CONTENTS

COMPANY INFORMATION & MANAGEMENT REVIEW

Company Information 2

Company Profile 3

Directors’ Review 4-5

CONDENSEND INTERIM FINANCIAL STATEMENTS (UNAUDITED)

Unconsolidated Condensed Interim Statement of Financial Position 6

Unconsolidated Condensed Interim Statement of Profit or Loss

& Other Comprehenisve Income 7

Unconsolidated Condensed Interim Statement of

Changes in Equity 8

Unconsolidated Condensed Interim Statement of Cash Flows 9

Selected Explanatory Notes to the Unconsolidated Condensed

Interim Financial Statements 10-18
 COMPANY INFORMATION
BOARD OF DIRECTORS CHIEF OPERATING OFFICER
Mr. Mirza Javed Iqbal Mr. Shakeel Ahmed
Non-Executive Director - Chairman Tel: +92-42-35960841 Ext:154
Mr. Abdul Rehman Qureshi E-mail: [email protected]
Non-Executive / Independent Director
Mr. Shoaib Ahmad Khan CHIEF FINANCIAL OFFICER
Non-Executive / Independent Director Mr. Muhammad Zafar Iqbal
Ms. Mariam Khawar Tel: +92-42-35960841 Ext:138
Non-Executive / Independent Director E-mail: [email protected]
Mr. Khurram Javaid COMPANY SECRETARY
Executive Director / Chief Executive Officer Mr. Muhammad Fahad Hafeez
Mr. Muhammad Mubeen Tariq Mughal Tel: +92-42-35960841 Ext:155
Executive Director E-mail: [email protected]
Mr. Jamshed Iqbal
Executive Director STOCK EXCHANGE LISTING
Mr. Fazeel Bin Tariq Mughal Iron & Steel Industries Limited is a listed
Non-Executive Director Company and its shares are traded on the Pakistan
Mr. Muhammad Mateen Jamshed Stock Exchange Limited (“PSX”). The Company’s
Non-Executive Director shares are quoted in leading dailies under the
Engineering Sector with symbol “MUGHAL”.
CONDENSED INTERIM FINANCIAL REPORT

AUDIT COMMITTEE
Mr. Abdul Rehman Qureshi CREDIT RATING
Chairman VIS Credit Rating Company Limited
Mr. Shoaib Ahmed Khan Long-term entity rating (A+)
Member Short-term entity rating (A1)
Mr. Mirza Javed Iqbal Future Outlook: Stable
Member Last updated: December 08, 2023
HUMAN RESOURCE & REMUNERATION The Pakistan Credit Rating Agency Limited
COMMITTEE Long-term entity rating (A+)
Mr. Abdul Rehman Qureshi Short-term entity rating (A1)
Chairman Future Outlook: Stable
Mr. Mirza Javed Iqbal Last updated: April 05, 2024
Member
Mr. Fazeel Bin Tariq BANKERS / FINANCIAL INSTITUTIONS
Member Askari Bank Limited
Allied Bank Limited
INVESTOR RELATIONS Al Baraka Bank (Pakistan) Limited
Financial analysts, stock brokers, interested investors Bank Alfalah Limited
and financial media desiring information regarding the Bank Islami Pakistan Limited
Company should contact Mr. Muhammad Fahad Hafeez Bank of Punjab (Islamic Taqwa Division)
2 at the Company’s Registered Office, Lahore. Bank of Khyber
Tel: +92-42-35960841 Ext: 155 Bank Al-Habib Limited
E-mail: [email protected] Bank Makarmah Limited
Dubai Islamic Bank Limited
SHARE REGISTRAR Faysal Bank Limited
Enquiries concerning lost share certificates, dividend Habib Metropolitan Bank Limited
payments, change of address, verification of transfer Habib Bank Limited
deeds and share transfers should be directed to: ICBC Bank Limited
THK Associates (Private) Limited JS Bank Limited
Plot No. 32-C, Jami Commercial Street 2, MCB Bank Limited
D.H.A. Phase-VII, Karachi, Pakistan. MCB Islamic Bank Limited
Tel: +92-21-111-000-322 Meezan Bank Limited
E-mail: [email protected] Pak China Investment Company Limited
Web: www.thk.com.pk Pak Libya Holding Company Limited
SHAREHOLDER COMPLAINT HANDLING CELL National Bank of Pakistan
Incase of shareholder complaints/queries, Silk Bank Limited
Please Contact: Soneri Bank Limited
Mr. Zeeshan Ejaz Samba Bank Limited
Tel : +92-42-35960841 Ext:136 Standard Chartered Bank Limited
E-mail: [email protected] United Bank Limited
GEOGRAPHICAL PRESENCE
AUDITORS Registered / Corporate office
Fazal Mahmood & Company 31-A Shadman 1
Chartered Accountants Lahore, Pakistan
(A member firm of Prime Global) Tel: +92-42-35960841-3
Muniff Ziauddin & Company Fax: +92-42-35960846
Chartered Accountants E-mail: [email protected]
(A member of BKR International)
Sale centres and warehouse
SHARIAH ADVISOR Badami Bagh
Mufti Imran Khan Lahore, Pakistan
LEGAL ADVISOR Factory & warehouses
Mr. Muhammad Atif Butt 17-KM Sheikhupura Road
TAX ADVISORS Lahore, Pakistan
Akhtar Ali Associates
Juris Counsel Company Website:
Farooq Khan Law Associates www.mughalsteel.com
Butt & Company Note: Company’s Financial Statements
Punjab Law Associates are also available at the above website.
COMPANY PROFILE
Mughal Iron & Steel Industries Limited (“Mughal Steel”) was incorporated in 2010 as a public limited company.
The Company took over the running business of a partnership concern by the name of “Mughal Steel” which
had been in the steel business for over 50 years and was being run by the major sponsors of the Company.
Today, the Company is one of the leading companies involved in both ferrous and non-ferrous operations in
Pakistan. At Mughal Steel we work with passion and expertise to develop high-quality diversified portfolio of
quality products. This means we create value for our customers and can successfully exploit the diverse
opportunities in the markets of the future. Depth of technical and managerial expertise, reputation for reliability
and a sharply defined business focus, has forged the organization into a modern, highly competitive supplier
of quality products. The Company’s ability to generate profits throughout the fluctuations of various economic
and business cycles is testimony to the strategic initiatives to continuously reinvest, modernize and diversify.

The management team is being led by Mr. Khurram Javaid, Director and CEO.

The Company's main product range comprises of the following products:

- Steel re-bars (G60 / Mughal Supreme)

- Girders
- Billets
- Copper ingots

MUGHAL IRON & STEEL INDUSTRIES LIMITED

 DIRECTORS’ REVIEW
Dear valued shareholders,

On behalf of the Board of Directors of MUGHAL IRON & STEEL INDUSTRIES LIMITED, we are pleased to
present the un-audited condensed interim financial statements of the Company for the nine months period ended
March 31, 2024, the financial results of which are summarized below:
(Rs. in Millions)
Nine months period ended
Variation %
March 31,

Financial highlights 2024 2023

Sales – net 67,133.645 48,479.316 38%
Profit for the period 1,391.486 2,647.499 (47%)
Earnings per share – Basic & Diluted 4.15 7.89 (47%)
CONDENSED INTERIM FINANCIAL REPORT

Business, financial & operational Review

Your company posted highest ever topline along with profitable bottom line despite of the prevailing adversities.
Increase in topline was associated with increase in selling prices both in ferrous and non-ferrous segments and
increase in volumes in ferrous segments. Overall non-ferrous volumes witnessed decline due to decrease in sale
of waste, which was mainly due to in-house utilization of iron scrap by ferrous segment, however, copper volumes
witnessed increased. Overall margins witnessed decline, which was mainly due to decline in ferrous margins
due to increase in operational costs. Administrative expenses mainly increased due to increase in salaries
expenses. Rs. 45.006 million was reversed on account of allowance for expected credit losses in respect of trade
debts due to recovery of overdue balances. Other charges mainly represented provision for workers’ profit
participation fund and workers’ welfare fund and decreased in line with decrease in profitability. Finance cost
increased significantly due to prevailing significantly high base discount rate. Taxation decreased mainly due
to reversal of deferred taxation on account of recognition of tax loss and minimum tax. Additions in property,
plant and equipment mainly represented installation of induction furnace and CCM. Inventories increased mainly
due to increase in average cost and also due to increase in inventories in transit. Loans and advances decreased
4
due to decrease in advances to suppliers.

The Board of Directors in their meeting held on August 15, 2023 and the members of the Company in their
Extraordinary General Meeting held on September 19, 2023, had approved the acquisition of Mughal International
DMCC and Mughal Energy Limited, respectively. The acquisition of Mughal International DMCC is currently
pending and in process. However, the acquisition of Mughal Energy Limited was completed during the quarter
ended December 31, 2023, whereby, the Company acquired 100% ordinary shares and 100% Class-B shares
of Mughal Energy Limited and subsequently obtained Group registration w.e.f from December 15, 2023. The
Group now comprises of Mughal Iron & Steel Industries Limited as the holding company and Mughal Energy
Limited as the wholly owned subsidiary company. Mughal Energy Limited on April 08, 2024 has filed an application
through PRIDE for listing on GEM Board of Pakistan Stock Exchange Limited by offering 10% of its post paid
up capital as an initial offer to the accredited investors in accordance with the chapter 5A of PSX Regulation,
which is currently pending.

The Company issued privately placed, rated, secured Sukuk - II certificates to the tune of Rs. 2,500.000 million
having 15 months tenure. The proceeds therefrom were utilized to finance the Company's working capital
requirements. Trade and other payables increased due to increase in foreign suppliers on account of deferred
letter of credits. Subsequent to the period end, the Company has issued privately placed, rated, un-secured
Sukuk - III to the tune of Rs. 3,000.000 million having 06 months tenure for meeting the working capital requirements
of the Company.

Future outlook

Going forward, the impact of political and economic scenario and high discount rate may continue to impact
the performance of the Company, however, Company will continue to manage its topline and bottom line.
Acknowledgement

The Board remains committed to provide sustained returns to our shareholders, in addition to maintaining our
reputation for good governance. Lastly, we would like to thank all stakeholders for their patronage and look
forward to their continued support.

For and on behalf of the Board of Directors

Mirza Javed Iqbal Khurram Javaid

(Chairman of the Board) (CEO/Director)

Date: April 30, 2024

Place: Lahore

MUGHAL IRON & STEEL INDUSTRIES LIMITED

 UNCONSOLIDATED CONDENSED INTERIM STATEMENT OF FINANCIAL POSITION
AS AT MARCH 31, 2024
March 31, June 30,
Rupees Note
2024 2023
(Unaudited) (Audited)
ASSETS
NON - CURRENT ASSETS
Property, plant and equipment 6. 19,465,012,444 19,691,989,633
Long-term investments 7. 3,203,056,196 50,153,187
Long-term loans to employees 70,058,901 65,909,792
Long-term deposits 2,838,069 2,838,069
22,740,965,610 19,810,890,681
CURRENT ASSETS
Inventories 8. 28,891,339,937 23,030,260,466
Trade debts 7,814,076,669 9,283,146,446
CONDENSED INTERIM FINANCIAL REPORT

Loans and advances 276,054,032 431,390,565

Deposits, prepayments and other receivables 673,246,379 629,520,459
Due from the government 9. 3,839,833,580 3,761,651,991
Cash and bank balances 2,874,936,217 2,885,126,870
44,369,486,814 40,021,096,797
67,110,452,424 59,831,987,478
EQUITY AND LIABILITIES
SHARE CAPITAL & RESERVES
Authorized share capital 10. 10,000,000,000 5,000,000,000

Issued, subscribed and paid-up capital 3,356,339,330 3,356,339,330

Capital reserves:
Share premium account 2,324,952,020 2,324,952,020
Contingency reserve 980,000,000 980,000,000
Revaluation surplus on property, plant and equipment 3,926,843,944 3,998,378,178
6 Revenue reserve:
Un-appropriated profits 15,101,757,752 14,712,766,418
25,689,893,046 25,372,435,946
LIABILITIES
NON - CURRENT LIABILITIES
Long-term financing - secured 2,282,168,176 3,302,066,679
Deferred taxation 3,061,745,313 3,879,094,946
Defined benefit obligation 742,804,784 601,259,811
Deferred liabilities 89,962,409 85,013,360
6,176,680,682 7,867,434,796
CURRENT LIABILITIES
Trade and other payables 8,863,950,249 3,006,477,394
Unclaimed dividends 2,954,068 2,956,938
Unpaid dividends 8,085,913 6,105,932
Accrued profit / mark-up 987,859,646 889,758,212
Short-term borrowings 11. 23,919,992,734 20,995,046,293
Short-term loans from Directors - unsecured - 5,689,036
Current portion of long-term financing 1,454,649,680 1,678,411,215
Current portion of deferred grant 6,386,406 7,671,716
35,243,878,696 26,592,116,736
41,420,559,378 34,459,551,532
67,110,452,424 59,831,987,478
CONTINGENCIES AND COMMITMENTS 12.

The annexed notes from 1 to 24 form an integral part of these unconsolidated condensed interim financial statements.

Khurram Javaid Muhammad Zafar Iqbal Muhammad Mubeen Tariq Mughal

Chief Executive Officer/Director Chief Financial Officer Director
UNCONSOLIDATED CONDENSED INTERIM STATEMENT OF PROFIT OR LOSS
& OTHER COMPREHENSIVE INCOME
FOR THE NINE MONTHS PERIOD ENDED MARCH 31, 2024-(UNAUDITED)
Rupees Note Three months ended Nine months ended

March 31, March 31, March 31, March 31,

2024 2023 2024 2023

Sales - net 13. 21,084,092,647 17,238,679,509 67,133,645,681 48,479,316,108

Cost of sales 14. (19,673,908,115) (13,986,039,495) (60,699,279,747) (41,864,994,244)
GROSS PROFIT 1,410,184,532 3,252,640,014 6,434,365,934 6,614,321,864

Sales and marketing expenses (24,639,500) (52,979,211) (126,574,190) (136,345,774)

Administrative expenses (217,260,083) (196,906,071) (622,696,011) (509,043,814)
Other charges (41,969,593) (163,186,951) (179,607,324) (296,267,376)
Allowance for expected credit losses
(charge) / reversal 23,075,353 (113,646,475) 45,005,687 (65,604,967)
Other income 66,861,089 197,992,136 173,634,764 278,687,703
Finance cost (1,741,580,501) (1,019,311,225) (4,692,719,682) (2,906,110,783)
(1,935,513,235) (1,348,037,797) (5,402,956,756) (3,634,685,011)
PROFIT BEFORE TAXATION (525,328,703) 1,904,602,217 1,031,409,178 2,979,636,853

Taxation 628,274,917 (599,671,179) 360,076,508 (332,137,682)

PROFIT FOR THE PERIOD 102,946,214 1,304,931,038 1,391,485,686 2,647,499,171

OTHER COMPREHENSIVE INCOME

Other comprehensive income - - - -
TOTAL COMPREHENSIVE INCOME 7

MUGHAL IRON & STEEL INDUSTRIES LIMITED

FOR THE PERIOD 102,946,214 1,304,931,038 1,391,485,686 2,647,499,171

EARNINGS PER SHARE - BASIC

AND DILUTED 15. 0.31 3.89 4.15 7.89

The annexed notes from 1 to 24 form an integral part of these unconsolidated condensed interim financial statements.

Khurram Javaid Muhammad Zafar Iqbal Muhammad Mubeen Tariq Mughal

Chief Executive Officer/Director Chief Financial Officer Director
 UNCONSOLIDATED CONDENSED INTERIM STATEMENT OF CHANGES IN EQUITY
FOR THE NINE MONTHS PERIOD ENDED MARCH 31, 2024 (UNAUDITED)

Capital reserves Revenue reserve

Issued, Share Revaluation Un-

Rupees Contingency Total
subscribed and premium surplus on property, appropriated
reserve Equity
paid-up capital account plant and equipment profits

BALANCE AS AT JUNE 30, 2022 - (audited) 3,356,339,330 2,324,952,020 980,000,000 3,018,133,793 11,167,653,096 20,847,078,239

Profit for the period - - - - 2,647,499,171 2,647,499,171

Other comprehensive income - net of tax - - - - - -
Total comprehensive income for the period - - - - 2,647,499,171 2,647,499,171
CONDENSED INTERIM FINANCIAL REPORT

Transfer of incremental depreciation relating to revaluation

surplus on property, plant and equipment - net of tax - - - (51,092,786) 51,092,786 -

Effect on change in effective tax rate - - - (141,631,530) - (141,631,530)

BALANCE AS AT MARCH 31, 2023 - (unaudited) 3,356,339,330 2,324,952,020 980,000,000 2,825,409,477 13,866,245,053 23,352,945,880

BALANCE AS AT JUNE 30, 2023 - (audited) 3,356,339,330 2,324,952,020 980,000,000 3,998,378,178 14,712,766,418 25,372,435,946

Profit for the period - - - - 1,391,485,686 1,391,485,686

Other comprehensive income - net of tax - - - - - -
Total comprehensive income for the period - - - - 1,391,485,686 1,391,485,686

Transfer of incremental depreciation relating to revaluation

surplus on property, plant and equipment - net of tax - - - (71,534,234) 71,534,234 -
8
Transaction with owners
Final cash dividend paid for the year ended
June 30, 2023 @ Rs. 3.20 per ordinary share i.e. 32% - - - - (1,074,028,586) (1,074,028,586)
BALANCE AS AT MARCH 31, 2024 - (unaudited) 3,356,339,330 2,324,952,020 980,000,000 3,926,843,944 15,101,757,752 25,689,893,046

The annexed notes from 1 to 24 form an integral part of these unconsolidated condensed interim financial statements.

Khurram Javaid Muhammad Zafar Iqbal Muhammad Mubeen Tariq Mughal

Chief Executive Officer/Director Chief Financial Officer Director
UNCONSOLIDATED CONDENSED INTERIM STATEMENT OF CASH FLOWS
FOR THE NINE MONTHS PERIOD ENDED MARCH 31, 2024 (UNAUDITED)
Rupees Note 2024 2023

CASH FLOWS FROM OPERATING ACTIVITIES

Cash generated from operations 16. 7,708,309,710 3,191,528,129

Net decrease in long-term loans to employees 5,613,966 13,428,976
Net increase in long-term deposits - (2,563,069)
Payment for defined benefits (32,965,324) (28,295,595)
Payment for workers’ welfare fund - (94,066,845)
Payments for Income tax - net (564,919,116) (516,802,388)
Net cash generated from operating activities 7,116,039,236 2,563,229,208

CASH FLOWS FROM INVESTING ACTIVITIES

Payments for acquisition of property, plant & equipment (208,361,783) (1,023,376,115)

Payments for long-term investment (3,150,000,000) (52,468,384)
Proceeds from long-term investment 10,000 -
Proceeds from disposal of tangible fixed assets 8,469,000 7,255,000
Profit received on long-term investment 5,972,627 -
Profit received on short-term deposit receipts 56,157,227 44,078,340
Net cash used in investing activities (3,287,752,929) (1,024,511,159)

CASH FLOWS FROM FINANCING ACTIVITIES

9

MUGHAL IRON & STEEL INDUSTRIES LIMITED

Net repayment of long-term financing (1,249,759,375) (12,812,753)
Net proceeds / repayments of short-term borrowings 2,924,546,665 (896,518,433)
Net repayment of short-term loans from Directors (5,689,036) (628,111)
Payment for finance cost (4,437,149,956) (2,610,944,762)
Payments for dividends (1,072,051,475) (988,293)
Net cash used in financing activities (3,840,103,177) (3,521,892,352)

NET DECREASE IN CASH AND CASH EQUIVALENTS (11,816,870) (1,983,174,303)

CASH AND CASH EQUIVALENTS AT THE BEGINNING
OF THE PERIOD 2,885,126,870 5,163,452,475
NET EXCHANGE DIFFERENCE ON FOREIGN
CURRENCY ACCOUNTS 1,226,441 42,226,206
CASH AND CASH EQUIVALENTS AT THE END OF THE PERIOD 17. 2,874,536,441 3,222,504,378

The annexed notes from 1 to 24 form an integral part of these unconsolidated condensed interim financial statements.

Khurram Javaid Muhammad Zafar Iqbal Muhammad Mubeen Tariq Mughal

Chief Executive Officer/Director Chief Financial Officer Director
 SELECTED EXPLANATORY NOTES TO THE UNCONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS
FOR THE NINE MONTHS PERIOD ENDED MARCH 31, 2024 (UNAUDITED)
1. THE COMPANY AND ITS OPERATIONS
Mughal Iron & Steel Industries Limited (the Company) was incorporated in Pakistan as a public limited
company on February 16, 2010 under the repealed Companies Ordinance, 1984 (now the Companies Act,
2017). The Company is listed on the Pakistan Stock Exchange Limited (PSX) and is domiciled in Lahore.
The Company's operations mainly comprise of ferrous and non-ferrous business segments as disclosed
in note 18. to these unconsolidated condensed interim financial statements. However, the principal activity
of the Company is manufacturing and sale of mild steel products relating to ferrous segment.
The Board of Directors in their meeting held on August 15, 2023 and the members of the Company in their
Extraordinary General Meeting held on September 19, 2023, had approved the acquisition of Mughal
International DMCC and Mughal Energy Limited, respectively. The acquisition of Mughal International
DMCC is currently pending and in process. However, the acquisition of Mughal Energy Limited was
completed during the quarter ended December 31, 2023, whereby, the Company acquired 100% ordinary
CONDENSED INTERIM FINANCIAL REPORT

shares and 100% Class-B shares of Mughal Energy Limited and subsequently obtained Group registration
w.e.f December 15, 2023. The Group now comprises of Mughal Iron & Steel Industries Limited as the
holding company and Mughal Energy Limited as the wholly owned subsidiary company.
Mughal Energy Limited (MEL) was incorporated in Pakistan as a public limited company on August 19,
2012 under the repealed Companies Ordinance, 1984 (now the Companies Act, 2017). Its registered office
is situated at 31-A, Shadman I, Lahore. The Company is domiciled in Lahore. The principal activity of MEL
is to carry on business of generating, purchasing, importing, transforming, converting, distributing, supplying,
exporting and dealing in electricity and all other forms of energy and products or services associated
therewith. Mughal Energy Limited on April 08, 2024 has filed an application through PRIDE for listing on
GEM Board of Pakistan Stock Exchange Limited by offering 10% of its post paid-up capital as an initial
offer to the accredited investors in accordance with the chapter 5A of PSX Regulation, which is currently
pending.
The geographical locations and addresses of the Company’s business units including plants are as follows:
Business unit: Geographical location / address:
10 - Registered office 31-A Shadman-1, Lahore
- Manufacturing plants 17-KM Sheikhupura Road, Lahore
- Warehouses 17-KM Sheikhupura Road, Lahore and Badami Bagh, Lahore
- Sales centres Badami Bagh, Lahore
These condensed interim financial statements are the separate financial statements of the Company.
Consolidated condensed interim financial statements of the Company have not been prepared separately
since the annual audited financial statements were not prepared on consolidated basis. Details of the
Company’s investment in subsidiaries are stated in note 7 to these unconsolidated condensed interim
financial statements.
2. STATEMENT OF COMPLIANCE
These unconsolidated condensed interim financial statements have been prepared in accordance with the
accounting and reporting standards as applicable in Pakistan for interim financial reporting. The accounting
and reporting standards as applicable in Pakistan for interim financial reporting comprise of:
- International Accounting Standard (IAS) 34, 'Interim Financial Reporting', issued by the International
Accounting Standards Board (IASB) as notified under the Companies Act, 2017;
- Islamic Financial Accounting Standards (IFAS) issued by the Institute of Chartered Accountants of Pakistan
as notified under the Companies Act, 2017; and
- Provisions of and directives issued under the Companies Act, 2017.
Where provisions of and directives issued under the Companies Act, 2017 differ with the requirements of
(IAS) 34 or IFAS, the provisions of and directives issued under the Companies Act, 2017 have been followed.
3. BASIS OF PREPARATION
These unconsolidated condensed interim financial statements have been prepared under the historical
cost convention, except as otherwise stated in relevant notes and are presented in Pakistani Rupees (Rs.),
which is the functional currency of the Company.
4. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The significant accounting policies and the methods of computation adopted in the preparation of these
unconsolidated condensed interim financial statements are the same as those applied in the preparation
of the annual audited financial statements of the Company for the year ended June 30, 2023, except
detailed below or elsewhere.
SELECTED EXPLANATORY NOTES TO THE UNCONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS
FOR THE NINE MONTHS PERIOD ENDED MARCH 31, 2024 (UNAUDITED)
These unconsolidated condensed interim financial statements do not include all the information and
disclosures as are required for annual audited financial statements, and therefore, should be read in
conjunction with the Company's annual audited financial statements for the year ended June 30, 2023.
However, selected explanatory notes are included to explain events and transactions that are significant
to an understanding of the changes in the Company's financial position and performance since the last
annual audited financial statements.
During the period, certain amendments / interpretations became effective and were adopted by the
Company. Management has assessed the changes laid down by the amendments / interpretations that
became effective during the period or are yet not effective and determined that they do not have any
significant impact on these unconsolidated condensed interim financial statements.
Taxes on income in the interim periods are accrued using tax rate that would be applicable to expected
annual profit or loss. Actuarial valuations are carried out on annual basis. The last actuarial valuation was
carried out on June 30, 2023. The impact of remeasurement of retirement benefit plan has not been
incorporated in the unconsolidated condensed interim financial statements.
5. CRITICAL ACCOUNTING ESTIMATES & JUDGEMENTS
The preparation of unconsolidated condensed interim financial statements in conformity with the approved
accounting standards requires management to make judgements, estimates and assumptions that affect
the application of accounting policies and the reported amounts of assets and liabilities, income and
expense. Actual results may differ from these estimates. In preparing these unconsolidated condensed
interim financial statements, the significant judgements made by management in applying the Company's
accounting policies and key sources of estimation of uncertainty were the same as those applied to the
annual audited financial statements of the Company for the year ended June 30, 2023, except as disclosed
otherwise in respective notes.

March 31, June 30,

Rupees Note 2023
2024
(Unaudited) (Audited) 11
6. PROPERTY, PLANT AND EQUIPMENT

MUGHAL IRON & STEEL INDUSTRIES LIMITED

Tangible fixed assets 6.1 19,405,843,460 18,250,834,254
Capital work-in-progress 6.2 59,168,984 1,441,155,379
19,465,012,444 19,691,989,633
6.1 Following is the movement in tangible fixed assets
Opening net book value 18,250,834,254 14,814,802,289
Additions / transfers during the period / year:
Factory building on freehold land - 27,072,607
Plant and machinery 1,555,341,366 1,701,658,606
Office equipment 734,000 2,089,138
Grid station & electric installations 8,707,703 15,469,885
Vehicles 25,129,689 92,065,175
Computers 435,420 1,116,059
Developments on leasehold lands - 103,602,267
1,590,348,178 1,943,073,737

Disposals during the period / year:

Vehicles (7,033,486) (21,759,169)
Revaluation surplus - 1,971,478,562
Depreciation charged during the period / year (428,305,486) (456,761,165)
Closing net book value 19,405,843,460 18,250,834,254

6.2 Follwing is the movement in capital work progress:

Opening balance 1,441,155,379 1,645,923,732

Additions during the period / year 84,953,404 1,564,672,010
Transfers during the period / year (1,466,939,799) (1,769,440,363)
Closing balance 59,168,984 1,441,155,379
 SELECTED EXPLANATORY NOTES TO THE UNCONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS
FOR THE NINE MONTHS PERIOD ENDED MARCH 31, 2024 (UNAUDITED)
March 31, June 30,
Rupees Note
2024 2023
(Unaudited) (Audited)
7. LONG-TERM INVESTMENTS

Investment in equity instruments:

- Wholly-owned subsidiary at cost
(Equity held 100% (June 2023: Nil) 7.1 3,150,000,000 -
Investment in financial assets:
- Long-term debt instrument - at amortized cost 53,056,196 50,153,187
3,203,056,196 50,153,187
CONDENSED INTERIM FINANCIAL REPORT

7.1 This represents investment in unquoted 174.692 million ordinary shares of Rs. 10/- each (June 2023: Nil)
and unquoted 22.570 million class B shares of Rs. 10/- each (June 2023: Nil) of Mughal Energy Limited
(MEL). Investment in MEL includes 03 ordinary shares in name of the nominees of the Company. These
are stated at cost less impairment loss, if any.

8. INVENTORIES

Stores, spares and loose tools 2,915,618,650 2,811,602,149

Raw material 22,573,228,378 16,082,208,930
Finished goods and waste 3,402,492,909 4,136,449,387
28,891,339,937 23,030,260,466

9. This included payments made under protest on account of sales tax and duties amounting to Rs. 80.783
million and Rs. 223.043 million, respectively in respect of sale of local waste generated from non-ferrous
segment against demand created by the Customs authorities. During the period, the matter was decided
in favor of the Company by the Customs Appellate Tribunal, however, the said amounts are yet to be
12 refunded or adjusted.
10. AUTHORIZED SHARE CAPITAL
The authorized share capital of the Company is Rs. 10,000,000,000/- (June 30, 2023: 5,000,000,000) divided
into 700,000,000 (June 30, 2023: 500,000,000) ordinary shares of Rs. 10/- each, 250,000,000 (June 30,
2023: Nil) ordinary Class-B shares of Rs. 10/- each and 50,000,000 (June 30, 2023: Nil) ordinary Class-C
shares of Rs. 10/- each.

11. SHORT-TERM BORROWINGS

This included privately placed and unsecured conventional Commercial Paper of 270 days tenor which was
completely repaid during the period upon its maturity. In addition, privately placed, rated, secured Sukuk
- II certificates amounting to Rs. 2,500.000 million, were issued during the period, having 15 months tenure.
The proceeds therefrom were utilized to finance the Company's working capital requirements. The certificates
carry profit at the rate of 3MK + 1.45% per annum, are repayable in bullet upon maturity and secured by
way of joint pari passu charge over present and future current assets of the Company.
12. CONTINGENCIES AND COMMITMENTS
Contingencies:
i) There has been no significant change in the status of contingencies as reported in the annual audited
financial statements of the Company for the year ended June 30, 2023, except as disclosed elsewhere
in the interim financial report. Aggregate amount of guarantees issued by banks on behalf of the
Company amounted to Rs. 2,149.117 million (June 30, 2023: Rs. 3,418.704 million).

Commitments:

i) Non-capital & capital commitments 7,560,930,752 8,429,575,445

ii) The amount of future payments under short-term operating leases and the period in which these
payments will become due are as follows:

Within 1 year 528,000 1,140,000

SELECTED EXPLANATORY NOTES TO THE UNCONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS
FOR THE NINE MONTHS PERIOD ENDED MARCH 31, 2024 (UNAUDITED)
Three months ended Nine months ended
Rupees Note March 31, March 31, March 31, March 31,
2024 2023 2024 2023
(Unaudited) (Unaudited) (Unaudited) (Unaudited)
13. SALES - net

Local sales 16,561,928,033 13,298,133,499 51,654,015,348 37,927,332,806

Export sales 4,533,207,054 3,945,788,084 15,340,790,781 10,519,028,283
Trading sales - - 164,977,947 41,011,983
21,095,135,087 17,243,921,583 67,159,784,076 48,487,373,072

Commission (11,042,440) (5,242,074) (26,138,395) (8,056,964)

21,084,092,647 17,238,679,509 67,133,645,681 48,479,316,108
13.1 Reconciliation with segment information:

Rupees Ferrous Non-Ferrous Trading Total

Net revenue from external customers:

- Local sales 49,138,918,222 2,488,958,731 164,977,947 51,792,854,900
- Export sales - 15,340,790,781 - 15,340,790,781
March 31, 2024 49,138,918,222 17,829,749,512 164,977,947 67,133,645,681

- Local sales 34,304,099,403 3,615,176,439 - 37,919,275,842

- Export sales - 10,519,028,283 - 10,519,028,283
- Trading sales 41,011,983 - - 41,011,983
March 31, 2023 34,345,111,386 14,134,204,722 - 48,479,316,108

14. COST OF SALES

13
Opening stock of finished goods

MUGHAL IRON & STEEL INDUSTRIES LIMITED

and waste 5,420,149,215 3,070,731,438 4,136,449,387 5,656,027,248
Cost of goods manufactured
- Raw material consumed 13,731,055,764 12,711,724,416 48,639,751,693 33,325,586,685
- Salaries, wages and other benefits 434,584,557 334,994,282 1,211,600,265 958,017,482
- Stores, spares and loose tools
consumed 430,219,223 311,567,752 1,419,504,867 820,639,132
- Fuel and power 2,847,968,111 1,625,230,490 7,838,918,802 4,764,394,497
- Repair and maintenance 181,250 112,500 987,090 887,000
- Other manufacturing expenses 82,875,924 110,914,265 331,716,089 282,122,932
- Depreciation 129,366,980 97,861,310 387,566,121 297,343,116
17,656,251,809 15,192,405,015 59,830,044,927 40,448,990,844
Closing stock of finished goods
and waste (3,402,492,909) (4,277,096,958) (3,402,492,909) (4,277,096,958)
Cost of goods sold - manufacturing 19,673,908,115 13,986,039,495 60,564,001,405 41,827,921,134
Cost of goods sold - trading - - 135,278,342 37,073,110
19,673,908,115 13,986,039,495 60,699,279,747 41,864,994,244

15. EARNINGS PER SHARE - BASIC AND DILUTED

Profit for the period Rupees 102,946,214 1,304,931,038 1,391,485,686 2,647,499,171

Weighted average number
of ordinary shares Number 335,633,933 335,633,933 335,633,933 335,633,933
Earnings per share - Basic Rupees 0.31 3.89 4.15 7.89
 SELECTED EXPLANATORY NOTES TO THE UNCONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS
FOR THE NINE MONTHS PERIOD ENDED MARCH 31, 2024 (UNAUDITED)
Nine months ended
Rupees March 31, March 31,
Note
2024 2023
16. CASH GENERATED FROM OPERATIONS (Unaudited) (Unaudited)

Profit before taxation 1,031,409,178 2,979,636,853

Adjustments:
Depreciation of property, plant and equipment 428,305,486 334,767,813
Amortization of intangible assets - 721,651
Expense recognized for employee defined benefit charge 174,510,297 127,800,000
Allowance for expected credit losses - reversale 45,005,687 65,604,967
Gain on disposal of tangible fixed assets (1,435,514) (902,894)
Profit on long-term investments (8,885,634) -
Profit on term deposit receipts (47,441,256) (42,976,385)
CONDENSED INTERIM FINANCIAL REPORT

Net unrealized foreign exchange loss 36,837,762 54,821,904

Finance cost 4,535,251,389 2,906,110,783
Provision for workers' profit participation fund 55,392,545 160,023,461
Interest on workers' profit participation fund 45,634,708 56,715,714
Provision for workers' welfare fund 21,049,167 60,491,271
5,284,224,637 3,723,178,285
Profit before working capital changes 6,315,633,815 6,702,815,138

Effect on cash flows due to working capital changes

(Increase) / decrease in current assets:
Inventories (5,861,079,471) 537,092,010
Trade debts 1,447,430,446 (3,149,275,594)
Loans and advances 155,336,533 (564,952,132)
Deposits, prepayments and other receivables (52,441,891) 55,232,745
Due from the government 29,464,402 (52,791,786)
(4,281,289,981) (3,174,694,757)
14 Increase / (decrease) in current liabilities:
Trade and other payables 5,673,965,876 (336,592,252)
7,708,309,710 3,191,528,129

17. CASH AND CASH EQUIVALENTS AT THE END OF THE PERIOD

Cash and cash equivalents included in the statement of cash flows comprise of the following:

Cash and bank balances 2,874,936,217 3,223,050,278

Temporary bank overdrawn (399,776) (545,900)
2,874,536,441 3,222,504,378

18. SEGMENT REPORTING

18.1 Reportable segments:

The Company's reportable segments are as follows:

- Ferrous
- Non - Ferrous

Ferrous segment comprises of long-rolled mild steel related products whereas non-ferrous segment
mainly comprises of copper and related iron waste items. Information regarding the Company's
reportable segments is presented below:

18.2 Segment revenues and measure of segment profit or loss:

Following is an analysis of the Company's revenue and results by reportable segment for the nine
months ended March 31, 2024 and March 31, 2023 along with reconciliation of the total of the
reportable segments' measures of profit or loss to the Company's profit or loss for the period:
 SELECTED EXPLANATORY NOTES TO THE UNCONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS
FOR THE NINE MONTHS PERIOD ENDED MARCH 31, 2024 (UNAUDITED)

Ferrous Non-Ferrous Total

Rupees Nine months ended Nine months ended Nine months ended
March 31, March 31, March 31, March 31, March 31, March 31,
2024 2023 2024 2023 2024 2023
(Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited)
Total sales - net 49,138,918,222 34,345,111,386 23,113,611,733 14,134,204,722 72,252,529,955 48,479,316,108
Elimination of inter-segment
transactions - - (5,283,862,221) - (5,283,862,221) -
External sales - net 49,138,918,222 34,345,111,386 17,829,749,512 14,134,204,722 66,968,667,734 48,479,316,108
Total sost of sales (51,983,051,383) (31,149,081,402) (19,148,674,464) (10,715,912,842) (65,847,863,626) (41,864,994,244)
Elimination of inter-segment
transactions 5,283,862,221 - 5,283,862,221 - 5,283,862,221 -
External cost of sales (46,699,189,162) (31,149,081,402) (13,864,812,243) (10,715,912,842) (60,564,001,405) (41,864,994,244)
Gross profit 2,439,729,060 3,196,029,984 3,964,937,269 3,418,291,880 6,404,666,329 6,614,321,864
Sales and marketing expenses (83,910,411) (95,007,212) (42,663,779) (41,338,562) (126,574,190) (136,345,774)
Allowance for ECL 72,893,199 (31,696,378) (27,887,512) (33,908,589) 45,005,687 (65,604,967)
Other income - - 1,226,441 322,496,484 1,226,441 322,496,484
Finance cost (510,951,371) (30,182,150) (76,495,150) (50,113,682) (587,446,521) (80,295,832)
(521,968,583) (156,885,740) (145,820,000) 197,135,651 (667,788,583) 40,249,911
Segment profit before taxation
and unallocated income and
expenses 1,917,760,477 3,039,144,244 3,819,117,269 3,615,427,531 5,736,877,746 6,654,571,775

Unallocated income and expenses:

Trading income 29,699,606 -
Administrative expenses (622,696,011) (509,043,814)
Other charges (179,607,324) (296,267,376)
Other income 172,408,323 (43,808,781)
Finance cost (4,105,273,162) (2,825,814,951)
Taxation 360,076,508 (332,137,682)
Profit for the period 1,391,485,686 2,647,499,171
15
Revenue reported above represents revenue generated from external customers. Inter segment transactions,

MUGHAL IRON & STEEL INDUSTRIES LIMITED

represent sale of iron scrap by non-ferrous segment to ferrous segment which has been eliminated. The
accounting policies of the reportable segments (except as disclosed otherwise) are the same as the
Company's accounting policies as described in note 4 to these unconsolidated condensed interim financial
statements. The ferrous segment allocates certain percentage of sales and marketing relating common
expenditure to non-ferrous segment. Segment profit represents the profit earned by each segment before
taking account of unallocated income and expenses which are presented separately. This is the measure
reported to the chief operating decision-maker for the purposes of resource allocation and assessment of
segment performance.

18.3 Revenue from external customers:

The analysis of the Company's revenue from external customers for major products is as follows:
Nine months ended
March 31, March 31,
Percentage Note
2024 2023
(Unaudited) (Unaudited)
Ferrous:
- Steel re-bars 55.00% 56.63%
- Girders 28.01% 32.22%
- Billets 16.99% 11.10%
- Others 0.05% 0.05%
100.00% 100.00%

Non-Ferrous:
- Copper ingots 93.41% 73.33%
- Waste 4.79% 25.58%
- Others 1.80% 1.10%
100.00% 100.00%
 SELECTED EXPLANATORY NOTES TO THE UNCONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS
FOR THE NINE MONTHS PERIOD ENDED MARCH 31, 2024 (UNAUDITED)
18.4 Information about major customers:
Revenue from major local customers of ferrous segment represented 25% (March 2023: 26%) of the total
revenue of ferrous segment. Revenue from major local customers of non-ferrous segment represents 5%
(March 2023: 17%) of the total revenue of non-ferrous segment and 94% (March 2023: 99%) of the total
local revenue of non-ferrous segment. Revenue from major foreign customers of non-ferrous segment
represent 74% (March 2023: 67%) of the total revenue of non-ferrous segment and 78% (March 2023: 81%)
of the total foreign revenue of non-ferrous segment.
18.5 Geographical information:
All revenues from external customers for ferrous segment were generated in Pakistan. 95% (March 2023:
82%) of revenues from external customers for non-ferrous segment were generated from outside Pakistan
while remaining were generated from external customers within Pakistan. Sales outside Pakistan is made
to customers in the People's Republic of China. All non-current assets of the Company as at March 31,
CONDENSED INTERIM FINANCIAL REPORT

2024 and June 30, 2023 were located and operating in Pakistan.
18.6 Measure of total assets and total liabilities:
Reportable segments' assets and liabilities as at March 31, 2024 and June 30, 2023 are reconciled to total
assets and liabilities as follows:

Rupees Ferrous Non-Ferrous Total

- Segment assets for reportable segments 42,705,796,113 10,377,384,580 53,083,180,693
- Unallocated assets - - 14,027,271,731
- Total assets as per statement of
financial position as at March 31, 2024 42,705,796,113 10,377,384,580 67,110,452,424
- Segment liabilities for reportable segments 4,133,237,379 4,351,850,239 8,485,087,618
- Unallocated liabilities - -
- Total liabilities as per statement of 32,935,471,760
financial position as at March 31, 2024 4,133,237,379 4,351,850,239 41,420,559,378
16
- Segment assets for reportable segments 38,030,893,612 10,979,690,906 49,010,584,518
- Unallocated assets - - 10,821,402,960
- Total assets as per statement of
financial position as at June 30, 2023 38,030,893,612 10,979,690,906 59,831,987,478
- Segment liabilities for reportable segments 1,086,802,021 3,001,125,750 4,087,927,771
- Unallocated liabilities - - 30,371,623,761
- Total liabilities as per statement of
financial position as at June 30, 2023 1,086,802,021 3,001,125,750 34,459,551,532

Nine months / year ended

March 31, June 30,
Rupees Note
2024 2023
18.7 Other information: (Unaudited) (Audited)

Depreciation
- Ferrous 318,748,241 361,664,489
- Non-Ferrous 49,524,714 10,969,877
- Unallocated 60,032,531 84,126,799
428,305,486 456,761,165

Additions to tangible fixed assets

- Ferrous 1,555,341,366 89,965,724
- Non-Ferrous - 1,742,367,756
- Unallocated 35,006,812 110,740,257
1,590,348,178 1,943,073,737
Total amortization in respect of intangible asset is unallocated.
18.8 Segment results that are reported to the CEO include items directly attributable to a segment as well as those
that can be allocated on a reasonable basis. Those incomes, expenses, assets, liabilities and other balances
which cannot be allocated to a particular segment on a reasonable basis are reported as unallocated. The
operations principally comprise of two segments 'Ferrous segment' and 'Non-ferrous segment'. Ferrous segment
comprises of long-rolled mild steel related products whereas non-ferrous segment comprises mainly of copper
and iron waste.
SELECTED EXPLANATORY NOTES TO THE UNCONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS
FOR THE NINE MONTHS PERIOD ENDED MARCH 31, 2024 (UNAUDITED)
Nine months ended As at
Rupees Note March 31, March 31, March 31, June 30,
2024 2023 2024 2023
(Unaudited) (Unaudited) (Unaudited) (Audited)
19. SHARIAH COMPLIANCE DISCLOSURE Transactions Outstanding Balances

Loans / advances obtained as per Islamic mode 14,555,033,322 11,506,011,322

Shariah compliant bank deposits / bank balances 2,158,116,057 1,635,318,092
Profit earned from shariah compliant bank
deposits / balances 36,952,055 13,999,243
Profit earned from shariah complaint investments 8,885,634 -
Mark-up on Islamic mode of financing 1,933,841,101 1,401,888,725
Interest paid on any conventional loan or advance 2,601,410,288 1,440,295,854

The entire revenue of the Company is from Shariah compliant business segments except for profit / interest
income earned on term deposit receipts / saving accounts maintained with conventional banks. During the
period, no investment of any kind was made, except as otherwise disclosed. The Company maintains good
relationship with Shariah compliant banks and carried out trade and other routine banking transactions with
them. There was no exchange gain earned on actual currency. Details of exchange gain / loss earned on
foreign currency bank balances has been disclosed in unconsolidated condensed interim statement of cash
flows.
20. FINANCIAL RISK MANAGEMENT
These unconsolidated condensed interim financial statements do not include all financial risk management
information and disclosures, which are required in the annual financial statements and should be read in
conjunction with the Company's annual audited financial statements for the year ended June 30, 2023. There
has been no change in any risk management policies since the year end.
21. FAIR VALUE DISCLOSURES
Except for long-term loans to employees, long-term deposits and long-term loans under SBP refinance 17
schemes, the fair value of financial assets and financial liabilities recognized in these unconsolidated

MUGHAL IRON & STEEL INDUSTRIES LIMITED

condensed interim financial statements equals the transaction price at initial recognition. The fair value of
the long-term loans under SBP refinance schemes has been determined using discounting techniques.
However, due to immaterial effect and impracticalities, the fair value of long-term loans to employees and
long-term deposits has not been determined and their carrying value has been assumed to be equal to their
fair value. Accordingly, the carrying amount of financial assets and financial liabilities recognized in these
unconsolidated condensed interim financial statements approximate their respective fair values and there
were no transfers amongst level of fair value analysis of financial assets during the period.
Information about the fair value hierarchy of items of property, plant and equipment as at the end of the
reporting period is as follows:

Fair value as at Fair value as at

Rupees Note Level 2 Level 3 March 31, June 30,
2024 2023
Property, plant and equipment: (Unaudited) (Audited)
- Freehold land 635,600,000 - 635,600,000 635,600,000
- Factory building on freehold land - 300,818,920 300,818,920 310,166,401
- Plant and machinery 15,587,750,034 - 15,587,750,034 14,327,824,156
- Power plant 1,655,901,456 - 1,655,901,456 1,700,750,001
- Other machinery and equipment 34,340,753 - 34,340,753 35,000,000
17,913,592,244 300,818,920 18,214,411,164 17,009,340,558

The above table shows assets recognized at fair value, analyzed between those whose fair value is based on:

- Level 1: quoted prices in active markets for identical assets or liabilities;

- Level 2: those involving Inputs other than quoted prices included in Level 1 that are observable for the asset or
liability, either directly (as prices) or indirectly (derived from prices); and

- Level 3: Inputs for the asset or liability that are not based on observable market data.
 SELECTED EXPLANATORY NOTES TO THE UNCONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS
FOR THE NINE MONTHS PERIOD ENDED MARCH 31, 2024 (UNAUDITED)
Nine months ended As at
Rupees March 31, March 31, March 31, June 30,
2024 2023 2024 2023
(Unaudited) (Unaudited) (Unaudited) (Audited)
22. RELATED PARTY DISCLOSURES Transactions Outstanding Balances

Details of transactions /outstanding balances with related parties, not otherwise disclosed elsewhere, are as follows:
Entities

Mughal Energy Limited

Relationship wholly owned subsidiary
Percentage of shareholding 100%
Detail of transactions
- Acquisition of shares (note 7) 3,150,000,000 -
CONDENSED INTERIM FINANCIAL REPORT

- Sale 695,000,000 -
- Commission income against corporate guarantee 45,000,000 45,000,000
Detail of outstanding balance
- Receivable (not yet due) 695,000,000 -
Relationship Common directorship
Percentage of shareholding Nil
Detail of outstanding balance
Deposits, prepayments and other receivables
- Security deposits 500,000 500,000
Detail of transactions
- Rent expense 1,584,000 1,440,000
Major shareholders, Directors and their relatives
Detail of transactions
- Remuneration / meeting fee 70,808,013 53,604,710
- Net repayment of short-term loans 5,689,036 628,111
- Dividend 683,483,756 -
Key management personnel (other than Directors)
18 and their relatives
Detail of outstanding balance
- Loans and advances 91,760 345,000
Detail of transaction
- Salaries and benefits 34,615,230 31,410,000
- Dividend 20,054 -
Chief Executive Officer, Executive Directors and certain Executives are given company maintained cars. There are no transactions
with key management personnel other than under the terms of employment and otherwise disclosed, if any.

23. DATE OF AUTHORIZATION

These unconsolidated condensed interim financial statements have been approved by the Board of Directors of the Company
and authorized for issue on April 30, 2024.

24. GENERAL / SUBSEQUENT EVENTS - NON ADJUSTING EVENTS

The figures have been rounded off to the nearest rupee.

Subsequent to the period end, the Company has issued privately placed, rated, unsecured Sukuk-III to the tune of Rs. 3,000.000
million having 06 months tenure for meeting the working capitel requirement of the Company.

The corresponding figures have been rearranged or reclassified, wherever necessary, for the purpose of comparison, however,
no material significant reclassification has been made.

In order to comply with the requirements of International Accounting Standard, IAS - 34 - ‘Interim Financial Reporting’, the
unconsolidated condensed interim statement of financial position as of the end of the current interim period has been compared
with the statement of financial position as of the end of the immediately preceding financial year, the unconsolidated condensed
interim statement of profit or loss & other comprehensive income for the current interim period has been compared with the
statement of profit or loss & other comprehensive income for the comparable interim period of the immediately preceding
financial year, whereas, the unconsolidated condensed interim statement of changes in equity and unconsolidated condensed
interim statement of cash flows have been compared with the relevant statements for the comparable year-to-date period of
the immediately preceding financial year.

Khurram Javaid Muhammad Zafar Iqbal Muhammad Mubeen Tariq Mughal

Chief Executive Officer/Director Chief Financial Officer Director