,957,594 4,534,974 0 0
2.Net cash flows from investing activities (41,275,448) (9,104,832) (40,496,455) (48,557,847) (31,729,761) 3,237,747
H.Miscellaneous
392
Pakistan Refinery Ltd. (Thousand Rupees)

Items 2016 2017 2018 2019 2020 2021
1.Capital work in progress 577,522 1,221,871 1,069,777 1,497,136 525,910 200,093
i)Raw material 4,155,155 4,993,586 5,548,558 5,458,539 6,050,842 7,313,368
6.Other current assets 1,352,110 2,194,239 1,598,131 1,115,110 553,580 3,738,805
C.Shareholders' Equity (C1+C2+C3) 2,167,489 3,101,282 4,062,555 3,509,241 (174,853) 2,046,998
2.Reserves (4,270,439) (3,336,646) (2,875,373) (8,721,487) (14,474,141) (15,402,290)
i)Capital Reserve 2,277 1,197 (3,073) 504 1,945,122 2,782,579
D.Non-Current Liabilities (D1+D2+D3+D4+D5) 2,261,495 1,925,297 5,056,744 4,680,394 4,827,839 824,614
1.Long term borrowings 2,000,000 1,600,000 4,700,000 4,300,000 4,367,594 442,161
F.Operations:
1.Sales 64,732,948 69,997,823 92,229,260 115,740,971 90,524,260 92,084,090
i)Local sales (Net) 61,622,144 66,456,762 89,561,129 111,179,298 87,089,096 86,892,077
2.Cost of sales 62,743,236 67,418,422 91,184,232 118,915,466 94,892,607 88,843,085
4.General, administrative and other expenses 1,234,987 1,033,904 714,219 759,391 708,901 921,164
ii)Administrative and other expenses 1,064,514 842,716 513,056 509,220 502,805 654,884
5.Other income / (loss) 640,678 499,113 1,089,215 131,402 167,159 630,567
6.EBIT (F3-F4+F5) 1,395,403 2,044,610 1,420,024 (3,802,484) (4,910,089) 2,950,408
8.Profit / (loss) before taxation (F6-F7) 486,623 1,440,882 828,796 (5,245,108) (6,905,101) 1,639,024
9.Tax expenses 203,232 380,604 325,007 576,015 685,625 701,868
10.Profit / (loss) after tax (F8-F9) 283,391 1,060,278 503,789 (5,821,123) (7,590,726) 937,156
11.Cash dividends 91,140 0 1,617,000 588,000 0 0
1.Net cash flows from operating activities (1,071,556) 4,353,480 (455,690) (8,888,691) 3,305,784 (4,112,487)
3.Net cash flows from financing activities 2,941,247 (5,020,425) 3,094,937 (629,478) (1,167,932) 2,583,993
H.Miscellaneous
2.Retention in business (F10-F11-F12) 192,251 1,060,278 (1,554,211) (6,997,123) (7,590,726) 937,156
393
Pakistan State Oil Co. Ltd. (Thousand Rupees)

Items 2016 2017 2018 2019 2020 2021
1.Capital work in progress 1,191,842 1,139,564 686,507 1,073,784 2,806,482 5,363,766
4.Short term loans and advances 1,896,038 1,873,942 1,919,400 234,734 414,315 348,296
5.Short term investments 0 43,954,641 0 0 0 0
ii)Preference shares 0 0 0 0 0 -
2.Reserves 88,864,465 100,132,742 107,192,243 115,268,409 108,366,267 135,283,468
5.Other non-current liabilities 0 0 0 0 1,359,627 752,712
F.Operations:
1.Sales 677,939,877 878,146,786 1,056,900,563 1,154,297,980 1,108,357,723 1,204,247,375
i)Local sales (Net) 677,939,877 878,146,786 1,056,900,563 1,154,297,980 1,108,357,723 1,204,247,375
2.Cost of sales 655,414,551 841,011,250 1,017,264,455 1,118,280,614 1,096,130,521 1,149,638,324
6.EBIT (F3-F4+F5) 23,438,800 35,270,123 32,283,824 26,415,852 8,293,293 54,298,062
9.Tax expenses 6,016,078 11,121,242 11,699,223 6,890,287 1,331,533 14,916,507
11.Cash dividends 3,396,075 6,792,150 4,890,348 3,912,278 0 0
12.Bonus shares / stock dividends 0 543,372 652,046 782,456 0 0
1.Net cash flows from operating activities (994,379) (27,964,694) 2,580,556 (9,231,735) 48,259,521 17,766,124
2.Net cash flows from investing activities 4,098,324 3,924,649 45,225,613 (2,534,478) (4,842,804) (5,294,389)
3.Net cash flows from financing activities 6,206,455 12,811,629 (14,228,797) 3,223,289 (27,829,777) (17,507,456)
H.Miscellaneous
394
Shell Pakistan Ltd. (Thousand Rupees)

Items 2016 2017 2018 2019 2020 2021
i)Raw material 1,041,318 1,645,174 1,568,782 1,174,001 2,267,208 2,462,100
C.Shareholders' Equity (C1+C2+C3) 11,109,782 10,198,060 6,353,322 4,291,133 (651,159) 15,321,478
2.Reserves 10,039,657 9,127,935 5,283,197 3,221,008 (1,721,284) 13,181,230
ii)Revenue Reserve 8,535,854 7,624,132 3,779,394 1,717,205 (3,225,087) 1,190,218
of which: un-appropriated profit(loss) / retained earnings 8,301,460 7,738,731 4,068,450 1,995,276 (2,829,185) 1,587,146
2.Short term borrowings 0 395,000 8,052,978 8,154,343 6,150,510 0
4.Other current liabilities 1,278,930 1,322,087 812,609 891,116 1,319,747 1,878,903
F.Operations:
1.Sales 167,641,602 168,848,437 186,203,555 199,718,601 165,139,915 249,209,984
i)Local sales (Net) 166,431,177 168,848,437 186,203,555 199,718,601 165,139,915 249,209,984
ii)Export sales (Net) 1,210,425 0 0 0 0 0
2.Cost of sales 153,638,427 153,972,023 170,779,180 184,621,127 157,590,280 225,543,999
6.EBIT (F3-F4+F5) 5,909,718 4,558,009 310,485 1,382,802 (3,301,198) 7,443,276
8.Profit / (loss) before taxation (F6-F7) 5,705,822 4,322,960 (59,674) (139,966) (4,815,261) 6,608,506
9.Tax expenses (1,059,085) 1,140,258 1,042,311 1,345,801 5,766 2,141,651
10.Profit / (loss) after tax (F8-F9) 6,764,907 3,182,702 (1,101,985) (1,485,767) (4,821,027) 4,466,855
11.Cash dividends 3,638,425 2,568,300 749,088 0 0 0
3.Net cash flows from financing activities (1,176,570) (4,153,911) (2,505,550) (830,112) 3,428,011 7,137,123
H.Miscellaneous
2.Retention in business (F10-F11-F12) 3,126,482 614,402 (1,851,073) (1,485,767) (4,821,027) 4,466,855
395
Paper, Paperboard & Products
The balance sheet size of paper, paperboard & products sector increased by Rs 22.07 billion, touched Rs
175.77 billion in FY21 posting a YoY increase of 14.36 percent. Total liabilities of the sector increased to
Rs 85.96 billion during FY21, posted a growth of 22.29 percent. Total shareholders’ equity recorded an
increase of 7.67 percent during FY21, reached at Rs 89.8 billion in FY21.
Assets
Non-current assets of the sector increased to Rs 101.44 billion, showing an increase of Rs 4.48 billion
during FY21. Further break up of non-current assets shows that long-term investments decreased by Rs
0.48 billion during FY21 whereas capital work in progress increased to Rs 8.62 billion from Rs 3.58
billion in FY20. Operating fixed assets (after deducting accumulated depreciation) showed a decrease of
0.39 percent during FY21.
Current assets of the sector grew by 31.00 percent during FY21, reached at Rs 74.33 billion. All
components of the current assets posted a growth in FY21. In terms of absolute amount, highest
increment of Rs 9.87 billion was observed in inventories during FY21, reached at Rs 31.63 billion in
FY21. Similarly, cash and bank balances increased from 1.92 billion in FY20 to Rs 2.49 billion in FY21.
Other current assets increased by Rs 0.92 billion during the period under review.
Non-Current Assets Current Assets

60 160 35 52.89 60
140.58 140 30 45.38 45.30
50 50
120
25
40 100 40
billion Rs.
billion Rs.
percent
20 29.84
percent
80 24.62
30 30
60 15
20 40 20
10
(1.10) 20
10 5 10
(0.39) 0
1.25 - 0
- -20
Cash &
Inventories
Investment
S.T Loans
Trade Debt
Long term
Intangible
progress
minus acc.
CW in
/ Ac Rec
Assets
BB
OFA
Depr
adv
Inv.
ST

Total shareholder’ equity of the paper & paperboard product sector increased by Rs 6.40 billion, reached
at Rs 89.80 billion in FY21. Reserves (which comprises 89.09 percent of total shareholders’ equity)
increased by Rs 5.69 billion during FY21, whereas issued subscribed & paid-up captial witnessed an
increase of Rs 0.29 billion.
Non-current liabilities of the sector witnessed an increase of Rs 0.06 billion (YoY growth of 0.18 percent)
during FY21. Long-term borrowings (which constituted 74.77 percent share of the total non-current
liabilities) decreased by Rs 1.17 billion, reached to Rs 20.76 billion in FY21.
The current liabilities (containing 64.59 percent share of total liabilities) increased by an amount of Rs
15.61 billion during FY21, reached at Rs 55.53 billion in FY21. All components of current liabilities
increased during FY21. In terms of absolute amount, highest increase of Rs 6.34 billion was observed in
396
short term borrowings. Trade credit & other accounts payables increased by Rs 5.48 billion during FY21
whereas other current liabilities increased by Rs 0.45 billion.
Components of Sharesholders' Equity Currnet & Non-current Liabilities

2020 2021 Growth (RHS) 2020 2021
90 18 30
23.93 24.65
80 16 25 22.76
70 15.30 14 20.81
20 18.30
60 12
15.34
biliion Rs
biliion Rs.
percent
50 10 15
40 7.65 8
10 8.16
30 6
4.62 4.82
20 4 5
10 2 0.97 1.40
0 0 0
borrowings
borrowings
portion of
T.C & other
Employees
Reserves
revaluation
Subscribed
Current
Surplus on
& Paid up
payables
NCL
of fixed
Issued,
capital
BO
assets
LT
ST
A/c
Sales of paper, paperboard & products sector reached to Rs 136.23 billion in FY21, recording an increase
in both domestic and export sales. While the former remained the dominant part (98.86 percent share) of
overall sales during FY21, recorded an increase of Rs 23.62 billion, the latter increased by Rs 0.64 billion
during FY21. The cost of sales increased by Rs 17.73 billion during the period under review. As a result,
the gross profit of the sector boosted up by Rs 6.53 billion in FY21, reached at Rs 27.23 billion in FY21.
General, administrative and other expenses increased by Rs 1.45 billion during FY21. Profit before tax
increased to Rs 17.05 billion in FY21 from Rs 8.55 billion in FY20. Overall profit after tax of sector
boosted up to Rs 12.26 billion in FY21 which was Rs 6.96 billion in FY20.
Growth and Composition of Operations Profitability/Efficiency Ratios

2020 2021 Growth (RHS) 2020 2021
16 14.16
30 120 14
12
25 99.41 100 9.00
10 8.36
76.14
billion Rs
20 80 7.44
percent
8 6.22
percent
15 60 6 4.50
1.90
4 0.83
45.26 1.86
10 40 0.72
31.56 2
5 20 0
Financial
Net Profit
leverage
turnover
Return on
Return on
margin
Asset
Assets
equity
0 0
Gross EBIT Profit Profit after
Profit before tax tax
Asset turnover ratio reached to 0.83 percent in FY21 from 0.72 percent in FY20. Net profit margin, which
measure profitability ratio over sales increased from 6.22 percent in FY20 to 9.00 percent in FY21. Both
Return on assets (ROA) and return on equity (ROE) increased during FY21. Consequently, basic earnings
per share increased to Rs 18.34 in FY21 from Rs 10.89 in FY20.
397
Paper, Paperboard and Products - Overall (Thousand Rupees)

Items 2016 2017 2018 2019 2020 2021
i)Raw material 4,725,145 8,172,474 12,140,802 12,064,952 14,186,360 22,112,884
2.Reserves 63,598,627 90,250,549 79,081,797 75,552,162 74,316,594 80,004,778
F.Operations:
1.Sales 49,577,515 62,926,311 89,715,025 104,373,875 111,968,582 136,230,355
i)Local sales (Net) 48,616,727 61,780,191 88,667,562 103,965,544 111,050,636 134,674,728
ii)Export sales (Net) 960,788 1,146,120 1,047,463 408,331 917,946 1,555,627
2.Cost of sales 40,163,384 52,100,914 77,474,470 88,064,177 91,274,274 109,004,849
6.EBIT (F3-F4+F5) 11,756,010 17,615,963 7,881,207 10,379,601 14,382,447 20,892,411
9.Tax expenses 2,475,181 2,391,297 1,377,403 2,529,585 1,589,983 4,790,952
11.Cash dividends 4,508,517 5,395,850 3,507,853 2,637,113 4,323,276 5,175,518
3.Net cash flows from financing activities (1,350,646) 974,542 (1,622,902) 523,549 (3,866,793) (2,606,560)
H.Miscellaneous
2.Retention in business (F10-F11-F12) 2,397,586 7,871,254 (443,347) (511,162) 2,345,288 6,823,467
398
Balochistan Particle Board Ltd. (Thousand Rupees)

Items 2016 2017 2018 2019 2020 2021
2.Reserves (36,466) (36,338) (36,519) (37,426) (37,426) (37,426)
D.Non-Current Liabilities (D1+D2+D3+D4+D5) 18,000 18,000 0 0 0 0
E.Current Liabilities (E1+E2+E3+E4) 786 879 13,422 13,961 13,961 13,961
1.Trade credit & other accounts payables 401 144 677 692 692 692
F.Operations:
1.Sales 0 0 0 0 0 0
ii)Administrative and other expenses 0 0 0 0 0 0
6.EBIT (F3-F4+F5) 474 319 112 (282) (282) (282)
8.Profit / (loss) before taxation (F6-F7) 341 185 (23) (414) (414) (414)
9.Tax expenses 109 57 158 493 493 493
10.Profit / (loss) after tax (F8-F9) 232 128 (181) (907) (907) (907)
1.Net cash flows from operating activities 319 398 1,042 (513) (513) (513)
3.Net cash flows from financing activities 0 0 (6,001) 500 500 500
H.Miscellaneous
2.Retention in business (F10-F11-F12) 232 128 (181) (907) (907) (907)
399
Century Paper & Board Mills Ltd. (Thousand Rupees)

Items 2016 2017 2018 2019 2020 2021
i)Raw material 1,302,458 1,529,645 2,090,214 2,634,244 3,161,089 4,137,518
ii)Preference shares 901,214 901,214 901,214 0 0 0
2.Reserves 3,479,168 3,341,627 4,071,475 4,718,750 6,112,090 8,557,694
3.Current portion of non-current liabilities 946,172 1,081,816 1,046,577 671,451 765,737 529,728
F.Operations:
1.Sales 13,389,130 15,401,157 18,964,573 22,240,624 24,344,956 28,659,905
i)Local sales (Net) 13,389,130 15,401,157 18,964,573 22,240,624 24,272,059 28,518,404
2.Cost of sales 12,121,851 13,609,628 16,458,803 19,578,326 20,408,583 22,964,541
6.EBIT (F3-F4+F5) 792,127 1,310,738 1,891,570 2,001,142 3,142,774 4,652,272
9.Tax expenses 113,985 301,577 439,357 354,823 633,965 1,286,628
11.Cash dividends 0 0 533,565 147,018 220,528 264,633
12.Bonus shares / stock dividends 355,710 0 0 0 294,037 264,633
1.Net cash flows from operating activities 1,535,687 1,301,752 727,496 862,257 2,895,153 3,060,226
2.Net cash flows from investing activities (1,529,027) (664,007) (684,083) (961,846) (948,674) (1,510,902)
3.Net cash flows from financing activities 53,561 (1,480,437) (440,919) (784,798) (1,430,518) 144,541
H.Miscellaneous
2.Retention in business (F10-F11-F12) (33,319) 602,216 458,294 737,136 1,007,208 2,430,395
400
Cherat Packaging Ltd. (Thousand Rupees)

Items 2016 2017 2018 2019 2020 2021
1.Capital work in progress 33,567 39,153 1,241,650 133,682 143,152 257,631
i)Raw material 1,195,471 1,354,121 1,795,183 2,624,109 2,051,916 2,656,371
4.Short term loans and advances 4,149 4,884 19,888 1,769 776 11,682
6.Other current assets 427,805 449,659 1,003,009 1,310,095 975,379 1,167,270
2.Reserves 3,020,236 3,720,822 4,179,983 4,079,812 4,349,335 5,614,771
F.Operations:
1.Sales 6,888,605 6,443,932 7,091,653 8,093,407 9,436,193 11,255,102
i)Local sales (Net) 6,539,821 5,997,809 6,786,752 7,947,512 9,191,879 10,888,375
2.Cost of sales 5,306,538 5,187,454 5,993,321 6,692,758 8,262,464 9,317,477
6.EBIT (F3-F4+F5) 1,380,395 1,037,061 893,145 1,166,634 882,181 1,583,294
8.Profit / (loss) before taxation (F6-F7) 1,307,991 972,943 764,883 660,080 98,678 1,198,522
9.Tax expenses 389,752 270,894 53,804 97,207 28,443 343,430
11.Cash dividends 296,055 281,252 235,215 193,213 42,507 212,535
1.Net cash flows from operating activities 1,314,053 375,353 (1,024) (776,483) 1,571,274 1,499,702
3.Net cash flows from financing activities (943,937) 20,374 3,129,449 1,431,846 (1,294,999) (1,256,148)
H.Miscellaneous
401
Dadabhoy Sack Ltd. (Thousand Rupees)

Items 2016 2017 2018 2019 2020 2021
B.Current Assets (B1+B2+B3+B4+B5+B6) 20,843 20,843 3 3 3 3
2.Reserves (20,246) (20,564) (22,744) (25,039) (27,464) (29,531)
1.Trade credit & other accounts payables 5,698 5,259 965 1,007 1,203 1,393
2.Short term borrowings 3,339 3,799 615 871 972 1,210
F.Operations:
1.Sales 0 0 0 0 0 0
5.Other income / (loss) 3,735 500 5,259 0 73 0
6.EBIT (F3-F4+F5) (1,494) (17,611) (12,625) (16,250) (14,652) (13,349)
9.Tax expenses (3,517) (5,336) 518 (4,088) (3,348) (3,290)
1.Net cash flows from operating activities (461) (460) 20,226 (256) (100) (238)
2.Net cash flows from investing activities 3,218 0 (17,041) 0 0 0
3.Net cash flows from financing activities (2,757) 460 (3,183) 256 100 238
H.Miscellaneous
402
Merit Packaging Ltd. (Thousand Rupees)

Items 2016 2017 2018 2019 2020 2021
4.Intangible assets 87 48 1,092 823 574 752
i)Raw material 193,635 231,414 266,041 391,373 333,657 408,268
2.Reserves (36,998) (4,327) (23,788) (117,489) (562,682) (1,062,153)
ii)Revenue Reserve (36,998) (4,327) (23,788) (333,788) (1,028,020) (1,599,372)
of which: un-appropriated profit(loss) / retained earnings (36,998) (4,327) (23,788) (333,788) (1,134,820) (1,706,172)
2.Short term borrowings 822,459 738,390 800,006 1,012,701 938,535 785,497
F.Operations:
1.Sales 1,606,868 1,801,452 2,449,541 2,859,838 2,158,386 2,902,559
i)Local sales (Net) 1,606,868 1,801,452 2,449,541 2,859,838 2,150,449 2,893,185
2.Cost of sales 1,478,123 1,617,464 2,223,722 2,854,539 2,357,089 2,944,958
3.Gross profit / (loss) (F1-F2) 128,745 183,988 225,819 5,299 (198,703) (42,399)
6.EBIT (F3-F4+F5) 82,260 102,811 95,395 (126,534) (416,430) (217,753)
9.Tax expenses 6,355 (29,902) (31,599) (39,921) (76,761) 20,262
1.Net cash flows from operating activities (60,844) (49,870) 79,774 87,805 (752,586) (123,680)
H.Miscellaneous
403
Packages Ltd. (Thousand Rupees)

Items 2016 2017 2018 2019 2020 2021
1.Cash & bank balance 411,801 1,088,790 461,346 417,933 638,343 1,008,150
i)Raw material 1,724,365 4,180,635 6,996,857 5,286,207 7,397,827 13,498,186
4.Short term loans and advances 1,008,102 972,548 1,184,623 1,413,084 1,064,991 1,723,782
5.Short term investments 0 0 0 80,000 1,450,000 2,251,000
2.Reserves 53,258,799 75,759,133 63,556,943 58,400,691 56,276,663 57,526,137
2.Subordinated loans / Sponsor's loans 0 409,380 220,916 224,230 260,107 0
4.Other current liabilities 379,711 556,761 811,883 1,226,424 714,149 829,491
F.Operations:
1.Sales 24,495,674 31,679,743 52,922,723 60,905,852 64,981,483 80,322,297
i)Local sales (Net) 23,883,670 30,979,746 52,180,161 60,643,416 64,388,685 79,284,272
2.Cost of sales 19,061,596 25,852,219 46,183,738 50,719,265 51,738,720 63,612,824
6.EBIT (F3-F4+F5) 8,507,759 13,433,920 3,995,838 5,913,681 8,540,366 12,195,750
9.Tax expenses 1,661,744 1,458,435 567,341 1,659,714 548,753 2,456,799
10.Profit / (loss) after tax (F8-F9) 5,351,507 10,799,784 1,160,178 278,061 4,535,704 7,150,151
11.Cash dividends 3,750,043 4,500,051 2,250,026 1,800,020 3,375,038 4,125,047
1.Net cash flows from operating activities 1,285,472 950,808 (1,080,812) 2,815,851 5,985,491 2,426,650
3.Net cash flows from financing activities (452,190) (447,733) (4,004,071) 32,582 (1,148,945) (899,208)
H.Miscellaneous
2.Retention in business (F10-F11-F12) 1,601,465 6,299,733 (1,089,848) (1,521,959) 1,160,666 3,025,104
404
Pakistan Paper Products Ltd. (Thousand Rupees)

Items 2016 2017 2018 2019 2020 2021
1.Capital work in progress 0 12,816 0 0 0 0
i)Raw material 94,113 102,241 120,053 133,963 164,688 218,165
2.Reserves 278,830 322,163 361,793 348,809 360,912 408,437
F.Operations:
1.Sales 613,672 659,935 788,229 875,439 913,309 1,092,962
i)Local sales (Net) 613,672 659,935 788,229 875,439 913,309 1,092,962
2.Cost of sales 488,330 535,264 658,509 776,168 816,398 932,149
5.Other income / (loss) (5,323) 781 369 277 160 8,576
6.EBIT (F3-F4+F5) 69,827 78,863 79,686 50,985 44,441 112,982
9.Tax expenses 24,206 12,226 14,391 5,994 6,046 26,449
11.Cash dividends 18,000 33,000 15,000 8,000 10,000 40,000
3.Net cash flows from financing activities (42,033) 36,285 (50,944) (39,679) (15,060) 27,295
H.Miscellaneous
405
Roshan Packages Ltd. (Thousand Rupees)

Items 2016 2017 2018 2019 2020 2021
A.Non-Current Assets (A1+A3+A4+A5+A6) - 3,835,297 3,843,406 5,014,876 4,870,629 5,186,754
1.Capital work in progress - 118,911 172,890 89,647 97,745 493
2.Operating fixed assets at cost - 4,403,351 4,498,530 6,164,759 6,170,276 6,367,881
3.Operating fixed assets after deducting accumulated depreciation - 3,491,447 3,452,468 4,545,886 4,426,416 4,467,327
4.Intangible assets - 4,616 3,198 1,780 363 0
B.Current Assets (B1+B2+B3+B4+B5+B6) - 4,558,991 4,548,780 4,190,599 3,991,557 4,252,056
1.Cash & bank balance - 2,034,191 1,749,293 1,138,630 328,563 305,575
2.Inventories; of which - 575,197 631,652 709,586 708,935 860,632
i)Raw material - 470,370 569,086 693,322 697,207 812,394
ii)Work in progress - 42,527 20,776 0 0 0
iii)Finished goods - 62,300 41,790 16,264 11,728 48,238
3.Trade Debt / accounts receivables - 1,191,625 1,231,373 1,269,505 1,255,085 1,459,777
4.Short term loans and advances - 143,097 206,951 214,551 223,068 209,395
5.Short term investments - 0 0 0 486,018 545,852
Total Assets (A+B) / Equity & Liabilities (C+D+E) - 8,394,288 8,392,186 9,205,475 8,862,186 9,438,810
C.Shareholders' Equity (C1+C2+C3) - 5,309,026 5,142,681 5,614,486 5,862,275 6,064,107
1.Issued, Subscribed & Paid up capital - 1,075,000 1,182,500 1,419,000 1,419,000 1,419,000
i)Ordinary shares - 1,075,000 1,182,500 1,419,000 1,419,000 1,419,000
2.Reserves - 3,160,135 2,881,662 3,838,517 2,648,059 2,898,708
i)Capital Reserve - 2,339,165 2,231,665 1,994,789 1,994,789 1,994,789
ii)Revenue Reserve - 820,970 649,997 1,843,728 653,270 903,919
of which: un-appropriated profit(loss) / retained earnings - 820,970 649,997 1,843,728 653,270 903,919
3.Surplus on revaluation of fixed assets - 1,073,891 1,078,519 356,969 1,795,216 1,746,399
D.Non-Current Liabilities (D1+D2+D3+D4+D5) - 1,127,036 539,656 740,751 694,452 822,935
1.Long term borrowings - 779,169 195,996 105,863 118,741 43,275
4.Employees benefit obligations - 59,776 66,013 73,592 119,932 140,210
5.Other non-current liabilities - 288,091 277,647 561,296 455,779 639,450
E.Current Liabilities (E1+E2+E3+E4) - 1,958,226 2,709,849 2,850,238 2,305,459 2,551,768
1.Trade credit & other accounts payables - 977,407 711,640 964,259 959,971 1,350,110
of which: i) Trade credits - 586,333 593,314 691,505 890,829 1,105,544
2.Short term borrowings - 755,640 1,333,809 1,353,114 1,048,294 966,453
3.Current portion of non-current liabilities - 213,227 638,365 493,541 248,835 199,747
F.Operations:
1.Sales - 4,098,007 4,031,388 5,397,124 5,232,971 6,995,838
i)Local sales (Net) - 4,098,007 4,031,388 5,397,124 5,232,971 6,995,838
2.Cost of sales - 3,545,206 3,782,682 5,026,766 4,686,045 6,112,740
i)Cost of material - 2,978,360 3,029,824 4,252,776 3,882,615 5,215,817
i)Selling & distribution expenses - 100,549 67,128 151,647 165,539 197,357
5.Other income / (loss) - 42,774 72,989 239,788 180,777 105,578
6.EBIT (F3-F4+F5) - 361,607 47,303 227,850 398,115 579,736
7.Financial expenses - 93,144 120,528 186,633 223,124 111,636
of which: (i) Interest expenses - 80,942 109,096 173,814 214,326 103,163
8.Profit / (loss) before taxation (F6-F7) - 268,463 (73,225) 41,217 174,991 468,100
9.Tax expenses - 16,873 17,324 68,115 (72,971) 122,451
10.Profit / (loss) after tax (F8-F9) - 251,590 (90,549) (26,898) 247,962 345,649
11.Cash dividends - 107,500 0 0 141,900 0
12.Bonus shares / stock dividends - 107,500 236,500 0 0 0
1.Net cash flows from operating activities - (165,068) (441,852) (326,648) 231,414 353,693
2.Net cash flows from investing activities - (802,838) (86,231) 22,372 22,549 (27,767)
3.Net cash flows from financing activities - 2,715,088 52,638 (276,710) (376,511) (264,244)
H.Miscellaneous
1.Total capital employed (C+D) - 6,436,062 5,682,337 6,355,237 6,556,727 6,887,042
2.Retention in business (F10-F11-F12) - 36,590 (327,049) (26,898) 106,062 345,649
P1. Net Profit margin / Net profit to sales (F10 as % of F1) - 6.14 -2.25 -0.50 4.74 4.94
P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)} - 3.00 -1.08 -0.31 2.74 3.78
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} - 4.74 -1.73 -0.50 4.32 5.80
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) - 2.34 -0.77 -0.19 1.75 2.44
406
Security Papers Ltd. (Thousand Rupees)

Items 2016 2017 2018 2019 2020 2021
5.Long term investments 774,229 779,176 399,999 1,190,841 1,299,667 892,543
i)Raw material 215,103 304,048 303,368 301,734 379,976 381,982
2.Reserves 3,655,304 4,007,898 4,112,992 4,345,537 5,197,107 6,128,141
3.Surplus on revaluation of fixed assets 1,626 0 0 0 0 0
E.Current Liabilities (E1+E2+E3+E4) 732,894 850,482 988,323 1,001,650 1,025,438 1,183,904
2.Short term borrowings 0 0 54,618 88,030 0 0
F.Operations:
1.Sales 2,583,566 2,842,085 3,466,918 4,001,591 4,901,284 5,001,692
i)Local sales (Net) 2,583,566 2,842,085 3,466,918 4,001,591 4,901,284 5,001,692
2.Cost of sales 1,706,946 1,753,679 2,173,695 2,416,355 3,004,975 3,120,160
6.EBIT (F3-F4+F5) 924,662 1,308,255 890,783 1,162,375 1,805,934 1,999,761
8.Profit / (loss) before taxation (F6-F7) 913,418 1,304,126 886,468 1,159,282 1,801,612 1,996,175
9.Tax expenses 282,547 366,473 316,109 387,248 525,363 537,730
11.Cash dividends 444,419 474,047 474,047 488,861 533,303 533,303
1.Net cash flows from operating activities 394,212 272,273 1,014,309 641,961 1,660,735 693,057
H.Miscellaneous
407
Electrical Machinery & Apparatus
Performance at Glance
The balance sheet size of the Electrical Machinery & Apparatus sector increased by Rs 11.44 billion to
touch Rs 107.23 billion during FY21, posted 11.95 percent growth. The shareholder’s equity increased to
Rs 54.74 billion during FY21 from Rs 50.05 billion in FY20, registered a YoY growth of 9.38 percent.
Profit before and after tax increased by Rs 4.33 billion and Rs 3.41 billion respectively during FY21.
Assets
Non-current assets of the sector marginally increased by Rs 0.55 billion, reached at Rs 41.06 billion
during FY21. Operating fixed assets (after deducting accumulated depreciation) decreased by Rs 0.45
billion during FY21. Capital work in progress reached at Rs 2.05 billion during FY21 from Rs 1.14
billion in FY20.
The current assets increased by 19.71 percent, reached at Rs 66.17 billion during FY21. Trade debts has a
notable increase of 26.53 percent during FY21 whereas other current assets declined by 3.01 percent
during FY21.

Shareholder’s equity of electrical machinery and apparatus sector increased by Rs 4.70 billion during
FY21, reached at Rs 54.74 billion. Reserves increased by Rs 5.08 billion (14.92 percent) during FY21.
Revenue reserves (contributing 71.59 percent share in reserves) increased by 22.16 percent during current
year FY21.
Total liabilities of the sector increased by Rs 6.75 billion and stood at Rs 52.49 billion in FY21 from Rs
45.74 billion in FY20. Current liabilities (contribute 73.61 percent share of total liabilities) posted a YoY
increase of 16.66 percent in FY21. Short term borrowings increased by 4.55 percent or Rs 0.76 billion
during FY21.
408
Non-current liabilities showed an increase of Rs 1.23 billion during FY21. Long term borrowings
decreased by 5.07 percent during FY21.

Sales related to electrical machinery and
apparatus recorded a huge growth (33.12
percent), increased to Rs 78.93 billion in FY21
from Rs 59.29 billion in FY20. Local sales
remained dominant with 98.63 percent share in
overall sales, showed an increase of Rs 18.94
billion during FY21. Cost of sales increased by
Rs 14.79 billion during FY21. Gross profit
increased by 48.52 percent during FY21. Profit
before and after tax increased by Rs 4.33
billion and Rs 3.41 billion respectively during
FY21. Consequently, Net profit margin, return
on assets (ROA), return on equity (ROE), asset
turnover and basic earnings per share recorded
a huge increase during FY21.
409
Electrical Machinery and Apparatus - Overall (Thousand Rupees)

Items 2016 2017 2018 2019 2020 2021
4.Intangible assets 362,327 3,305,257 3,289,775 3,264,734 3,225,856 3,221,972
i)Raw material 6,161,577 7,713,035 10,177,185 8,438,767 9,388,436 8,766,754
2.Reserves 21,953,022 31,779,264 32,751,122 26,076,319 34,042,829 39,123,367
3.Debentures/TFCs (bonds payable) 3,151,594 68,750 0 0 0 1,500,000
F.Operations:
1.Sales 45,947,339 57,807,772 66,186,615 58,253,104 59,290,798 78,928,667
i)Local sales (Net) 41,709,369 56,512,434 65,192,304 57,576,741 58,908,849 77,850,380
ii)Export sales (Net) 4,237,970 1,295,338 994,311 676,363 381,949 1,078,287
2.Cost of sales 35,087,579 43,900,736 52,362,305 48,652,810 49,289,665 64,075,294
5.Other income / (loss) 2,775,416 1,039,965 396,077 395,204 796,046 1,263,160
6.EBIT (F3-F4+F5) 8,718,794 7,922,037 7,279,904 4,952,067 3,813,697 7,866,390
9.Tax expenses 901,676 827,789 1,454,308 815,839 577,172 1,494,464
11.Cash dividends 2,745,638 2,439,262 993,216 694,565 1,020,491 1,305,115
1.Net cash flows from operating activities 3,469,864 463,488 (5,002,838) 4,117,129 2,633,299 1,757,645
2.Net cash flows from investing activities 975,796 (498,797) (2,871,928) (3,308,654) (4,538,635) (3,791,077)
3.Net cash flows from financing activities 402,956 (1,152,006) 3,308,853 (1,364,782) 3,592,293 4,019,616
H.Miscellaneous
2.Retention in business (F10-F11-F12) 3,315,682 2,721,299 1,830,902 311,811 (1,339,420) 1,785,299
410
Ados Pakistan Ltd. (Thousand Rupees)

Items 2016 2017 2018 2019 2020 2021
4.Intangible assets 0 0 0 1,695 1,356 1,085
6.Other non-current assets 6,821 23,985 905 880 14,900 10,656
i)Raw material 65,286 55,893 51,294 71,203 51,136 50,786
ii)Work in progress 0 2,016 2,016 0 0 0
iii)Finished goods 1,484 396 2,171 4,108 6,158 6,306
4.Short term loans and advances 15,207 17 4,470 924 577 60
2.Reserves 174,702 142,066 48,913 (19,139) (46,442) (64,392)
ii)Revenue Reserve 174,702 142,066 48,913 (19,139) (46,442) (64,392)
of which: un-appropriated profit(loss) / retained earnings 174,702 142,066 48,913 (19,139) (46,442) (64,392)
F.Operations:
1.Sales 613,952 427,291 107,962 38,068 73,894 21,821
i)Local sales (Net) 613,952 427,291 107,962 38,068 73,894 21,821
2.Cost of sales 518,784 334,995 94,149 37,754 63,730 27,701
3.Gross profit / (loss) (F1-F2) 95,168 92,296 13,813 314 10,164 (5,880)
6.EBIT (F3-F4+F5) 12,814 (12,749) (60,547) (63,319) (14,354) (13,360)
8.Profit / (loss) before taxation (F6-F7) 9,330 (16,666) (64,870) (67,837) (20,422) (15,243)
9.Tax expenses 3,623 15,692 27,113 726 7,801 2,037
10.Profit / (loss) after tax (F8-F9) 5,707 (32,358) (91,983) (68,563) (28,223) (17,280)
1.Net cash flows from operating activities 20,104 (28,647) (6,239) (8,952) 260 3,338
2.Net cash flows from investing activities (33,506) 2,111 (3,305) (2,041) 2,445 540
3.Net cash flows from financing activities (30,561) (22) (16) (6) (2,569) (3,938)
H.Miscellaneous
2.Retention in business (F10-F11-F12) 5,707 (32,358) (91,983) (68,563) (28,223) (17,280)
P1. Net Profit margin / Net profit to sales (F10 as % of F1) 0.93 -7.57 -85.20 -180.11 -38.19 -79.19
P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)} 1.01 -7.10 -25.26 -23.97 -10.36 -7.49
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} 2.25 -14.43 -57.02 -84.95 -85.43 -166.01
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) 0.87 -4.92 -13.97 -10.42 -4.29 -2.63
411
Johnson & Philips (Pakistan) Ltd. (Thousand Rupees)

Items 2016 2017 2018 2019 2020 2021
1.Cash & bank balance 1,245 13,810 4,556 219 1,793 6,197
i)Raw material 43,715 9,402 1,426 1,570 0 0
C.Shareholders' Equity (C1+C2+C3) (3,750) (74,900) 189,841 145,166 112,252 97,749
2.Reserves (232,212) (296,528) (339,039) (367,230) (409,752) (422,272)
F.Operations:
1.Sales 35,448 22,924 6,312 4,078 905 0
i)Local sales (Net) 35,448 22,924 6,312 4,078 905 0
2.Cost of sales 46,344 59,469 24,645 10,504 6,553 3,902
i)Cost of material 22,644 16,222 11,507 2,155 237 2,155
5.Other income / (loss) - 0 3,057 344 695 24
6.EBIT (F3-F4+F5) (48,527) (67,986) (44,154) (28,018) (45,878) (15,313)
7.Financial expenses 5,153 4,883 5,144 8,315 9,483 0
9.Tax expenses (823) (862) (638) (835) (1,139) (810)
1.Net cash flows from operating activities 6,010 7,090 (20,799) (12,091) (184,945) 15,743
2.Net cash flows from investing activities 0 22,244 2,124 1,074 0 (27,688)
3.Net cash flows from financing activities (6,659) (16,769) 18,797 6,680 186,519 16,349
H.Miscellaneous
P1. Net Profit margin / Net profit to sales (F10 as % of F1) -149.11 -314.11 -770.91 -870.48 -5,991.38 -
P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current 11.67 -6.80 6.52 3.03 3.80 4.75
412
Pak Elektron Ltd. (Thousand Rupees)

Items 2016 2017 2018 2019 2020 2021
6.Other non-current assets 1,275,152 1,168,779 1,475,051 360,180 1,079,228 1,475,678
i)Raw material 4,924,229 5,187,289 7,204,362 5,268,848 6,941,280 5,687,274
ii)Work in progress 1,033,340 848,453 758,928 656,835 1,046,705 2,027,690
2.Reserves 15,414,078 17,300,179 18,274,254 11,557,529 20,565,179 24,246,467
3.Debentures/TFCs (bonds payable) 3,151,594 68,750 0 0 0 1,500,000
1.Trade credit & other accounts payables 915,100 980,030 922,850 1,074,549 1,543,791 1,499,776
F.Operations:
1.Sales 26,834,317 31,000,042 28,445,311 22,349,749 28,799,018 42,887,364
i)Local sales (Net) 22,596,347 29,707,123 27,556,354 21,743,695 28,560,573 42,724,635
ii)Export sales (Net) 4,237,970 1,292,919 888,957 606,054 238,445 162,729
2.Cost of sales 18,550,387 21,883,842 21,448,040 19,021,046 22,397,517 33,819,712
i)Selling & distribution expenses 1,627,796 2,683,532 2,207,445 953,701 2,346,473 2,779,561
ii)Administrative and other expenses 1,077,809 1,295,038 1,144,702 629,615 1,508,353 1,931,278
6.EBIT (F3-F4+F5) 5,615,945 5,150,069 3,660,646 1,751,234 2,554,298 4,380,143
8.Profit / (loss) before taxation (F6-F7) 4,119,442 3,603,465 1,557,303 211,336 355,940 2,206,378
9.Tax expenses 449,502 295,211 185,833 33,494 132,091 615,302
11.Cash dividends 1,627,918 1,465,126 0 0 0 0
1.Net cash flows from operating activities 2,132,644 1,848,762 (1,123,116) 3,733,055 466,254 (456,668)
3.Net cash flows from financing activities 307,867 306,683 3,451,214 (1,812,011) 2,779,986 3,171,441
H.Miscellaneous
2.Retention in business (F10-F11-F12) 2,042,022 1,843,128 1,371,470 177,842 223,849 1,591,076
413
Pakistan Cables Ltd. (Thousand Rupees)

Items 2016 2017 2018 2019 2020 2021
i)Raw material 701,986 917,039 878,375 1,021,593 806,130 1,157,922
2.Reserves 1,582,144 1,723,823 2,369,041 2,898,771 2,801,445 3,393,525
of which: un-appropriated profit(loss) / retained earnings 252,344 270,023 215,336 76,632 (61,694) 530,386
1.Trade credit & other accounts payables 1,262,183 1,316,338 1,096,047 812,558 1,077,799 1,418,357
F.Operations:
1.Sales 6,849,559 8,083,511 9,560,954 9,704,311 9,086,125 13,145,051
i)Local sales (Net) 6,849,559 8,083,511 9,469,786 9,652,162 8,966,696 12,967,496
2.Cost of sales 5,766,671 6,815,996 8,423,835 8,558,638 8,225,834 11,618,566
6.EBIT (F3-F4+F5) 488,041 689,871 477,382 364,959 218,843 942,267
9.Tax expenses 142,905 145,795 38,423 50,126 27,350 196,147
11.Cash dividends 128,080 298,854 170,774 88,945 0 284,624
1.Net cash flows from operating activities 490,254 109,999 (544,097) (287,282) 1,104,992 (179,943)
3.Net cash flows from financing activities (201,160) 52,505 1,099,529 269,742 515,509 806,873
H.Miscellaneous
414
Siemens (Pakistan) Engineering Co. Ltd. (Thousand Rupees)

Items 2016 2017 2018 2019 2020 2021
1.Cash & bank balance 5,234,379 3,748,015 1,449,708 553,204 437,657 2,402,311
2.Inventories; of which 1,180,684 1,617,439 1,314,431 1,305,741 807,716 1,352,302
i)Raw material 262,904 327,407 417,521 380,758 241,673 522,555
2.Reserves 5,148,971 5,244,134 5,695,699 5,904,974 4,886,187 5,723,827
of which: un-appropriated profit(loss) / retained earnings 0 (235,800) 873,408 964,348 88,969 856,504
2.Short term borrowings 16,204 167,415 1,876,320 793,642 1,489 0
F.Operations:
1.Sales 10,173,868 14,552,923 19,522,120 16,672,924 12,805,375 14,348,950
i)Local sales (Net) 10,173,868 14,552,923 19,522,120 16,672,924 12,805,375 13,635,022
2.Cost of sales 9,238,795 12,118,831 16,220,171 14,170,266 11,914,927 11,924,309
3.Gross profit / (loss) (F1-F2) 935,073 2,434,092 3,301,949 2,502,658 890,448 2,424,641
4.General, administrative and other expenses 909,603 1,134,559 1,142,200 1,093,959 957,898 1,228,917
5.Other income / (loss) 2,383,669 168,843 153,740 29,053 19,337 228,028
6.EBIT (F3-F4+F5) 2,409,139 1,468,376 2,313,489 1,437,752 (48,113) 1,423,752
9.Tax expenses 277,219 348,572 1,074,441 489,019 269,331 540,050
10.Profit / (loss) after tax (F8-F9) 2,103,952 1,103,396 1,159,220 709,468 (496,015) 850,005
11.Cash dividends 989,640 618,525 618,525 371,115 82,470 82,470
1.Net cash flows from operating activities 754,812 (624,268) (3,195,999) 942,633 888,604 2,017,041
2.Net cash flows from investing activities 4,078,840 (28,645) (197,888) (140,220) (68,550) 176,507
H.Miscellaneous
2.Retention in business (F10-F11-F12) 1,114,312 484,871 540,695 338,353 (578,485) 767,535
415
Waves Singer Pakistan Ltd. (Thousand Rupees)

Items 2016 2017 2018 2019 2020 2021
4.Intangible assets 22,345 2,978,462 2,965,690 2,946,268 2,917,290 2,917,290
i)Raw material 163,457 1,199,736 1,608,054 1,694,795 1,348,217 1,348,217
1.Issued, Subscribed & Paid up capital 454,056 454,056 1,631,340 1,876,041 1,876,041 1,876,041
i)Ordinary shares 454,056 454,056 1,631,340 1,876,041 1,876,041 1,876,041
2.Reserves (145,507) 7,594,487 6,640,390 6,101,414 6,246,212 6,246,212
ii)Revenue Reserve (150,507) 1,586,439 1,809,626 1,515,351 1,660,149 1,660,149
of which: un-appropriated profit(loss) / retained earnings (150,507) 1,586,439 1,809,626 1,515,351 1,660,149 1,660,149
3.Surplus on revaluation of fixed assets 1,095,855 118,100 117,395 362,544 338,171 338,171
F.Operations:
1.Sales 1,399,606 3,685,623 8,516,016 9,483,974 8,525,481 8,525,481
i)Local sales (Net) 1,399,606 3,683,204 8,501,830 9,465,814 8,501,406 8,501,406
ii)Export sales (Net) 0 2,419 14,186 18,160 24,075 24,075
2.Cost of sales 910,317 2,588,339 6,121,811 6,854,602 6,681,104 6,681,104
i)Selling & distribution expenses 444,943 727,966 1,161,544 927,606 920,483 920,483
6.EBIT (F3-F4+F5) 266,171 631,748 941,010 1,489,459 1,148,901 1,148,901
9.Tax expenses 29,250 23,381 128,432 243,309 141,738 141,738
11.Cash dividends 0 56,757 203,918 234,505 938,021 938,021
2.Net cash flows from investing activities (264,647) 1,859,452 (79,764) (444,990) (353,233) (353,233)
3.Net cash flows from financing activities 415,692 (504,079) (647,299) 787,052 256,296 256,296
H.Miscellaneous
416
Other Services Activities
Other services sector comprises of 10 companies providing health, construction, and other services.
Though the balance sheet size of the sector did not record a sizable growth during FY21, the composition
of liabilities and equity posted apparent variations. The shareholders’ equity increased by Rs 2.86 billion
whereas total liabilities declined by Rs 1.97 billion during FY21, resulted in a decline of Liabilities’ share
in the balance sheet to 40.17 percent from 41.86 percent. A notable development was the change within
the composition of liabilities; long term borrowings posted a YoY growth of 8.26 percent during FY21,
while other current liabilities declined by 33.22 percent, resulting in higher share of non-current
liabilities. Another significant change was improvement in EBIT from 1.35 to 3.16 besides posting
positive profit, both before and after taxation during FY21 compared with making losses last year.
Assets
While overall assets of the sector remained almost unchanged; the current assets increased to Rs 51.07
billion, posted an increase of Rs 3.22 billion during FY21, in contrast to a decline of Rs 2.33 billion in the
non-current assets. Major highlights of changes in non-current assets were increase in long term
investments (Rs 10.36 billion), decrease in other non-current assets (Rs 8.27 billion), and decrease in
capital work in progress (Rs 2.55 billion).
Non-Current Assets 2020 2021 Growth (RHS) Current Assets 2020 2021 Growth (RHS)
70 250 6 41.81 60
60 215.84 40
200 5
50 20
150 4 10.34 8.52
percent
percent
40
billion Rs
billion Rs
100 3 -19.32
30 -20
50 2
20 -40
10 -1.93 0 1 -55.99 -60

-29.32 -21.12
- -50 - -80
TD/AR
Intangible
L&A
progress
Investment
C & BB
Investment
OFA minus
Inventories
CW in
acc. depr
assets
s
s
The current assets posted a YoY growth of 6.74 percent during FY21. Major highlights of changes in the
current assets were increase in other current assets (Rs 3.96 billion), decrease in short term loans and
advances (Rs 1.45 billion), and increase in short term investments (Rs 0.90 billion).

The shareholders’ equity enhanced by Rs 2.86 billion, reached Rs 83.16 billion during FY21. Surplus on
revaluation of fixed assets was main contributor in growing shareholders’ equity, which was largely offset
by a drop in capital reserves during FY21. In terms of liabilities, the current liabilities dropped to Rs
32.45 billion in FY21, recording a decline of Rs 3.21 billion primarily owing to a decline of Rs 2.93
billion in other current liabilities. The Non-current liabilities (NCL) posted an increase of Rs 1.24 billion
during FY21, owing to an increase of Rs 1.65 billion in long-term borrowings during FY21.
417
Non-Current Liabilities Current Liabilities

25 15 12 6
8.26 10
3.75 4
20 5 10
2
0
-2.08 8
biliion Rs
15 -5 0
billion Rs
-0.77
percent
percent
-10 6 -2
10 -15 -4
4
-20
-6
5 -25 2
-8
-30.79 -30 -8.84
- -35 - -10
Borrowings Employees Other NCL T.C & other A/P Borrowings Current portion
benefit oblig. of NCL

Though the sales of the sector dropped YoY by Rs 3.29 billion during FY21, the operational performance
indicators still posted a significant improvement. The EBIT increased to Rs 3.16 billion during FY21
from Rs 1.35 billion besides a mark improvement in profit before/after taxation. Specifically, both profit
before and after tax posted respectively Rs 0.82 billion and Rs 0.42 billion during FY21, in contrast to a
loss of Rs 2.55 billion and Rs 3.31 billion in the preceding year. Almost all profitability ratios turned into
positive during FY21, for example, net profit margin (1.50 from -10.67), ROA (0.30 from -2.47), ROE
(0.51 from -4.18), basic earnings per share (0.33 from -3.13), etc.
418
Other Services Activities - Overall (Thousand Rupees)

Items 2016 2017 2018 2019 2020 2021
5.Short term investments 1,368,019 692,369 3,664,015 2,089,507 2,155,987 3,057,457
2.Reserves 14,544,504 18,341,886 21,570,871 20,670,300 20,874,754 17,459,969
5.Other non-current liabilities 981,940 912,355 893,413 1,242,022 1,291,201 893,640
F.Operations:
1.Sales 24,069,326 26,197,978 29,658,437 30,925,013 31,072,342 27,777,570
i)Local sales (Net) 24,069,326 26,197,978 29,658,437 30,925,013 31,072,342 27,777,570
2.Cost of sales 15,851,059 17,472,013 20,358,462 22,076,179 24,391,798 21,577,150
i)Selling & distribution expenses 550,258 654,712 684,412 762,744 1,011,412 837,745
5.Other income / (loss) 701,802 1,482,449 1,087,692 (46,662) 1,235,699 1,428,032
6.EBIT (F3-F4+F5) 4,903,776 5,719,895 4,579,941 2,611,260 1,348,119 3,165,199
8.Profit / (loss) before taxation (F6-F7) 3,900,739 4,590,043 3,159,672 343,180 (2,546,697) 830,074
9.Tax expenses 1,049,606 1,317,223 1,142,188 1,146,872 768,147 405,671
10.Profit / (loss) after tax (F8-F9) 2,851,133 3,272,820 2,017,484 (803,692) (3,314,844) 424,403
11.Cash dividends 811,690 1,419,284 811,738 211,159 108,175 216,351
12.Bonus shares / stock dividends 106,893 49,171 213,700 288,530 0 1,067,469
1.Net cash flows from operating activities 3,479,733 2,686,480 (3,658,383) (535,746) 1,107,351 399,875
H.Miscellaneous
2.Retention in business (F10-F11-F12) 1,932,551 1,804,366 992,046 (1,303,381) (3,423,019) (859,417)
419
Gammon Pakistan Ltd. (Thousand Rupees)

Items 2016 2017 2018 2019 2020 2021
6.Other non-current assets 3,469 961 961 1,861 1,861 1,571
2.Reserves (56,695) (35,029) 19,134 61,180 90,340 89,619
ii)Revenue Reserve (72,075) (50,409) 3,754 45,800 74,960 74,239
of which: un-appropriated profit(loss) / retained earnings (72,075) (50,409) 3,754 45,800 74,960 74,239
F.Operations:
1.Sales 495,088 413,300 385,173 201,388 184,639 75,717
i)Local sales (Net) 495,088 413,300 385,173 201,388 184,639 75,717
2.Cost of sales 461,559 384,416 363,685 179,382 173,515 98,997
3.Gross profit / (loss) (F1-F2) 33,529 28,884 21,488 22,006 11,124 (23,280)
6.EBIT (F3-F4+F5) 29,178 23,699 62,119 55,395 45,970 (1,878)
8.Profit / (loss) before taxation (F6-F7) 28,598 23,606 62,042 55,380 45,946 (1,905)
9.Tax expenses 7,208 4,017 10,037 14,976 19,634 6,198
1.Net cash flows from operating activities 21,928 (30,289) (858) (2,380) (664) (35,133)
2.Net cash flows from investing activities (1,086) (932) (2,129) 116 (17) 39,572
H.Miscellaneous
420
IBL HealthCare Ltd. (Thousand Rupees)

Items 2016 2017 2018 2019 2020 2021
1.Capital work in progress 0 38,052 0 0 0 0
6.Other non-current assets 142,183 52,186 26,260 0 0 11,812
2.Reserves 505,351 596,876 647,874 715,163 881,105 1,073,418
2.Short term borrowings 0 0 0 167,501 178,682 217,925
F.Operations:
1.Sales 1,156,421 1,189,799 1,358,297 1,584,972 2,664,604 3,003,909
i)Local sales (Net) 1,156,421 1,189,799 1,358,297 1,584,972 2,664,604 3,003,909
2.Cost of sales 773,809 791,899 929,777 1,141,046 1,853,341 1,981,413
6.EBIT (F3-F4+F5) 223,059 253,970 213,694 204,064 352,804 439,086
9.Tax expenses 41,701 54,149 62,965 77,632 101,779 108,659
11.Cash dividends 42,757 49,171 54,088 54,088 108,175 54,088
12.Bonus shares / stock dividends 106,893 49,171 0 0 0 108,175
2.Net cash flows from investing activities 31,895 (105,019) (4,293) 42,668 (10,272) 39,219
H.Miscellaneous
421
Javedan Corporation Ltd. (Thousand Rupees)

Items 2016 2017 2018 2019 2020 2021
4.Intangible assets 1,139 0 0 0 5,463 4,313
3.Trade Debt / accounts receivables 1,447,368 2,436,952 1,469,913 789,495 494,188 267,863
5.Short term investments 0 0 0 0 37,750 1,296,802
2.Reserves 373,482 2,058,836 5,361,370 5,723,496 5,804,955 6,216,650
D.Non-Current Liabilities (D1+D2+D3+D4+D5) 1,132,617 1,204,919 890,441 3,596,916 3,646,553 4,955,741
1.Long term borrowings 1,122,405 1,188,991 866,250 3,563,112 3,589,433 4,904,662
5.Other non-current liabilities 10,212 15,928 0 0 20,855 872
1.Trade credit & other accounts payables 841,237 609,255 2,109,979 521,337 331,431 962,474
F.Operations:
1.Sales 1,227,915 2,467,969 2,479,159 1,899,014 1,643,274 1,047,286
i)Local sales (Net) 1,227,915 2,467,969 2,479,159 1,899,014 1,643,274 1,047,286
2.Cost of sales 292,961 595,735 1,099,369 772,949 708,637 264,909
3.Gross profit / (loss) (F1-F2) 934,954 1,872,234 1,379,790 1,126,065 934,637 782,377
6.EBIT (F3-F4+F5) 781,611 1,565,572 1,100,577 814,282 616,890 477,391
7.Financial expenses 181,229 177,628 0 117,818 207,560 107,220
of which: (i) Interest expenses 179,923 50,519 0 113,344 204,028 91,249
8.Profit / (loss) before taxation (F6-F7) 600,382 1,387,944 1,100,577 696,464 409,330 370,171
9.Tax expenses (95,234) 398,387 396,864 116,584 172,630 38,931
11.Cash dividends 0 392,628 186,988 0 0 0
12.Bonus shares / stock dividends 0 0 213,700 288,530 0 634,767
1.Net cash flows from operating activities 1,779,527 495,578 (4,160,135) (1,248,892) 1,431,082 (167,061)
3.Net cash flows from financing activities (1,847,764) (474,288) 4,440,253 1,592,599 (424,338) 1,835,309
H.Miscellaneous
422
Pace (Pakistan) Ltd. (Thousand Rupees)

Items 2016 2017 2018 2019 2020 2021
6.Other non-current assets

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Financial Statements Analysis

Earning per share (RHS) Return on Assets Return on Equity

STATE BANK OF PAKISTAN

LISTED AT PAKISTAN STOCK EXCHANGE

STATE BANK OF PAKISTAN

Bushra Iqbal Statistical Officer

Sohail Haider Deputy Director

Muhammad Zafar Niaz Joint Director

Mirza Kaleem Ullah Joint Director

Salman Ahmed Senior Joint Director

Uzma Maqsood Joint Director - Core Statistics Department

Dr. Muhammad Nadim Hanif Director - Core Statistics Department

For comments/suggestions: [email protected]

Number of companies by economic groups

Capital Structure and Shareholders’ Equity

Shareholders’ equity (overall) reached to Rs 4,363 Shareholders' Equity (Overall)

Current Liabilities (Overall) Non-Current Liabilities (Overall)

EBIT (earnings before interest and tax) recorded an

resulted into a massive YoY increase of Rs 514 12

Besides, public sector companies’ gross profit

All Public / Private - Overall (Thousand Rupees)

Private - Overall (Thousand Rupees)

Public - Overall (Thousand Rupees)

Shareholders’ Equity & Liabilities

Non-Current liabilities recorded a YoY growth of

Operating Efficiency & Ratio Analysis

Textile Sector - Overall (Thousand Rupees)

Spinning, Weaving, Finishing of Textiles - Overall (Thousand Rupees)

AN textile Mills Ltd.(Formerly Ishaq Textile Mills Ltd.) (Thousand Rupees)

Ahmed Hassan Textile Mills Ltd. (Thousand Rupees)

Ali Asghar Textile Mills Ltd. (Thousand Rupees)

Allawasaya Textile & Finishing Mills Ltd. (Thousand Rupees)

Amtex Ltd. (Thousand Rupees)

Artistic Denim Mills Ltd. (Thousand Rupees)

Ashfaq Textile Mills Ltd. (Thousand Rupees)

Asim Textile Mills Ltd. (Thousand Rupees)

Azgard Nine Ltd. (Thousand Rupees)

Babri Cotton Mills Ltd. (Thousand Rupees)

Bhanero Textile Mills Ltd. (Thousand Rupees)

Bilal Fibres Ltd. (Thousand Rupees)

Blessed Textiles Ltd. (Thousand Rupees)

Chakwal Spinning Mills Ltd. (Thousand Rupees)

Colony Textile Mills Limited (Thousand Rupees)

Crescent Cotton Mills Ltd. (Thousand Rupees)

Crescent Fibers Ltd. (Thousand Rupees)

D.M. Textile Mills Ltd. (Thousand Rupees)

D.S. Industries Ltd. (Thousand Rupees)

Dar Es Salaam Textile Mills Ltd. (Thousand Rupees)

Data Textiles Ltd. (Thousand Rupees)

Dewan Farooque Spinning Mills Ltd. (Thousand Rupees)

Dewan Khalid Textile Mills Ltd. (Thousand Rupees)

Dewan Mushtaq Textile Mills Ltd. (Thousand Rupees)

Dewan Textile Mills Ltd. (Thousand Rupees)

Din Textile Mills Ltd. (Thousand Rupees)

Elahi Cotton Mills Ltd. (Thousand Rupees)

Ellcot Spinning Mills Ltd. (Thousand Rupees)

Faisal Spinning Mills Ltd. (Thousand Rupees)

Fatima Enterprises Ltd. (Thousand Rupees)

Fazal Cloth Mills Ltd. (Thousand Rupees)